Posts Tagged money
Home Loan Modifications – How To Be In The 50% That Gets Approved
If you have read the recent newspaper reports, you are probably pretty apprehensive about getting your loan modification approved. Only half the people who apply for a loan mod get approved. Don’t you wonder what they are saying that others are missing
Home loan mods can save your home. The banks don’t want to foreclose on you, they lose money when they do. They would much rather keep you in your home at an affordable payment until they can clean up some of this mess. The problem is many people expect the stars and moon.
The difference between getting approved and not getting approved is to know what the banks are likely to approve and ask for it. If you go in and expect them to cut your rates to an effective rate of zero, they aren’t going to bother. Your expectations are based around what is good for you, not what is good for the bank. Do you think the bank would ever put your interests ahead of theirs. Never going to happen.
Your best bet is to figure out what the bank would find acceptable for your situation and ask for that. Make sure the program would help you also, because you are going to need to convince the bank that you will be able to make the new payments without fail.
Tags: banks, best bet, effective rate, home loan, loan modification, money, newspaper reports, pitch, stars and moon, video courseRelated posts