Articles by Bridget Toomey on ArticleSnatch.com

5 Common Misconceptions about Loan Modifications

Tue, 14 Jul 2009 00:00:00 -0400

Most homeowners in the country today have loan modification on their mind especially the ones who are struggling with their mortgage. In fact, loan modification has become one of the highest searched keywords on the internet right now. People are trying to learn more about modifying their loans and how to qualify for a mortgage loan modification. However, even though families are trying to learn more about loan modifications, there are several misconceptions which results in many homeowners either not applying for modifying their mortgage or getting frustrated after applying for one. We take a look at five of the most common misconceptions there are about getting a loan modified: 1) the most common mistake homeowners make is to think that if they have not missed a mortgage payment, they are not eligible for a loan modification. In fact many homeowners do not even apply or check with their mortgage lenders whether they qualify or not due to this misconception. The fact is even if you have not missed a mortgage payment, you may qualify for a loan modification if you are struggling to make a payment. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Are you still wondering whether to apply for a Loan Modification?

Sat, 04 Jul 2009 00:00:00 -0400

Millions of homeowners whose mortgage rates are about to adjust are wondering whether they should opt for a loan modification in order to keep their mortgages affordable. So many families have already lost their homes or have received a notice of foreclosure as they cannot afford their mortgage. For some homeowners who had to take a pay cut or have lost their job, making timely mortgage payments have been extremely difficult and many of them are now behind on their required payments. While thousands of homeowners have been losing their homes every month, it is also true that an equal number of families have been able to save their homes by applying for a loan modification before it was too late for them. By modifying your mortgage, you can help save your home right now and make sure you are able to meet the monthly mortgage payments until your situation gets better and there is an overall recovery in the economy. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Do You Really Need the Services of a Loan Modification Company?

Tue, 30 Jun 2009 00:00:00 -0400

Every homeowner who is thinking of modifying their existing mortgage in order to save their home from foreclosure is probably wondering whether they should apply for a loan modification on their own or utilize the services of a loan modification company. The arguments for and against using a loan modification company always comes down to two factors time and money. If you study those two factors carefully, you will realize that it makes more sense to take help from a professional loan modification company or consultant to process and handle the loan modification application. Time Let us take the first factor into consideration which is of time. Loan modifications take a long time to complete. Even before you complete your application, there are a number of things you need to do to give yourself the best chance at a modification. Studying the correct prescribed format set by the bank, arranging for all the required documents, following up with the bank to make sure you have all paperwork completed properly before applying for a loan modification etc. Once you do file your application, then it takes a considerable amount of time before you even start the negotiations with your mortgage lender. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

How to Detect False Promises Made by Loan Modification Companies

Tue, 23 Jun 2009 00:00:00 -0400

Over 3-million American families who have been affected by the current economic downturn and are struggling with their mortgages are looking at getting their loans modified in order to save their homes from going into foreclosure. While loan modifications remain one of the best options for saving your home, many homeowners complain about falling victim to false promises made by certain loan modification companies. Families should be careful of companies who would say almost anything just to get your business only to run away with your money or complicate things further. It is very important for homeowners to learn how to differentiate between the legitimate companies with the ones that are only after your money. The following points are a few things that you can check while talking to a loan modification consultant to know whether they are telling the truth or simply trying to show you the best case scenario in order for you to pay them an upfront fee without getting an approval from your mortgage lender: 1) Loan modifications on an average take about 3 to 4 months to complete. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Which Loan Modification Company is Right for me?

Tue, 16 Jun 2009 00:00:00 -0400

With foreclosures on the rise month after month, a lot of families who are struggling to keep up with their mortgage fear that their house will be next to receive a notice from the bank. By now, almost all families and homeowners know that getting a home loan modification is one of the best and most secure options for saving their home. But the bigger question that has been worrying homeowners of late is that of choosing the right loan modification company to modify their existing mortgage. This is a big decision as the loan modification company you choose could end up being one of the big factors in allowing you to not only keep your home but also give you an affordable payment. It could also end up saving you a lot of time and money. However, if a wrong decision is made, it could also cost you a lot of money if you fall for the trap of paying money up front. In addition, there is additional stress that is caused by a loan modification gone wrong. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Things You Need to Watch Out for When Applying for a Loan Modification

