Category Archives: Auto Loans
How To Get A Loan Modification In A Week Or Less
If you want to get your loan modification approved in a week or less, good luck! It is almost impossible…or is it?
If you know anything about loan modifications, you know that it generally takes 2 to 3 months to get the modification approved. It is a stressful process if you are the homeowner desperately waiting for an answer. Some lucky people can get this done in about a month, but this is very rare. Getting it done in a week or less is almost unheard of!
The reason it takes so long to get a loan modified is because there are so many people in need of this service. Lenders have stacks and stacks of files on their desks and not enough employees. It takes a long time to sort through all those files and get the loan mod completed.
There are a few companies out there that have such close relationships with lenders that they will actually allow them to take some of the unbearable workload off their backs. There are only a few companies that do this because it is very hard to come up with the necessary ratios to get this accomplished.
What this means in lamens terms is this: A company that provides this service can call up your lender with your loan number. They speak to a case manager and review your file. They approve or deny the loan modification right away and tell them what your interest rate and payment will be. They can then tell you what the terms of your modification will be and you can decide to move forward or pursue another option.
If you do decide to move forward, they can generally complete the loan modification within 24 hours to 7 days. To further ease your financial burden, often times they can push back your next payment 30 days from the date the loan mod docs are signed.
The success of this depends on what lender you have and if you are even a candidate for a loan modification. The top lenders participating in this program are Countrywide, Bank of America and EMC. These are not the only lenders, just the main ones.
If you want to get your loan modification approved in less than a week, this might be your only option.
Use Website Online News to Beat the Mortgage Loan Blues
As the struggling economy continues to cause turmoil in the mortgage industry, it can be tough to keep up with the constant changes. You never seem to get the full story from the television news or the newspaper, so it is critical to find a reliable source of information, especially if you are currently looking to buy or sell a home. With website online news, you can be sure that you are getting the most up to date information so that you can make an informed decision. You could end up saving yourself a lot of money in the long run, as well as avoiding a mistake that could cloud your financial picture for years to come.
And with so many banks struggling, you need to take extra care when it comes to taking out a mortgage. Website online mortgages will not only tell you which banks are in such dire straits that you should avoid them at all costs, but you can also shop around to find the best rate available to you. You dont want to find yourself with an adjustable rate mortgage where the interest rate suddenly skyrockets, leaving you with a mortgage loan that you cannot afford to repay. With a reliable information source for website online loans you can have all the information right at your fingertips.
If you are looking to buy a home in the near future, it is also a good idea to consolidate any outstanding debt you may have. Website online mortgages can provide you with ways to reduce your debt to make your financial picture look more attractive to potential lenders. Just by following a few simple steps you can even lower your credit card interest rates while improving your all-important credit score. Website online news will help you stay in the loop as far as whats going on in the credit card industry.
Website online news can also help you if you find yourself with a poor credit history. You dont have to let bad credit ruin your life. In this economy, many people have seen their credit score drop due to a job loss or other misfortune. The good news is that with some sound financial advice, you can be well on your way to getting out of debt and restoring your good credit, and it can happen in a lot less time than you think. You just have to take the first step.