Although more people than ever before have begun to take a look at services that relate to loan modifications not all lenders are willing to go along with all clients. Lenders have their standards with regards to who they can and cannot help. All potential clients have their own individual needs so all of them will need to be checked on an individual basis to see if they can qualify for loan modification services.
Lenders these days have begun to work with more loan modification requests than ever before. These requests are coming from various people who need assistance with getting their loans paid off. In order to get these loans taken care of many lenders are resorting to using different guidelines and criteria with regards to figuring out who is going to be able to be accepted to use loan modification services.
The most important factor that services are using deals with the a person’s ability to be able to pay off a mortgage as it is before any loan modification services can be used. In many cases a person may be earning enough money each month to help with taking care of mortgage payments. In these cases the lender will encourage the borrower to adjust one’s budget to make paying off a mortgage easier to handle.
Another factor deals with a hardship that a client is dealing with. Lenders will be more willing to work with people who have had to deal with such hardships as job losses and sudden expenses relating to things like death and illness. With this in mind a hardship letter will generally be prepared between a client and a third party that will assist that client in the loan modification process.
The amount of money that is owed can also be a factor. More lenders will work with people who owe more because of the greater risk to the lender when it comes to the potential losses that could come to it in the event that a property has to go into foreclosure.
The future of one’s finances will also need to be considered. The lender will take a look into many factors that relate to a client’s future when it comes to determining if loan modification services can be offered. First there is the potential of a person to get a good amount of money in one’s job through an increase in salary or workload. Second there is the maturity of any investments that a person has that can be used to pay this off. Third there is the equity that one has in the property and whether or not that equity can be good enough to take care of mortgage payments.
The 1st Foreclosure Prevention Company works with clients who need to take care of mortgage payments by working to negotiate new deals with lenders. The company can offer mortgage and foreclosure education services to clients and information on all options that a client can deal with. All services are completely personalized for one’s individual foreclosure prevention needs.
Contact: 1st Foreclosure Prevention
[email protected]
Contact No: 215-660-5494
Fax: 800-477-7951
Address: 67 Buck Road B25, Huntingdon Valley, PA 19006
http://www.1stforeclosureprevention.com
