I know, I have read the same advice too. "Just call your lender, they will help you" sometimes they do if you persist and sometimes the endless phone transfers, waiting on hold and re-submitting lost paperwork are so frustrating you just want to scream!
Maybe you have already tried calling, got the run around, got no where at all and realized you need professional help to save the house from foreclosure so start reading the mortgage loan modification ads. "Modify your mortgage to 1% and a $100k principal reduction, guaranteed. Send cash only." Right, I have the same feeling in the pit of my stomach when an IRS Agent shows up at my door and says he is only there to help me. If only it were true.
What Do You Do If You Need Upside Down Mortgage Loan Modification To Save House From Foreclosure?
We want to believe and we know people have been helped but how do you know if your lender is taking advantage of you or if a loan modification company is legitimate. No one wants to get ripped off whether it is by their lender or a mortgage modification company. Despite the News Stories there are more people ripped off by their lenders than by criminal loan modification companies that take the money and run. Just look at the statistics, currently only 25% of all modifications approved are on sub-prime loans, yet these are the Americans that need a mortgage modification the most. By the end of Feb 2010 1,094,064 HAMP trial modifications had been started (since the beginning of the program) and only 168,708 were approved and active permanent modifications. This is 15.4% of all the trial modifications and if only 25% of those are on sub-prime loans that means only 3.8% of all HAMP Trial Modifications started are approved modifications on sub-prime loans. Who is fooling whom? This 3.8% represents the Americans that need the help the most.
Now even after mortgage lenders give you a signed permanent loan modification agreement they may try to take it back. See Wells Fargo Said They Made A Mistake.
Can I Even Get Upside Down Mortgage Loan Modification?
Sometimes lenders are completely heartless and will lead you on with promises of a mortgage modification for months of trial payments, just to get as many payments out of you as they can, only to come back with loan modification denied or even increasing your mortgage payments.
I have countless examples of homeowners thinking they are saving the house from foreclosure only to find out they are in worse condition than when they first asked for help with their upside down mortgage.
Here are a few homeowner's stories of being lead on with promises of upside down mortgage modification by their lenders:
There is a way that you can find out for yourself what modification you qualify for even if you do not qualify for the Making Home Affordable Modification Program.
Do I Need To Hire A Loan Modification Expert To Modify My Loan? Can I Really Do It Myself?
You can do it yourself, but if you have a choice, ask yourself honestly how important is it that you keep your home. In many cases you can modify your own loan directly with your lender with a little help or advice but don't expect your lender to do it for you and have your best interests in mind.
You need to understand what is going on so you are not taken advantage of. I will try to provide you with the information you need so that you can do just that.
With some lenders you may need professional help to even get a loan modification. Some people always hire an expert to handle anything as important as their home, just as they would hire an Accountant for filing their taxes or a Realtor to buy a home or a Mortgage Broker for arranging a mortgage loan in the first place.
I have been writing articles and arranging mortgage loan modifications for a little while now. I have run into many of the barriers that you can expect to run into and many that you would never expect.
I still get surprised by what can happen.
Most situations are straight forward - your lender would prefer not to modify your loan and will try to discourage you from getting a loan modification. Everything from telling you verbally that you do not qualify to endless phone transfers and even disconnecting you after spending an hour or more on hold. If you persist and hang in there, no matter what happens, you stand a chance of modifying your loan.
Help On Mortgage Renegotiation
I mostly write articles on mortgage modification and the mortgage foreclosure process that are republished in numerous blogs. From these articles I get many emails and phone calls asking questions or asking for help. You will find what comes up most covered in this website.
Often I am requested to renegotiate mortgages for readers, some I do personally coach through the mortgage loan modification process.
This website is intended to help and advise you need to do it yourself or get the help you need. If you feel you need or want more help or want to hire an expert you can ask your own:
I am constantly researching and reading all the documents I can on government mortgage assistance to stay current and there are 1000's of pages with continuous updates. Although the government can make the simplest things complicated, they do help some people if you can sort through the red tape and regulations.
While many homeowners end up falling outside the government guidelines most lenders will modify your loan if you present your case correctly. Some loan restructuring is easy and you can do it yourself with your lender's help and with some lenders you will need expert help to get your lender to do even the simplest loan modification.
So are you ready to get some real answers to the real questions on mortgage modification, government mortgage assistance and other mortgage foreclosure questions such as:
Get answers for upside down mortgage loan modification programs, problems and questions. See answers-how to save house from foreclosure, ways to stop a foreclosure sale-Government mortgage assistance
California loan modification company that gets results or no charge. No fee until you loan is successfully modified. No upfront fee California loan modification.
This DIY loan modification kit is the exception to the rule. It delivers. Gain the competence you need to submit and negotiate like a PRO - with real insider advice on how to negotiate a modification
Get answers for how can I save my house from foreclosure auction. Here are 3 ways to stop a foreclosure sale that provide leverage to force lender to modify
There are many Upsidedown Mortgage Loan Modification myths floating around. Get the facts. More homeowners qualify for a loan modification than lenders are letting on. Are you one of them?
Get answers to your Upside down Mortgage Loan Modification problems and questions. What do you want to know or need help with? Got a situation you need help with? Just Ask.
Get answers for your Chase Mortgage Loan Modification problems and questions. What do you want to know or need help with? Have a Chase Mortgage loan modification horror storyy?
Get answers for your Bank Of America Mortgage Loan Modification problems and questions. What do you want to know or need help with? Have a Bank of America Mortgage loan modification horror story?
Get answers for your Wells Fargo Mortgage Loan Modification problems and questions. What do you want to know or need help with? Have a Wells Fargo Mortgage Loan Modification horror story?
Pre-qualify for hardship loan modification even if you do not qualify for the Government Making Home Affordable Modification Program. You may qualify for FasTrac Hardship Loan Modifications
Find out if you qualify for the Making Home Affordable or HOPE For Homeowners. Use our Loan Mod calculator. See if you qualify for Government Mortgage Assistance or Government help to stop foreclosure
Upside down Mortgage Foreclosure Questions for the homeowner who is fighting to save their home from the mortgage foreclosure process. There is HOPE for homeowners. Something can be done about it!
Information you need on - what is loss mitigation, the home loss mitigation process and mortgage mitigation help, US loss mitigation help and ways you can benefit from the process.
HOPE For Homeowners H4H, Government help to stop foreclosure is a short refinance that includes principal reduction and a new option that makes a short refinance more attractive to lenders/investors
Contact mortgage loan modification experts. I always enjoy helping people. You are welcome to send me any questions, concerns or comments about your own Mortgage Loan Modification.
Don't know where to start but want to modify your loan yourself? Don't blow your chance. Get the help you need to do it yourself the right way. Submit and negotiate like a PRO - now with insider advice on how to negotiate a better modification
Facing foreclosure? No worries, make it stop now! If you don't know your rights you can't know your options! Armed with the proper information you can fight back and put lenders on the run or stop collectors dead in their tracks with a nearly 100% success rate. Want to see how?
What happens if you stop paying your mortgage? The Strategic Mortgage Default System is here to Help with everything you need to know BEFORE You stop Paying Your Mortgage
with audio and video training. Automate the credit repair process to remove negative items even after loan modification, foreclosure, bankruptcy and late or missed payments.
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