Loan Modification Myths and Truth
Here are the most common loan modification myths. You should be aware of these myths.
Myth: Do you have to be late on your mortgage in order to be eligible for a loan modification?
Fact: No, you do not have to be late, but it helps if you are. In other words, you will get more attention and help on your mortgage from your lender or servicer if you’re late.
Myth: Hope Now and 995-HOPE are here to protect your best interests.
Fact: Yes and no.
Myth: Lenders and servicers are offering principle reductions on borrowers whose mortgage balances are in the red and owe more than the home is worth.
Fact: Yes, but this is very rare.
Myth: Lenders and servicers are doing everything they can to assist struggling homeowners.
Fact: That is a crock of crap and total BS!
Well, see. The Loan Modification can work for anyone. The US Government has allocated US $ 75 Billion to bailout mortgage loan borrowers. US Government has recommended thee banks to ease the terms of loans.
However, you need a right information at right time to get approved for the loan modification. I recently visit 60-Minute Loan Modification Workbook by Mike Rockwood. His workbook has all the important information about the complete loan modification process. If you want to get approved for the loan modification process than this PDF workbook is for you.
You simply have to follow the step by step guide of the loan modification process. And you will be able to approve for the loan modification.