Updated March 12, 2013! Everyone is asking how to do a mortgage loan modification. 'Can I do a modification myself?' The answer is yes. But ask yourself this question first. 'Should I do the home loan modification myself?'
If you are like me, you are receiving 4 or 5 offers to modify your mortgage weekly. These are paid services offering to negotiate a modification on your behalf for a fee.
Modification advertisements are broadcasting on TV and radio commercials daily.
As you can imagine these services are not cheap. But do you get what you pay for? Or more appropriately, can you pay for what is being offered?
Now before we discuss companies who charge fees to modify your mortgage, let's answer a few simple questions like...
Effective May 13, 2013 for Freddie Mac and July 1, 2013 for Fannie Mae, paperwork is no longer required from qualified homeowners applying for HAMP.
Find out who qualifies at HAMP Loan Modification News!
A loan modification is a permanent change in one or more of the terms of a homeowner's mortgage. It results in a monthly payment you can afford and avoids foreclosure.
Only your lender or loan servicer (the entity you make your monthly mortgage payments to) has the capacity to modify your mortgage.
Hopefully, your lender and loan servicer participates in the Making Home Affordable Modification Program - HAMP.
But don't give up if they don't. You can still ask them for in-house modification programs.
Modifications can help you in at least 4 ways by...
Mortgage loan modification paperwork does not have to be done by a lawyer or a hired company. You can easily fill out the forms and submit them to your loan servicer yourself.
The amount of paperwork will be the same whether or not you submit the home loan modification yourself. Find the list of items you'll need to complete the paperwork here.
In order to qualify for a modification, you do not have to be late on your monthly mortgage payments.
In addtion to hardship requirements, there are specific income ratios that can dramatically increase your chances of receiving a successful home loan modification.
The first difference is who proposes the modification. Who better than you? After all, no one cares more about your mortgage than you.
The second difference is cost. Most professional mortgage modification companies charge one to four thousand dollars to fill out your paperwork.
You can apply to modify your mortgage yourself! Find out what you need to accomplish a successful home loan modification and how to get personal help from a free housing counselor provided by Making Home Affordable.
Don't spend thousands paying a company when you can easily do it yourself! Save your home. It's part of the American dream.
New HAMP Tier 2 Mortgage Modification News - Helping more homeowners get affordable monthly payments.
How to contact Washington DC about the HAMP program - Your voice makes a difference!
Please help me spread the word. I depend on your word of mouth! Share Mortgage Loan Modification with your friends.
The information you obtain at this site is made available to you as a self-help tool and is not, nor is it intended to be, a substitute for personalized professional advice. All numbers are estimated and are for illustrative purposes. Rates are published for convenience only, vary with no advance warning, are not guaranteed, and should not be relied upon. You are encouraged to consult a lender for a current rate quote and seek advice from qualified professionals, for example, attorneys, accountants, financial planners, housing counselors, mortgage lenders, and/or real estate agents, regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com and its owners.
Insider mortgage secrets, every Thursday morning. Sign up now.
Delivered by Super Kate who respects your email privacy.
Borrow a mortgage insider's brain.
Mortgage news, interest rate updates, loan approval tips.
Get to the heart of your search quickly.
Special Edition Making Home Affordable - 13 options for homeowners struggling with unaffordable house payments.
Loan Modification Ask and Answer - Answers to loan modification, Home Affordable Programs, HARP, and HAMP questions.
"Can I do a Mortgage Loan Modification myself?" The answer is yes, but...
Don't give up. With a little knowledge, you can Stop Mortgage Foreclosure.
Foreclosure Help - Act now if you think you are going to be late on a mortgage payment.
Help for locating your lender to Stop Foreclosure Now.
By understanding your Adjustable Rate Mortgage, you can anticipate and plan.
When promises to Sell Your House seem too good to be true, remember this.
A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.
How to explain to your lender that you are trying to Prevent Foreclosure.
The first step to stopping Foreclosure is understanding its impact on your life.
Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.
Subprime Mortgage Loans fulfilled an important role in America.
Every homeowner with a Subprime Mortgage needs a long term plan.
Subprime Mortgages - Learn how to transition to traditional mortgage financing.