By John Voket, RISMedia Columnist
In a previous segment, I touched on several options for mortgage holders who are underwater. Then I ran across some particularly timely information courtesy of Anna Kerr of Refinanceitt.com, an online refinance loan company in Schaumburg, SC.
Kerr says if you are lacking behind in the mortgage and are not able to qualify for loan modification or some other kind of payment, you should opt for mortgage modification.
Home loan modification permits the consumer to interact with the lender and avail the desired loan terms and conditions. According to Kerr, you can state your preferences, which will enable you to pay the loan with ease and comfort.
She says chances are the lender will either decrease the mortgage modification rate, which will in turn decrease your payment per month, or give an extension in the loan term and be assured that the dues are included in the main balance of the loan.
Kerr says you begin by calling up the lender or the present mortgage service provider who has been given rights by your lender. Before contacting your lender, however, keep in mind three important things.