When the unemployment rate is near 10%, it’s really not hard to see why people may have a hard time paying their mortgage on time.
What do you do if YOU are one of those people? Where do you turn? Who do you call?
The point of this brief article is to direct you to a LEGITIMATE source that may be able to help you if currently in a financial bind.
First and foremost, do NOT pay attention to the majority of all these scam-atic loan mod companies. Over 178 Loan Mod companies are having the hammer brought down on them pretty frikkin’ hard, and it’s not going to be pretty when the dust will settle.
TBWS said it best – “…most loan mod specialists out there are a little more than failed loan officers… bottom feeders, sub-prime refi guys that went looking for the next quick buck when their market dried out.”
Jerry Brown, the current CA state AG, along with the FTC and 18 other various government agencies are going to rip these guys to shreds, and I’m going to enjoy every second of it.
I’ve come across several individuals (even one of my Realtors), that were facing foreclosure, and were almost duped by some “part-time” telemarketer promising them the “solution” to keeping their home…and world hunger…and the cure for AIDS…and (get my point?).
If you get a chance, please check out http://makinghomeaffordable.gov/eligibility.html and see if you are eligible for some help.
This, in my opinion, is one of the best solutions if you are looking into your options. Chances are if you contact your current lender, they will most likely refer you to Making Home Affordable themselves. I’ve heard a hell of a lot more success stories on with this program than any other one, and personally give them my stamp of approval.
Please take a moment to look around the site. You can even find a counselor in your area and see what advice/direction they can give you as well.
Tommy’s 2 Cents:
If you’re having trouble paying your mortgage and looking for an answer, be SKEPTICAL!
To MOST of these loan mod companies, you facing foreclosure is an IDEAL chance for them to capitalize. Best bet is to get in touch with your current lender and see what options are available to you…write them down… then sleep on it… then make a decision.
Sonny: Get this over with, Mush.
daily that REALISTICALLY expected rates to go down to the high 3′s because the media puts their dirty little paws on it, and in the end, they lose out on something great.
Would you pay a CPA double what another CPA would charge if they saved you an additional $5,000 off your taxes?
At first, I thought it was just another “mortgage scam”. Trust you me, the real mortgage industry always leaves room for the next “million-dollar-idea”. If you pay close attention, you may even end up seeing your next door neighbor on the 6 o’clock news getting caught for selling “ARMS” from the back of his van in a dark alley.
doing an FHA Loan, if you are delinquent, as revealed by any public records or HUD’s Credit Alert Interactive Voice Response System (CAIVRS), on any federal debt (e.g. VA-guaranteed mortgage, Title 1 loan, Federal Student Loan, SBA Loan, delinquent federal taxes) or you have a lien, including taxes, placed on your property for a debt owed to the U.S., you are 
Fannie Mae put into effect a new program last month, and is entirely designed for people that are buying REO’s (Real Estate Owned) from Fannie Mae directly. Simply put, when someone goes into foreclosure, many times the bank will buy back the property and are looking to sell these things as fast as they can because they don’t want their “books to get cooked.”
Here’s a quick example: