Financial hardships are situations, usually out of your control, where you simply do not have enough money to meet your needs, like your mortgage payment. It could be unexpected car trouble, or costly medical bills. It could be a loss …Read More
One way that a mortgage may be modified is through a rate reduction. A rate reduction is when a mortgage company agrees to lower a homeowner’s interest portion of the mortgage payment to a lower percentage. The rate reduction will …Read More
Although the term “short sale” is commonly used, not everyone knows what it actually means. If a homeowner finds themselves not being able to pay the mortgage, the homeowners may be encouraged to enter into an agreement for a short …Read More
As a homeowner, there are times when you simply may not be able to make your mortgage payment. Mortgages and homes are expensive. In Rhode Island, the average cost of a home is approximately $265,000. This means that with interest, …Read More
Applying for mortgage assistance can be very complicated unless you take the process seriously. A homeowner considering a mortgage modification will likely have to submit many different financial documents to the mortgage company. Which specific documents that are needed varies …Read More
Homeowners considering a mortgage modification may wonder how it relates to filing for bankruptcy. Of course, the two are separate actions, but may go hand in hand to grant the homeowner some relief. Mortgage modifications may be applied for while …Read More
In order to demonstrate a financial hardship during the mortgage modification process, a homeowner will typically need to write a financial hardship letter. This letter can be intimidating and daunting to write, especially since homeowners typically are not familiar with …Read More
In order to qualify for a mortgage modification, a homeowner must show that a hardship has occurred. The hardship must be financial in nature, resulting in it being difficult or impossible for the homeowner to make the monthly mortgage payments. …Read More