Guaranteed Installment Loans For Bad Credit How To Decide If I Can Stay In My Home After A Mortgage Loan Modification
There are many blog posts and articles out there that tell you what you should know about what a mortgage loan modification is and does. They even tell you in general terms what you should do to obtain a loan modification. They also tell you in general terms, how to know if you can qualify for a bad credit loans installment modification. This article is about the nitty-gritty, the real bottom-line stuff you don't see; the realities of life. Here's three questions that need to be answered and how to figure out some of the answers to:
Do you want to stay in your home? Are you willing to do whatever it takes to stay in your home? Should we start packing up our stuff and start looking for a new place to live? I think a little advice up front and some work on your part will give you answers to a these questions, so in the long run you don't waste a lot of time and effort. Let's take a look at all these questions and figure out some of the answers: How can we figure out if we can get a bad credit installment loan companies modification so we can stay in our home? This is probably the most important question of all, 'cause that's the one everyone asks.
Let's forget about the emotions and look at the realities; the numbers. As part of all the paperwork, the bank is going to ask you for two things: your current budget, and to give them a new, realistic mortgage payment. We'll tackle the budget issue first and in doing so, you'll get the answer to "Can I stay in my home"? Here's what you need to do before you even talk to the bank:
Are you upside down on your payments, or are you positive? Here's an example of upside down:
Even if you are upside down, (as are most people who are in mortgage trouble), continue on. Now you have decide on a new mortgage payment. The new payment can't be ridiculous; it has to be realistic, based on the budget you just figured out. The new payment you suggest to them has to fit in with your ability to pay this new payment, numbers-wise, after any modification to your loan. Let's face it, the bank has to looking out for their bottom line.
The question is, can you afford to stay here even after the modification? Look at the figures with the new mortgage payment suggested by you, by figuring a new proposed budget, the same way as above, using your realistic new mortgage payment proposal to the bank. Then you'll be able to see if you can make a mortgage payment with this new budget.
If you can't make the payment, you may still be able to do a loan modification, by working with a professional mortgage loan modification company. But its a good time to ask yourselves the next question:
Do we want to stay in our home?
Of course that's a personal decision. You have to think about realities; do I want to move the kids to another school, do I want to keep struggling, etc.? Its time to look at your bottom line. Am I willing to do whatever it takes to stay in my home? This is the hard part and where you have to keep your eye on the ball - your ability, money-wise, to stay in your house. Because if you're upside down in your budget, you have make some hard choices and start eliminating some bills! Are we making higher than minimum payments on some things? What stuff can we give up? What stuff are we willing to give up? Here's some examples of things people spend a ton of money on that they can usually eliminate or modify their usage:
You don't need to live like church mice, but if you want to stay in your home, you may have to cut back on "stuff". If not, here's the last question you can answer by yourself:
Should we start packing up our stuff and start looking for a new place to live?
That's up to you. The "how do I figure this all out", is simply math. The other choices are all personal. I hope this article gave you some insight into whether you can be eligible for a mortgage loan modification. If you're right on the line, contact a professional loan modification company and they should be able to help you further.
George Aughey specializes in helping people behind or about to become behind on their mortgage to keep their home. We use a loan modification to accomplish this.
A loan modification is an option available to anybody with a mortgage. There are three ways a person can get a bad credit loan new york modification.
The first way is to do it themselves, but the results they accomplish is not up to what a professional organization can do for them.
The second way is here a "Professional", who works out of their basement. And that's the sort of service you can expect, also (in a number of states only a licensed Mortgage Broker or an attorney can do a modification).
The third way is what we use, and that is where lawyers for our Clients negotiate to change terms of he original mortgage for the Client. Basically it's contract law. Our vendors are licensed in all 50 states and the attorneys have representation in all 50 state.
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