Stock Investing 101

Going through a loan modification is not a pleasant experience, trust me. It is a grueling 6 month process. You will have to get all of your financial information together you will have to answer dozens of phone calls and you will be very stressed out. It is like filing your taxes on steroids! However if you can save your home from foreclosure it will all be worth it in the end.

Here is a completely made up loan modification example. I have found that going through hypothetical’s as far as financial situations go can be beneficial:

Steve and Linda are married and have two kids. Steve got laid off from his job and is currently unemployed. With only one income in the household Steve and Linda cannot pay their mortgage. They let the bank know their situation and one thing leads to another. Before they knew they were in a loan modification.

They did not want to have to go through this process but they see it as a much better option than losing their home. They go through a lot of stress in the ensuing 4-6 months, negotiating with the bank on the terms of the loan and coming up with everything necessary to modify their loan but eventually their modification is successful. They have to pay 3-4 thousand dollars in fees which is quite a setback but it is worth it to them because they get to keep their home.

This example is completely made up but it is an accurate representation of the process.