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Loan Modification to Stop Foreclosure
People should know that in many states it is not allowed to charge any money for a loan modification. The only way that a company may charge you money is after the amendment been done and all this in writing with or without a special APPROVAL. But many companies are charging in advance which is against the law. The reason that these companies charge in advance is because they know that not all qualify for a modification but having already claimed the money, it is very difficult to try to recover it.
For example, the weekend I found an agent who said working for a loan company but is devoted to modifying loans. This person has a real estate license restricted. Be very careful with companies that claim to make changes Here are some tips for your help:
The right way is through the department of mitigation of losses from the bank. The structuring, must be well planned because much income leads to the bank’s refusal to do so and declare little income causing no qualification for the amendment of the loan and raise suspicions at the bank and could lead to a judicial foreclosure.
To extend the terms of the loan – this proposition is now accepted by some banks, the banks typically extend the term of the loan in order to recover the full loan.
Freeze the repayment of the loan – This is quite difficult, because this proposal is based at the bank when the homeowner suffers a temporary decline in revenues. The banks have to accept this proposal to be well secured by the property value or special situations in the housing market as we are experiencing at present.
Qualified professionals in this type of recording of income and ability of the banks are closer to the people who have more chances of success.
877youkeep can help you prepare all the documents correctly to qualify for a loan modification, please contact at any of our counselors, ask references of satisfied customers, also communicate with us if you want to learn about the loan modification situations.