If you fail to make your monthly payments on your home’s mortgage, your mortgage company can foreclose on the home. This means that the bank will take your property back, and you and your family need to move out of …Read More
Retirement can be a stressful time in a person’s life. A person may have worked for many years to provide for the person’s family and save for retirement. However, adjusting to a fixed income can be difficult for many, and …Read More
A homeowner who is currently making the mortgage payment on time, but anticipating that a hardship may occur may wonder when the best time to apply for a mortgage modification is. In the past, some mortgage companies would not consider …Read More
Sometimes, a homeowner’s situation may change yet again after a mortgage modification was approved. If this happens, the homeowner may be able to reapply for another mortgage modification. Rules regarding a subsequent mortgage modification vary among mortgage companies. A homeowner …Read More
When a mortgage is underwater, the homeowners owe more on the mortgage than the home is worth. If the homeowners are not struggling to pay the mortgage or do not wish to sell the home, it probably does not matter …Read More
There are many things to consider while deciding if a mortgage modification is appropriate. One concern that homeowners may have is if the mortgage modification affects a homeowner’s ability to sell the home. There are many reasons, both personal and …Read More
Unfortunately, there are circumstances in which a mortgage company may deny a homeowner’s application for a mortgage modification. The modification process can be confusing and there are certain financial documents and other important information that must be provided by the …Read More
There are some circumstances where a homeowner should say no to a mortgage modification. Sometimes, the terms of the mortgage modification aren’t beneficial to the homeowner. For example, the new monthly payment may still be too high, and even with …Read More
Although the two may achieve a similar result – a smaller monthly payment – a mortgage modification differs from refinancing. When a homeowner refinances a mortgage, their current mortgage is paid off and it is replaced with a new mortgage. …Read More
During a foreclosure, a home is repossessed by the bank and everyone living in the home is forced to leave. Obviously, this can be extremely upsetting and stressful. To many people, their home is truly their castle. It is where …Read More