Home Mortgage Modifications can be a huge asset to homeowners that have fallen behind on their mortgage. Applying can be very frustrating but with determination and perseverance a home owner can save their home.
My husband became ill in 2009 and was unable to work and then in 2011 I was laid off. Due to these income changes our Mortgage fell behind and we were being threatened with foreclosure. I Had the stress of a very ill husband, two children to care for, and the risk of losing our home. In order to save our home I worked closely with my mortgage company to ensure a modification was accomplished. The key to the modification is to fill out all paperwork thoroughly and return the requested documents on time. It is very important not to ignore letters, deadlines or phone calls. The process can be frustrating because they ask for the same documents multiple times or they ask for more in depth letters and documents. It is imperative to contact the mortgage company every 3-5 days for updates on the account. We were denied for the government modification program called HAMP but we qualified for the in house modification. Our mortgage company placed us on a three month trial to prove we can afford the new amount. Once the trial payments are made the mortgage company will send paperwork placing the behind amount on the end of the mortgage. My interest rate has been lowered and all late fees will be waved. I could not feel better about the process and recommend anyone who is behind on their mortgage to attempt to work with the mortgage company first. Be aware that not everyone qualifies so if a homeowner is denied and would like to save their home bankruptcy may be the right option.
Use extreme caution when hiring a company to do your modification. If you do hire a company be sure its local and you keep in constant contact with them. Homeowners can do it on their own it just takes working closely with the mortgage company and doing everything they ask. For more information on the government programs available please visit http://www.makinghomeaffordable.gov/pages/default.aspx
If you have any questions please give me a call,