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Loan Modification Frequently Asked Questions

A fund of $75 billion has been established to assist American homeowners struggling to make their monthly mortgage payments under the Homeowner Affordability and Stability Plan created by President Obama. Qualified buyers must meet certain eligibility requirements in order to take advantage of loan modification options. Below are answers to the ten most frequently asked questions.

1. Does my mortgage have to be delinquent in order for me to qualify? No. You can apply proactively if you sense that you will soon be unable to meet your financial obligations and you can show that an extenuating circumstance has caused hardship. Extenuating circumstances might include job loss, interest rate increase, medical bills, or illness.

2. I'm already facing foreclosure, can I qualify? Loan modifications are intended to provide assistance to homeowners unable to make their monthly mortgage payments by lowering the monthly payment. This solution is a win-win for both homeowner and lender and a favored option over foreclosure.

3. What are the qualifications for the Homeowner Affordability and Stability Plan? The loan must be a first mortgage on the homeowner's primary residence, the loan must be insured by Fannie Mae or Freddie Mac and the current monthly mortgage payment must exceed 31% of your gross monthly income.

4. Is there a charge for the loan modification plan cost? No, there is no fee or charge for the program, it is free.

5. Does my modification application have to be with my current lender? No, there are a number of mortgage lenders voluntarily participating in the loan modification program with whom you may apply.

6. What if I've already applied for loan modification with my local bank? If your application is already pending, ask your lender about considering it under the guidelines of the Homeowner Affordability and Stability Plan.

7. What if my house is worth less than I owe on it? At your bank's discretion, the program has provisions for principal balance reduction.

8. How do I know if Fannie Mae or Freddie Mac is on my loan? You bank can tell you.

9. What information does my bank need? They need a hardship letter and a financial statement.

10. How do I apply for loan modification? Contact your local bank.

Federal guidelines must be met in order to get bank approval for loan modification. Take a moment to find out which of your local banks are participating in the program and apply now.
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For additional information and useful resources for home loan modifications, visit the #1 loans modification spot on the net: http://HomeLoanModifications101.com

Source - FAQ's About Obama's Affordability and Stability Loan Modification Program

Loan Modification Commonly Asked Questions With Straight Answers

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Loan Modification Center

Question: Does Negotiation Center of America really follow through?

I mean, I know some of these loan modification companies charge you a thousand bucks just to fax in a cookie-cutter form, and they they never follow through. Negotiation Center of America's charging more and saying that they follow through, have relationships with the bank people, handle all legal matters, etc. Is this true? If it is, have you found that it's worth the few thousand bucks?

Answer: They are ripoffs.. plain and simple....

Loan Modification Center

Mortgage Loan Modification Assistance

Question: Has anyone ever dealt with Intellichoice mortgage services?

They sent me something about a loan modification assistance and was wondering if they are safe and not scammers. I know they want money upfront so this sounds like a red flag in these desperate times.

Answer: I have dealt with Intellichoice and used their company to modify my loan with fantastic results. They were able to save my house from foreclosure and give me a phenomenal rate on a new 30 yr. fixed mortgage. I have nothing but great things to say about this company. I did my research on them before entering the program, and verified that they are licensed with the FHA and are partners with the HUD department of the government. They are also listed with the BBB under Arizona and have a great rating. I would highly reccoment this company for any modification needs.

Mortgage & Loan Modification Assistance