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Zip Loan Modification

Personal Loan Services

A mortgage modification is a permanent alteration to the terms of your existing mortgage. If your lender agrees to modify your mortgage then you keep the same loan that you used to purchase your property but the terms of that loan are modified. Because you are keeping the same loan and not applying for a new one, as you would with a re-finance, your credit score is not relevant. The reasons for modifying a mortgage are much the same for both the lender and the borrower. Both parties do not want the property to go in to foreclosure. Foreclosure will likely cause the lender to lose money and it will cause the borrower to lose the property and damage the borrower’s credit. An important point to remember is that a lender will only modify the terms of your mortgage if they believe that it is in their best interest to do so.  Mortgages are not modified out of mercy, goodwill or pity. Loan Modification Green Road Sign with dramatic clouds and sky.You need to present a sound business proposition to your lender that makes financial sense. In order for your lender to consider modifying your mortgage you must convince them that the alternative (denying you a modification) will most likely result in the ultimate foreclosure of the property.  The lender will not modify your loan if they believe that you are likely to continue to make payments for the foreseeable future under the current terms of the loan. If all has gone well you are now looking at a written mortgage modification offer from your lender. If you feel that it is insufficient then you can tell the lender such and inform them that you may no longer be able to make payments unless the offer improves. They will probably make you a better offer.  If they don’t then you can accept the offer anyway unless they withdraw it. If you like what you see then, by all means, accept it. Read all of the paperwork carefully. Question anything that you don’t fully understand.  Sign the offer and return it as soon as possible.  Call your lender to make sure that they have received your signed copy and that everything is in order.

Personal loans are kind of unsecured loans, where you do not have to keep anything as collateral to get your loan sanctioned by a bank or any other financial institution. You can apply for a personal loan to fulfill your current short term financial obligation. The things for which you can get a HDFC personal loan are buying an air conditioner, getting your household repair or get a top up on your loan. The eligibility for personal loans is as follows:

Here are parameters that determine a person’s eligibility to get a personal loan sanctioned:

p2Age:-The age criteria though vary from one bank to another, but the general guidelines state that a salaried person should be between 21 to 60 years, and a self-employed person should be between 25 to 65 years.

Employment:- A salaried employee must have at least 2 years of job experience with at least one year of experience in the current job and a self-employed person must be working for at least 5 years with at least 2 years of work experience in the current profession. The criterion is flexible depending on the lender.

Financial Condition:-It is a major eligibility criteria on which the banks pay special attention. A person’s income has been pre specified by all the banks. Which includes the person’s capacity to repay the loan is the key aspect. T Credit Score: This aspect plays a very important role in getting your personal loan sanctioned by the bank. If you ever delay in paying your loan EMI, or fail to repay the loan, it affects your credit score and thereby your chances of getting a loan. On the other hand if your credit score is good you might even get a chance to bargain the rate of interest with the bank.It also increases the amount of loan you are eligible for.

Credit Liability:- If there is any outstanding liability, this may result in the reduction of the loan amount you are actually eligible for, as the loan amount is calculated on the basis of the EMI that an individual can pay

Money Falling on Happy BusinessmanIt seems many people are a little confused as to the nature of their home mortgage after they file or have gone through a bankruptcy. Many people still want to know if they apply for a loan modification after bankruptcy to help aid their finances. There are two types of people in this discussion. Those with only one home that is their sole major asset and those individuals who have two or more houses that they possess. In the case of the first individual the person needs to find if the bank discharged the loan under the bankruptcy claim. This is usually what happens. Being so, if your loan was discharged in bankruptcy you are no longer legally responsible for the debt. So there is no reason for a loan modification after bankruptcy if this is an unsecured debt. The only way one can then get the other loan modified that wasn’t filed under bankruptcy is to reaffirm their debt. Reaffirming debt is a catchy subject with varying opinions. Reaffirming debt means you will take on the previous debt that you had accrued. Usually this is truly not feasible because if it was then most people wouldn’t have filed in the first place. Yet, if you want to get a loan modification after bankruptcy it is required. However, if you affirm the debt you would be able to do a modification. One should really find someone who is informed in this process because it is complicated and creates issues for you if you reaffirm the debt and decide you do not want the debt because the modification turns out not to be what you want.

Your in a difficult situation, so make sure you know what you want and make sure what you want is attainable. Loan modification after bankruptcy can be a tricky subject and should be a matter not taken lightly. Talk to your spouse and other family members before making huge decisions that will affect everyone involved.