There
we were, my family and I, preparing to move out of our home of ten years
because the crashing economy had caused both my wife and I to lose our jobs
within the same year. I blame it on the economy and not myself because we
worked in the auto industry where huge downsizing took place and thousands of
employees were let go. Thankfully the auto industry is beginning to get back on
its feet and I have found employment again, but it didn’t help a couple years
ago when I couldn’t afford to pay the mortgage on our house and our lender had
threatened to foreclose. It was a horrible time. We had two young children and
had everything you could think of for a happy household. This certainly would
have been disastrous had we not had the ability to stop the foreclosure.
How
did we stop the foreclosure? Through a new program set up by the government to
help home owners avoid foreclosure. I would never have known of this program
had I not visited a website called credit-yogi.com. I can’t remember exactly,
but I think I was looking for credit card advice and happened upon this site
which also held expertise in many things debt related. As a result they
introduced me to the HAMP government program. HAMP stands for Homes Affordable
Modification Program and is designed to allow lenders and homeowners the
ability to negotiate new parameters for an existing mortgage loan, as long as
that loan was signed before January 1, 2009. Whereas before there was little
incentive for a lender to go back on their deal and work something out with
you, now the government will financially encourage them to make a new deal. I
had little experience negotiating, but the people at credit-yogi.com said they
could do most of the negotiating for us if we wanted, or they could introduce
us to people in our area that could help. When we finally gathered our
materials and presented this possibility to our lender we were surprised to
learn that they would be willing to negotiate a new mortgage with us. They said
there were benefits for everyone.
- The lender is more assured that
they will get their money paid back in full.
- They can avoid a foreclosure and
the added expenses of reselling the home, often at a greatly reduced value.
- You will be able to negotiate a
new payment plan for your existing mortgage that can be lower in
principal, interest rates and monthly payments.
By
avoiding foreclosure with loan
modifications we also saved ourselves from the possibilities of having bad
credit. We worked directly with out lender and
loan modification companies to work out a new deal. If you are looking
for mortgage loan modification help I would suggest starting at credit-yogi.com
No comments:
Post a Comment