Options to avoid foreclosure

Are you receiving harassing phone calls? Have you stopped answering the phone? Don’t avoid your
lender. If you are behind in your mortgage it is important that you communicate with your lender. You
want to stay in your home and it’s in their best interest to help you stay in your home.

The mortgage companies are overwhelmed with the amount of borrowers just like you in need of a
loan modification. You may find that it is almost impossible to do it yourself.

The majority of the time regardless of who is helping you, the outcome is the same. The lenders have
established guidelines to determine whether or not an individual qualifies. So no matter who helps you
the bank will only follow their rules.

The government along with lenders have been working to determine the best overall solution for
consumers while still managing to salvage the banking industry. Understanding the guidelines for your
bank is key to a successful modification.

You may get your lender to work with you, but they will attempt to negotiate the terms in their favor.
We strongly encourage not going in blind. Trust someone who understands the guidelines and your
situation to help you negotiate the best possible modification

The best available resource is your local non-profit agency. The first step is to consult with a housing
counselor to determine whether or not you are eligible. Your local not profit works with all major
lenders and may even have relationships with their loss mitigation center. Non-profit agencies are
recognized as a neutral 3rd party. As such they may receive less resistance than for profit companies.
Just remember wherever you decide to do; act fast time is of the essence.

HAMP Program
Currently there are 750,000 loans are in Phase, only 35,000 converted to phase 2.
Must have a hardship to qualify
Not a law, banks do not have to participate

Who may be considered a HAMP
Homeowers in adjustable rate (option arms, etc)
Homeowers you are in default (pre-foreclosure)
Homeowers who are late on their payments
Homeowers with Interest Only loans
Homeowners with a justifed hardship (medial, job, income loss, etc)

To learn more about your options with the HAMP Program , get free advice now !