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 »

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.

Loan modification is the process of renegotiating mortgage terms to an affordable level.  Millions of Americans are facing foreclosure.  The good news is that the banks are willing to renegotiate the terms of these mortgage notes rather than take on additional REO inventory.  The cost to carry foreclosure property for banks runs into the hundreds of millions.  The banks still have to pay the property taxes, hoa fees, landscaping and maintenance fees.  It is cheaper for them to modify your loan and keep you in the property rather than foreclose and take the property back.

What Is The First Step To Modifying A Mortgage

Your first call should be to the loss mitigation department of the bank that holds your mortgage.  Explain the circumstances to the bank representative.  They may ask for your most recent tax returns, pay stubs and asset account statements.  You need to demonstrate an ability to be able to make the new payment should they grant you a loan modification.  If you are lucky you will get a reduced interest rate as well as a write down on the mortgage balance.  You may also get a no interest option for a while.  Often you can get a forbearance agreement which will lower your payment and tack on the difference to the mortgage balance.

If You Are In Trouble With Your Mortgage, Do Not Wait Til Its Too Late

If you are in trouble and put your head in the sand, you may just be doing yourself in.  If you know you are in trouble don’t wait.  Get help now.

The truth be told, paying someone to modify your loan is silly.  It’s not complicated and you can do it yourself.  The simplest route to changing the terms of your mortgage is to see if your mortgage has an option that will allow you to recast your mortgage.  A mortgage recast will allow you to make payments based on the balance that you have paid your mortgage down to.  This will only give you a lower payment if you have a fixed rate mortgage.  If you have paid your mortgage down and now are in need of a lower payment, a mortgage recast option could be your answer.  A lender will allow you to do this once in most cases for a fee.  The fee to recast your mortgage is usually anywhere from $250 - $500.  This is definitely cheaper than doing a whole new refi.

Are Loan Modification Companies Legit? Continue Reading »

The McCain mortgage bailout of $300 billion is a bad idea.  First of all you want to bail out people that can’t pay their mortgages.  Many of these people had no business buying a home anyway.  The second issue is many of these people have no money at stake in the transaction.  Many of these folks got loans at 100% LTV.  In my day buying a home meant something.  You actually had to save up money for a down payment.  When you bought a home you had something at stake.  Continue Reading »

Many Americans are facing foreclosure due to the credit crisis.  What should be your first step if you cannot make your mortgage payment?  Your first call should be to the bank.  You want to speak with someone in loss mitigation.  See if you can work out a forbearance agreement or perhaps even work out new loan terms.  Sometimes a bank will even lower your principal balance as well as interest rates.  At the least you can hope for a forbearance agreement.  This will allow you to pay back a smaller mortgage payment for awhile.  The portion of the payment not paid will be tacked on to the end of the mortgage.  At the least it will give you some relief in the present.

What Is Loan Modification? Continue Reading »