See How The The Vanderbilt System Helps Homeowners Nationwide with
Their Mortgage Modification - Vanderbilt Mortgage Modification System
*
*
*
*
*
*
*
*
*
*
VANDERBILT MORTGAGE MODIFICATION SYSTEM
SEE HOW THE THE VANDERBILT SYSTEM HELPS HOMEOWNERS NATIONWIDE WITH
THEIR MORTGAGE MODIFICATION
*
*
*
*
*
*
What Is Mortgage Modification?
Find out how we can help you!
Who Is Mortgage Modification For?
Find out if this is the right choice.
Is Mortgage Modification Real?
Discover the truth about modifying your mortgage.
When To Consider Mortgage Modification
Find out how to do it at the right time.
The Mortgage Modification Proces
Find out how we do business.
What To Expect From Mortgage Modification
Find out what to expect.
MORTGAGE MODIFICATION IS THE ANSWER
If you, like so many other homeowners across America today, are
having trouble keeping up with your mortgage payments, Mortgage Loan
Modification is something that you should consider. Mortgage
Modification is one of the more forgiving forms of foreclosure
alternatives, one that can help you correct a bad situation that most
likely arose from the greed of predatory lenders and the subsequent
meltdown of the mortgage and housing markets.
There is a very good chance that a modification of your mortgage can
put you back on firm financial ground, but first things being first,
you need to know precisely what mortgage modification is.
_MORTGAGE MODIFICATION EXPLAINED_
Mortgage Modification may also be known by other names, such as
mortgage restructuring, loan restructuring, or loan modification. Each
of these names may give you some indication as to what modification
is.
The short answer is that an Mortgage Loan Modification is a change
in the terms of your current mortgage loan, with the purpose being to
make your payments affordable and manageable. The restructured
mortgage does not generate a new loan, so it is not a refinancing; it
simply changes the current terms of your existing mortgage so that you
are not forced into a loss or foreclosure and your lender does not
lose money by needing to assume the cost of another foreclosure
(something they really do not want to do!). It is a way for the lender
to help you, as the mortgagor, deal with a financial hardship that
prevents you from being able to meet the repayment terms of your loan.
_WHAT CHANGES WITH MORTGAGE RESTRUCTURING?_
Each modification situation is different, and so the terms that
change will be different in each circumstance--individualized, if you
will. You and your mortgage company may decide on a change to the
interest rate, the length of time that an adjustable rate is fixed
for, the amount of the monthly payment, or the term of the loan
(number of years on the mortgage). Whatever the mix of modifications
is, the end goal is always to make it so that you can afford to pay on
the mortgage and remain in your home.
_A TIME FOR MORTGAGE MODIFICATION_
When is the right time to pursue a restructuring of your existing
mortgage loan? If you are reading this far, more than likely the time
is now!
It used to be that mortgage modifications did not happen very often.
To be sure, depending on the age of your resources, you may have read
that loan restructures are very few and far between, and not likely to
occur. However, all of that has changed with recent economic crises.
Mortgage lenders are far more interested now in coming to terms over a
restructure agreement than they are in incurring yet another
foreclosure burden. They are also more willing to talk about modifying
your mortgage earlier on in your hardship.
You do not have to wait until you have missed payments! You do not
have to wait to miss multiple payments, either. As soon as finances
become a strain, you should start talking about Mortgage Loan
Modification. You are not alone in wanting to keep you financially
solvent, and in wanting to keep you in your home.
If you have questions concerning our product or require support
please email us at mortmods@gmail.com November 26, 2008 17:08:49
WHAT SHOULD YOU EXPECT FROM VANDERBILT MORTGAGE MODIFICATION SYSTEM
You can guess from its name that Vanderbilt Mortgage Modification
System at heart is simply a change of some kind to your existing
mortgage. More specifically, that change will be something like a
lowered interest rate or lengthened loan terms that results in an
adjustment (lowering) of your monthly payment. In a nutshell, that
is what modifying a mortgage loan is. That does not answer the more
specific questions you might have, though. It does not tell you the
types of results that you might expect from a loan restructuring.
