04:52:20
The Crisis
The economy and the real estate markets have slowed down. Mortgage rates are volatile. Home owners can’t obtain credit as promised from the Economic Stimulus and Banker Bailout and the phones are ringing off the hook at Homeowners First. Home owners are in a panic and the fear of not selling their home and the inability to refinance their toxic loan and predatory mortgages will cause them default, foreclosure and eventually a sheriff sale. Their only hope may be to modify their existing mortgage with a Loan Modification. Unfortunately, mortgage servicing companies and lenders aren’t assisting borrowers and home owners really need someone on their side.
The number of people asking for appointments to talk about mortgage consulting and loan modification is increasing daily. Most home owners are in fear of losing their home not to mention their hard earned credit. With the downturn in the housing market, retreating property values and tightening lender guidelines, the option of working with a broker or one of the many large banks given taxpayer bailout monies for a refinance is almost impossible.
Whether you are in danger of falling behind on your mortgage, or if you're already delinquent, it's important to know what's ahead and what your options are. Time is your enemy. We have assisted many home owners that were denied for a workout solution or loan modification from their bank. Homeowners First knows the guidelines and have the experience in performing the necessary research and analysis to present the request for a loan modification to your servicer, lender and investor. In fact, some on our staff were mentored by a former HUD Commissioner.
The Solution
A Loan Modification or workout of your existing mortgage that will allow the borrower to get back on track is the most sensible solution. Loan Modifications should not be confused with forbearance agreements offered by your lender. A forbearance agreement is typically a short term solution having the borrower reinstate the loan and repay back payments along with the original mortgage payment. This arrangement actually increases your monthly payment and causes more financial hardship. A Loan Modification is a permanent change of the terms of your mortgage that will allow you to meet your obligations with your lender. Frequently, we are seeing Loan Modifications with interest rates negotiated below current market interest rates. When applying for assistance for a Loan Modification with your lender it's a good idea to hire a firm that has the experience, ability and knowledge to get the best results.
Avoid being a victim again
Working alone to get assistance from your lender, that very same lender that holds the unaffordable mortgage you are trying to get out of is dangerous. Even if you could reach the right department and get a proposal from the lender, you would probably end up taking their first offer, usually their worst, because you don’t know any better. Chances are that solution will have you re-defaulting on your mortgage a few months down the road.
Then there’s the 500 or more so called Loan Modification Companies springing up, soliciting troubled home owners making guarantees and boasting high success rates. These Loan Modification or Loss Mitigation companies are doing nothing more than getting an unaffordable short term forbearance agreements or repayment plan to re-instate the loan. Their inexperience and predatory tactics will cause you more harm than good. They are probably the same mortgage brokers and loan officers that put you into the mess you are involved in.
Homeowners First
We are a "Homeowner First" driven company.
With Homeowners First on your side; when you’re working with us, we’re working for YOU. We will make sure all of your options are considered and we will guide you to solutions that make sense.
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