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It’s time for my monthly net worth report. As long time readers know, for months now, I’ve been calculating my networth changes and posting an analysis at the end of every month to chart the step by step progress I’ve been making in my lifelong financial journey. The purpose of such networth updates is not to necessarily boast about monetary successes or lament about the investment mistakes made during the preceding month – but rather, it’s to serve as a routine reminder that the daily decis

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Obama’s loan modification program intends to help 7 million struggling homeowners to avoid foreclosure by adjusting the terms of their existing mortgages to make the monthly payments more manageable and affordable.

Owing to the economic downturn, the number of foreclosures increased and the number of homeowners facing the potential loss of their home rocketed. It is these people who will benefit the most from Obama’s Loan Modification Program. One way in which the program is appealing is that it does not state that only those already in arrears can take part. In fact, lenders are paid extra incentives for taking on homeowners who are not yet delinquent but who face being so owing to financial troubles. By allowing home owners the opportunity to change their loan terms and make them affordable again, this will prevent many from losing their homes.

There is no charge to apply for Obama’s loan modification program, so consumers are recommended to avoid companies and opportunists seeking to charge fees for applications. Not all borrowers will be eligible for the program. There is a list of criteria that you will have to meet to even be considered.

There are two types of borrowers at whom this program is aimed. The first are those who face foreclosure as they are unable to meet their monthly payments. The other group who will benefit from this are those who are managing their monthly payments but who have been declined for refinancing because their debt exceeds the value of their house.

Loan modification is exactly what it sounds like. It opens negotiations between borrowers and lenders to renegotiate the terms of the existing loan with the aim of coming to a mutually beneficial agreement and a payment plan that the borrower can afford. Because of this option, foreclosures can be avoided. But as with any financial undertaking, be sure to do your research, supply all the relevant financial documentation and seek the assistance of a professional if you require the extra help.

To learn more about getting assistance from Obama Loan Modification program for your home payment, visit http://www.mortgage-modification-loan.org where you’ll find this and much more, including how to apply for a home loan modification with success.

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Find out how to use mortgage modification loan for ease of home loan payments without giving up your house.

Article Source:http://www.articlesbase.com/mortgage-articles/modifying-your-loan-with-obamas-loan-modification-program-1085331.html

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Foreclosure is a terrifying prospect for the many millions of Americans struggling to meet their monthly mortgage payment, whether it be as a result of an increasing ARM, loss of a job or reduction in hours or other personal circumstances. However, mortgage modification loan is now a really viable option to prevent foreclosure and save your home.

Mortgage modification loan is primarily targeted at those who are in real danger of foreclosure owing to a change in circumstances. It is for those in real financial difficulty, but who are still able to make at least a small monthly contribution.

When you apply to a lender for a loan modification, they will begin by assessing information you provide to them ascertaining to your monthly income and expenses. They will use this information to establish whether or not they will be able to come up with a better payment plan to enable you to continue paying and that will also benefit them. If this is possible, then foreclosure can be avoided.

Foreclosures

The simple fact is, however, that foreclosures are ever increasing in number. You don’t have to look far to find houses up for sale as a direct result of foreclosure. What might surprise you, however, is that, according to figures from RealtyTrac, in the states of Florida, Wisconsin, California and Maryland, just over 30% of the foreclosures are listed for sale.

Another worrying statistic is that of the proportions of homes at risk. One in every 440 homes in the USA have either already began foreclosure proceedings or are in real danger of this possibility.

Is it really necessary?

Mortgage modification loan should not be undertaken lightly. It isn’t something that should be considered over one off difficulties over a hundred dollars here or there and it is not something you should apply for just to free up more income for luxuries.

If you need to rework your budget like this, then your lender or mortgage company can poitn you in the direction of a financial advisor or even a non-profit company who will help with rewriting your budget and maybe even a small donation.

Mortgage modification loan is the resort you take when other possibilities no longer exist, or you have exhausted all other options. This is the step you should take when there is nothing else you can do to prevent yourself from going into arrears on your loan and is a much better option than foreclosure.

To learn more about getting assistance from Mortgage Modification Loan program for your home payment, visit http://www.mortgage-modification-loan.org where you’ll find this and much more, including how to apply for a home loan modification with success.

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Find out how to use mortgage modification loan for ease of home loan payments without giving up your house.

Article Source:http://www.articlesbase.com/mortgage-articles/what-a-mortgage-modification-loan-can-do-for-you-1085347.html

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Nobody wants to file for bankruptcy while there is another option available. It’s simply death for your credit rating and a very unpleasant experience all round. So with increasing number of Americans facing financial hardship as a result of the recession, more and more people are applying to their lenders for loan modifications to assist them in continuing to pay their mortgage and thus save their home. Loan modification is essentially the renegotiating of your existing loan terms in order to make them more affordable. This might involved reducing the interest rate, cutting what you owe on the principal and minimising the monthly payment to something that your lender is happy with and that you can afford.

Of course, bankruptcy remains an option for those facing difficulties meeting their monthly mortgage payments. However, not everyone is fully aware that declaring yourself bankrupt does not guarantee that you will avoid foreclosure. As such, loan modifications are a really viable alternative.

There are plenty of reasons that loan modification is a better option than bankruptcy for many. Here are just some of them:

If you file for bankruptcy, you are actually powerless to stop a foreclosure. Bankruptcy only offers a short term period in which a lender will be unable to enquire about your finances. This is a short term setup. However, loan modification keeps you paying your mortgage, with some compassion, understanding and assistance from your lender, meaning that you continue to build up equity in your home.

Bankruptcy is akin to suicide for credit ratings. You might find that you will never, ever again be able to obtain a mortgage and that even if you find a lender prepared to offer you a mortgage, you, as a high risk candidate, will probably find yourself being offered very high rates. Loan modifications have no effect on your credit rating. In fact, loan modification can actually assist in improving your rating if your lender will report payments to credit agencies. If you are seen to be making regular payments on your newly modified loan, it highlights you are creditworthy.

At the end of the day, loan modification enables you to keep your home and your credit rating. Whereas bankruptcy could be a black cloud on your credit rating, and thus personal finances, for the rest of your life.

To learn more about getting assistance from Loan Modification program for your home payment, visit http://www.mortgage-modification-loan.org where you’ll find this and much more, including how to apply for a home loan modification with success.

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Find out how to use mortgage modification loan for ease of home loan payments without giving up your house.

Article Source:http://www.articlesbase.com/mortgage-articles/loan-modification-versus-bankruptcy-why-a-loan-modification-fares-better-1085361.html

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