For anyone who is planning to sell a home once the market is back up, you need to know what your options are. So many people are just paying their mortgage or renting out a home as they wait for prices and markets to rebound, but the truth is you are wasting money. If the market takes five years to get back to where you are ready to sell your home, it doesn’t matter if you are living there and paying off the mortgage yourself or if you are renting out the property, you are wasting about $20,000. The reason is because you are paying a loan with a higher interest rate and you are not restructuring that deal. Most people who sign up and have a successful loan modification see a savings of at least $300 a month. Do the math and that adds up to a lot of money while you are waiting over the next five years.
The problem with loan modification is that many banks will reject your application, especially if you are not having trouble making your payments on time. If you want to make the most out of this chance you need to look into hiring a loan modification company. These companies can work directly with the bank to make sure you get a prompt and favorable result. You also will learn what kind of savings and other deals you are eligible for rather than risk asking for too much money or too little. So many lenders are only interested in helping people who are falling behind on their mortgage payments because a foreclosure will cost them a lot. When someone files for foreclosure the lender loses their profit and the original money they gave out. So do not miss your chance at saving thousands of dollars.
By David George