Tue, 09 Jun 2009 00:00:00 -0400

With over 3-million American families currently behind on their mortgage and facing foreclosure, there has been a huge increase in the number of mortgage loan modification applications filed over the past year. Almost all homeowners realize that getting a loan modification is probably their best option when it comes to saving their homes. Hence, a lot of them have gone ahead and filed their applications but have then ended up facing a series of issues or problems. One of the biggest problems faced by homeowners is loan modification scams. Since there are millions of families who are trying to get their loans modified, many individuals or even companies have taken note of the enormous business opportunity in providing loan modification services. Unfortunately these individuals have decided to take advantage of the precarious situation the homeowners find themselves in and have cashed in on their problem. Instead of offering a genuine solution and a way forward for getting loans modified, these companies charge a huge upfront fee from the homeowner regardless of whether the loan is modified or not. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Bank Delays on Loan Modification Applications Add to Homeowners Woes

Wed, 03 Jun 2009 00:00:00 -0400

Homeowners who have been struggling to keep up with their mortgage and are possibly looking at a foreclosure have been desperately trying to get their existing mortgages modified by their lender in the hope that it would help save their homes. Unfortunately, a lot of homeowners who have approached the lenders themselves for a loan modification have been frustrated by the lack of response by the banks and mortgage lenders. All homeowners know time is of the essence when it comes to getting your loan modifications approved and start on the new mortgage payment plan before the house goes into foreclosure. Homeowners say even before submitting the loan modification application, it is very difficult to get a qualified bank executive on the phone to answer their queries. If you are persistent, then you may have your answers in a few weeks but for some, the wait is literally a few months before they have all the information and have all their questions answered in order to submit the loan modification application in the required format. Even simple queries like the type of documents required while submitting your application can sometimes take days or weeks to get an answer. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

What You Need To Do Before Applying For a Loan Modification

Sat, 30 May 2009 00:00:00 -0400

There are over three million homeowners in America today who are currently behind on their mortgage payments. The number of foreclosures has been rising every month and families are exploring every option they have in order to save their homes. If you are one of those homeowners who are struggling with their mortgage, you need to apply for a mortgage loan modification in order to avoid foreclosure and reduce your mortgage burden. However, before you apply for a loan modification, there are a number of small things that you can do to make sure you have everything in place. First and foremost, you need to have a verifiable reason for modifying your loan. When you apply for a loan modification, your bank or your mortgage lender will ask you why you are falling behind on the payments. Your answer to this question is probably one of the most important aspects of having your loan modification application approved. You need to make sure you write down why you are struggling to meet your monthly mortgage payments. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Obama Administration looking for more ways to make Loan Modifications easier

Thu, 28 May 2009 00:00:00 -0400

It has been almost two years now since the beginning of the housing crisis but unfortunately there seems to be no end in sight. Most analysts believe that it is the collapse of the housing industry that started the downward trend in the economy and the Obama administration absolutely must do everything it can to revive this sector and reduce the number of foreclosures which have been rising month after month despite the efforts of the government. Of course President Obama and his team realize the importance of stopping foreclosures at all cost and hence have announced a number of steps to make it easier for homeowners to apply for a loan modification which is one of the best and most acceptable solutions to all parties involved. Apart from the mortgage stimulus package announced in March of this year which tried to make it easier for the homeowners to qualify for a loan modification, more measures were announced such as additional support to be given to homeowners who have two mortgages on their homes. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Loan Modification Scams Still a Worry for Homeowners

