Is your mortgage loan at risk of default? Foreclosure?
Has your lender turned you down for a loan modification?
Your loan servicer's boondoggle and backlog may be easing
up a bit, so you should renew your request for workout
consideration, but don't be suckered into thinking you
must use a loan modification service promoted on radio, TV,
or commercial web sites.
Most lenders and consumer credit counseling organizations
(both for-profit, and nonprofit) will guide qualified homeowners
through the loan modification application process at little, or no
charge... for the asking. But not everyone can be helped by traditional
counseling efforts.
For example, if you have been disqualified for a loan modification,
you may need specialized advocacy services which
challenge the lender's practices.
- Have you been a victim of predatory lending?
- Do you have an adjustable rate mortgage?
- Have you been denied a Loan Modification?
- Did the loan officer accurately disclose the loan terms to you?
- Did you sign a separate broker fee agreement?
- Do you owe more than your home is worth?
- Was your home's value inflated by the appraiser?
- Did the lender fail to verify your ability to repay the loan?
- Were you given all federal and state disclosures in a timely fashion?
- Were you properly notified of your right to cancel the loan?
- Do your loan documents contain any technical errors?
- Were you charged excessive or undisclosed fees?
- Has your loan been sold without your knowledge?
- Have they "lost" the note with your original signature?
Unconventional foreclosure defense options may not be readily available from, or
even endorsed by HUD or other lender-sponsored default services providers.
Before you engage a loan modification service provider, you should
exhaust your self-efforts with your lender's loss mitigation department.
But if your lender turns you down... it may be time to explore alternative
strategies. E mail for more information: info@spoch.org
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