Home Loan Modification – What Does it Take to Save Your Home?
Posted on | November 15, 2009 | 4 Comments
Going through the home loan modification process is something that is very confusing to most homeowners. Many homeowners know that this is the option to help them save their home but they have no idea where to start or what it entails. It is very important you do your research and understand what your options are before you go through this process.
Pres. Obama and his staff have worked very hard to keep Americans in their homes. With the foreclosure rate rising each and every quarter it is very important for the economy and for every American to stay in their homes. In March, Pres. Obama launched the making home affordable plan and this is the plan you will use to modify your mortgage.
Almost all lenders should be able to help you modify your home loan. Some lenders have been working much harder than others. Citimortgage has modified over 40% of their current home loans while Bank of America has only modified 14% of theirs. Overall Bank of America has modified many more total because of the amazing amount of loans they have on their books.
Whatever lender you use it would be a good idea to contact them today and find out what your options are. The making home affordable website is also a great resource to use. Please know that this website is quite extensive and takes a lot of research to dig deep into the site. Ultimately, it is very important that you understand what your options are before you make any final decisions.
By avoiding foreclosure and saving your home you could end up making your financial career much easier in the long run. If you do go through foreclosure you are likely to find that your financial career will be very difficult for the next decade. You do not want to go through this process because not only does it hurt your financial career it is also likely to hurt the relationships in your life.
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Author: Alan Lake
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4 Responses to “Home Loan Modification – What Does it Take to Save Your Home?”
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November 16th, 2009 @ 8:44 am
Wrong Alan, the banks have not “modified” more than 1 percent of their loans on the HAMP program. They are stalled in the “trial” period and are running into roadblocks from the owners of the loan portfolios and the various state laws. Check your facts on the completed modifications and don’t say loans on the trial period are “modified” They are not.
November 16th, 2009 @ 2:17 pm
That’s if you are fortunate enough to speak to a Bank of America rep. on the telephone. I’ve been getting nasty grams from Bank of America stating I am in default due to late charges of $561.68. I paid my mortgage at the bank counter, the checks have the date it was presented to the bank but in some cases the bank did not process the check until 4 to 5 days after the payment was made resulting in late fees of about $113.00 per incident. Now I’m trying to talk to someone however, the automated service is designed to weed out people with mortgage issues. If you go into the branch office, they direct you to a telephone. I don’t even need a modification, just clarification. I am on hold (20 minutes so far) waiting to talk to someone. THEY HAVE SINCE THIS INTO COLLECTIONS AND THREATEN DEFAULT ON MY LOAN!
November 17th, 2009 @ 12:40 pm
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November 17th, 2009 @ 3:36 pm
How can you qualify when the add back your delinquent payments to your expenses after taking more that 90 days to respond to your request. Dependining on the amount of your payment you will have incurred an additional $12000 in expenses. Is that what the HAMP program was supposed to do?