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Archive for January, 2009

Sacramento Mortgage Modification

Call Nate (916)332-1292

With so many Sacramento homeowners underwater mortgage modifications are very popular.

What is a loan Modification?

A loan modification is an agreement between you and your lender to change the terms of your note. The goal is to reduce your monthly payment. To accomplish this, lenders will typically modify the length term (ex. 30 year to 40 year.), interest rate reduction, or a combination of the two. In my experience it is rare that they will reduce your principal balance.

Who negotiates a Loan Modification?

You! That’s right you. In troubled waters, sharks appear. The declining real estate market in Sacramento is no different. I have heard of services that charge you an advanced fee to modify your mortgage. In 90 % of cases you can negotiate with your lender yourself. Some of the law firm based negotiators look for legal problems in you original note and use that violation as leverage to negotiate new terms. In the majority of cases you should negotiate your loan modification by calling the lender directly at the phone number printed on your monthly statement.

If you are having trouble making your payment on your Sacramento area property and would like to talk to someone about you options feel free to e-mail me at natesisam@gmail.com or give me a call at (916)332-1292. I would be happy to point you in the right direction.