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

December 16, 2010

Preforeclosure

Preforeclosure is the last opportunity borrowers have to cure mortgage arrears or work out a payment plan with their lender to avoid foreclosure. This phase takes place once lenders send out a Notice of Default, which normally occurs when borrowers are 60 days delinquent with loan payments.

Once mortgagors enter into preforeclosure they may limit eligibility for foreclosure prevention strategies. Therefore, it is important to attempt to work out a payment plan the moment borrowers realize they will not be able to fulfill their loan obligation.

Real Estate Investing article on "Preforeclosure"

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 "

November 21, 2010

Mortgage Loan Modification

A mortgage loan modification involves altering home loan terms to help borrowers afford monthly installments and avoid foreclosure. Many factors are involved and the process can take months to complete. Borrowers must become highly proactive in communicating with their lender at the first onset of being unable to remit loan payments.

Factors of mortgage loan modification include: the borrower's ability to pay future installments; reasons which led to financial hardship; amount owed on the mortgage note; and amount of accrued home equity. Loan modifications do not alter the principal balance. Instead, banks reduce interest rates or extend payment terms.

Real Estate Investing article on "Mortgage Loan Modification "