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.
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:
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.
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.
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?