How to Get a Mortgage Loan Modification Approved

Here I sit, staring out the window and wondering how I can prevent my home from being foreclosed on. I talked to my loan officer at the bank that originally gave me my mortgage, but he seems to think I’m going to need some “outside” help. I went home and thought about how much I’d hate to lose my home just because my lender didn’t have an in-house mortgage modification assistance program. After sitting on my thumbs for a bit, I turned on my computer and went online. Quickly, I found this terrific website called Credit-yogi.com, which gave me some other options to consider.

I had no idea what the rules and regulations governing foreclosures are. Credit-yogi.com pointed them out to me. It also explained what some of the mortgage foreclosure laws are so I clearly understood them. First, I learned about a non-judicial foreclosure, which is what I am dealing with right now. Here are some of the laws pertaining to this process: A “Notice of Sale” has to be recorded in the county where my home is located. I must receive a registered mail-delivered copy of the Notice or it has to be posted in the local newspaper at least 3 weeks before the foreclosure sale. The Notice must include the time, date, and place for my foreclosure hearing, the date my mortgage was recorded, my name, and how much in default I am. My bank followed the rules. Yay.

I cannot believe how scared I am of losing my home! My house and I have gone through a lot of stuff over the years, and I’d hate to have to leave it. Continuing to read the information Credit-yogi.com was giving me, I found out about governmental home mortgage loan modification. Thank goodness for that! I was able to apply, and be approved for, HAMP, which stands for Home Affordable Modification Program. This program saved my home from being taken back by the bank. The point of HAMP was to lower my monthly mortgage payment by reducing my interest rate or giving me more time to repay the mortgage loan.

I learned about Federal National Mortgage foreclosures on Credit-yogi.com, also. Federal National Mortgage Association is a company also called Fannie Mae) that handles foreclosure sales once the property is real estate owned (REO). I found that if you want to purchase an REO home from this group you must get prequalified first. You can find the Fannie Mae foreclosure sales at its website or by chatting with a realtor.

I’m so glad I tripped upon the Credit-yogi.com website! It helped me keep my home, and I’m eternally grateful for that. If you are facing foreclosure, get a free initial consultation by calling 866-964-9644. This website really helped me; it can help you, too.

Avoiding Foreclosure with HAMP

Take a deep breath and calm down. Believe me I was frantic and distraught last year because I too was in danger of losing my home to foreclosure. I had all the nightmares associated with this crisis. My family would be out on the street. I’d have to teach my kids to beg. Ok, I’ll stop there, these were just dreams. However, the pressure I was feeling to save the situation was causing our family serious anxiety.

               

A Meager Living

We had cut all sorts of things out of our budget by the time we realized we’d not be able to continue making our mortgage payments. Birthdays for everyone that year involved hand made cards and baked goods. We just couldn't afford much of anything anymore. My wife had been sick for several years and had not been able to work, so we were relying on my meager income.

Help is Readily Available

Surprisingly the bank was very understanding after I had written a long letter of hardship describing our entire situation in great detail. They suggested we apply for HAMP to see if we were eligible. They said these mortgage loan modification services are great government programs designed to allow families with serious financial hardship to restructure their existing mortgages to make it easier to pay. It actually benefits all involved and here’s how.

• Mortgage lenders are encouraged to participate in this program. They often are rewarded thousands of dollars per year from the government if they negotiate a successful new contract.
• Lenders are also assured of having the entire loan paid off entirely. This saves them from the costs associated with reselling the foreclosed home at a much lower value.
• Homeowners can rework an existing loan to have lower interest and monthly payments as well as a lower overall principal. They avoid foreclosure and all the associated credit problems.

Program to Help You Avoid Foreclosure

This program is known as the Home Affordable Loan Modification Program. It is really only designed for people who have exhausted all possible options to pay an existing loan. The mortgage also has to have been created before 2009. However, if you are in danger of losing your home and can prove that your financial hardship will cause the bank to eventually foreclose on your home it is worth the time to see if you are eligible. The government recognizes that the housing crisis is not going away, and they have tried to set up a program that will keep people in their homes for a long time. Your lender will be eager to find a solution with you and will help you find home loan modification help if it’s possible. A foreclosure is bad for their business too.

To inquire further about hud loan modification assistance programs and see if you are eligible for any programs to stop a foreclosure contact Credit-yogi or call 1-866-964-9644 for a free consultation.