Loan Modification
To gain relief from a home loan which has terms that are creating an undue burden for the homeowner, the lender will consider a loan modification.
To change the interest rate, the terms, the payment, the amount due, or some combination of these, the lender will require a full package of documents based on the current homeowner's situation. There may have been a change in family makeup, job loss or change, illness, or any number of other conditions which are making the loan payments difficult for the borrower.
To successfully complete a loan modification requires knowledge of what the lender needs and the skills necessary to negotiate with the lender for the homeowner.
Payment Elimination
Thousands and thousands of people across the United States are learning about a service long used in Europe and Australia to eliminate mortgage and other family monthly payments. In addition to mortgages, payments may include credit card balances, student loans, car payments, home equity lines of credit, and personal loans, whether they are secured or not.
The service combines the banking principles of interest accumulation, interest cancellation, cash float, and scheduled payoffs, among others. Users go online once or more each month to update their account and follow simple directions which are made by the service computers specifically for each user.
Prevent Foreclosure
Foreclosure causes tremendous pain for families and massive losses for banks. The experiences of the last several years have caused lenders to become more interested in alternatives to foreclosure. The alternatives include reinstatement, forebearance, selling or renting the home, loan modification, deed-in-lieu of foreclosure, bankruptcy and short sales.
Each of the alternatives involves a different approach to the bank. Not all of them will be available to every borrower. The processes involved can be complex and may require several months of negotiation.
Financial Freedom Day
The day you wake up knowing that you can choose to work that day, not to work that day and have the same choice every day for the rest of your life is Financial Freedom Day.
Financial Freedom Day is the culmination of a plan to set up a residual income which will arrive every month because you have leveraged your activities to see to it that the income is there in the bank every month.
