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Do You Need Help to Reduce Your Mortgage?

By Myron J. Champion Subscribe to RSS | May 23rd 2012 | Views:

If you have been struggling to meet your mortgage repayments over the last few years, then you are probably going to have looked into any possible way that is open to you, when it comes to reducing the amount that you have to repay; but how successful have you been to date?

Most people will struggle on for as long as possible, before finally admitting to themselves that they cannot cope any longer with the financial pressure of high repayments, and an unsteady job market in a 'sluggish' economy. So, how do you go about making home loan affordable enough to keep you and your family with a roof over your heads, and give you enough money left over for some of life's luxuries - like food?

The chances are that you saw a new scheme that was introduced back in 2009, but you may not have found out if you actually qualify for it. The scheme that we are talking about is called HAMP, and it is letting people, just like you, reduce the amount of interest that they are paying back to their lender; or, if it is just a matter of needing a bit of extra time for you to get your 'house in order' and start paying back the mortgage on a regular basis, then they can help you to take a payment holiday, without being penalised for doing it.

It's possible that you have attempted to negotiate with your lender in the past, and not received a lot of help from them when trying to reduce the amount that you are repaying. Some will accept you paying a reduced amount each month, but, when you do this, you aren't really reducing the amount that you have to pay back to the lender, you are just extending the length of the loan, and that may not end up being a good thing; there are better ways to make home loan affordable.

If you qualify for help through the HAMP scheme, then you are going to be paying a reduced amount on your interest (possibly as little as 2%) and that is not only going to help to ease the monthly repayments, it will mean that the interest is paid back far quicker, and you can get to paying the actual cost of the house off. Of course, to do this, you are really going to need to hire a foreclosure attorney, so that you know exactly what you are doing when you approach your lender.

What do you look for when hiring a foreclosure attorney? First you have to take a few things into consideration, like: have they had any experience in the technical requirements needed to carry out a loan modification; are they in regular contact with banks and other lenders, so that they can keep up to date with the market; are they experienced attorneys in this field, rather than some unrelated branch of the legal profession; will they meet with you on a personal basis so that they can go through your case with you, and help you with other aspects that you may be unsure about?

Quite a lot to keep in mind when hiring a foreclosure attorney; isn't it? It may take a little effort, but if they have the skills required to get those monthly payments reduced, it will be worth it. Now, if you want to cut some time from your search - and you probably don't have too much time to spend before your next mortgage payment is due - head to to take the free qualification eligibility questionnaire. While you are on the site, have a look at what other people, who have contacted Make Home Affordable Plan, have managed to do to make life just that bit more secure for them and their family.

Myron J. Champion - About Author:
Myron J. Champion
making home loan affordable |
hiring a foreclosure attorney

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