It’s back again – that frantic, stressed-out feeling of impending doom when you realize that you can’t pay for all the necessities of life. If you’re a homeowner in this situation, don’t blame yourself. Probably half of the families on your street are going through the same thing right now. You need to discover how to get loan modification help when you need it, so you can finally make that frantic feeling go away for good.
It’s no secret that times are tough. We are in the worst economic recession since the Great Depression. But luckily there are lots of ways you can get the help you need. Many people like you, who can’t afford or don’t qualify for refinancing, can seek a loan modification from your mortgage lender to lower your monthly payments, avoid foreclosure, and save your home.
First you need to know about your options for such modifications. One is your original mortgage lender. You should talk to them and see if you meet their criteria for loan modification. Their loss mitigation department deals with cases like yours and may have some very helpful advice for you, and can help you to start applying. The other option is the Making Home Affordable plan under the federal government. Making Home Affordable is a partnership between the U.S. Treasury and individual lenders that aims at helping to prevent foreclosures in record numbers.
Talking to a professional financial counselor may also help. Lists of free financial counseling services are available from your HUD office, plus there are fee-based counselors as well. A counselor can help you sort out your options, apply for a loan modification, and fight for you in the case that you are ever mistreated. The good thing about working with a professional counselor is that they are working for you and can be trusted to give you advice that is most beneficial for you, as opposed to relying on your mortgage lender who is primarily watching out for themselves and their financial interests.
When you are stuck in a bad financial situation, consider loan modifications as a way to get the help that you need. There are two sources of possible help for you: your mortgage lender and the federal government. Both have loan modification programs with separate eligibility criteria, and its best to look into both of them when you are considering mortgage loan modification.