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The Federal Government has stated that over 2 million homeowners could benefit from a mortgage loan modification to help them avoid foreclosure.  Frustrated, confused and angry homeowners are desperately seeking the help they need to undertand their loan modification options and put a plan in place to save their home.  But if you are one of the millions who need mortgage loan modification help, where do you start?  You might have been taken advantage of with a sub prime or adjustable rate loan-so do not  be taken advantage of again.  Here are the pros and cons of hiring a loan modification company or working with your lender directly for a mortgage loan modification:

Loan Modification Companies:  OK, just Google the words and hundreds of ads pop up.  All of these companies are relatively new to the loan modification business, let’s face it, 2 years ago the word “loan modification” wasn’t even on the radar.  Now it is almost always mentioned along with toxic loans, mortgage meltdown, housing crisis and predatory lending.

Pay a Company?

Most of the companies are staffed with former mortgage brokers and loan officers who pay for leads from another new industry, the loan modification lead generator businesses.  These companies mine the public records for late paying borrowers and homeowners who have fallen into default, then the information is sold to a loan modification company.  If you are one of these borrowers, you have probably gotten a mailing or phone call.  Not that this is a bad thing, with millions of homeowners needing help, there is a need for trained, experienced professionals to assist borrowers who don’t feel they can negotiate with their lender on their own.

Just be sure that before you pay a mortgage loan modification company thousands of dollars to represent you (usually with no guarantee of the outcome) that you have done your own research and learned as much as you can about the mortgage loan modification process.  At least then you will know what questions to ask and have a pretty good idea of how the transaction should be handled.  You might be more comfortable retaining the services of a firm that has an attorney on staff.  An attorney experienced in real estate law can bring some legal pressure to bear on the bank, for such things as lending and disclosure violations.  Of course, the attorney based firms are more expensive.

Do it Yourself:  You might say, “I don’t know the first thing about mortgage loan modifications, so how would I even know how to get started”.  Listen, it’s not rocket science-you just need to learn a few calculations and how to complete the mortgage loan modification forms properly.  The secret to a successful loan modification is HOW IT IS PRESENTED.  Let’s face it, no one is going to work as hard as you to get your loan modification approved-after all, you have the most to gain and the most to lose.  You may be like the thousands of homeowners across the country who simply do not have the few thousand dollars to pay a loan modification company.  It’s not hopeless-you can learn the basics, take your time, and learn how to submit a professional mortgage loan modification application.

Knowledge is Power

Whether you decide to hire a mortgage loan modification company or on a do it yourself loan modification, it is only smart to first learn all you can about how the loan modification process works.  A smart, educated, informed homeowner is harder to take advantage of-remember when you got the home loan you have now?  Don’t be intimidated again-your home is too important to lose without a fight.

The Complete Loan Modification Guide handbook is a low cost, easy to follow Loan Mod Book that will take you step by step through the loan modification process.  You will learn everything you need to know to decide which option is best for you, all of the required forms are provided and you are given detailed instructions on how to complete them properly.  Get help computing your debt ratio, writing an acceptable hardship letter, learn your legal rights, and much more.  Purchase and download The Complete Loan Modification Guide now and get started on the path to home based financial security now.

Home Edition Loan Modification Kit

If you would like more information about loan modification help, please visit us at:

http://www.myloanmodificationcenter.com

This last week saw two major programs roll out that will benefit troubled homeowners across the country facing delinquent home loans and rising foreclosures.  Bank of America, owner of Countrywide, announced a new, aggressive and systematic mortgage loan modification program as part of the largest predatory lending settlement in U.S. history.  Here are the highlights of this offer and the benefits it will give to Countrywide home loan customers:

• $8.7 Billion allocated for assistance and mortgage loan modifications for current Countrywide customers
• 400,000 loans to be reviewed for potential mortgage loan modification offers
• Foreclosure proceedings will be suspended on delinquent loans pending approval
• Late fees and pre-payment penalties to be waived
• Additional lump sum payments made to borrowers who cannot afford their monthly payment even after a mortgage loan modification and to those who lose their homes in foreclosure in the future

