If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Calibri","sans-serif";} Litton Loan Servicing out of Houston, Texas, is a loan servicing company that works on behalf of mortgage finance lenders. With over $60 billion in loans serviced at Litton Loan, it is possible that you may have a loan serviced by Litton Loan as well. Particularly, they service subprime or troubled mortgages and their specialty is keeping them and borrowers on track. If you are behind on your mortgage payments is it possible to receive a loan modification in order to get back on track and lower your monthly payments? Keep Paying Your Mortgage One secret to falling behind on your mortgage payment is to continue paying your monthly mortgage. If you are having financial trouble, such as job loss or expensive medical bills, pay what you can on your mortgage. Even if your mortgage payments increased due to an interest jump in an adjustable rate mortgage (ARM), continue to pay your previous loan amount. What many homeowners do not realize is that the longer they forego payments, the higher the arrears accumulate, and, each month of late payments shows up on their credit scores, further preventing a possible refinance with another company. By paying what you can on your mortgage you minimally show the mortgage servicer, such as Litton Loan, that you are committed to keeping your loan in place and they will be more willing to work with you as well. You Must Qualify For Loan Modification If your loan has become unaffordable and you must get lower payments in order to survive, ask your loan servicing representative at Litton Loan for details on a loan modification. If you are having financial difficulty and are behind on your mortgage payments, they should be willing to work with you to make an adjustment in order to avoid an expensive foreclosure. However, you must play by their game. They will have a plethora of paperwork that you must complete, and you must submit other documentation such as your income verification and tax returns. All this documentation is for their underwriting purposes and helps them determine what mortgage payment you can afford. With a target mortgage payment determined, you can then begin negotiations about how to lower your payment. What Terms Can Be Modified? Almost any loan item can be modified, including:
- Interest rate
- Amortization
- Balloon payment
- Principal balance reduction
- Term or span of the loan
- And more