WARNING!
Once you have entered into an agreement to have your loan modified and signed an authorization to represent, your lender may be QUICK to call you. This call will be made in an effort to offer you some kind of deal, which more than likely, will not be to your best long term interest. In some instances this change is a short term one; 3, 6, 8 or 11 month change then you go back to the same struggle. A loan modification is a permanent change for 30 to 40 years in most cases. Just be aware of what you accept, you should allow your negotiator to negotiate on your behalf before accepting ANY terms directly from lender (refer to blog Mortgage Companies Still Determine How Much Help is Given February 18, 2009).
While you are waiting to get your loan modified SAVE, SAVE, SAVE (as best as you can) one to two mortgage payments, some lenders are asking for some type of down payment. Also, due to the high default rate of previous loan modifications (approximately 50% default) lenders are offering payment arrangements for up to 3 months and then give clients a modification. This is in an effort to assure that the client is able to make the payments. This is still tough to negotiate, but it can be done.
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Our Top 3 Recommendations
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Testimonies
"We have renewed peace-of-mind and can afford our payments again. They saved our home!"
Y Paraizy - Flordia
"My wife was going nuts when we almost lost our home! We used Home Rescue and they came through for us. They were fast, smooth and complete, but most importantly they resolved the agony of foreclosure and got us a better rate than we had before."
R Rolon - New Jersey
"If you're in foreclosure, or about to be, use Home Rescue and they should make you happy. I've recommended them for the last 5 years, and I'm glad to see they're still going strong."
B Brown - Utah
“I was down on my luck, and about to lose my home and I went to numerous lenders to refinance to no avail. I came in contact with Home Rescue they opened my eyes to products and programs I never knew existed. By the grace of God, my rate went from 9% to 5% which lowered my payment over $650.”
Stephanie Cuff
"The last thing we wanted was to lose our home! After some initial skepticism, we took a chance. They designed a plan our lender accepted and we were able to avoid the foreclosure - and the embarrassment. Top notch people!"
J Ramos - California
Y Paraizy - Flordia
"My wife was going nuts when we almost lost our home! We used Home Rescue and they came through for us. They were fast, smooth and complete, but most importantly they resolved the agony of foreclosure and got us a better rate than we had before."
R Rolon - New Jersey
"If you're in foreclosure, or about to be, use Home Rescue and they should make you happy. I've recommended them for the last 5 years, and I'm glad to see they're still going strong."
B Brown - Utah
“I was down on my luck, and about to lose my home and I went to numerous lenders to refinance to no avail. I came in contact with Home Rescue they opened my eyes to products and programs I never knew existed. By the grace of God, my rate went from 9% to 5% which lowered my payment over $650.”
Stephanie Cuff
"The last thing we wanted was to lose our home! After some initial skepticism, we took a chance. They designed a plan our lender accepted and we were able to avoid the foreclosure - and the embarrassment. Top notch people!"
J Ramos - California