From time to time, people require a bit of financial assistance. Sometimes it’s just a small loan. Sometimes it’s much more than that. Often folks will look to mortgage modification companies to find ways to reduce their mortgage payments. The following will look into these companies to determine if they are really effective and to learn how to obtain their help.
Phoenix, AZ -- (SBWIRE) -- 01/08/2013 -- Financial help can mean anything from a small loan for home repairs to an entire mortgage loan refinance. For many homeowners, the threat of foreclosure is still very real, despite the fact that foreclosure rates have fallen recently. When facing the possibility of losing the house to the lien holder, doing some research on a local or national mortgage modification company is a wise move. Often, these businesses can be very helpful. Just be careful not to be scammed by a fraudulent business. These bogus enterprises claim that they can “lower mortgage payments now!” and “Stop foreclosure proceedings now!” but they are really setting up people who already have financial issues. These unscrupulous thieves scan public foreclosure notices for information and promise to shorten the modification process. They are full of baloney, so if something seems too good to be true, it undoubtedly is. Do not pay for services in advance. This is an easy way for scammers to take the cash and/or one’s credit card information and wreak havoc on one’s credit rating.
There are legitimate mortgage modification companies. These are – surprise! – the mortgage servicers currently holding the lien on one’s home. Most banks and credit unions have an in-house modification/refinance program in place. The institution that holds one’s original mortgage loan can supply a solution to the financial difficulties one is having by offering to modify or refinance the mortgage. If, for some reason, one’s mortgage servicer cannot or will not help one out, there are other options to look into. The federal government offers the HAMP (home affordable modification program) plan to help troubled property owners keep their assets. While this program isn’t exactly a mortgage modification company, it can do the same thing as one of them does. HAMP offers loan modification to those who are in default or are about to be in default on their mortgages. Even if a homeowner has already received HAMP assistance and defaulted during the three-month trial period, he may be able to re-qualify. Anyone whose debt-to-income ratio is less than 31% may qualify for HAMP. The program also presents the option of refinancing a mortgage loan. Apply for HAMP help through any participating financial institution.
http://Credit-yogi.com, an online marketing company located in Pittsfield, Massachusetts, has more information on this topic and is happy to share it with interested parties.
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