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Wednesday, February 18, 2009

Saving Your Home

Are you behind on your mortgage payments and facing forclosure? Get back on the right track. Help is finally here with loan modification to lower interest rates, extended payment terms and lower monthly payments.

A mortgage loan modification is a change to the loan contract which is agreed to by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a hardship. The purpose is to help make the loan(s) more affordable. Usually it is in the form of a rate reduction and fixing the rate for a certain duration of time. In the past, this was only used when a borrower was delinquent and suffered a hardship such as a job loss, divorce, illness, etc.

Now, borrowers can obtain modifications from their lender for unaffordable rate adjustments on adjustable rate mortgages. The earlier the homeowner addresses the issue, the better the chances are of negotiating a fixed rate and a payment that is manageable. If the homeowner can afford their home and just not their mortgage, then they may be eligible for a loan modification.

Where to find all this help? Visit youwalkaway.com online. This company is run by a team with over 50 years of combined real estate and legal expreience. They help people understand their rights and know their options so they don't feel helpless.

At You Walk Away, rest assure that they provide foreclosure assistance too.

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