Do you need to hire a law firm like Phillips & Associates to do a loan modification?  The truth is that you do can do a loan modification yourself and save yourself a retainer fee.  I would hire an attorney or someone else to handle your mortgage loan modification only if you are paralyzed by fear and know that you would be taking ineffective actions in getting it done.

Do I Need Loan Modification Services? Continue Reading »

Who do you call if you are behind on your mortgage and need to modify your existing mortgage?  If you are behind on your mortgage and are facing foreclosure you should call your existing mortgage company at once.  Look for the number on your most recent statement.  Here is a list of the larger banks and the phone numbers of their loan modification departments.

GMAC Mortgage 800-799-9750

Wells Fargo  800-678-7986

Citigroup, Citibank and Wachovia  866-272-4749

JP Morgan Chase, Chase, Wamu, Washington Mutual  866-550-5705

Countrywide  800-669-0102

M&I  877-473-4333 or 877-849-6160

If you are behind or know that you are going to get behind on your mortgage, don’t wait until it is too late.  The sooner you start the more likely you will end up with a favorable result.  Save your home from foreclosure and make the call today.  You home is worth saving and loan modifications do work.  You do not need to pay someone to do a loan modification, you can do it yourself.  Use this information to save your home.

Will My Mortgage Company Modify My Loan Even If I Am Not Late On My Mortgage Payments?  Most mortgage companies and banks will not want to speak with you until you are behind on your mortgage payments.  I know a person that is going late on their mortgage on purpose just because they will not talk to him.  I do not advise just stopping payment to your mortgage company.  In the instance I was speaking about earlier is in regards to a gentleman who has a $6000 a month mortgage payment that they can see that they will not be able to make in the future due to a job loss.  He can see the future coming straight at them.

Contact Your Bank Before You Are Late On Your Mortgage

It is wise to contact your bank before you are late on your mortgage payment.  Some banks and lenders do have policies that allow for a loan modification to be completed even before a late payment has occurred.  If you are in an arm or have an option arm you may be eligible for an automatic loan modification.  You would just need to contact your lender about this.  I would not make any assumptions about loan modification until you have all of the information.

How To Negotiate With Your Bank For A Better Mortgage Rate.  If you are having a hard time making your mortgage payment, your bank may be willing to renegotiate new loan terms with you.  Through the loan modification process you can actually get a new interest rate, lower principal amount or even a forbearance agreement.  Most lenders including Bank of America, Chase, IndyMac, Wamu, Washington Mutual and Wells Fargo have dedicated departments set up just to help borrowers and homeowners work out new mortgage terms so they can stay in their home.  You can either go online or call your bank to ask for the loan modification or loss mitigation department to get started.

How Do I Get Started On A Loan Modification? Continue Reading »

What Happens If I Walk Away From My Home If I Can’t Pay The Mortgage?  If you are unable to pay your mortgage and are facing foreclosure, you don’t have too many options.  You could try to do a short sale or a loan modification.

How Does A Short Sale Work? Continue Reading »

Is an FHA Streamline Refinance The Same Thing As A Loan Modification?  An FHA streamline refi is not the same thing as a loan modification.  However doing an FHA streamline refinance is a very easy loan to get done.  Even if your home is upside down you can do the FHA Refi.  You do not even order an appraisal on the FHA refinance program.  In fact another benefit of the FHA Refi is that you do not even need to have good credit.  You credit score can be lousy and you can still qualify for the streamline refinance.  Effectively the FHA Steamline Refinance is like a no documentation loan.  If you want to save money on your FHA loan call toll free 1-888-368-6668.

How do I apply for a loan modification with my bank? Do I really need to use a loan modification company to negotiate new terms for my mortgage?

Who Can Do A Loan Modification And Get Paid? Continue Reading »

What is Obama’s mortgage bailout plan?  Incoming president Barack Obama has taken the position that he will change the direction that has been taken by the treasury and Henry Paulson.  He has talked about doing national foreclosure moratoriums and about the kind of asset purchase program that the FDIC is encouraging.  It is also likely that Obama will replace the current Secretary of the Treasury has fallen under criticism for using bailout monies to bail out the large banks rather than help the average guy on main street.  The trickle down theory starting by giving money to big bank-ers does not appear to be working.  Obama has been outspoken about having a trickle up plan and helping struggling home owners avoid f foreclosure.-

If you need assistance with a loan modification please call toll free 1-888-368-6668 for a no hassle mortgage review.

How will the streamlined loan modification program for Fannie Mae and Freddie Mac work?  This new mortgage bailout program will be set to begin on December 15, 2008.  It will apply only to mortgages that are owned or guaranteed by Freddie Mac or Fannie Mae.  A borrower who is 90 days delinquent will be eligible for a new mortgage with a monthly payment that does not exceed 38% of their gross monthly income.  Proof of a hardship will need to be justified, jobless or illness etc.  If you are not experiencing a loan default you will not be eligible for this mortgage bailout program.  You do not need to be in a bankruptcy proceeding.  This program is only available to primary residences.  Second homes and investment property will not qualify for this program.

For more information you can call Hope Now at 888-995-4673.

If you are interested in a loan modification please call toll free 1-888-368-6668 for a new hassle loan modification review.

How does the governments hope for homeowners program work?  If you are having a hard time paying your mortgage there are not many great options.  You could do a short sell, let the house go into foreclosure or loan modification.  If you do not fit into any of these categories, you have one last option.  This would be the Hope For Homeowners Program.  It is also known as H4H.  This program began on October 1, 2008 and will run until the end of September in 2011.  This program is the last hope for homeowners by bringing in the federal government who voluntarily will allow a homeowner to refinance under the H4H guidelines.  The H4H program will reduce the size of the mortgage to a max of 90% of the properties current appraised value.  The other condition is that you can only have a 30 year fixed rate mortgage.  FHA will be insuring up to $300 billion of these types of loans.  The only kicker is that you will have to split 50% of the appreciated value for as long as you own the home or pay off the mortgage.  You will not be able to take out a second mortgage under this program unless the money will be used to maintain the property.  For more information please call 888-995-4673 or 800-225-5342.  You can also visit the Hope For Homeowners website at http://www.hopeforhomeownersprogram.org.

If you are interested in a loan modification please call toll free 1-888-368-6668 for a free consultation.