The best magazine
With banks refusing to lend and jobs at stake, homeowners have had little choice but to default on their mortgage and have been running around for help wherever they can. In the past few months private companies and financial experts have been helping people save their homes by providing consulting services. Instead of refinancing and paying a lot of money for closing costs, these companies assist homeowners by mediating with their mortgage lender to create a payment plan that results in a lower monthly payment with a lower interest rate as well.
Companies like The Loan Modification Foundation work with homeowners on a daily basis and even check if they qualify for a loan modification free of cost. California based Loan Modification Foundation understands the homeowner's current situation and their financial limits. Therefore, the company is able to negotiate with their current mortgage lenders to adjust the terms of the mortgage loan to bring it to a level where the homeowner can not only save their home but also is able to meet the monthly mortgage payments without the constant stress.
According to Bridget Toomey at The Loan Modification Foundation, "Homeowners should at least research if they are eligible to lower their monthly payment and interest rate. Whether you are in foreclosure or not, banks are listening to everybody because they don't want to take any more homes back so it's worth at least trying to improve your current financial situation."
The beauty of such private companies like Loan Modification Foundation is that they can work with people whose refinance requests have already been turned down. The past few months have seen a somewhat revival in homeowner confidence due to consulting services provided by private firms that not only help you save your home right now, but also potentially help you in saving money in the long run.
Source: ...