I. HOME LOAN MODIFICATIONS.
You may not be able to afford your mortgage payment or you are not able to refinance your home loan, an option that may be available to you is a Loan Modification.
A Loan Modification, is where you and your lender agree to modify one or more of the terms of your home loan. Modification of terms could be a lower interest rate, an extension of the length of the loan (like making a 15 year loan into a 30 year loan), a conversion of an adjustable rate loan to fixed rate, the deferring of some of your payments, or any other modifications.
A Loan Modification is to assist you in keeping your home and to give you a real, meaningful, sustainable, and long-term adjustment to your current home loan that works for your financial situation.
II. BEWARE OF LOAN MODIFICATION SCAMS AND CON ARTISTS, WHO DEMAND THE PAYMENT OF UPFRONT FEES.
FOR EXAMPLE: After a Tornato hits, where contractors and others may collect money for repairs and then not do any work, there are numerous dishonest people and companies (many of whom are unlicensed) that appear in the time of a current economic downturn, and more are showing up every day. They make false promises about their abilities to help get you a loan changed, collect money up front, and then do nothing or next to nothing. They are predators who take advantage of those who are or may be vulnerable.
WHAT YOU CAN DO TO PROTECT YOURSELF FROM BECOMING A LOAN MODIFICATION OR FORECLOSURE RESCUE SCAM VICTIM:
A. Do It Yourself (and Do It As Soon As Possible)
Contact your Lender directly and request a Loan Modification that works for you and your lender. Don't wait! Call before you cannot make or believe you will not be able to make your mortgage payment.
Be forceful and persistent! - Call your Lender many times. Make detailed notes about your attempts to call, when you have left messages, who you speak with, what was said, and what offers are discussed and/or made.
B. Other Free and Safe Options
If you don't believe you can negotiate a your Loan by yourself, there are free and safe options, that are free, safe and available to you.
BEST WISHES TO YOU AND YOUR FAMILY.
WWW.KQUINONES.SERVINGSONOMA.COM
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