Phoenix, AZ -- (SBWire) -- 04/29/2014 --Financial setbacks can wreak havoc on one’s credit, resulting in foreclosure or even bankruptcy. However, there are ways to resolve these problems. From talking with a lender to working with the best loan modification companies, one does not have to sacrifice his good credit score to his unexpected fiscal upset. Credit-yogi.com is familiar with this issue and is here to share its knowledge of it, including:
-Loan Modification Explained
-Finding Mortgage Modification
-Getting a Quick Response
-How to Qualify
Explaining Loan Modification
Homeowners facing the possibility of foreclosure need to understand what loan modification services do before they choose one. Simply put, modification companies modify, or make changes to, someone’s home loan. The purpose behind this is to lower the monthly payment enough that the owner can afford it and still be able to put food on the table. Some of the changes made include reducing the principal or interest rate of the original loan, allowing a longer repayment period, or changing the loan from variable to fixed rate.
Locating Mortgage Modification
When an individual considers altering his mortgage to get a lower payment, he might wonder how to find the top home loan modification companies. Begin online and thoroughly research the businesses that provide this service. Watch out for high charges for the “privilege” of utilizing the company. One might also want to look in the local telephone book. Contact a few of them, but remember to read the fine print in any contract sent to one’s home; often that’s where the money traps are.
Awaiting Approval
Sometimes, a loan modification can take time to be approved, and people in the position of needing the modification don’t always have it. When a homeowner applies with several mortgage modification firms, it can take up to 9 months to receive an answer from them. Utilizing the talents of a professional financial service such as Credit-yogi.com can get a response fast – in as little as 5 days! Working with Mortgage Audit Corp, this website can offer several companies that can help, and it never charges for an initial consultation.
To Qualify or Not to Qualify
To qualify for modification, one should be current on his loan and have few negative marks on his credit report. Whether working with his lender or a loan modification company, taking some time to cut down on spending and save up some funds will improve his chances of approval. Choose the direction to go in – company or original lender – and contact the loan agent to work out an acceptable modification agreement.
About Credit-yogi.com
Way back in 1999, an enterprising businessperson realized that consumers needed an easily accessible, free place to get answers to their most important financial questions. Concluding that this need must be filled, Credit-yogi.com was created. Over the past 15 years, visitors to the site have repeatedly come back to learn more about how money works and how to increase the amount of it they have. For a no-cost preliminary consultation, dial 866-964-9644.
Learning About Loan Modification Options