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3 result(s) displayed (1 - 3):

December 01, 2010

Mortgage Loan Modification

A mortgage loan modification can help borrowers facing temporary financial setbacks, but able to afford future home loan payments. Loan modifications do not reduce the principal amount owed on the loan. Instead, the terms are extended or the interest rate is reduced.

Applying for a mortgage loan modification can be a time-consuming process. Borrowers must first contact their lender to determine if they qualify for a loan modification. Banks require borrowers to fill out a request for modification and affidavit (RMA) form to evaluate borrowers' financial status.

Real Estate Investing article on "Mortgage Loan Modification "

March 19, 2010

Loan Modification Hardship Letter

A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.

It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.

Real Estate Investing article on "Loan Modification Hardship Letter"

March 05, 2010

Loan Modification Hardship Letter

Mortgage lenders utilize a loan modification hardship letter to allow borrowers the opportunity to explain events which are causing financial hardship. While loan modification approval is based primarily on borrowers' ability to pay future payments, along with other financial factors, the letter of hardship can help borrowers connect to lenders' emotional side.

Taking time to craft a well-written loan modification hardship letter can go a long way in persuading mortgage lenders. It also allows borrowers to do a bit of soul searching to determine where things fell apart and can provide insight on how to fix financial problems.

Real Estate Investing article on "Loan Modification Hardship Letter"