_WHAT YOU SHOULD GET OUT OF VANDERBILT MORTGAGE MODIFICATION SYSTEM_
To answer very simply, what you should get out of modifying your
mortgage should be a home loan payment that you can afford. The
entire point is to prevent foreclosure, or stop foreclosure after it
has begun, so that you can stay in your home and the lender does not
have to incur the burden and expense of foreclosing on your home.
To arrive at that lowered, more affordable payment, the lender may
choose one or more of the following options:
* Reducing the interest rate on your loan
* Fixing a low adjustable rate for longer so as not to adjust
upwards to unmanageable payments
* Extending the term of your loan by years (to stretch out
payments)
* Transforming a loan from an adjustable to a fixed-rate product
* Reverting back to a previously affordable adjustable rate
_THINGS WORTH FIGHTING FOR_
When these changes are made, your lender should also take measures
to allow you to come up to date on your payments. This does not mean
that they will forgive missed payments (if you have any) or that late
fees and such will be rescinded, but you should fight, if you have to,
to make sure that you come out of the process clean and clear and
ready for a fresh start. There are things that can be
done--actually, that are commonly so.
For instance, your lender can roll missed payments into the new loan
terms. They can do the same for fees and penalties. You may come
out of it with a longer loan repayment term, but at least you will not
have the added pressure of unpaid payments and charges.
Lenders who agree to Vanderbilt Mortgage Modification System will
normally work these measures into the plan. You should make sure,
though, so that that clean start is a guarantee.
_EXPECT LENDERS TO BE OUT FOR THEMSELVES_
If there is one thing that you can definitely know to expect from
Vanderbilt Mortgage Modification System it is that your lender is not
negotiating with you out of some deep-seated sense of compassion.
They are negotiating because this is what makes the most business
sense to them. Your lender does not want your property, they want
your money. If you remember this always, you will have the
confidence to push beyond the hurdles that you might face, and on to
achieving the desired and expected outcome of a new, more affordable
mortgage payment.
Lastly, you should know that your lender also does not want the
situation to become desperate. It is a myth that lenders do not want
resolution. Do not wait for things to grow worse, act today, while
you are in the best possible position; because waiting only makes a
desperate situation even more so, and often takes many favorable
options off the table. December 01, 2008 01:56:19
THE MORTGAGE MODIFICATION PROCESS
Vanderbilt Mortgage Modification System certainly is the right
answer for many struggling homeowners. But knowing that modification
is a good idea is not enough. You need to know how to get the
process started and how to see it through to the end.
_TWO BASIC OPTIONS_
You have two basic processing options for pursuing a mortgage
modification.
* You can try to handle your modification on your own, by contacting
and negotiating directly with your lender.
* You can retain the services of a professional third party, such
as Vanderbilt Mortgage Modification System to handle the contact and
negotiation for you.
This may be a certified Housing Counselor through a non-profit
agency like HUD, an attorney who specializes in an area such as real
estate, mortgages, or bankruptcy/debt issues, or a reputable
for-profit company specializing in mediating mortgage modifications
and foreclosure prevention. Obviously attorneys and third party
for-profits will charge you a fee, but in many cases it is a fee that
pays for itself with the success of your new and affordable payment,
and cessation of foreclosure proceedings.
_FIRST, BE PREPARED_
Regardless of which route you choose to follow, you will need to do
some preparation on your own before you speak to anyone--whether that
is a counselor, third-party, or your lender's representatives.
Anyone assisting you or negotiating with you will need information in
order to determine whether modification is viable. Before you make
the call, first sit down and get to know the truth of your financial
picture. Be prepared to answer questions about
* Your financial hardship--why can't you pay?
* To what extent you are able to pay--for example, a lower mortgage
payment? Part of your existing payment? Your whole payment with a
few months' forbearance?
* How much you owe on your property
* If you have equity in the home
* Your future financial outlook
* Your payment history, past and present
It is best for you to work out a monthly budget for your household,
including all bills and debts, before you call anyone. This is
information that will be needed further on in the process, and
information that is essential to anyone trying to assist you. You
should at least have a working knowledge of income versus expenses.
_INDEPENDENT ACTION_
You do not have to seek third-party assistance. If you choose to
attempt this route yourself, once you have prepared yourself with the
above mentioned information you need to contact your lender. Start
there by telling them what your situation is, and what you hope to
achieve (your proposed solution). Answer the questions that you are
asked without offering too much additional information that they might
use against you. Offer an initial proposal to open negotiation.
