Archive for June, 2009
What Is A Loan Modification?
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A Loan Modification is a negotiation between a lender and a borrower whereas the loan terms are restructured without refinancing. The rate and terms of the loan are restructured to fit the current financial situation of the borrower.
Banks and lenders would rather take less money and keep homeowners in their home making a payment that they can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.
A loan modification is a good solution for those who cannot refinance, are behind on payments or struggling to make the payments, have experienced a genuine hardship, and want to stay in the home. A loan modification is a permanent solution and is not meant to be used as a temporary stop to the foreclosure process.
Questions?
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Ask A Question
Feel free to ask any Credit Related questions below. I’ll be happy to answer them for you!
Bad Credit Auto Loans
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Are you afraid to go shopping for a car because of the embarrassment you may face at the very real possibility of being turned down due to bad credit?
If this is you, you’re not alone. More than ever before, millions are faced with bad credit right now.
What you need right now is a little “credit score infusion”. Your score needs to be high enough so you can qualify for that auto loan you so desperately need. Read More→
What Is Imminent Default?
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Imminent Default Loans
I get asked “What is Imminent Default?” quite a bit in relation to mortgages and home loans, so I thought I’d explain this in a little more detail.
If you break down the two words in a basic sense, “imminent” means: likely to occur at any moment, impending, near, at hand, about to happen.
The word “default” means: failure to act, inaction or neglect, failure to meet financial obligations, to fail in fulfilling or satisfying an engagement, claim or obligation, failure to account properly for money in one’s care.
So, what this term boils down to is: Borrowers in jeopardy of “imminent default” cannot continue to make full monthly contractual loan payments.
