If your credit is bad and you need to refinance to lower your mortgage interest rate, catch up payments, or lower your monthly payment, a loan modification if a great option. This is based on circumstance rather than your credit or payment history. If you've had a change in circumstance, such as retiring, divorce, or losing your job, with Obama's making homes affordable program, you can now get a bad credit home hummingbird loans online installment loan no credit check or bad credit refinance by way of a loan modification. It will catch up late payments, cut payments by up to 75% & give you a fixed interest rate as low as 2%. It can also place any arrearage at the back of your loan. It's a great option to make your monthly mortgage payments more affordable and avoid foreclosure. Even if your not yet behind, but are struggling to make your monthly payments, this is a great option. This process was known as loss mitigation. And, unfortunately, many people have already lost their homes without attempting this process.

It is vital to complete all the steps in the loan modification process, so work closely with your lender and get them all the documents they ask for in a timely manner. Documents may include a spreadsheet of your monthly expenses and recent bank statements, etc. Although the process varies between lenders, the goal is the same, to make your monthly payments more affordable due to your change in circumstance. A hummingbird loans short term installment loans modification starts by calling your lender and requesting to do a hummingbird loans tribal loan bad credit modification.