Guaranteed Installment Loans For Bad Credit Top 10 Unanswered Questions On Loan Modifications
Many of the questions surrounding Loan Modifications seem to be the same. Here are some questions that you may never though of asking or no one wants to talk about. Below is a list of the Top 10 Unanswered Questions about tribal loans guaranteed approval Modifications.
1) Can a lender include past due mortgage payments and penalties in a loan modification? Answer. Yes. Typically the lender will go one of two routes. They will either forgive the past due payments, penalties, fees and lawyer fees (if any) or they will amortize the past due amount into the loan and the homeowner will start paying the new loan amount.
2) What is a hardship letter and why do I need one? Answer. A hard ship letter is nothing more than a letter stating your circumstances on why you are late on your mortgage or why you think you're going to be late on your mortgage payments.
3) Is a loan modification the same as debt consolidation, debt settlement or refinancing? Answer. No, No and No. All four are different.
4) How long does the loan modification process take? Answer. The loan modification process typically takes between 90 & 120 days. In some circumstances loan modifications can be as short as 30 days and longer than 120 days.
5) What are typical success rates if I do the loan modification versus hiring someone? Answer. If you do it yourself, the national average is about 80% of people that do there own loan modification are delinquent again with in 12 months. Going with a professional like RL is less than half that.
6) Why will a bank consider a loan modification, especially if I am current? Answer. Banks will grant a loan modification to someone who is current because they have wise up in the past few months. Banks know that Interest Only loans will A foreclosure on average costs the bank 50K.
7) If I owe more than my loan will the bank reduce my principle balance on a installment loans with guaranteed approval mod? Answer. This is on a case by case basis, but the banks have done them in the past.
8) Why do some companies charge upfront fees and some don't? Answer. If someone is asking to charge a fee to find out if you qualify, those are red flags and keep looking for a different company. RL does not charge a fee upfront to let you know if we can help you.
9) What are the normal fees I should expect to pay if I hire a company? Answer. The national average is between $2,500 & $5,000. RL is less than the lowest number listed here. We are in the business of saving homes and families
10) If I already have a low fixed rate mortgage why would I consider a bad credit personal installment loans guaranteed approval mod? Answer. If you are having problems making the payment then the answer is pretty obvious. Also, you never know what a bank is willing to accept. We've scene certain banks go as low as 2%. It doesn't cost anything to find out.
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