Delray Beach, FL (PRWEB) March 18, 2009
During the past six months, the media has been buzzing about how drastically high the foreclosure rates were increasing daily. None of these channels, however, were offering any real solutions to this problem, but instead were only focusing on the negative of the situation. This is where companies like First Capital Loan Mod have stepped in to give consumers options to help prevent foreclosure.
"Now it's a dawn of a new day, and with it comes a great alternative to losing your home due to adjustable rate mortgages: if you're a homeowner in trouble of losing your home to foreclosure, or a homeowner that has never missed a payment and would like to now refinance to a lower interest rate, you can officially start calling lenders and asking for a loan modification" - Lilly Parkson, spokesperson for First Capital Loan Mod.
The Homeowner Stability and Affordability Plan program, which was recently signed by President Obama, provides a huge amount of incentive to both mortgage holders and servicers in exchange for modifying home loans into payments that match 31% or less of the borrower's monthly gross income. It was designed specifically to curb millions of foreclosures for families that are struggling to meet financial commitments, and who are finding themselves on the verge of losing their homes to the banking institutions.
As for the banks, they are slowly coming to their senses and realizing that as they lose these adjustable rate mortgages, they are also losing customers along the way, and in turn they're being left with much less income and properties worth less than what was owed. This is not a good position to be in while America is right in the middle of a recession. These loan modification programs work by altering the terms and payments of the loan, which makes it much easier for the consumer to repay and avoid foreclosure. With this in mind, it's clear to see that these helpful programs, then, are the perfect way to work out a compromise between both the lender and homeowner. The goal of the program is to allow the homeowner to keep their home, and the bank to retain a customer. It's a win-win situation all across the board!
Bottom line for homeowners: Definitely seek out a loan modification to see if you qualify, if you think you need one. Research sites such as FirstCapitalLoanMod.com who offer various loan modification programs and make certain that the revised terms you're signing up for are realistic for your long-range goals and economic situation, and not likely to be just a temporary patch. This advice should get you back on track to financial recovery and help you keep your home.
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