San Diego, CA (PRWEB) December 8, 2008
Home owners who are behind on their payments can take advantage of a free Do-It-Yourself loan modification kit. MBA Commercial, Inc. is offering this kit at loan modification kit to help the public.
This indispensable tool includes tips for successfully negotiating a settlement with your lender, advice on how to write a hardship letter, an explanation of the difference between a forbearance agreement and a loan modification, plus a glossary of loan terms. A free 24-hour recorded message (800-958-1952) explaining the loan modification process is now available for home owners facing foreclosure.
As the Treasury Department and Federal Reserve pump billions of dollars into the nation's lenders to assist with distressed loans via the bailout plan, many banks and lenders have loan modification departments ready to help consumers. Banks would rather work with borrowers on loan workouts than have more foreclosed homes on their books to sell.
The benefits of a loan modification are that you can stay in your home and preserve your credit. While every lender offers different options, typical loan modifications can lower payments by an average of 25% from a period of three years to the life of the loan. Homeowners can enjoy greater security and the benefits of staying in their property to reap the rewards of future appreciation in their home's value, while avoiding the cost of moving and the devastating effects of foreclosure.
Generally to qualify for a loan modification, you must be experiencing a financial hardship. Examples include divorce or separation, illness or medical expenses, job loss, reduced income or business failure, property damage, military duty, incarceration or a death in the family.
To access MBA Commercial's free Loan Modification Kit, just complete the loan modification kit request form.
MBA Commercial, a full service real estate company. 800-958-1952.