Upside Down Mortgage

Posts Tagged ‘reference’

Mortgage Help Usa

Question: How much mortgage debt is there in the USA?

Given all the worries about credit in this country, and subprime mortgages, I was curious as to what the entire amount of home mortgage debt is. There are about 110 million households in the country, with 70% of them owned residences. Let's say there are 75 million owned homes. Not all have mortgages, but if 70 million do, and the average mortgage amount on such homes is $200,000, that comes out to a scary $14 TRILLION of mortgage debt in the USA. If just 2% default, the amount of bad home loans is $280 billion. It could obviously be much higher.

Does anyone know what total mortgage debt is per household and in total? This is a real problem that could damage the economy.

Answer: I don't know the numbers, but it is an astronomical amount.

Money Minute: More Mortgage Help

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Mortgage Modification Blogs

Start with Trust

The best read you can get on a company is from a firsthand recommendation of someone you trust who has used them before.  Because of this, make sure that you ask the people in your life that you trust if they have ever enlisted services like this before and if they have any recommendations.  If this is not an option, try doing some research online and viewing comments made by previous customers on blogs about Loan Modifications.  There are also neutral third party sources such as the Better Business Bureau which can give you a grade of the company as well as anything you would like to know about them.  Also, your local government websites will also most likely have a list of trustable loan modification companies.

Don’t Pay Advanced Fees

Companies who want money upfront for work that has not been done yet are typically the ones to stay away from.  This practice has actually even become illegal recently in the state of CA.  Even if a company has a 100% money back guarantee, it is now not enough.  A good company will not ask for any upfront fees.  Instead, they will expect to get paid if they are able to successfully modify your loan.  This is the type of company to look for.

Promises and Guarantees are Red Flags

Any company or representative from a company who is willing to make you promises in the beginning about what type of modification to accept or how quickly it will get done or that you will definitely get a modification is suspect.  There is no way to know exactly what type of modification you will get.  There is also no way to know how long it will take or if you will definitely get a modification at all.  This is a very new thing for the banks and for homeowners alike so there are no guarantees.  Look for a company that is very informative and gives you some idea of what types of modifications are out there and the guidelines for the major programs available but make no guarantees.  This company is being honest.

About the Author:

Matt Campbell is a founder and owner of Right Track Financial Services West based out of Brea, California. www.rtlmwest.com

Source - Choosing a Reputable and Ethical Loan Modification Company

CDPE - Charfen's Blog: Mortgage Modifications

National Mortgage Help Center Scam

Question: National Mortgage Help Center Commercial Legitimate?

Anyone know if this company is legitimate or not?
We have seen their commercial and our mortgage company will not help us, do you think they can or is it a scam?

http://www.nmhcenter.org/

Answer: If they want you to pay an up front fee, run for the hills!!!!

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