Effective October 1, Hope for Homeowners rolled out a government sponsored mortgage loan modification plan that offers government insured, low, fixed rate loans for distressed and delinquent homeowners.  Originally signed into law last July, the Hope for Homeowners was part of the Housing Rescue Bill and will offer the following benefits to qualified homeowners:

• $300 million earmarked to assist distressed homeowners refinance out of bad loans
• Qualified borrowers must have taken out the loan between January 2005 and June 2007
• The property must be the homeowners principle residence
• The deal calls for the current lender to forgive 90% of all debt over the homes current appraised value.  This reduction in principle will serve to more accurately reflect the property’s current market value & restore lost equity
• This is a voluntary program and homeowners must ask their lender if they will agree to participate

Lenders, loan servicers and the government all seem to finally realize the magnitude of the housing crisis facing millions of American homeowners.  Mortgage Loan Modification programs are being encouraged and procedures are being put in place to allow more borrowers the chance at changing their bad loan into an affordable, sustainable monthly mortgage payment.  Homeowners thinking about a mortgage loan modification need to start learning and be prepared to present an acceptable application to their lender for quick approval.  Not all borrowers will qualify, so it is important to know exactly what your lender needs to see to approve your loan modification application.

There is a lot of information available on the internet about mortgage loan modification options.  Many companies are now offering to represent distressed homeowners during the loan modification process with their lenders.  Most of these firms charge an upfront fee, up to $5000, and there is not guarantee of the outcome.  Borrowers can also learn about the mortgage loan modification process themselves and work directly with their lender to find a loan workout solution.  Many homeowners can successfully modify their home loan with just a little preparation and instruction.  It may be time consuming to wade through all the information online, but it is time well spent for a homeowner who want to find a way to keep their home from foreclosure. 

The Complete Loan Modification Guide is an easy to follow, step by step handbook that you can purchase and download online.  You can start learning everything you need to know about how to prepare a professional and acceptable mortgage loan modification package that your lender will review quickly.  You will be provided with everything you need and given detailed instructions so you can confidently work with our lender to find a loan workout solution that fits your unique situation.

Purchase and download The Complete Loan Modification Guide handbook now and get started on your path

Home Edition Loan Modification Kit with Customer Assist

to financial security.  Please visit us at: http://www.myloanmodificationcenter.com

You Can Do It Yourself!

When you are facing the very real prospect of losing your home, consider a do it yourself loan modification as a good option.  How can you learn about loan modifications without paying a fortune?  One option is to purchase a low cost loan modification Guide handbook.  You will then have all the information, procedures and required forms in one easy to read and easy to follow format.  While there is alot of “free” information on the internet about loan modifications, it is difficult to piece together all the information you need into a complete and comprehensive source of information.

Alot of the information online is geared towards “selling” the services of a loan modification company.  All the information on these sites is directed to the distressed homeowner to convince them to use that particular company.  Wouldn’t it make more sense to get an unbiased source of information to learn all you can before hiring anyone to represent you in the loan modification process?  Once you learn how the process works and what to expect, you will be able to better judge if you want to deal with your lender directly or hire a loan modification company.  You will also know the right questions to ask the companies you are considering working with to make sure they know their stuff.

A loan modification guide handbook will benefit you whether you want to do it yourself or retain a loan modification company.  It is definitely money well spent and could in fact save you many hours of frustration and thousands of wasted dollars.

Home Edition Loan Modification Kit with Customer Assist

A very good source of loan modification information is The Complete Loan Modification Guide handbook.  This is a step by step guide to the loan modification process.  You will learn the 7 Steps to a Successful Loan Modification, as well as invaluable negotiating tips you can use with your lender.  The Complete Loan Modification Guide handbook also provides you with the necessary forms, along with detailed instructions on how to complete them properly.

Thousands of homeowners have had their home loans modified successfully, YOU CAN TOO!  So get informed and get going!

If you would like more information about loan modification guides and handbooks, please visit us at:

http://www.myloanmodificationcenter.com