Do not attempt a Loan Modification on Your Own.
Any information you provide to a lender can and will be used against you! Professional loan modification companies know exactly what is required to qualify you for a loan modification. You only get one chance at a loan modification within a specific time-period, let Loan Mod Depot work on your behalf.
If you are having trouble making your mortgage payments, take heart. You are not alone. The early 2000 housing boom led to record homeownership, however, a large number of these were subprime loans. Subprime loans were offered at a higher interest rate and higher prepayment penalties. Many others were adjustable rate mortgages whose interest rate significantly increased after the initial low-rate period.
When looking for foreclosure help, beware of predatory lenders. Some of the signs are listed below:
- If it sounds too easy, that should be a warning sign.
- Excessive fees that are higher than typical in your market.
- Large balloon payments after a teaser rate period.
- Property that is appraised much higher than the actual value. This leaves the homeowner owing more than the house is worth.
If you are having trouble paying your mortgage for any reason, or expect difficulties, you should work with mortgage professionals and your lender to find a solution now. If you fall behind and don’t act quickly, the lender will foreclose on your home. If that happens, you may lose your home and all of the money you have invested in it. The sooner you act, the better the chances you will avoid foreclosure. The Center for Responsible Lending estimates that 2.2 million American households with mortgages designed for borrowers with low credit scores, have lost or will lose their homes as monthly payments rise on high-risk mortgages. These families stand to lose as much as $164 billion of equity in their homes. Talking to your lender is the first step toward getting foreclosure help.