Sandy Flores broker

SANDY FLORES BROKER

International Real Estate
  Contributor @TELEVISAUNIVISION               KMEX 34  Los Angeles,              El Gordo y La Flaca,
               Santa Ana College               

 

International Real Estate
  Contributor @TELEVISAUNIVISION
KMEX 34  Los Angeles, El Gordo y La Flaca,
Santa Ana College Community Services Program

The Process of Loan Modification

By Sandy Flores

Many homeowners facing financial hardship are struggling to keep their property. They need help to maintain and continue payments on their mortgages.  Keep in mind that this does not have to be like that and if you are in a difficult financial situation, the first thing you should do is call your bank as soon as possible. The sooner you contact the bank, more choices you will have and its very likely that the bank can help you with alternatives available to you.

The home loan modification is one of the solutions under Affordable Modification Program for Homeowners, known by its acronym in English as HAMP.

The loan modification includes four steps to complete the process:

Is important to know if your bank has registered the nonpayment notice (“Notice of default”), and if you’re scheduled foreclosure (“trustee sale”). If this is the case and you are dealing with your loan modification, be sure to request an extension on the date of foreclosure until the modification process is concluded favorably for you.

Loan Modification

Remember…….

banks do not want the property back and will do best to help, however, if you do not qualify for a modification, there are other alternatives to avoid foreclosure.

It is advisable to seek professional advice as always and keep informed of any and all of the options and alternatives available and especially prevent you from falling victim to mortgage fraud.

Stay Educated!

 

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