Don’t Wait! Why Should I Act Fast In Applying For A Loan Modification?
A fundamental mistake most people make is not to apply for a loan modification as quickly as possible. You must act fast in applying for a loan modification to save your home. It becomes apparent when you understand how a loan modification works. A loan modification takes your missed payments and rolls them into your future payments; then you arrive at a new monthly payment, which is usually lower than the original amount because the loan typically has a lower interest rate and a longer term. The more missed payments, the harder it is to be approved.
You probably know that it takes many months in New Jersey for the foreclosure process to progress from Complaint to Sheriff Sale, but don’t let this time-frame let you think you can wait to apply. Don’t Wait!
So Why Should I Act Fast?
A loan modification is the best option for those looking to save their homes, it gives you the best outcome. But, the longer you wait, the more mortgage payments you miss. As a result, when your application is analyzed, the more payments you have missed makes the new monthly payments higher, and this makes it harder to be approved.
Loan modifications can take a long time to begin with, to increase your chances of getting approved for one, it is smart to get started on the process ASAP if you think you may qualify.