Tue, 19 May 2009 00:00:00 -0400

Ever since the housing crisis began almost a couple of years ago, homeowners have been looking for genuine solutions to avoid losing their homes. Getting a home loan modification has been one of the best options in order to lower your monthly payment and avoid foreclosure. Because of this, hundreds of thousands of families have been trying to get a loan modification for a long time. However, the number of foreclosures in the country has only been going up and unfortunately there are still millions of families who face the risk of losing their homes to foreclosure. This situation is mainly because a number of companies have resorted to blatant cheating and scamming homeowners out of their hard earned money. Since loan modification is one of the few really solid options available, homeowners have been rushing to any advertised loan modification company or attorney making unbelievable promises and have been agreeing to exorbitant fees just to apply for a loan modification. Sadly, these companies who charged the homeowners upfront fees which sometimes are as high as $7000 simply shut shop and run away never to be heard from again. **End Summary** Topics: Home loan modification]]> loan modification]]> mortgage loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is the founder of The Loan Modification Foundation, a home loan modification company backed by attorneys and real estate consultants specializing in loan resolution and modification services. We guarantee no fees until your Loan Modification is approved by your mortgage lender. For more information visit www.LoanModificationFoundation.com

Foreclosures Remain the Main Concern for Homeowners

Thu, 14 May 2009 00:00:00 -0400

Since the collapse of the housing industry almost two years ago, foreclosures have remained the number one concern for all homeowners in the U.S. who have a mortgage. Rising debt, pay cuts and an uncertain job market have put immense pressure on all families trying to meet their monthly mortgage requirements. With millions of families already losing their homes, homeowners have been trying everything to avoid foreclosure. Although President Obama has announced his mortgage stimulus plan to aid struggling homeowners on March 4th of this year, it has done little to stop the rising foreclosures across the country. The Obama administration has even announced a new plan for families with second mortgages and it remains to be seen whether these new measures will help homeowners save their houses. Families who are finding it tough to pay their mortgages on time must try to get their loans modified immediately to try and stop the lenders from filing a foreclosure notice. A loan modification will allow the banks to give the homeowner either a new monthly payment plan or a revised interest rate which will help them meet the mortgage requirements until their situation improves. **End Summary** Topics: Home loan modification]]> loan modification]]> loan refinance]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Loan Modification Still the Best Option for Avoiding Foreclosure

Thu, 23 Apr 2009 00:00:00 -0400

According to the latest data coming out of the US housing market, foreclosures have risen to record figures in the first quarter of 2009. More than 800,000 properties received a default or auction notice which is a 24% rise from last year. With industry watchers saying foreclosures have not peaked as yet in the nation, more and more lenders are likely to file foreclosure notices in the coming months. The numbers are extremely disturbing especially since a number of steps had been announced by the Obama administration since the start of the year including the much awaited mortgage stimulus plan announced in March of this year. It would seem though that the measures so far have not been able to stem the number of foreclosures being filed every month. The main concern for homeowners has been the uncertainty they face on the job front. Most mortgage borrowers feel that job security is the number one priority for them as without that, they would not be able to pay their monthly mortgages on time. A lot of people are ready to take a pay cut in their respective jobs rather than losing the job completely. **End Summary** Topics: Home loan modification]]> loan modification]]> avoid foreclosure]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

A Home Loan Modification Could Help Save Your Business

Wed, 15 Apr 2009 00:00:00 -0400

About 75% of all companies based in the United States are either small companies with a minimal number of employees or home based businesses run by individuals or families together. The number of small or home based businesses has been growing at a faster pace than larger companies who employ 5 or more employees. But the mortgage crisis which has plagued the country for 2 years now has had an adverse effect on the small business industry as well. Since a lot of small business ownerâ€™s work out of their home office, if they default on their existing house and it results in eventual foreclosure, it means along with their homes, they lose their business office as well. In fact, the worsening mortgage situation for most homeowners has even resulted in less investment in their existing businesses. Homeowners are confused whether to put their money in the business to meet their working capital requirements or use the same money to make sure they pay their monthly mortgage payments on time and thus save their home as well as their business. **End Summary** Topics: Home loan modification]]> loan modification]]> loan refinance]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Do Not Pay Upfront for a Home Loan Modification

Thu, 02 Apr 2009 00:00:00 -0400

It is quite surprising to note that many loan modification companies and attorneys still charge a heavy upfront fee for processing a home loan modification application. What is even more surprising is that even though they charge such exorbitant fees, there is still no guarantee that the loan modification application will be approved. If you are a homeowner and considering a home loan modification due to your worsening mortgage situation, first thing anyone would advise is to not pay upfront fees to any loan consultant or attorney no matter what their credentials say about them. The main reason you are considering a loan modification is because your financial situation is not where you would like it to be. On top of that, if you have to pay such huge fees just to get an application processed, then it will only deteriorate your financial condition and add extra pressure on your household budget. Unfortunately, some loan modification attorneys even charge upwards of $5000 to get your loan modification application processed and distressed homeowners feel they have no other choice but to pay these fees. **End Summary** Topics: Home loan modification]]> loan modification]]> loan refinance]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

