Myths About Home Loan Modification

The home loan modification process, like most processes in dealing with finances to buy or sell a house, can be far too complicated and confusing for the average American. While there are a series of available loan modification companies that can help you through the ordeal, we’ve provided you with a few commonly believed myths in loan modification.

1) You do not have to be late on your mortgage payments in order to receive loan modification help. However, you will more than likely receive greater attention and assistance from your loan modification company if you are already struggling.

Some borrowers believe if they aren’t late on pay, they won’t be able to get a modification. And while it no doubt is much more difficult, it is in no way, shape, or form impossible.

2) Some companies claim they can acquire principle reductions for borrowers who are already in the red and own more than the actual cost of the home. In fact, some companies claim they do this on a regular basis. This occurs EXTREMELY rarely, if ever, and any loan modification companies who claim to do this on the reg are trying to sell you on promises they cannot deliver on.

3) Do NOT believe that lenders are doing everything they possibly can to assist our nation’s financially-pressured homeowners. There simply isn’t enough man power available to help the tens of thousands of homeowners who have been laid off by their employers as a result of the struggling economy.

That is why it’s so important to have a private, third party assist you during your home loan modification process. Banks and lenders aren’t looking out for your best interests, and due to the intense economic conditions this country is currently in, they don’t have the resources to give you the kind of attention you require or deserve.

Self-Employed May Have Harder Time Getting Mortgages

Home loan modification for the self-employed is becoming increasingly difficult. Before and during the recession, stated-income loans were easy to obtain, and the percentage of people liberally declaring their income, especially in light of tax returns, was high. Today, for the self-employed, interest rates are about a quarter percent higher than for the non self-employed.

The way for most self-employed folks to get home loan modification is to provide two years of tax returns. For many, the deductions they submitted on their tax returns lower their official income levels, and make qualifying for a loan trickier.

The best way to get loan modification help is to have a credit score over 700, and have two or more years of reliable income. Easier said than done, especially in the tail end of a recession. Small business owners should do the math before determining what is tax deductible and whether it will benefit them to declare it if they want loan modification help.

Getting home loan modification comes down to work. Providing paperwork and determining whether a few thousand dollar deduction one year will save you more cash than on your loan in the long run, can wind up saving you a lot of money over the course of a few years.

How Your Equity Affects New Loan Chances

Loan modification companies can help you pay less each month for your mortgage. But to pay the lowest amount each month, you have to make sure that the equity that you have in your home doesn’t drop below 20%. If that’s the case, you may even have to buy private mortgage insurance, which can make a new loan even more expensive than an old one.

Even if you want a second mortgage or home equity credit lines, and the equity you have in your home hovers around 20%, this may not bode well. The term for this is Loan to Value ratio, or L.T.V.

If you still want home loan modification, but don’t want to take the risk talking to loan modification companies, gauge the value of your home with Zillow.com, or you can invite a real estate broker to give you an appraisal. If the appraisal is well below what you thought your home would be worth, it’s probably a better idea to wait until the real estate market brightens; but if it hovers near where you thought it would, then you can definitely apply for loan modification help. Visit www.WeFixMortgages.com to qualify for a home mortgages refinance.

Trouble Abroad is Good For Us

The European market is still particularly fragile in today’s economy. Last week, worries about the Greek bailout spurred the Dow Jones to fall to its lowest levels in over a month. While this could eventually be good news for Americans, who, with a stronger dollar will have more potential investments in capital, it can also deter other countries from buying exports in the long run, since they will be more expensive.

Europe has struggled with debt over the past decade, as the goal of an emergent united economy has been let down by countries like Greece, Portugal, Spain, and even Ireland. Today, the world fears a Greek default on bonds, which is why the rest of Europe, backed by the largest economy, Germany, is lending Greece the more than 54 billion euros it needs to stay afloat.

What does all this mean for the American home owner? It’s still a great time for a home loan modification. Loan modification help is easy, especially with interest rates still near record lows. Although signs of life are showing in our economy, there’s still a long way to go, and that means that interest rates will be kept low, and a home loan modification is welcome.

Mortgage Rates Rising Doesn't Mean You Can't Refinance!

Mortgage rates have just reached a 5 month high as the recovery starts to rebound from the recession. It is likely that rates will continue to rise as new data about job growth and increased consumer spending will prop the rates increasingly higher. While high unemployment rates continue to keep the U.S. in a recession, this is the third straight quarter that has shown economic growth. In general, this is a good sign. In order for a full return of the economy, however, employment needs to shy away from 10%. It has hovered there for more than 18 months now. The signs that it will do so are not all aligned.

Even though mortgage rates are at a five month high, don’t let that scare you into not fixing your home loan. In fact, the end of the recession should convince you that now is the perfect time for loan modification help. And if mortgage rates grow, it will be slowly, in line with the GDP of the economy. So, the sooner the better for home mortgages refinance. Home loan modification can help you move from your current payment to a significantly less amount of money each month.