The hardest part of handling your modification independently is
actually getting to speak with a person in a position to help you and
negotiate. When you first call you will be dealing with low-level
customer service and bill collectors whose only goal is to get money
out of you, often by whatever means possible (they may tell you to
borrow it from another source or relative). Be firm and tell them
this is not an option. Expect to have to go some rounds with these
people until you get them to pass your call up the chain of
authority. Expect to have to submit all manner of proofs and
documents to them--and do so, but keep a running list of whom you have
spoken to, what they said, requested and what and when (and to where)
you sent the information.
The people you are really trying to reach are the loss mitigation
department. Once you get there you will have to provide possibly
more documents, such as letters defining your hardship, budgets, and
more of the information discussed above. These are the people with
the true authority to negotiate with you. From there they will begin
to make proposals and negotiate terms. However, do be aware that
these people always act in their best interest, not yours, so it often
behooves you to consult with an attorney or housing counselor to
understand what you are agreeing to.
_THIRD PARTY INTERVENTION_
It is possible to handle mortgage modification on your own, but the
intervention of a third party - Vanderbilt Mortgage Modification
System - can often streamline the process and net better results.
The biggest reason this is true is that they know the "game" and know
who to talk to, and how to get through to them. They also know very
well what mortgage lenders want to hear and see, and so they can
assist you in putting a comprehensive and convincing package together
before any contact is made.
The process of mortgage modification is not always simple, but it is
a life-saver in many situations. Whether you go it alone or seek
outside help, go prepared by being informed, and getting the help
available to you when it is prudent to do so. December 01, 2008
01:44:53
WHEN TO CONSIDER VANDERBILT MORTGAGE MODIFICATION SYSTEM
Probably one of the biggest questions homeowners face in regards to
Vanderbilt Mortgage Modification System is when this should become a
serious consideration--when is it time to start pursuing a
modification agreement? Even if you think you know the answer to
that question, you might be surprised to find out that what you
thought you knew is no longer true. In years past, mortgage
modifications did not happen very often, but those times have changed,
and lenders are more interested in hearing from you early on when your
mortgage first begins to cause you concerns.
_LEGITIMATE HARDSHIP_
One of the things that has not changed is that you need to be able
to prove that you are experiencing a real, legitimate financial
hardship. That is not difficult for most people who are faced with
finding foreclosure alternatives--it's not that you do not want to pay
your mortgage, it's just that the turn of events has made it difficult
or impossible to do so.
Historically the traditional hardships that resulted in modifying a
mortgage loan were things such as job loss, health problems and
illnesses, disability, or loss of a contributing partner (perhaps
through death or divorce). Today there are several other factors
that add to the list, the result of the "mortgage meltdown" crisis.
In addition to more personal problems, a change to your mortgage
rate which results in an unmanageable payment, such as when an
adjustable rate mortgage adjusts after the fixed-rate period, and
certain market pressures and consequences may open the door to
Vanderbilt Mortgage Modification System for you. Declining home
values that result in loss of equity or negative equity, thereby
rendering refinancing impossible, have also made modifications more of
an option.
There are no hard and fast rules regarding what is considered a
legitimate financial hardship in the case of mortgage restructuring.
It is enough to know that your situation is stressful and
unmanageable. That in itself is cause enough to start considering
and acting to obtain a Vanderbilt Mortgage Modification System.
_WARNING SIGNS OF FINANCIAL HARDSHIP_
One of the problems that are common to people who should be pursuing
Vanderbilt Mortgage Modification System is that they either do not
recognize their hardships or they are living in denial of them. No
form of ignorance or denial will make your situation improve,
though. Only real action can do that. Even if you are still making
your payments, but these warning signs are present, it is time to
reevaluate your true financial position and start taking action.
* You make payments, but they are consistently late, or always paid
just barely within the grace period.
* Any small change in your circumstance (such as time missed at
work, job loss) will result in not being able to make a payment or
payments--will tip the scales out of favor.
* You have received late payment notices.
* You have received any foreclosure-related notice.
* Your lender/lenders are not cooperating with you.
