who can modify my loan

The first thing you should do before you try a loan modification with your servicer, research loan modification laws that pertain to your state. Many of the laws influence your ability or inability to get your loan modified.

If you are in default and want to keep your home, you need to know the loan modification laws in your state. The loan modification laws will let you know if it is possible to get a loan modification. The Home Affordable Modification Program (HAMP) otherwise known as the Obama Plan helps homeowners from the United States apply for a loan modification if they are have experienced a hardship. However, many states have different laws affecting a loan modification and different lenders have different guidelines to get a loan modification. You need to know them in order to know how to qualify.

Each state loan modification laws generally outline who is able to assist in obtaining a loan modifications. Finding the laws is not an easy task, but it is important to be familiar with them because they will determine an approval or denial.

Lenders have investor guidelines, not laws, and the servicer is required to follow the guidelines. You must fit these guidelines if you want to get your loan modification. In many instance these are the factors that determine whether or not a loan modification is possible:

The unpaid principal balance of your mortgage

Payment history, have you been paying on time

Credit Rating

The property value to measured against mortgage balance

Your financials

Servicers have to be strict about the investor guidelines. Many laws have been put into place because of the amount of fraud in the loan modification industry. Homeowners who are facing foreclosure with no way out – often trust any agency that offers them foreclosure help. These fraudulent companies charge an upfront fee that can be into the thousands of dollars. Find a member of the BBB to help stop foreclosure.

Beware and do not do business with a company that is not a member of the Better Business Bureau

Wednesday, September 30th, 2009, by Foreclosure Help and is filed under "who can modify my loan, who can modify my loan ". You can leave a response here, or send a Trackback from your own site.