Refinancing is becoming a thing of the past! If you have tried lately you know exactly what I mean… The banks do not care if you have a 1200 credit score and $100,000 in the bank…no value…no refi!
Modification is now the forefront for those who cant refinance. The best part is with the new government programs that are available now, you do not even have to be pate on one payment to qualify.
If you are unaware of these new programs, call New Hope Mortgage Solutions today, for your free consultation!!
1-866-661-7725
The banks want you to modify your loan.
The banks have also realized that they would rather not have to foreclose on a property. They have learned that each delinquency and foreclosure is costly to administer, with a typical foreclosure estimated at $60,000, or about 20-25 percent of the loan balance (legal fees alone can cost $4,000), and those costs are expected to be even higher in times of home price depreciation. Banks already have an overwhelming number of properties in foreclosure, and they are finally recognizing their need to accept loan modifications via their loss mitigation departments.
The best time for Loan Modification is now!
The time has never been better for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate. Moreover, with these new economic realities, a loan modification may be the only way for a homeowner to save their home.
Recently, large numbers of homeowners have been trying to complete “loan workouts” or loan modifications with their current mortgage lender to lower the interest rate and improve the terms of their loan. They have learned that negotiating with the bank for a modification of their home loan can be an overwhelming process. Major lenders such as Countrywide bank, Indy Mac bank, Wells Fargo, Bank of America, WAMU, New Century, Quicken Loans, Aurora, Aegis, EMC Mortgage, CITI Mortgage, Chase Bank, are inundated with defaults and foreclosures. Numerous calls, hours of time, repeated delays, transfers from one department to another, voice mails, faxes back and forth…how can you accomplish all of these things while desperately trying to live a normal life? Trying to take care of your family, trying to make a living, trying to make ends meet…
CALL US TODAY ! NEW HOPE MORTGAGE SOLUTIONS 1-866 -661-7725
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This entry was posted on June 13, 2009 at 6:13 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
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