Michigan Mortgage

What Is the Process of Getting a loan Modification?

In the previous posts we’ve looked at loan modifications from a few different perspectives: the bank’s motivation, a big-picture definition, and a nuts-and-bolts, real-life example. Today I’ll lay out how to make it happen…

How do Loan Modifications Work?

When looking into a loan modification it’s important to get a little refresher on personal finance. A simple loan calculator can help you. I would suggest playing around with your numbers before you contact your bank so that you have in mind one or two ways that a modification might help you…

What is a Loan Modification?

A loan modification is not a refinance. There are few, if any, fees involved as a result, and no new mortgage is written. The existing mortgage is simply modified. The modification can be slight or it can be all-encompassing.

The main difference between loan mod’s and refi’s, however, has to do with qualifying. When you apply for a refinance the game is to look as strong as possible financially. The better you look the easier it is to get the refinance approved. The same goes with purchasing a new home…

Loan Modification – The End of the Road or Just the Road Less Traveled?

Why do Lenders Modify Loans?

Since we began working with Dave Ramsey’s listeners through our preferred partnership with Churchill Mortgage in November of 2009, I talk with no less than 100 families per month about refinancing their homes. For most, the call quickly becomes a math problem that essentially determines the cost and benefit of the loan and whether or not the person would be better off by simply adding money to their monthly payment and just paying it off more quickly on their own. Refinancing makes sense for some, and for others they should just keep doing what they are doing.

Sometimes though, it’s more complicated and difficult. Yesterday was one of those calls…

What does “every possible effort” mean?

My previous post was a real downer, and at the end I promised a more positive one for my next post. Here it is. I hope this story encourages you as much as it has encouraged me.

The best way for me to define “every possible effort” is with a story. I have dozens like it that I could have chosen from. I like this one a lot, and it’s all true…

Making Homes Affordable (MHA) FAQs

Since March of this year, qualified homeowners have been able to renegotiate the terms of their mortgages through the Making Homes Affordable plan (MHA), a federally-subsidized program designed to check the foreclosure freefall by…