You may be in one of two spots right now. Your mortgage company has started the foreclosure process against you. Or – Money is getting tight and you know that there is no way that you will be able to continue to make your monthly mortgage payments. You decide to find out whether you qualify for a modification to your mortgage.
What is your first step? Do you call your mortgage company? Most people would naturally conclude that is a great starting point. However, is it really. I saw an article by a reporter for the Associated Press in August that you need to be aware of.
30 of the 38 Mortgage Companies in the Making Home Affordable Modification Program Already Sued or In The Process of Being Sued
Yes, you read that properly. Legal action had or has been filed against 30 of the Mortgage Companies participating the Making Home Affordable Modification Program. Many of these suits alleged these companies harassed borrowers, charged for unnecessary insurance polices or hit the borrowers with illegal fees.
These are not small companies either. One is Countrywide which is now a part of Bank of America. Another is Wachovia which is part of Wells Fargo. Washington Mutual is also there. They are now part of JPMorgan Chase. Citigroup is also in the mix. You may want to check to see if your mortgage company ihas been sued if it is not one that I have mentioned here.
In prior posts on my blog I have relayed horror stories of what people have gone through trying to get their mortgage modified. In most instances when their stories were reported in the news and the public got involved, their mortgage companies offered them a loan modification.
So I ask you again
Do You Really Think You Can Trust Your Mortgage Company?
Is your mortgage company going to have your best interests at heart? Are they going to review your situation carefully? Are they going to offer you a loan modification which will truly help you save your home? Are they going to offer you the best loan modification for you and your circumstances?
While you want to believe that your mortgage company is looking out for you and will do the best for you, this track record of legal action and horror stories does not support that. You really need an advocate working for you, someone who will review the circumstances of your case thoroughly and help you get the correct solution.
That is the reason I recommend that rather than dealing with your mortgage company on your own and trying to get a modification of your loan, get either a lawyer or an expert to help you. They will do the best job to help you save your home and protect your family in the process.
You may want to check out my Ebook by clicking here. In the book you will find much more information which will help you.
Much Success,
Mark Elkins
