If you are in need of a solution to obtain mortgage payments on time, then use the Fannie Mae loan lookup tool. This is one of the simplest and quickest ways for you to acquire mortgage relief options. The presence of a mortgage payments relief option on your credit report will most definitely boost your credit rating and give you added leverage in obtaining more affordable mortgage payments. Use this powerful tool with confidence.
The Fannie Mae loan lookup tool was created to assist people who are in need of assistance with their mortgage payments. The company offers borrowers a three-year fixed rate forbearance, and an additional five years of the loan modification. However, if you choose to apply for a loan modification on your own, you will not be given the additional five years of repayment relief through the fixed rate forbearance plan. This means that you will have to settle for the lower payment amounts only during the specific three-year program period.
The purpose of applying for a loan modification is to stop foreclosure proceedings. Your lender will give you a new mortgage payment plan. With a Fannie Mae loan modification, the interest rate can be lowered and the principal balance can be suspended for a particular period of time. However, a person cannot utilize this mortgage relief options if he or she intends to file for bankruptcy. If you are unsure whether or not you should use this plan, it would be best to consult an attorney before you make any final decisions.
With the help of the Fannie Mae loan lookup tool, you can identify possible solutions to your financial problems. One option includes contacting a credit counseling service. You can get in touch with a trained counselor who will evaluate your situation and provide you with appropriate mortgage relief options. You can even inquire about the various forms of forbearance that the credit counselor can apply to your account.
Aside from contacting a professional credit counselor, there are also several other options available to you. For one, you can decide to make larger monthly payments. This can help you avoid shortening the payment period. Another option is to request for an extension to the mortgage loan term. This will help you overcome the problem of increased monthly payments as early as possible.
Fannie Mae loan lookup tools can be used to identify your unique situation and to select the most suitable mortgage plan. When you contact a loan consultant, he or she will provide you with several alternatives to consider. It is important that you ask questions when you are researching different options. You need to know how much you can afford to pay on your mortgage payments.