Everyone wants a free loan modification these days and I don’t blame them one bit. They are behind the boat, underwater by a mile and they need some relief at home and on their payments so they can cope, plan and stay afloat.
So does every homeowner get free help for a loan modification? The simple answer is no and let me explain.
Let me start with who can get free help from a non-profit, such as a HUD certified Housing Counseling Agency like Neighborhood Works or NACA. The homeowners that can get help at these agencies are people who need assistance with their primary residence. If the homeowner has multiple properties, they still can get help for free on their primary home, but not on the other property or properties. They would have to negotiate themselves or located reputable law firm that can handle the loan modification for them.
So there you have it. If you have a second home or multiple investment properties, you will most likely not be able to get free mortgage assistance. I have been studying this industry for two years and I have yet to see a free service on 2nd and investment homes.
If you need help on your primary residence, try the links below to free government help. You can also join my forum with over 17,000 other homeowners and 300 plus homes saved. www.LoanSafe.org/forum
- Making Home Affordable
- Home Affordable Modification
- Home Affordable Refinancing
- HELP 24 hours a day / 7 days a week - (888) 995-HOPE
- Help For Homeowners Facing The Loss Of Their Home
(En Español) - HUD Approved Housing Counseling Agencies: California Cities
- List of Approved Credit Counseling Agencies
Can’t get the help you need and deserve? FIGHT BACK!
- Write Your Senator Today! State Senator Contact Info
Department of Housing and Urban Development
- Mortgage Servicing Complaints
- Housing Counseling Agencies
- How to Avoid Foreclosure (82 KB PDF
- Tips for Avoiding Foreclosure
- Info on Escrow Accounts
Is Free Loan Modifications really in the best interest of borrowers? I feel a true Forensic, Line by Line, Manual Forensic which when RESPA, TILA, Federal, State or Local or Predatory Lending violations are identify, we need to pressure the Banks with possible litigation. If they even cop an “Jump Frog” attitude we file in state or federal court as fast as possible. I am tired of the “Banks Bandaids” which do not long term help the borrower, litigation and the threat there of, is the only way to get the Max benefit for borrowers. Sure, the cost for our Forensic Analysis, to see if the greater Full Forensic Audit, is necessary is warranted, is not FREE, our over six hours of our time, on each file must be paid for but if the outcome is to Litigate or Threaten to do so with the intent to file, then the results are much greater. I am only for Litigation, the Banks are way to powerful to just play their game, with or without an HUD appoved counselor, FREE or Not, it is the outcome which is important, not whether the service is FREE.
Free loan modification is not in the best interest of the homeowner! Loan modification is largely a losing proposition for lenders and servicers and they want nothing more than to mitigate their losses not the homeowners.
In many cases, fraudulent actions are covered up by free loan modifications. I agree that a forensic audit is a good idea but not in every case.
Certainly gross abuse of lending practices should be prosecuted, but generally most homeowners are in such dire need that they do not have the $3,800 to $7,500 to pay an attorney.
Obtaining a qualifies opinion from a legitimate loan modification professional is a first step to referring out the case to a qualified attorney.
Free loan modifications usually end up costing the borrower tens of thousands of dollars over the term of the loan. Most likely the homeowner can obtain a greater reduction in their mortgage payment with the appropriate representation.
1st-Trust.Net, The Loan Modification Corporation welcomes the opportunity to review your case and help you go in the best direction.
Thank you for your consideration.
Mr. Sharaf
Mr Sharaf,
Are you a law firm and where are you located? Are you able to work nation wide?