* You are not sure of your bills in relation to your income, and/or
you do not know how much you owe on your mortgage.
* You cannot meet all bills without supplementing from another
source--such as from savings, or with credit cards or other open lines
of credit (robbing Peter to pay Paul?).
* Basic living expenses--groceries, gas, etc.--are being paid with
credit or credit cards.
_ _
_THE TIME IS THE PRESENT_
The list above represents a number of warning signs, but perhaps not
all. Just as the financial hardships listed above represent only
some of the legitimate reasons to seek a Vanderbilt Mortgage
Modification System. The bottom line is that if you are struggling
to pay your mortgage or just barely making it, or if you are only
making it by incurring more and more debt, you need something to
change. Your lender would rather resolve issues now rather than wait
until there are no options left. The time to consider Vanderbilt
Mortgage Modification System has come. December 01, 2008 01:25:46
IS MORTGAGE MODIFICATION REAL...AND LEGAL?
For people looking to find relief for unmanageable mortgage
payments, foreclosure may seem like the only option. However, that
is far from the truth. There are alternatives to foreclosure, and
among the most promising and least damaging stands Vanderbilt Mortgage
Modification System.
_IS VANDERBILT MORTGAGE MODIFICATION SYSTEM REAL?_
Mortgage modification is real. It is the practice of modifying or
changing the terms of an existing mortgage loan when the mortgagor
(you, the person paying the loan) experiences a financial hardship.
The purpose of doing that is to make changes that make payments
affordable and manageable once again so that you can continue to pay
on the loan and so that the lender does not have to foreclose on the
property. Those changes might come in the form of a reduced interest
rate, lengthened loan term, or rate fixes, among other possibilities.
The reason that lenders are willing to consider modifying a mortgage
is not necessarily because they are acting out of a sense of humanity,
but because foreclosing on homes creates a loss and a financial burden
for them. Especially in times when the economy is weak and the
housing market slumping, it is far better for the mortgage lender to
keep you in your home and paying on your loan. It simply makes good
business sense from their perspective.
_IS MORTGAGE RESTRUCTURING LEGAL?_
Mortgage restructuring (simply another term for modification) is
entirely legal. It is well within the right of the mortgage company
to negotiate with you and/or your representatives and rewrite the
terms of your loan; and it is well within your rights as mortgagor to
ask them to consider doing so.
That being said, this does not mean that there will not be ways for
you to be taken advantage of during the process. The rise in lenders
willing to negotiate has given birth to services to assist people
trying to modify their mortgage. Many of these are real, reputable
agencies or professionals (such as real estate attorneys), but many
are also people with little actual experience and high fees for their
services. The right professional can expedite the process and force
action where you may have been forestalled, but it is absolutely
imperative to make sure you are dealing with knowledgeable
professionals and not more predators (the likes of which created the
need for so many modifications as of late).
As with mortgage lending itself, the laws are on the side of
consumer protection. As the practice has grown, laws regulating it
and those who serve as negotiators and intermediaries have grown,
too. And like the laws governing lending, those laws exist largely
on the state level. In order to find out which laws pertain to your
circumstance, you will need to consult the laws for your particular
state. You may consider speaking with an attorney as well, as laws
can be very difficult to decipher.
Your decision to learn more about alternatives to foreclosure is
very well-placed. These alternatives, Vanderbilt Mortgage
Modification System in particular, are every bit real, and well within
the law. That is no guarantee that an arrangement can be made, but
it does go far to put mortgage restructuring on the table as a real,
viable relief to mounting financial troubles.
_ _ December 01, 2008 01:04:19
::
RSS SUBSCRIBE
Like what you have been reading here? Subscribe now and receive
email updates of our articles. Email Address:
Categories
Categories
*
*
*
*
*
*
*
*
Syndicate
Syndicate
* ATOM: ,
* PODCAST:
* RDF: ,
* RSS: ,
* RSS2: ,
* SITEMAP:
Recent Articles
*
*
*
*
*
*
Most Views
* (2,275)
* (663)
* (515)
* (501)
* (384)
* (304)
*
*
*
*
*
*
*
*
*
(c) 2008 See How The The Vanderbilt System Helps Homeowners
Nationwide with Their Mortgage Modification. Another Dev Element Blog
