Vlog: What a loan modification does and does not do for you
Posted by Annalisa Burgos | July 10, 2009
In this week’s vlog, I talk to real estate broker and attorney Tara-Nicholle Nelson about how homeowners who are struggling to make their mortgage payments can get their loans modified and avoid foreclosure.
You’ve heard about extending the loan, converting an ARM to a fixed rate mortgage, and reducing the interest rate, but what about loan forgiveness? Will the lender write off all or part of your loan? Do you need to hire a company or can you work directly with your lender and do it yourself?
Get more tips and advice about the loan modification process:
- Loan modification 101
- Avoid mortgage-modification scams
- What to do when the rate on your ARM adjusts
- Do you qualify for President Obama’s loan modification program?
- FrontDoor’s Guide to Fighting Foreclosure
- What to Expect in the Short Sale Process
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