Loan Modification Agreements – Help Avoid Foreclosure

Aug. 17, 2010 - PRLog -- A qualified professional from a network of specialists can show how to qualify for a home affordable modification program to take advantage of the constructive and beneficial changes.

The recent collapse of the real estate market saw an increase of con artists in the home loan modification segment swindling homeowners facing foreclosure of their hard earned money. These fraud agents look for victims faced with uncertainties of losing their homes to foreclosure. They promise guaranteed lessening in mortgage rate up to 2% or lower and also a guaranteed cutback in their principal balance.

While the Obama home affordable modification program aims to help homeowners along these guidelines thru voluntary lender participation, no loan modification company can guarantee it unless ascertained by an attorney as it's finally the lender’s decision. If you opt for a refinance with your current lender agreeing to it, a second mortgage will reduced as the interest rates and a portion of the principal may be waived off. An online search for information for the right attorney who can help you with your specific needs can resolve your foreclosure fears effectively. Loans Store has a network of experienced attorneys with legal expertise in mortgage and foreclosure laws and also well versed with loan modification agreements.

There are generally three types of loan modification companies available: private funded organizations, traditional mortgage lenders and banks and government loan modification program representatives. This is where the risk of coming in contact with a fraud agent comes in. In order to choose a loan modification you need to work with the lender with whom you are already experienced. The history of the current mortgage can help retain the loan of homeowner thru a 2nd mortgage.

The home affordable modification program aimed to help struggling homeowners keep their homes by sharing with the lenders the cost of reductions in monthly payments from 38% to 31% debt to income ratio. These guidelines were proposed to become standard practices adopted by lenders to help struggling homeowners. Reputable loan modification companies now have attorney who can examine your existing mortgage in detail and recommend a suitable lender for a federal loan modification to suit every need.

The loan modification guide works to restructure existing mortgages by reducing interest rates to as low as 2% and a loan term of up to 40 years in order to make your monthly payments affordable and not more than 31% of your gross income. It also includes reducing your principal balance if required and eliminating late charges, fees and penalties. A qualified professional from a network of specialist can show how to qualify for a mortgage loan modification to take advantage of the constructive and beneficial changes.


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Loan modification services and programs offered by professional loan modifications companies. [ http://www.loansstore.com/loan-modification/ ]