Many homeowners are facing foreclosure or struggling to make their mortgage payments in today’s economy. About 50% of homeowners facing foreclosure do nothing and let the home go to foreclosure. What do the other 50% do? There are many solutions available to homeowners who are struggling to make their mortgage payments (other than losing sleep at night). How do you know what is the best solution for you? You need to speak with an expert who is aware of all these options so that you can get the advice that is best for your situation. Not all solutions will work for everyone. A loan modification is an option for the homeowner who wants to keep their home. A loan modification is when the bank agrees to change the terms of the existing loan so that the homeowner can stay in the home. A homeowner can do a loan modification on their own. Just keep in mind that you signed the documents on the loan you have now and it isn’t working for you, so you should consider having an expert handle the negotiation with the bank. The experts know the banks terminology and how to use that information to your advantage. A forensic loan audit is when you have an expert review your existing loan documents to look for violations. The expert knows exactly what to look for to negotiate with the bank on your behalf. This is different from a loan modification because the expert is looking for violations, not just negotiating to change the existing terms. Mortgage brokers will talk to you about a refinance. If you can qualify for a refinance, this may be an option for you. Just make sure you get a loan that is a long term solution not a band-aid. A short payoff refinance requires approval from your current lender, with them agreeing to take less than what you currently owe.
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