President Obama's New Plan Makes it Difficult for Do-It Yourself Home Loan Modifications

Tue, 17 Mar 2009 00:00:00 -0400

A lot of homeownerâ€™s would prefer modifying their mortgages on their own if it meant saving money to have someone else do it for them. While most real experts will tell you it makes more sense to hire a qualified loan modification professional, the option of applying for a home loan modification by the homeowner themselves has always been an option to all homeowners. However, President Obamaâ€™s latest mortgage stimulus plan might have made it even more difficult for any homeowner applying for a loan modification on their own. After the initial enthusiasm, real estate analysts have started to get extremely disappointed with the plan announced on March 4th. Analysts say given the number of guidelines mentioned in the mortgage plan, it will become virtually impossible for homeowners to know whether they qualify for a loan modification or not. Even if they feel they do qualify, it is again equally tough to figure out which bracket or group they fall under. Any homeowner applying on their own under the latest guidelines is more likely to have their loan modification applications rejected or given modification terms that do not truly benefit the homeowner. **End Summary** Topics: Home loan modification]]> loan modification]]> loan refinance]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Loan Modification Available if you are Late on your Mortgage Payment

Fri, 13 Mar 2009 00:00:00 -0400

If you are late on your mortgage payment and you are having difficulty in keeping up with your bills, then it is time you look at getting a mortgage loan modification for yourself. First, if you have been experiencing problems in keeping up with your mortgage payments, you are not alone. Literally millions of homeowners are in the same boat as you and are looking for a way to ease their mortgage situation. The good news is that as long as you have a job, you are a strong candidate for getting a loan modification application approved. While missing your mortgage payments is not ideal and it will affect your credit, it does improve your chances of getting your mortgage loan modified. In fact, many times, those who have missed a mortgage payment are strong candidates for getting a home loan modification. If you truly cannot afford to make your payment and have to stop paying, that is understandable and it happens. At the same time, do not miss a mortgage payment just because you want to improve the terms of your loan and get a lower payment or interest rate. **End Summary** Topics: Home loan modification]]> loan modification]]> loan refinance]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Why Should You Start the Home Loan Modification Process Today?

Fri, 06 Mar 2009 00:00:00 -0500

There are so many homeowners in the country today who are in urgent need of a home loan modification to keep from missing a mortgage payment or even to save them from foreclosure. But it is quite surprising that even though a lot of homeowners know that they need to start on their loan modification applications, they seem to be reluctant or waiting for something. Of course it is understandable to a certain extent as a lot of homeowners have no clue on how to go about preparing for a loan modification application. They also have no idea of the paperwork involved, the documents required and how to prepare the application so that they make a strong case for getting their home loans approved for modification. Another reason homeowners put off their loan modification applications is lack of knowledge. Many feel that since they have already defaulted on their monthly mortgage, there is no chance for them to get a loan modification approval and hence they do not go through with their applications. First of all this is a complete myth. You can always get your mortgage plan modified even if you have defaulted in the past. **End Summary** Topics: Home loan modification]]> loan modification]]> home loan]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

This is the Best Time for a Home Loan Modification

Tue, 03 Mar 2009 00:00:00 -0500

At last President Obama has announced what anyone and everyone connected to the real estate sector has been requesting for a long time. The new mortgage plan announced by the US government has been welcomed by all analysts and loan modification consultants across the country. The plan is a solid stimulus package created to stem the foreclosures which has been one of the biggest contributors to the collapse of the economy. It addresses the core issues of the real estate sector and helps responsible homeowners out of their precarious mortgage situations. In fact if all goes as per the plan, it is the homeowners who will be the real winners here. President Obamaâ€™s mortgage plan gives special attention to people who either are struggling with their mortgage situations or threatened with a potential foreclosure. The new package sets aside $75 billion for homeowners falling under various categories so that they get the necessary help that is required from their mortgage lenders and have a more favorable mortgage plan. Both analysts and loan modification consultants agree that now is the best time to apply for a home loan modification. **End Summary** Topics: Home loan modification]]> loan modification]]> home loan]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Fewer Foreclosures Bring Cheer to the Real Estate Industry

