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 Mortgage loan modifications
Modify your mortgage payments permanently With this option, you could request the lender change the original terms of the loan. For example, the loan can be extended for a longer period of time, or the interest can be changed to a lower rate or converted into a fixed rate to make your payments lower or more manageable. Ask if the modification will be permanent or for a limited period of time. Note: A loan modification may also have a negative effect on your credit score. Be sure to find out if you would qualify for a loan modification under the "Making Home Affordable Program." For more information about this program, please click here. Negotiating a Loan Modification Step 1 Make sure to know the state of your finances before contacting your lender. Determine how much income you're bringing in each month, how much you're paying in bills and where you can cut costs. Ask a nonprofit counseling service to help you put together this financial analysis for free. The counselor will also help to negotiate with your lender. Consumer Credit Counseling is a good place to start. Step 2 Next, contact your lender and have an idea what you need. Tell them what your situation is and what you can offer to help your situation. Step 3 Come up with some kind of an answer to the lender's question of how you propose to pay off the loan eventually. You're better off submitting an initial proposal. At least you've opened the door in the negotiation Step 4 If you think that your financial strain won't last long, ask the lender for forbearance, or postponement of payments, for a couple of months until your finances recover. Step 5 If you have an adjustable rate mortgage that reset and you cannot meet the higher monthly payments, request a loan modification from the lender. They will request a complete financial history from you, detailing your income and monthly expenses. Ideally, you should have some cushion in your income to justify a loan modification, if they switched your mortgage to a fixed-rate mortgage. Show them that you can comfortably pay a fixed rate mortgage through extra income from a second job, and you are more likely to get a modification. Alternatives to foreclosures include:
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PortlandForeclosure.com: Portland Foreclosure. Educating the public on foreclosures in Portland and Portland foreclosure related issues. If you are a first-time home buyer, seasoned investor or home owner, you've found the right place to discover. Our online resource and help center on foreclosures is the most extensive foreclosure website in the Portland metropolitan area. We actively update foreclosure data for counties including Multnomah, Clackamas, Yamhill, Washington and Clark County. Location: 1030 NW 12TH AVE #TH4-1, Portland, OR 97209 Phone: Contact Page Email: Contact Page Copyright © 2010, Portland Foreclosure. PortlandForeclosure.com. All rights reserved. Report web site corrections and broken links only to corrections.  Privacy policy.
Disclaimer: Information provided is of public record. We do not guarantee the accuracy. In some instances, homes have been brought current, their default has been cured and they are no longer in the foreclosure process. |
AVOID FORECLOSURE: Forbearance or repayment plan Mortgage loan modification Partial claim Pre-foreclosure or short sale Deed-in-lieu of foreclosure Cash-for-keys Fannie Mae’s Deed for Lease program Making home affordable program Filing Chapter 13 Bankruptcy Filing Chapter 7 Bankruptcy |
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