Idaho loan modification help - Knowing which offers to help are legitmate.

Idaho homeowners behind on the mortgage should exercise caution when reviewing offers to help.  Knowing which offers of help are legitimate and which are designed to take your money, could save you thousands of dollars, and your home. 

When faced with prospect of foreclosure in Idaho a loan modification may be an option.  Chances are your bank is not going to offer this willingly.  I encourage homeowners to contact their lenders directly.  In fact paying someone to do a loan modification in Idaho won't give you any more chance of success.

Loan modification letters that various companies are sending Idaho homeowners in default look very convincing.  Some even appear as if they were sent on behalf of the bank. 

You have to be careful and make sure to read the fine print.  As with most things, if it looks to good to be true, it probably is.

Here's a prime example of such a letter some of my Idaho clients received in the mail:

If you read the wording at the bottom, you see the disclosure stating that this company is not affiliated with the bank.  They are also claiming that your loan can be restructured under the "Economic Stimulus Act." 

What they won't tell you is you can figure all this out on your own with a quick visit to www.MakingHomeAffordable.gov.  You can also get free couceling by calling the number listed on their website. 

While a loan modification is a valid option for Idaho homeowners facing foreclosure, I don't recommend paying someone to do it for you.  Chances are you'll find yourself out of money and worse off than they found you. 

For more information on foreclsoure, short sales, and loan modification in Idaho, visit www.HopeForIdaho.com.