Home Loan Modifications (Jamaica)

Jamaica Primetime

Skip Navigation

Jamaica Primetime

E-mail

discuss this article

Home Loan Modifications

By Tony McPherson

Published Sep 24, 2009

This has quickly become the best option for homeowners facing foreclosure. Although it is not the only option for homeowners trying to avoid foreclosure, it is an option that can save your home while putting you in a mortgage you can afford. So, how does a loan modification work and who is eligible for it. Here are some guidelines to help better understand your options.

The most common loan modifications lower the interest rate, reduce the principal balance, ‘fix’ the adjustable interest rate, forgiveness of payment default & fees, extend the life of the loan, forbearance or any combination thereof.

A loan modification is most helpful to those who cannot refinance because they owe more than the property is worth or they can’t afford the monthly payment. Getting approved for this by your lender or servicer can help stop the foreclosure process. Usually this approval comes with stipulations, but at least it will offer an extended period of time to allow you to get your life back in order without any penalties. There is no credit check or appraisal required to complete this process.

A proficient third party will usually get a more favorable, fast and effective modification agreement than your mortgage lender or servicer will offer you directly. Obtaining help and proper advice from a loan modification company will also help to preserve your credit rating. If you are already behind in your payments, this may help stop ultimately help you avoid foreclosure.

It is important that if you foresee a problem coming that you act before it hits you between the eyes. You DO NOT have to be behind on your payments for a modification to make sense. If any of the situations mentioned above apply to you, you may want to consider this option.

A loan modification needs to perform for both parties; your lender/servicer and you. Your lender/servicer does not want your home because they are not in the real estate business and therefore they are usually willing to work out a plan which has to benefit both sides. Also, they may not want to accept your partial payment and may still threaten foreclosure if you are late and in default.

A loan modification may not work for you for various reasons in which case there are other options which may better fit your situation.

About the Author:
Tony McPherson, is the Jamaican co-owner of Loan Modification & Mortgage Services, LLC that offers a FREE CONSULTATION and also a GUARANTEE that if they are unable to get your loan modified, then there will be no modification fee. He can be contacted at at 888.442.1117 or via email at or you may visit their website.

E-mail

discuss this article

Browse the latest articles

More from Advice & Help

How To Maintain Your Money
Why do some people achieve long-lasting financial success while others struggle with money for their entire lives? After years of seeking the answer to this mystery, I have discovered that the route to prosperity lies in the knowledge and application of some basic principles that govern money.

Are you a complainer?
Do you spend most of your work time griping about almost everything in the organisation? You complain that the temperature in the office is too hot and when the temperature level on the air conditioning unit is adjusted you complain that it is too cold.

Home Loan Modifications
This has quickly become the best option for homeowners facing foreclosure. Although it is not the only option for homeowners trying to avoid foreclosure, it is an option that can save your home while putting you in a mortgage you can afford.

HIV/AIDS awareness at the workplace
There are some issues at the workplace that many of us would rather not talk about .One of them is the matter of HIV/AIDS. How should we treat with that co-worker who has been diagnosed with the condition? Do we still continue to have lunch with him/her?

How To Multiply Your Money
We have been discussing the three principles of financial achievement - managing, multiplying and maintaining your money. Last month, we outlined the four cornerstones of managing your money, explaining how to make smart decisions with the money you currently earn.

How To Manage Your Money
In a recent column entitled “The 3 Ms of Money,” we discussed the principles of financial achievement - managing, multiplying and maintaining your money. Over the coming weeks, we will examine these three pathways to money success in greater detail. The key to managing your money is knowing what to do with the money that you are already earning, so that you can comfortably pay your bills and work towards attaining your goals. There are four components to successful money management, which, like the ingredients in a recipe, are all essential to producing the perfect end result.

Life after the alternative schemes
Four years ago mention the name of any of the many alternative schemes and some people would be grinning ear to ear as they boast of the high yields they received from what was considered a god sent. People claimed to have bought their cars and house; an achievement they would only dream of had they gone through the formal financial system.

Get instant answers to your questions.

Go to our FORUMS GO