My Homeowners Advocate

The San Diego, California-based company offers consumers a wide range of real estate finance solutions that enable it to assist servicers, families, and lenders through loan modifications, short pay refinancing, and short sale processes. Loan modification. This is a finance option that pertains to changing the conditions and terms of an active loan. The loan in question can be a mortgage or other type of home loan, a business loan, or a personal loan extended by a lending institution.Short pay refinancing. Another service from My Homeowners Advocate, short pay refinancing refers to short selling one's home to an existing lender, allowing for refinancing with another lending institution for a monthly payment on a lower principal. This enables residents to keep their home.Short sale process. This occurs when a lender agrees to take less than the amount owed against the home because of insufficient equity to sell and pay all costs of sale. Because not all lenders will negotiate a short sale, real estate agents or lawyers can be of great help in contacting the lender’s loss mitigation department.My Homeowners Advocate is committed to saving homes from foreclosure. Its dedication to help residents retain their homes has kept the company at the frontlines of the real estate financing industry for years.Clients of the company can take advantage of free consultations with regard to reductions in interest rates and monthly payments. Among its vast selection of real estate financial solutions are short pay refinancing, short sale processes, and loan modifications.A finance option that involves changing the terms and conditions applicable to a loan that is currently in force, loan modifications are only extended when the lender has reviewed the situation and determined that changing the existing loan is what works best for everyone concerned.According to My Homeowners Advocate, a common reason for a loan modification involves some type of financial reversal. A financial reversal affects the borrower’s ability to continue making payments. There are various factors that could be considered for this situation - the loss of a job, or the occurrence of an unexpected or unforeseen illness that results to large medical expenses.However, a lender will not consider the option of a loan modification unless it is apparent that the borrower will manage timely payments under the revised terms and conditions of the loan.One of the most sought after financial solution options offered by the company is the loan modification or mortgage modification. Loan modification solutions consist of revising the conditions and terms of an active loan. Some of the outcomes that can result from a loan modification solution provided by My Homeowners Advocate include the following: Interest rates can be reduced to as low as 1% for some time, then increasing by 1% per year after a certain period, and finally being fixed in the 5% range for the rest of the loan’s term. Loan terms may be extended for up to10 years or more. Lenders can avail of principal reduction programs where they “write off” a significant amount of the loan balance to reflect the property’s current market value.While these results are common, the company nonetheless asserts that anything is possible as there are no formal processes or guidelines for loan modifications. My Homeowners Advocate, My Homeowners Advocate, My Homeowners Advocate

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