Tuesday, January 13, 2009

Loan Modifications

Great Article in the Mercury News

We are seeing the evolution of different solutions to our mortgage crisis. Lately you've probably been hearing more about 'loan modifications'. Loan modifications have evolved as another alternative to having a mortgage that is too much to handle. Lenders are renegotiating with some borrowerers in order to salvage what they can, making the loan affordable to the borrowerer and thus avoiding the foreclosure route.

Counseling is available by contacting the lender directly or going to a HUD approved non-profit counceling agency (might be the smarter first step). There are also private loan-modification services that will help with the process for a fee.

This article in the Mercury gives resources and some good common sense advice in dealing with options. To read more, go to: http://www.mercurynews.com/saturdayrealestate/ci_11355649

My 2 Cents - Let's not make the same mistakes that got us into this mess. Do your homework, do your research, ask trusted professionals and most of all - deal with it! Problems won't go away by not looking at them.

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