Wednesday, September 2, 2009

Foreclosure OR Loan Modification

Are you in foreclosure or late on your mortgage? The latest foreclosure statistics are in and once again the news isn’t very good. In the 2nd quarter of 2009 tells us that one in every 159 homes in the US have received a foreclosure filing. Nevada continues to rank the highest state foreclosure rate. Arizona is second and California is third with 1 in every 58 housing units receiving a foreclosure filing.
Enough with the stats…. What’s important is if you are one of them right? Well if you are, there are things you can do. If you are in foreclosure and WANT to keep you home then hopefully this article with give you some needed information.
There are several places you can go and get information FREE. You can even talk with a HUD counselor FREE by calling 1 888-995-HOPE (4673). It’s important you take the steps to get this information before you lose your house. Time is of the essence. The HUD counselor will guide you so you can do your own modification or help you by contacting your lender for you. They will help you to see if you are within the guidelines for a loan modification and see if you qualify. Call them or go online MakingHOMEAffordable their site is full of information too.
Another really good source is Society for the Preservation of Continued Homeownership visit SPOCH’s Website for more information. This is a nonprofit, education and charitable corporation.
I encourage you to try to do your own loan modification. You can deal directly with your lender. Call your mortgage servicer immediately. In most cases they will hold off foreclosure while you’re going through the loan mod approval process.
Another source less expensive than an attorney is Financial Aid America, they sell a kit to help you understand and give you all the information you need to do your own loan modification with our lender. They also provide 3 month of 24/7 customer support.
There are many companies springing up all over the country offering Loan Modification for people in distress. BE CAREFUL there are many scams out there too. Never pay upfront!!!!! NEVER did you hear me NEVER. Most legitimate companies offer to look at your financial situation to evaluate your legibility for a loan mod, then if they think you are a good candidate they will take your case and charge you, NEVER GIVE ANYONE $$$ unless they have a 100% guarantee in writing. If they end up with a decline from your lender YOU get your money back. OR at the very least MOST of your money back. Good Luck and I am here if you have any questions.
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