Even though foreclosure is a word in everyone's mouth, no one wants to hear that it's happening to him. Getting a Saxon Loan Modification can save your house from foreclosure, here is what you need to know.
A short sale is when the lender bank purchases the home for less than what is still owed on the loan.
Many loans are still salvageable even though they are delinquent. Saxon has created some great loan modification plans that can keep the homeowner from losing their most prized possession – your home. Negotiation is the backbone to restructuring the loan and its payment plan. Consideration is given to what the homeowner / borrower can afford and what time frame he is able to do it in.
Since no one wants to lose money, lenders often enable approve loan modifications if you qualify and have all your documents correctly prepared.
The 3 Benefits of Loan Modification:
1. Lower interest rate
2. Lesser principal
3. Longer time frame
The monthly loan payment shrinks when the time frame, in which payments must be made, is elongated.
Even if a loan is delinquent for almost a year, Saxon Loan Modification can still bring the loan current with its plans. It can modify the time frame for repayment by giving 12, 18, and even 27 months in which to do it in.
Saxon is helping people understand the implications of foreclosure and it is important to be well-skilled at negotiating with the lender. If a foreclosure problem presents itself, your best chance at saving your house is to communicate with Saxon and try and work out a loan modification.
Saxon Loan Modification also negotiates subordinate loan payment plans with the Housing Urban Development in cases where the loan is way overdue or the situation is about to become a short sale.