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Showing posts from 2011

AVOID FORECLOSURE

First call a FREE HUD Counselor: 1.888.995.4673 http://www.hud.gov/offices/hsg/sfh/hcc/fc/ If you are financially distressed or in danger of getting behind on your mortgage payments, you may be able to obtain free counseling from a HUD approved counseling agency. They offer a basic advisory service to consumers. The counselor will schedule a phone appointment and ask you to assemble your financial and mortgage documents prior to the call. Ask lots of questions and write down their answers. If this person suggests you 'may qualify' this does not mean you are 'approved'. Getting approved can take many months. What IS Loan Modification? A loan modification is basically reworking your existing loan with your current bank or ‘servicer’ to new terms you can afford. In many instances, modification may result in a temporary lowering of your interest rate. But first, you must demonstrate financial hardship and an ability to make a lower payment. Lenders have their own r