Welcome to Mass Home Help .com
Yes! You can Modify Your Car Loans and Personal Loans
Loan Modification is the best solution for many people right now.
You don't have to destroy your credit Score. You don't have to let them Take your Car Away. There are other Options.
Some lenders (mostly small banks) will work with you - if you notify them before you start missing payments. Other lenders may require you to miss a payment before they will consider helping you.
The BEST way to get your life back on track is to
Reduce Your Monthly Expenses.
This approach helps many of our customers so they DO NOT have to file for bankruptcy.
Here is one method we use to help our clients get their Car or Personal loan modifications Approved.
1. Determine if you have a Qualifying Event (Job Loss, Divorce, Health Issues, Death in the Family, and so on...)
2. Create a budget to get an idea how much you can afford to pay on your car or personal loan. Keep in mind this has
to be somewhat reasonable for the bank to accept. The best approach is to use a loan calculator.
A. Enter the full amount owed
B. Extend your loan duration. Try a few options. If your loan was for 3 years, make it 5 years, 7 years or 10 years. Compare loan payments for each duration after entering the interest rate.
C. Enter your current interest rate (This is most likely how they will determine the amount they would approve for your loan modification.)
D. After Comparing Payments for different loan durations, Write down the amount that is affordable to you and might be reasonable to the bank. (If you pay $250 monthly, they probably won't take $75 a month. It's more likely they would take $150.)
E. Remember this is a bank and they still have to make money while trying to help you.
3. Write your hardship letter (1 -2 pages) explaining WHY you cannot pay $XXX.
A. Clearly state the problem (Job Loss...) and the impact to your life
B. State the amount you feel you can pay. (Keep in mind they may add a few more dollars to that amount.)
C. Ask the lender if they can Reduce your Interest Rate & Extend the Duration of your loan
D. Be sure to include your contact info (Yes...include a phone number)
4. Get Your Proof Ready (Layoff Letter, Shut-off Notices, Divorce Paperwork, Monthly Budget) Ask them what they need
5. Call them to verify the requirements. Fax or Mail info
6. If they say they do not offer loan modifications, send the hardship letter and proof anyway. Then follow up in 10 days.
* FYI Home Loan Modifications & Car and Personal Loan Modifications are VERY Different. You cannot use the same process for a home loan modification.
By empowering you with the tools needed to set-up a loan Modification, you Save Thousands of dollars in legal fees. We want to help you get back on your feet and work towards financial independence.
Credit Facts
» A Deficiency Judgment can be reported on your credit report for up to 20 years
» A Bankruptcy or Foreclosure on your credit report could STOP you from:
°Getting a job or switching jobs
°Obtaining a rental apartment
Home Loan Modification Requirements
°Need a Real Estate Solution
°Ready to Solve Your Problem
°Ready to take Action