Home Mortgages Refinance: How to Qualify

If you're having trouble making the monthly payments on your home, chances are you've already started looking for loan modification help. This is a great first step, but the reality is that not every homeowner can qualify for a home loan modification.

To see if you qualify to receive loan modification help, consider the questions below.

How long have you lived in your house?
Home loan modifications can only be made 12 months after the start of a loan.

Who lives in your house? Do you have more than one mortgage?
It's OK to have a boarder, but it's not OK to apply for a home loan modification for a house you don't live in. Loan modification help is designed to help people stay in their homes, not to cushion investors. Similarly, modification help is not available for vacation houses or other supplementary homes.

Have you experienced hardship?
Hardship might seem like a difficult thing to measure, but you will need to provide an explanation of how you got behind on your payments. This could be losing your job, having to take care of a sick family member, or a variety of other circumstances.

Will you be able to afford your new payments?
Although home mortgages refinance to lower your monthly payments, your lender will still require proof of income to ensure that you will be able to afford your new payments.

Let Us Handle Your Home Loan Modification

There’s a certain appeal in trying to do something on your own, be it changing a tire or installing new kitchen cabinets. But when you attempt such tasks without adequate experience, it can mean hours of wasted time without any tangible results. Negotiating a home loan modification works the same way – if you try to handle a loan modification without professional help, it’s easy to wind up over your head.

At www.WeFixMortgages.com, our experts have the skills and training necessary to help you avoid foreclosure and save hundreds of dollars a month on scheduled payments – just look at our success stories. We’ll examine your debt, present the available options, and help you chose the most favorable course of action.

Best of all, there is no risk in seeking professional loan modification help. We use an escrow service to protect our clients and will fully refund your deposit if we are unable to secure a loan modification. Plus, We Fix Mortgages offers free consultations, so that you can explore your options without any commitment or risk.

Loan Modification Help for All Mortgages

Every loan is different. Some involve variable interest levels, while others rely on fixed rates. Some last for ten or fifteen years, while others can span as many as thirty. If you’re interested in a home loan modification, you might be wondering if the specifics of your mortgage will affect your process. Do certain firms only handle certain types of loans? Will your original contract hinder your ability to avoid foreclosure?

At www.WeFixMortgages.com, we strive to advocate for homeowners paying off loans of all kinds, regardless of the circumstances. Whether your loan is adjustable or fixed, or your problems arose from poor budgeting or unforeseen events, we’re ready to fight to keep you in your home – even if you’re already in active foreclosure.

No matter your specifics, We Fix Mortgages is willing to provide a free consultation to help you come up with the home loan modification solution for you. With the right loan modification help, you might be able to lower your mortgage payments by 30 percent or more, in addition to having certain penalties and late fees forgiven.

How Loan Modification Companies Can Help

Are you considering a home loan modification? If so, you’re probably wondering: Will it really work? You might think you owe too much, have waited too long, or that your bank just doesn’t care. Fortunately, quality loan modification companies can help you refinance even under extreme circumstances. Want more proof? Check out the Recently Modified Loans page at www.WeFixMortgages.com.

We’ve summarized two of the most inspiring success stories below:

Success Story #1

If you think you’re too far behind on your mortgage to get loan modification help, think again. A recent We Fix Mortgages client was a full year late on his payments because of unemployment. WFM was able to halt active foreclosure and reduce his monthly payments by 35 percent, resulting in $657 of savings per month.

Success Story #2

Alternatively, some homeowners worry that they’re not behind enough to get a home loan modification, however even people who are current on their payments are often eligible for loan modification help. WFM helped one such client lower her monthly payments by 25%, slashing her monthly expenses by $555.

What Happens When Home Mortgages Refinance?

You’ve probably heard people talking about how loan modification companies can help home mortgages refinance. Still, refinancing is a pretty broad word. While some homeowners might want to decrease their monthly payments, for example, others pursue home loan modifications to lower their total interest.

So, what can refinancing your mortgage do for you?

Adjust Your Interest

Your interest rate determines your monthly mortgage payments, so a lower rate means lower payments. For example, a $150,000 mortgage over 30 years will cost you $899 a month at 6 percent interest, while that same mortgage is only $852 per month at 5.5 percent. You could save $47 a month, or $564 a year!

Adjust Your Mortgage Length

If you think you need more time to pay back your loan, extending your mortgage from 15 years to 30 will allow you to decrease your monthly payments. Alternatively, you could switch from a 30-year mortgage to a 15-year mortgage to decrease your total interest costs by increasing your monthly payments.

For more information on mortgage refinancing, start browsing loan modification companies today! Calculate your own potential savings with the handy mortgage calculator to your right.

