5 Steps for Las Vegas Homes Loan Modification
Loan modification may be the last resort
for people in danger of getting their Las Vegas homes foreclosed. Properly
executing the loan modification process is critical in getting approval for it,
and ultimately, to keeping your home.
Step 1: Talk with Housing Counselors
A housing counselor can represent you
through the loan modification process. This person can explain to you your
various options and let you know if you’re getting the best deal from a
servicer. Also, they can make counteroffers for denied applications or
unacceptable offers.
Step 2: Focus on Sustainability
Though loan modification typically gets you
lowered interest rates, extended payback periods, and maybe even debt
forgiveness, it’s not the only way to save Las Vegas homes
mortgages. Other
options include forbearance, which lets you skip payments or make partials
because of temporary difficulties, and repayment plans, which lets you catch up
through additional payments. No matter your choice, you should make sure that
you can afford and sustain it.
Step 3: Keep Realistic Expectations
Keep in mind that the loan modification
deal has to be reasonable to both you and the servicer. Expecting too much will
only lead you to disappointment. The Home Affordable Modification Plan (HAMP)
deems a mortgage as “fair and reasonable” if the monthly payment is 31% of the
household monthly pre-tax income.
Step 4: Be Honest
Being honest with your housing counselor is
key to getting an accurate and sustainable report on your income and budgeting.
With this, you can find out where to trim your budget to help achieve
modification or some other action to keep you in your home.
Step 5: Know your Finances
To prevent this distressing situation from
happening again, it’s important to learn more about your finances. Ask your
housing counselor to help keep you on track in budgeting your money and
spending so that you can always take care of your mortgage payments in time. By
making this a habit, you’ll be able to improve your financial future.
Consult our Las Vegas Realtors to help you
get a reliable housing counselor to keep your finances in line.
Source: RISMedia’s Real Estate Information Network (RREIN) &
Prudential Americana Group REALTORS.