Loan Modification Solutions for Virginia Homeowners


Loan Modification Solutions

Many banks are now willing to discuss modifying the terms and conditions of home loans to make the payments more affordable to the homeowner. These can take the form of:
 
  • Lowering the Interest Rate (temporarily or permanently) 
  • Extending the Term of the Loan up to 40 years 
  • Lowering the Principal Loan Balance (limited Bank participation) 
 
While each lender’s rules are different, there are certain terms and targets that they all have in common.
 
  • Only Applies to Primary Residence & it must be Currently Occupied
  • Loan Amount may not exceed $729,750
  • Reduces Payments to 31% of Gross Monthly Income
  • Current Loan must have been originated prior to January 1, 2009
  • Complete Hardship Documentation & Screening is required
    (Pay Stubs, Tax Returns, Bank Statements, Financial Worksheets, etc.)
        
If you want to work toward keeping the property, this may be a possible solution for you.

 

Never pay any fees in advance.  If anyone or any organization requests "up-front" payments or deposits, walk away immediately.  We can help you identify honest and legitimate loan modification specialists to help and guide you through this process.  Most are Not-for-Profit groups and will charge you nothing for their services. 
 
For assistance in exploring Loan Modification Solutions, please call us.
 
We will get back to you promptly.

Posted by Clay & Kathie Kime - CDPE at 12/8/2008 12:50 PM
Categories: Virginia Short Sales, Foreclosures, Certified Distressed Property Experts in Virginia, Housing and the Economy
Tags: CDPE Virginia Loan Modification Pre-Foreclosure Wall Street and Housing
 

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