It’s Never Too Late for a Home Loan Modification

If your house is in active foreclosure, you might think you missed the boat on a home loan modification, however this is not the case. Even during foreclosure, it’s never too late for loan modification companies to help you negotiate refinancing options with your lender.

How? As long as your family is still in your home, you still have time to set up a home loan modification with your bank. A loan modification can ultimately reverse your foreclosure, lower your monthly payments, decrease your interest rate, and even forgive certain penalties.

This is because a loan modification is your chance to convince your lender that you can afford to keep your house. Maybe you’ve had a recent hardship that will make your delinquent payments more understandable. Or perhaps you expect your income to increase over the coming years because of a new job or home boarder.

Regardless of your timeframe, the best way to ask for loan modification help is by consulting loan modification companies. These services will help you present your case to the bank, and they won’t even accept a fee unless your home loan modification is successful.

Loan Modification Help: How Did We Get into This Mess?

Many homeowners are surprised to find themselves facing foreclosure. They committed to what they believed to be an affordable mortgage — with the potential of refinancing — only to get stuck with astronomical interest rates and a house worth less than its debt. If you're looking for loan modification help, it's important to understand what went wrong, and what you can do make it right again.

We can trace much of the financial crisis — and the difficulties faced by individual homeowners — to the rise in sub-prime lending in the years leading up to the recession. Sub-prime borrowers are loan candidates with poor credit histories who are at a heightened risk of defaulting on their loans. Until 2004, only 10% of mortgages were sub-prime mortgages, but government deregulation and greed increased the rate of sub-prime mortgages to 20% during the height of the housing bubble in 2005 and 2006. During this time, many sub-prime lenders committed to mortgages they thought they could afford, often because they were unable to understand the exact provisions of their loan agreements.

Who could have? It's unrealistic to expect everyday people to understand the legalese of mortgage contracts. That's where loan modification companies come in. Specialists at these companies will advocate for lower interest rates and monthly payments, in addition to explaining your modification in terms you'll understand. Banks may have gotten us into this mess, but loan modification companies can get us out.

Bulldozing Your House? Try a Home Loan Modification First

One of the weirdest homeowner stories of late involves a man from Ohio who actually bulldozed his $350,000 home before the bank could seize it. The man said he demolished his house to “send a message” to banks everywhere, and a surprising number of Americans have rallied to support him. But before you jack a 'dozer from a nearby construction site, consider some advice — if you're behind on your monthly payments, a home loan modification can help.

Instead of demolishing your precious walls and floors, why not demolish those high interest rates and monthly payments? A loan modification firm like www.WeFixMortgages.com features experienced staff members willing to go to bat for you and negotiate with your bank to make your mortgage more affordable. After a loan modification, you'll owe smaller amounts of money each month, and your penalties and late fees might even be forgiven.

Nobody wants the bank to seize their home, and loan modification companies make it possible to avoid foreclosure without operating any heavy machinery. So turn off that 'dozer — your situation isn't as dire as you think.

Home Loan Modification Works For Me

When I came to this country ten years ago, I knew that there would be much hard work to do. My wife and my two babies lived in the house while I worked. At my job, I am a construction man. I fix houses. But with the recession, I need to fix my own house. When I took a mortgage for to pay, I thought I would be able to do it. But today, I don’t make as much money as five years ago, and I know I am unable to pay my mortgage. So I looked to home loan modification. With loan modification help, I work with the loan modification companies to lower my mortgage rate. And they help me!

Now I am able to work as hard, but I don’t worry about home loan modification. Wefixmortgages.com fixed my mortgage and made loan modification help for me. Our house still needs work, but all houses need work during time. My wife, she is happy, and the children they run and play carefree, and me, I don’t need to worry any more because I know that home loan modification helps me with my mortgage. So I work, and home loan modification works, and we work together.

A Home Loan Modification Can Help In A Bind

Homeowners across the continent have felt the effects of the economic pressures of the past few years. Whether you have seen a change or increase in your home loan interest payments, or have experienced a change of financial circumstances that prevents you from making your monthly payments, you may benefit from loan modification help.

Home loan modification companies exist to help individuals sort out their monthly payments to suit their budget, and in order to avoid the risk of bad credit reports, or in the case of homeowners with mortgages, foreclosure or bankruptcy.

Home mortgages refinance and loan modification companies present various pros and cons, and various options for how individuals may wish to proceed. Frequently, banks and financial institutions will present their own solutions to try and provide some respite for loyal and reliable customers that are experiencing temporary difficulties.

If you find that your lending institution is inflexible in the repayment options, then it may be time to consider a loan modification company. Be sure to investigate several companies before signing any contracts or entering into any long-term agreements.

