Wednesday, April 12, 2017
Will My House Get Inspected When I Do A Mortgage Modification?
If it has been a while since you bought your home, you may not remember all of the details of the process. Or, you may have had a bad experience during the home buying process and just prefer not to think about all of the steps. There is no doubt that buying a house is time consuming and expensive process, and there are a lot of requirements that are out of your control. For example, once you find your dream home, you have to make sure the appraisal is high enough for the bank to make the loan and you also have to have a home inspection performed. The inspection reveals areas of the home where a repair or improvement is needed, and sometimes these items can be pricey. So if you are trying to refinance or modify your mortgage, you probably do not want to go through that process for a second time.
Luckily, there is no requirement for a home inspection when you do a mortgage modification. The reasoning behind this is as follows:
• A modification is a way to lower the payments, by lowering the interest rate. It is not a purchase and so there is no need to redo an inspection.
• A modification is designed to help distressed homeowners stay in their homes, which have already passed an inspection and doing another one does nothing but add to the financial distress.
• A modification is done by the current lender, who has the ability to rewrite their own loans. This right also means the lender can decide which requirements are needed and which are not necessary. An inspection is not necessary to rewrite a loan.
If you are having a hard time paying your mortgage, you might be surprised at what a mortgage modification can do for you. Sure, there are horror stories about homeowners who were turned down or who had to resubmit their application numerous times; but with our help you do not need to become one of those stories. The process eliminates things like inspections, and also allows you to apply with fewer documents than what you had to provide when you applied for the mortgage initially. This can speed things up a bit, especially when you let us tackle the process on your behalf. We have helped others get good results modifying their mortgage loans, and look forward to helping you too.
For more information about mortgage modifications, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.