| It is imperative that you understand exactly what a | | | | your home loan. These changes allow a homeowner |
| home modification loan is and how it works. In generic | | | | to be relieved of foreclosure proceedings and |
| terms, a home modification loan takes your existing | | | | experience an immediate adjustment to their mortgage |
| home loan and modifies the terms of the loan so that | | | | so that the account is made current and payments |
| the payments are lowered and the loan is current. | | | | become affordable. |
| When it comes to feeling trapped in a foreclosure | | | | Q. Do I qualify for a home loan modification? |
| nightmare, a home modification loan is the answer to | | | | A. Factors such as personal hardships help to |
| your prayers. | | | | determine your eligibility. Such factors include job |
| Qualifying for a foreclosure loan doesn't require a | | | | relocation, loss of employment, death of a |
| rocket scientist degree either. Many people are | | | | co-borrower, imprisonment, divorce, business failure, |
| deterred by the details and complexity of the | | | | reduction in income and property damage due to |
| processes involved in getting a home loan modification. | | | | natural disasters. The list of personal hardships is much |
| But if you are facing a foreclosure and about to lose | | | | longer than this sampling, which is just to give you an |
| your home, the alternative should be even more of a | | | | idea. |
| deterrent such that you enlist the necessary services | | | | Q. Should I hire an attorney to help with the loan |
| of a home loan modification specialist to work with you | | | | modification process? |
| in helping you to save your home. | | | | A. Only you can decide whether or not legal |
| No matter what your hardships may be, changes are | | | | assistance is affordable. Since your financial situation is |
| you can qualify for a foreclosure loan. There are very | | | | the issue you are facing with foreclosure, you may |
| few exceptions. Blatant disregard for your loan | | | | want to consider seeking free legal advice. |
| payment when verifiable income was available but not | | | | Q. Will my home loan modification have provisions that |
| used is an example of one such exception that may | | | | include the lender's late fees? |
| virtually guarantee you disqualification from receiving a | | | | A. There is no generic yes or no answer to this |
| foreclosure loan. | | | | question because each lender is different. Your lender |
| Many people have some of the same questions about | | | | has the right to waive the fees or to require you to |
| whether or not they qualify for a foreclosure loan. | | | | pay them. The major factor that influences the lender's |
| Some of the most common questions and answers | | | | decision is the type of loan you have. |
| are: | | | | The best way to determine if you qualify for a |
| Q. What is a home loan modification? | | | | foreclosure loan is to set up a foreclosure consultation |
| A. A home loan modification is a process that makes | | | | with a home loan modification specialist. |
| permanent changes to one or more of the terms of | | | | |