home modification loan Question?

Beware of any company that claims it will “help” you modify your loan. Deal only directly with your lender.

Home modification loan Question?
Do they help to save your loan and lower your interest rate? How true are these

Deal with your current mortgage lender and do not pay someone else to do what you should be doing.

Ask your Lender don’t pay for companies to do it!!!! It was easy for my family to get a loan modification on our house. My husband lost his job and he paid for most of the bills. So I heard about a Loan modification and ask my Lender (and usually you have to ask, they won’t offer!)
But, I ask them and they asked me all these questions. You have to be a 3 months behind to pre-qualify. And also when they ask you questions about your bills and how much you get paid just make sure you get it close to 0 as possible! Meaning- Let say your income together is 4000 a month and all your bills (EVERYTHING - Including Mortgage) is 4500. You prob. won’t qualify. So your going to have to cut back on your food expense, water use and so forth, get rid of cable, get rid of phone. Just so you can get close as possible to how much you make a month.
Our interest rate dropped 2% went from a 6.625 to 4.625 and our payments droped 400 a month. So I highly recommend you asking them. DOn’t pay for the LM companies. YOU HAVE TO DEMAND HELP FROM YOUR LENDER!!!! They’ll prob. beat around the bush too but don’t give up. We kept calling and calling them demanding for help, some won’t help, so just say let me speak to your supervisor, then you’ll get somewhere. But, don’t give up as long as they know your wanting to keep your house they will help. And make sure you point that out that you’re are wanting to keep the house and there is no way you are losing it. Hope this helps.
Also, it is a loooong process too! Took about 2 months for us to qualify! But, we were 4 months behind. But, they took care of it added everything we were behind added to the end of our loan and now we don’t have to pay our first payment till feb 1st!

Loan Modification companies are not fraudulent and they aren’t all bad. Their are some programs out there that people have used that have no experience in the matter, charge an arm and a leg and then aren’t able to get you any results. An attorney is best if you are going to use a loan Modification program. They know your rights as a borrower and they can represent you. Yes. they negotiate on your behalf with your lender. Their are several options that they can negotiate:
1. A lower interest rate
2. A balance reduction
3. Extend the length of your loan
4. sometimes a combination
It all depends on your lender, who is negotiating for you and your personal circumstance. Beware of anyone that guarantees a loan modification.
Look at their statistics and ask for a free quote. Here is a good loan modification program, and one that has a great reputation and reasonable fees.