Mortgage Loan Modification Assistance - How to Modify My Home Loan

May 28, 2010 - PRLog -- The mortgage refinance industry has changed drastically. There are no more stated income loans since the market has crashed. Now most lenders only do full documentation loans. This has a tremendous affect on higher priced markets such as California, Florida, and New York since most home owners chose to buy homes with stated income loans with variable interest rates.

Now that home owner's interest rates are about to increase significantly, the majority of them will not be able to refinance their loan to a lower interest rate because they are either upside down or they won't qualify because they're out of a job. They have only two options. They can talk to their mortgage company to do a mortgage loan modification or they can just let it go to foreclosure. However, mortgage companies aren't too friendly to deal with. They are mostly interested in getting a payment than modifying the loan. Plus, if you try to call them to get assistance, they'll transfer you to several people until you finally hang up the phone or get disconnected.

It's sad to say that if a mortgage company is unwilling to do a home loan modification plan that the house will most likely go into foreclosure and the home owner's credit will be ruined for 7 years. Sometimes a home owner has to contact a lawyer who specializes in loan modifications to get the job done.

Most mortgage companies will not talk to home owner about a loan modification program until his is at least 3-4 months behind on his payments. So this really hurts honest homeowners who want to pay back their mortgage but are unable to do so because of their current circumstances.

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