Home loan modification has been extremely popular over the last several months as mortgage rates dropped to well under 5%. Many home owners were modifying to save money on mortgage rates while others were doing what they could to stay in their homes. President Obama vowed to stop foreclosure and help families stay in their current homes and that is what he did for the first six months of the year; by keeping mortgage rates low.
Now that we are seeing higher mortgage rates, what is going to happen to the home loan modification industry? It will be interesting to see how many individual home owners are actually interested in getting a modification now that mortgage rates are being reported as high as 6%. What a difference a few weeks makes! Are you still interested in refinancing your mortgage now that the sentiment has turned negative and mortgage rates look to be heading higher?
6 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.
It is advised to seek professional help for your mortgage loan modification. An attorney can renegotiate and lower your monthly payments significantly.
It really depends on your situation. A lot of people actually go through the loan modification process themselves. There are a few good sources of information out there and some kits you can buy that include templates of the paperwork you need. However, don’t under-estimate the work necessary to write a hardship letter and then negotiate with the lender. An approach where you prepare everything yourself and then consult an attorney for the negotiation process may be the best solution.
Continuing the Discussion