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Loan Modifications Are Helping Homeowners Who Are Unable To Refinance


June 15th 2010, Washington D.C.--For many homeowners unable to refinance due to poor credit, loan modifications are now becoming a viable option.

In the past only homeowners who were facing foreclosure seemed eligible for modification help. However, with the expansion of many new programs, the qualifications to reduce mortgage payments have become more relaxed. Itís not necessary to be in foreclosure or even behind with monthly payments anymore.

With the many new programs now available, a national site has been set up to help homeowners determine which program they might be best qualified for. Many homeowners who have bad credit but are tying to refinance, are surprised to learn that they can qualify to reduce their mortgage payments significantly and permanently this way.

A loan modification is not a refinance, but a negotiation of the existing mortgage with the current lender. Upon successful completion, homeowners can expect to see a dramatic decrease in monthly payments as well as any arrears to be brought back to a current status. In addition, since the loan remains with the same lender, credit, income and current home value are not significant qualifying factors.

For information on eligibility for a modification, visit Homeowners looking for immediate help may contact them directly toll free at 888-563-6060


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