Mary Jane Freeman's Real Estate Blog | Greenville, SC | First Time Home Buyers, Foreclosures, Loan Modification, Short Sales, Housing Market

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Mary Jane Freeman
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    ABR®: Accredited Buyers Representative
    GRI: Graduate REALTOR® Institute

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Mortgage Issues? Consider Loan Modification

It isn’t uncommon to be one of the many struggling to keep your Greenville home. The market has changed, many have lost employment, and times are tough. If you know that you fall into this category, and the financial stress of your mortgage is too much, there may be a solution for you: consider getting a loan modification.

If you are struggling with your mortgage payments, a loan modification can help reduce the amount you pay each month. Qualifying for loan modification isn’t for every home owner, so be sure to look into pre-qualification to see if this is a path you may take with your mortgage.

To qualify for loan modification, you must prove that your income has decreased and still be employed. For more information visit  www.makinghomeaffordable.gov. Remember that pre-qualification may take some time and hard work. It makes a big difference to have a professional who can help you along the way with the modification process.

Sometimes a short sale is a better option than going through the loan modification process, depending on your household income. If you can’t even consider paying your bills, a short sale is a better option for you. Loan modification is best for those who are struggling with their mortgage but with some changes in budgeting, could make it work.

Make sure that you do your research before you hire some to help you with this process, avoiding scams. Click here to read more about what the government is doing to help with fraud.

If you have any questions about loan modification or about your mortgage I am here to help. Please contact me if you want to save your home!

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