Sat, 21 Feb 2009 00:00:00 -0500

The real estate industry has been one of the hardest hit sectors in the current economic crisis with real estate prices hitting rock bottom while at the same time the number of foreclosures increasing every day. Homeowners, mortgage lenders, real estate agents and allied industries have all been looking for a way out of this depressing scenario. It looks like though there could be some cheer for homeowners at last with the latest reports claiming that overall foreclosures have gone down in the US as compared to the same period last year. This is largely due to the fact that a number of loan modification consultants have been working overtime negotiating with banks and mortgage lenders to modify the existing loans of their customers. With banks giving a favorable response and doing what it can do to avoid more foreclosures, many homeowners have indeed been able to save their homes in the last couple of months. Market watchers have also attributed the decline in foreclosures to a pro-active approach from the new government. **End Summary** Topics: Home loan modification]]> loan modification]]> home loan]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

What Homeowners Should Know About the Loan Modification Process

Sat, 21 Feb 2009 00:00:00 -0500

If you are facing increasing problems in keeping up with your monthly mortgage payments and feel you might be heading towards default or even a foreclosure, then you can follow a few simple steps to ensure that you do everything it takes to avoid the worst case scenario of losing your home. One thing you must always remember that it is easier than you think to avoid a foreclosure. As you evaluate your situation, you need is patience and a calm mind. It goes without saying that the first step in avoiding a foreclosure is trying not to overly stress out about it. You need to be able to think in a logical and practical manner and make sure you utilize every option available to you. If you panic, then you might miss out on some things that could help you in saving your home. The next step is to sit down with your family and talk about what you are going to do to avoid a foreclosure. You need to talk to your spouse or family members to make sure they are on the same page as you. **End Summary** Topics: Home loan modification]]> loan modification]]> home loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Job Losses Have the Mortgage Industry and Homeowners Worried

Thu, 12 Feb 2009 00:00:00 -0500

The recent statistics coming out of Washington for the number of jobs lost in 2008 and the number of jobs that will be lost in 2009 are sending shivers down the spine of American citizens across the U.S. Homeowners who are struggling to make their mortgage payments are especially worried with all the uncertainty in the economy. The fact that so many well established companies have gone bust in the last year or so have made sure that absolutely no one is secure in their line of work. It does not matter how well your company is performing, it would seem that even the best of the best are looking to job cuts to save themselves from either closing down or cutting their losses. If you are among those worried about their mortgage situation and are wondering if you will be able to make your monthly payments in the future, do not panic. Just stressing yourself out wonâ€™t do any good whatsoever and to top it off, you will lose your health over it. First, you need to think logically and make a list of all the ways you can cut your monthly costs. **End Summary** Topics: Home loan modification]]> home loan]]> loan]]> refinance]]> debt]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan modification consultant in the state of California. Since the economic downturn in early 2007 she has focused her time on assisting homeowners who have home loan modification needs. To know more about her or if you have any questions, please visit www.loanmodificationfoundation.com

Home Loan Modifications the Need of the Hour

Thu, 05 Feb 2009 00:00:00 -0500

It seems with every passing day, the news on the economy just keeps getting worse. Despite President Barack Obama taking over the White House, analysts donâ€™t see things improving until at least the year 2010. Unemployment rate is expected to exceed 9 percent and already millions of jobs have either been lost or are in danger of being cut. With most people not knowing what to expect in regard to their employment, homeowners who have a mortgage on their house are really worried about their worsening mortgage situation. Even with a good economy, there is always uncertainty looming over the heads of mortgage borrowers with risk of an illness, possibility of an accident etc. But with a bad economy that is getting worse by the day, homeowners cannot be blamed for panicking even more. But the situation does not have to be as bad as it is right now. Homeowners must be proactive and try and talk to their lenders for an adjustment on their loan or simply hire a qualified loan modification consultant to negotiate with the banks for them. **End Summary** Topics: loan modification]]> home loan]]> loan]]> refinance]]> debt]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan consultant in the state of California. Since the economic downturn in early 2007, she has focused her time on assisting homeowners who have home loan modification needs. To know more about her, or if you have any questions, please visit www.loanmodificationfoundation.com

