There is probably no period in history since the Great Depression that has seen so many home foreclosures in the United States as there are these days. Foreclosures have risen to record proportions during the first half of 2009 and millions of homeowners are deeply troubled over the thought of losing their lifetime investments because of the mortgage crunch. Like rubbing salt to an open wound, those who are in adjustable rate mortgages or an ARM have recently experienced horrific leaps in their monthly mortgage dues, dampening all hopes of hanging on to the homes they had worked so hard for.
But all hope is not lost. Remember, lenders are not in the business of foreclosing homes. They are in the business of loan servicing and stand to lose a lot due to the high cost of every foreclosure process. With the advent of loan modification, a new win-win situation has been established for both lender and homeowner to find solutions to the quandary they are in due to the economic downturn.
installment loan agreement modification allows homeowners to coordinate with their lenders and work out a restructured package which will allow them to meet their monthly dues and avoid foreclosure. Their interest rates may be reduced and installment loans in new york terms modified to address the dire scenario they are in right now. Like an oasis in the desert, loan modification has provided so much hope when everything seemed totally bleak and discouraging.
Since loan modification is an entirely novel process, a lot of homeowners actually don't know where to start. You may call your loan servicer's number printed on your monthly statement, but you'll most probably get connected to the bills and payment section. Somebody there may put you on hold or pass you on to a different department, but most homeowners who have tried contacting their servicer tell of too many horror stories about being passed on from one department to the other.
And most of them give up before they can talk to anybody from the right department. So they resort to the next step and contact a loan modification specialist, only to find out that they cannot really afford the upfront fees required even just to start the application process. But the truth is, loan guaranteed online modification is not a complicated process if you have all the right information and guidelines on how to CORRECTLY go about it. Loan modification is a step-by-step process which, when done in the prescribed manner, will even be a welcome proposal for your lender.
You need not spend a lot of money to modify your loan. There are a lot of self-help guides and do-it-yourself loan modification kits which you can purchase. These kits provide you bank ready document packages and offer insider tips on how to get your applications approved FAST.