Alex Merced explains the basics of what Mortgage Backed Securities are and how they work. If you’d like to learn more about MBS and other securities, sign up for a Series 7 Course at Greico Financial Training. www.Greico.com
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Question by Harris T: How to apply for mortgage loan modification?
I have lost my job and am now working as a cashier at a grocery store. The problem is that my new salary is not enough to cover the mortgage. I am in a very tight situation so I am curious to know my options. I have heard that applying for a mortgage loan modification can help reduce my monthly payments. Has anyone had experience with mortgage loan modification please let me know what are the steps to to lowering my mortgage payments.
Best answer:
Answer by Reena
You have only those options:
Get another job or start taking in a renter.
Tell a bank that you no longer have the income that made it possible to get the original mortgage…. and what do you think will happen?
They don’t modify the principal amount you owe. If you can’t afford to pay the mortgage anymore because you have significantly less income… then you need to find a way to generate more income.
Or else you will have to let the house go into foreclosure because you can’t afford it.
Know better? Leave your own answer in the comments!
