An Atlanta mortgage or a Portland mortgage loan is a loan usually offered to homebuyers or people who need high amounts of money and are willing to secure the loan by using one or more of their properties as collateral.

In general, such loans are offered for long periods of time that could be characterized by financial difficulties. In today's world, it is almost impossible to predict whether a company would be successful or not in the future and manage to hold on to its employees and even hire some more.

To avoid having problems with the bank or lending institution that has offered you the mortgage loan, you need to save some money, if possible, and use it to repay your debt, when no other funds are available. The main disadvantage to this solution is that today, saving money is pretty difficult.

Moreover, people tend to lose their jobs when they do not even expect this, and most of them owe money to banks and other financial institutions. Therefore, saving money when you do not earn a thing, or when you do, but your income is very low, is virtually impossible.

So what is to be done in this situation? People who have contracted an Atlanta mortgage or Portland mortgage loan and who have difficulties in repaying their debt may want to reduce mortgage payments. This can be done by refinancing the current loan, but only if the new mortgage payment is lower than the current one.

A lower mortgage payment can be achieved if the interest rate is lower, as well. If you do not want to refinance your current loan, because refinancing comes with additional fees, for example for processing the loan, you can lower the interest rate of the current mortgage loan.

This procedure is available for anyone who desires to reduce mortgage payments, but is successful only for those borrowers who have proven to be worthy of such reduction and who have always paid their installments on time.

Another way that can be considered by a borrower who wants to reduce mortgage payments is to ask for a loan modification. Although lending institutions do not like to modify loans, they prefer to do this to avoid the costs of foreclosures that are unavoidable in case the borrower is unable to make further payments.

When asking for a loan modification, borrowers need to present some documentation that would clarify their current status and financial hardships. Among the most common documents presented by borrowers in this situation are proof of unemployment, paycheck stubs, medical certificates, and bills.
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