When something as valuable and important as your home is at stake, it is essential to know that you are in good hands - in the hands of www.WeFixMortgages.com

Home Loan Modification is Key in Avoiding Foreclosure

With so many homeowners facing the possibility of losing their homes, it's comforting to know there is help in the form of a home loan modification. Late fees and penalties add up quickly when you start missing payments on a mortgage, creating a snowball effect that is hard to get out from under. And if these missed payments coincide with an expiring adjustable rate contract, the results can be disastrous. Before it comes to this, seeking a loan modification can help avert financial ruin.

A good loan modification company will have a solid reputation and references of their successes, and will be able to lower monthly payments, while creating a favorable long term loan schedule. Some loan companies, seeing the distress many people are in, have their own loan modification units that reach out to their customers before they are in distress.

If you're looking for loan modification help, check out the services at www.WeFixMortgages.com, a website featuring a dedicated staff with the experience to rework your mortgage. Even if you've made some financial mistakes, it might not be too late to fix them.

What Is A Home Loan Modification Hardship Letter?

When it comes time to speak to your lender during a home loan modification or to work out a loan, you are going to need a hardship letter. This is pretty self-explanatory. The hardship letter pretty much explains what event is causing you to fall behind on your payments. This could be because you lost your job, you had an illness or you had a death in the family, or anything else - as long as it's a valid reason.

This letter is used to try and stop foreclosure. This hardship letter for loan modification help should not be a book - if you make it really long, they might not even read it, and where will that get you?!? Instead, the letter should be to the point - 1-2 pages at the most, and try to be professional when writing to the loan modification companies.

This is also used for when you need a home mortgages refinance as well. Really, you will benefit with a well written letter, without spewing out words. Just generally let them know why you are late on the payments and why you need help modifying the payments to a lower amount.

If you need help with any mortgage issue, remember that we are here for you. For more info, visit us at www.WeFixMortgages.com

Do You Need Loan Modification Help?

When dealing with any kind of a modification on a loan, it's always a nice thing to have someone helping you out. A loan modification company can aid with home mortgages refinance and with modifying the home loan on your house. The benefits that come with loan modification help companies are amazing!

If you are a qualifying homeowner, you can actually reduce and lower your monthly payments for your home, reduce the interests rates that you have to deal with every month and re-amortize the loan so that it makes your life easier when it comes to making your monthly payments. Now this are things that people probably can’t do on their own – but these are definitely possible! I mean really, with the way the economy is right now, who couldn’t use some help? Especially when customers salvage around 30% off their annual payments once the adjustment has goes through.

This means that while you could be paying $5,000 a month for your loan, if you work with loan modification company such as ours, we could lower your payments down to $3,500! Just think of all the things you could do with the money you could be saving by working with us!

What Can a Loan Modification Do For Me?

More Americans are underwater on their mortgages than ever. Some people signed mortgages for homes beyond their means and are overwhelmed with their monthly payments. Others are unemployed and unable to afford mortgages that used to be manageable. Whatever the circumstances, it’s possible to get help from a loan modification.

So, what can a loan modification do for you?

First, a home loan modification can reduce your monthly payments, freeing up more money for your other expenses, like credit card bills, or simply allowing you to put more of your paycheck into savings.

You may also see lower interest rates, which will decrease both your monthly payments and the overall cost of your mortgage.

A loan modification can also help erase past mistakes. Banks are sometimes willing to put delinquent payments back into your mortgage’s principal cost. Additionally, a mortgage expert will push bankers to forgive penalties and fees for late payments.

Negotiating a loan modification on your own can be extremely intimidating, but using a team of trained experts like the folks at www.WeFixMortgages.com can help demystify the process and get you the loan modification help results to keep your family afloat.

Welcome to WeFixMortgages Blog!

The current economic climate is troublesome to many, especially for those of us who are home owners. Many people struggle with loans that seemed reasonable one day but turned into a nightmare in the other. Suddenly, homeowners face with bigger payments that they cannot afford.

If you are a home owner, it doesn’t really matter whether you are going through a financial setback because of increased expenses or income reduction – what matters is that you are not alone.

www.WeFixMortgages.com is here to be your advocate and help you negotiate with your lender for terms that are better suited for your financial needs. This can mean changes in loan terms, interest rates, principal amount and even a reduction of the late fees you owe – these actions are all possible and legitimate and can direct you back into the right track.

You've probably heard about those companies that make your mortgage magically disappear. But you know that when something sounds too good to be true then, well, it is. We’re going to work with your bank and make sure that you will be able to stay in your home with a payment that you can afford. No magic. Just a modified, affordable loan that can make your life a whole lot easier and save you hundreds of dollars each month.

Look, we even opened this blog to help you understand all the little things and tricks that are available to you! So don’t let the banks and other creditors decide whether you can keep your home! Visit us at www.WeFixMortgages.com today and take back control of your life.