My Coverage Info
- Allows a person to access their Coverage Financial account with a PIN number
- Provides the up to date status of insurance policies and pending/open loans
Please note that a customer will also need their loan number, name of your insurance company, the agent’s name, policy number, policy effective date, premium amount and coverage amount. The PIN number (aka Personal Identification Number) can be located on the letter received via US mail.
What is a home loan modification?
- A financial agreement between the lender and the home owner that allows the owner to negotiate mortgage terms and/or the payment in order to avoid foreclosure
- The lender will usually be in the form of a bank i.e. Bank Of America, US Bank, JP Morgan Chase
- If done correctly the loan modification can be benefit both the home owner and the bank
- Some lenders may temporarily reduce the Interest Rate of the mortgage and bring it back up at a latter date
- For example a home owner with a $150,000 mortgage for 30 years at 6 percent were acquire (get approved) a temporary rate reduction to lets say 4.5 percent, the new and improved monthly payment would be $760.03 (a drop of over $100)
- Many people looking to modify their home loan will have debt in other areas such as credit cards, car loans or student loans
Please note that many times loan modifications may hurt the home owners credit score but financial advisors suggest a downgraded credit score is better than the alternative (foreclosure which mean bye bye hizzy). When applying for a home modification the consumers should be ready to state their hardship and provide proof of such in many cases. Customers may also be asked to provide paystubs and income tax return history to prove they have qualifying income.