Great, free, honest information!
Frustration sets in! It is so hard in this economy. YOU ARE NOT ALONE. Over 1400 homeowners every month are coming home to a "Notice of Defalut" taped to their door. What happens next...? You freak out! Who do you call, what do you do ? Sad enough many homeowners do NOTHING. Why, because they are embarraced or in denial. You need a place to live, but you can not afford your home. You feel stuck between a Rock and a Hard Place! Are you doing everything you can to make ends meet? Your first option is a Modification. Modifications are few and far between, you hear these great "stories" of modifications, yet no one you know has been able to get one. Only 30% of Homeowners are actually able to qualify for the modification program the government has come up with. The govenment has help for homeowners, but the help is only for conforming loans and only if all guidelines are met. In very few cases banks have "in house" modifications.
Recently, many of the mortgage servicing companies and mortgage loan investors have started being more willing to give home owners a three month trial modification rolling into a full term modificiation if the home owner proves they can make the new payment. The most important information a home owner can have is, " do not give your mortgage servicer information they can hold against you" or any information that is not true that you can not prove. The best help you can get is hard to find! You need someone who can "guide" YOU through the process and not charge you thousands of dollars to secure the modificaiton.
Keep in mind, if you have a hardship without a "light at the end of your tunnel" and no means to pay back the modification, it may be time to think about saving up the money you do have, accpeting cash for keys and working with your mortgage company to short sale your home. Moving on faster will get you in a better position sooner to get back on your feet! Only choose an agent who knows how to work with the banks short sale departments. The best agents for short sale processing are agents and brokers who have worked in the mortgage business.
We have helped homeowners by answering many of their questions for free.