Stop Foreclosure with the Right Loan Modification

Is a Hardship Loan Modification Right for You?

Do you find yourself strapped for cash, falling behind in your mortgage payments and facing foreclosure?

You're not alone as thousands of homeowners are losing or are at risk of losing their homes due to not being able to make the payments.  The good news is that there is help available for those that are willing to go after it.

There is a new federal program called the Hardship Loan Modification program and it was passed by congress early in 2009.  This program allows homeowners to negotiate new terms for their mortgage with their lender to allow them some breathing room financially.

If you find yourself stuck with high payments or a variable interest rate that has suddenly jumped then you might be just the person that congress had in mind when they created this program.

What caused this program to be created was the fact that congress realized that people who previously had perfect credit ratings and were very responsible with making sure that their mortgage payments were made on time were now starting to default on their payments due to layoffs, job loss, divorce, or medical problems and they wanted to devise a plan that would allow people to remain in their homes and keep making payments rather than losing their homes to foreclosure.

As you can imagine, this program requires you to apply and then jump through many hoops in order to find out if you qualify.  Thankfully, there are loan modification specialists at Prime Financial Group to assist with this process.  The specialist will assist you by collecting all of the necessary documents and paperwork, submitting these documents to your lender and negotiating your new rates and terms on your behalf.

The process of starting the hardship loan modification program requires a hardship letter to be filed.  The specialist will advise you on how to fill out the form to increase your chances of qualifying.  The last thing you want when applying to this program is to have your application rejected due to errors on the form.  If you're under a deadline to avoid foreclosure, get this form filled in, get it triple checked for accuracy and get it turned in.

After the paperwork has been turned in, your Prime Financial Group specialist will be able to negotiate new terms for your mortgage and might be able to switch from a high fixed rate mortgage with high monthly payments to a low variable rate mortgage with low monthly payments.  You'll have a brand new mortgage with new terms and you'll finally be able to make your payments and will have removed some stress from your life.  Your old mortgage will be retired; there will be no foreclosure proceedings, and the harassing phone calls will have stopped.

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