Home Loan Modifications Help Get Out of the Upside Down Trap

Thu, 05 Feb 2009 00:00:00 -0500

According to the latest statistics, 30-million American homeowners are currently upside down on their homes. Now even if you do not know what being upside downâ€ means, you might have already figured out that it is a scary statistic which has analysts worried about the effect on the already troubled economy of the country. For those of you who are not familiar with the term upside downâ€ in the mortgage industry, it basically refers to a situation where the total mortgage loan that a homeowner owes to the lender is higher than the worth of their home. So imagine you bought a house in the year 2006 and negotiated with the bank for a particular interest rate and monthly payment. But over the next year or so due to the economy tumbling, the value of your home keeps going down and you end up losing as much as $100,000 or more on the house value. In that scenario, your mortgage loan becomes much higher than the actual value of the house. Whether you are a genuine home buyer or an investor looking to make some money, being upside down is probably one of the least desirable predicaments. **End Summary** Topics: Loan modification]]> home loan]]> refinance]]> debt]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan consultant in the state of California. Since the economic downturn in early 2007, she has focused her time on assisting homeowners who have home loan modification needs. To know more about her, or if you have any questions, please visit www.loanmodificationfoundation.com

Myths about Home Loan Modification

Tue, 06 Jan 2009 00:00:00 -0500

Home loan modifications have helped thousand of families across America to save their homes and meet their monthly household budgets with ease. It has relieved homeowners of the constant stress of having to arrange for their monthly mortgage payments while taking care of their own needs and that of their children. Although home loan modifications have played such an important part in saving homes during the current economic crisis, there is still limited knowledge amongst most homeowners about how it works, who can apply, the costs involved etc. Because of the lack of knowledge it also keeps many families from applying for a loan modification even though they have a good chance of getting one approved. Let us look at two of the biggest myths that are causing this uncertainty among homeowners and what are the facts. Loan modification applications cost a lot of money For most families, the saying a penny saved is like a penny earnedâ€ holds a lot of value. This is especially true during the current economic scenario and families are working hard to save every dollar that they can. **End Summary** Topics: Home loan modification]]> refinance]]> debt]]> home loan]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan consultant in the state of California. Since the economic downturn in early 2007, she has focused her time on assisting homeowners who have home loan modification needs. To know more about her, or if you have any questions, please visit www.loanmodificationfoundation.com

Home Loan Modification Helps People Save Their Homes

Wed, 24 Dec 2008 00:00:00 -0500

The past few months have been extremely uneasy for homeowners across the United States but even more so for homeowners in California. The state of California which has the fifth largest economy in the world has been arguably hit the worst in the current credit crisis. Foreclosures amongst homeowners have become a common phenomenon and have led to banks freezing credit as much as possible. With jobs on the line, no credit and a rising household budget, homeowners have increasingly started to default on their monthly mortgage payments. Unfortunately, most of these homeowners have the capacity to make a monthly payment, but just not necessarily the full amount of the monthly payment agreed with their mortgage lenders. This is where a home loan modification comes into play. A loan modification in simplest terms is the change in terms of a loan, usually the interest rate, term, and in some case a principal reduction. The modification is in response to the borrowerâ€™s inability to make the mortgage payments that were originally agreed upon. Due to the time involved in dealing with mortgage lenders to get a loan modification completed, homeowners are utilizing the services of a loan modification consulting company. **End Summary** Topics: Home loan modification]]> loan modification]]> home loan]]> loan]]>]]> About the Author: ]]> Bridget Toomey is a licensed real estate and loan consultant in the state of California. Since the economic downturn in early 2007, she has focused her time on assisting homeowners who have home loan modification needs. To know more about her, or if you have any questions, please visit www.loanmodificationfoundation.com