David Pit - Articles

Why A Good Credit Score Is Important?
A credit rating is a numerical depiction of your ability to payback debts, based on your financial history. This can often be the single most powerful three digit number affecting multiple facets of your life. Your FICO rating (Fair Isaacs Corporation) is oftentimes considered by most sleuths as the accurate portrayal of your financial behavior. Read
By: David Pit | 07/11/2009 | Credit

Writing a Successful Hardship Letter
With thousands of foreclosures happening and a predicted second wave coming, loan modification has become increasingly popular for struggling homeowners. Lenders daily have to sift through hundreds of credible and disingenuous applications. The hardship letter most of the time is the only thing that sets homeowner applications apart. If you write a proper hardship letter, with all important information included, your chances for getting your loan modified increase dramatically. Read
By: David Pit | 01/09/2009 | Mortgage

Lower Your Monthly Mortgage Payments With a Loan Modification
Are you underwater and can't keep up with your mortgage? Are you in the process of foreclosure? Is your mortgage an adjustable rate mortgage and the interest rate is about to shoot through the roof? If you answered yes to any of the previous questions, and you want to do something about it, then you might consider loan modification. Read
By: David Pit | 01/09/2009 | Mortgage

Why Doing it Yourself is Key to Getting Your Loan Modified!
When you buy a house, you hire an attorney. When you need your computer fixed, you hire geek squad. In general whenever you are faced with something you don't know, you get an expert to help you. It is the opposite when trying to modify a home loan. Hiring an expensive firm to do your loan modification is the worst mistake you can make. There are a couple of reasons why. Read
By: David Pit | 01/09/2009 | Mortgage

How to Negotiate a Loan Modification With Your Lende
It can be hard to face your mortgage company to ask for help. It can even be harder to negotiate a loan modification you can both live with. While it may seem at times as if your lender is playing hardball (and they probably are) remember, they are doing you a favor by even considering changing the terms of your loan. No one (not even the federal government) can make them modify your loan, so it is in your best interest to negotiate nicely. Read
By: David Pit | 01/09/2009 | Mortgage

Beware of Loan Modification Firms
If you are having trouble paying your monthly mortgage payment, a loan modification might be a viable option for you. A loan modification is a permanent agreement between you and your lender which consists of either a reduction of the interest rate, an extension of the term of the mortgage, a grace period, elimination of fee, or any combination that suits you and your lender's interest. But with the approval of loan modifications at an all time high, loan mod scams are popping up everywhere. Read
By: David Pit | 01/09/2009 | Mortgage

Writing a Hardship Letter That Brings Results
Loan Modification is an optimal choice for struggling homeowners, especially if refinancing is not an option. One of the first steps in requesting a loan modification is submitting a hardship letter which outlines your financial situation and why you need help. Read
By: David Pit | 05/08/2009 | Mortgage

Home Loan Modification - What is It?
Home loan modification constitutes an agreement between your lender and you that either brings down the principle rate of interest on your mortgage, prolongs the term of the mortgage, gets rid of certain fees, grants you a grace period, or any combination of the preceding options so to make sure you will be able to afford your payments and stay in your home. Read
By: David Pit | 23/07/2009 | Mortgage

What You Should Know About Loan Modification
A loan modification is a renegotiation of your present loan on a property, e.g. your home. In order to put off a foreclosure due to a default on payment on a property, the lender and borrower have to compromise on the terms of their present agreement. How this situation came about will be discussed by means of an example of an average couple. Read
By: David Pit | 09/07/2009 | Mortgage

What You Need to Know About Loan Modification
How would you like to slash your mortgage payments by 10% … 20% or even 50%? Then you may want to consider asking your lender for a loan modification. Of course, modifying an existing mortgage isn’t for everyone – it does come with some serious consequences. But, if you are one of the millions of American families these days unable to make those monthly payments, it is definitely an option to consider. Read
By: David Pit | 08/07/2009 | Mortgage