Don't
Refi... MODIFY!
The home financing market is
tougher than ever, and many families are finding their options
dwindling away as lending guidelines get tighter and tighter.
Coupled with an overall lagging economy, and millions of
adjustable rate mortgages starting to adjust, this is exactly
the time these same families
need
to restructure their mortgage!
Far
too many homeowners are resorting to trying to sell a property
when they can't afford the payment; even when they are otherwise
inclined to stay! In this situation, we recommend looking
into the process of
Loan Modification.
Loan Modification is an amendment of the loan to re-amortize (or
reschedule) the remaining balance, and/or extend the current
term of the loan in order to possibly
reduce the monthly payment, the interest rate and/or loan
balance
for the borrower. Many refer to the process as a "Fresh
Start."
It's different from refinancing, as the homeowner keeps the
existing mortgage, just with more manageable terms. If you
are worried about your ability to keep making your existing
payment, or even if the bank has begun the foreclosure process,
we may be able to help!