Aug 7, 2009
Home Loan Modification - Government Mortgage Help
AUTHOR: Patty Cramer
Home loan modification is a buzzword that was not even known two years ago. With the decline in home prices and economy over the last few years, many home owners are finding it very difficult to make their mortgage payments. Many home owners were hoping to refinance when the value of their homes increased, but unfortunately that did not happen and they are stuck with a high interest mortgage that they cannot pay. The government saw this taking effect and has taken steps to assist home owners by offering home loan modification.
You have probably seen advertisements all over the television and Internet for these types of services. Many of the ads direct you to an 800 number in which you can contact a representative. While you may not want to give all of your financial information to the representative it might be smart to give them a call and ask some generic questions. You might be surprised at how much they can help you through this troubling time in your life!
Congratulations on taking the first step in getting a home loan modification. By doing the research you are well ahead of most people in your financial situation. The next step is to get out there and actually contact some of the lenders and companies that offer this service.
We were told by Wells Fargo to contact a HUD agency to help us with our mortgage because my husband has been unemployed for quite some time. We have not had any good results from the HUD agency or Wells Fargo at this time. We have been in our co-op for over 15 years and have 2 young children. We do not want to lose our home. Can you help us in any way. Thank you for your time.
Hello Patti,
There are various programs available that may have the ability to help you keep your home. I am happy to talk with you at a time that is convenient for you. You can reach me directly at 800-676-5150 or feel free to email me at Tim@loanmedics.com.
Sincerely,
Tim
Five important keys to keep in mind to successfully modify your home loan: 1. Keep detailed notes of all contact with the lender. 2. Follow up any oral requests you make with a letter to the lender sent by certified mail with a “return receipt requested.” Keep copies of all letters and enclosures. 3. Meet all deadlines set by the lender, and if possible complete any requests ahead of time. 4. Loan modifications are usually only available on owner occupied properties, so do not move out or rent your home during the process. 5. Maintain persistent contact with your lender. Follow-up is crucial to your success. More tips plus a free do-it-yourself loan modification guide is available at preventingforeclosure.org, a non-profit resource.
There are as many myths floating around about loan modifications as there are unscrupulous characters offering to handle your modification for thousands of dollars in fees.
I have been in the mortgage business for over 25 years. I advise people regarding modifications all the time. At my website you may download a list of all the forms that are needed in a loan modification. You will then be a subscriber which enables you to receive much more information.
One other thing… I have come across a number of homeowners that are in situations where a modification would be the perfect solution yet, they are still not getting approved. I am compiling these homeowners and together we will be approaching the media and government agencies to force these lenders to look at these homeowners again. If you feel you fall into this category, you may join us by signing up at my site.
Regarding the above comment, in case you didn’t realize it, you can click on my name to go to my site. Thanks.