Life has surely thrown us a few curve balls in the last join of years. First was the dot com bust, then the subprime mess and now a recession. Many population are hanging on by a thread just trying to keep their heads above water. If you are in the same situation, take a deep breath. It probably isn't your fault. Bad things have happened to good people. Take heart because there is help available.
The government is fully behind the loan modification program. When the housing bubble burst, it took trillions of dollars of value from the net worth of America. House values went down and payments went up. Some population have lost their jobs or got their hours cut.
This is exactly the kind of thing that will qualify you for a home loan modification.
There are some rules everybody must follow. You'll have to write a hardship letter explaining why you can't make your loan payments. You should also interpret how you will be able to make the payments in the hereafter and get caught up. This may be as easy as saying your wife got laid off (if she did) and you'll be able to make the full payments once she gets back to work.
They will be finding at your debt to income ratio. To qualify, it must be 31% or less. If you don't know what this means or how it is calculated you get an idea of why so many loan modifications fail. You can try to navigate a loan modification on your own but I'm sure you can already see the problem. You will be trying to learn the banking business while trying to save your biggest investment. That's way too big a risk. If you had to spend 0,000 in only one stock, would you ask man for advice or would you make your best guess, close your eyes and throw a dart at a dartboard? Trying to save your home without advice makes just about as much sense.
I would propose you get an devotee to help you. There are non-profit organizations who can help but quite frankly, like most non-profits, they are overworked and underpaid. For best results, I propose enlisting the help of a specialist.
When loan modifications first started, there was no regulation. Many population got ripped off in one loan modification scam or another. This is no longer the case. There are now loan modification laws governing home finances. Some states even wish licensing. You can rest assured you wont get ripped off.
That is not to say the assistance is free. If you were in an emergency or getting sued, you would probably pay an attorney. If you want to save your home which is probably worth several hundred thousand dollars you would probably pay a inexpensive fee to sell out your payments and save your house. At least I would. You may have put down ,000 or more to buy the house, it would be worth it to keep the bank from foreclosing.
How much do loan modifications specialists cost? That's hard to answer. It varies from state to state. Some companies use only loan modification attorneys, some don't. One thing is true. They will all give you a free consultation to discuss your situation. If they don't think they can help you, they will tell you. They can tell you what to expect. If you haven't gotten a loan mod started yet, one thing is for sure.
You need to begin now!
Here is an additional one fact for you. Most of the loan modifications in the past failed because it took too long. The house went to foreclosure before the modification was approved. Now they have to give you an acknowledge in 30 days or less. Once you miss a payment, the clock starts ticking.
You must submit clear forms by definite dates or you will lose your house.
Don't let depression about your current situation cause you to put it off an additional one day. At the very least, you should apply online to mortgage modification specialists and get a quote. Try anything and all things to save your home. Your house will thank you.
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