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...
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.
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