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Home owners are facing rate adjustments

loan modification

Many home owners are facing rate adjustments this year on purchase and refinance loans they qualified for when banks were offering Stated Income Liar Loans to anyone that could fog a mirror. The problem is in most cases these people can't sell or refinance their home and will be facing serious hardship when these rate adjustments take place. Worse yet, many still have good credit but are soon to join the 500 FICO club if the lenders won't help.

One of the main wholesale lenders INDY MAC BANK just toppled as well as the others facing bleak portfolios consumed by option ARM's as well as subprime loans due to increase as much as 5.00%. Countrywide Bank, Wells Fargo, EMC, Washington Mutual, Downey Savings, Wachovia (formerly World Savings) to name a few, are all facing troubled times



if they haven't seen enough already. If a consumer is facing hardship and the bank refuses to listen what is one to do short of being foreclosed on and ruining their hard earned credit. What do you normally do when you are in trouble or over your head? HIRE AN ATTORNEY!

Most Banks will not even speak with you unless you are down 3-4 months or more on your mortgage and by that time your credit is shot and you may never qualify for a secured loan at a fair interest rate again. Loan Modification companies are crawling out the wood work to take your money and submit your paperwork to your lender to try to modify your loan (you can do this yourself). The problem is the lenders/servicers are overwhelmed with defaults. They are understaffed and the staff they have is overwhelmed.

There are a couple Law Offices that specialize in negotiating with lenders and for less than 1/3 the cost of a refinance and they can work miracles. You hire an Attorney and next thing you know those people in the Loss Mitigation department are your best friend. Sad but true!

I have been in the Mortgage industry for 6 years now and did some research on several companies. I have done my due diligence to find a reputable Attorney that will make the lender listen and get you a payment you can afford without breaking the bank.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.



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