Many people have heard about the wonder mortgage modification can do towards helping a homeowner avoid foreclosure. While they can be helpful for many families facing mortgage debt troubles, there are a few things to know about getting through the process the right way.
Unfortunately, there are many aspects of our financial lives that unscrupulous people try to take advantage of in our time of need. Mortgage debt troubles is one of them. In order to avoid a mortgage modification scam there are a few things you should know.
First, try to work with your lender directly whenever possible. While many lenders may seem unwilling at first, a little persistence on your part can go a long way. Some lenders may try to convince you that a mortgage modification isn’t your best option or that you don’t qualify. If you can, try to avoid these excuses by making contact about your financial hardship before you miss a payment and be willing to provide proof of your income restrictions.
Second, consult with a foreclosure lawyer. They are often well versed in the areas of foreclosure, mortgage debt and solutions for resolving both. In many cases, having a lawyer work with you during negotiations with your lender can prove to be more successful. An experienced lawyer will also be able to help you review all of your options including debt management, forbearance agreements and put you in touch with key government resources.
Last, review your options offered under government mortgage assistance programs. The Making Home Affordable program was designed to help homeowners work with lenders and qualify for help they may have previously been denied in the past. There is a wide range of help available from refinancing, short sale assistance, mortgage modification, and even special programs for veterans or the unemployed.