free home loan modification tips

Tammy Pecht

KELLER
WILLIAMS
REALTY

916-425-8305
clients1st@yahoo.com

Loan Modification

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For those seeking to lower their monthly home loan payments, here are some tips on avoiding scams. The
suggestions come from the FTC and the office of California Atty. Gen. Jerry Brown:

The first thing anyone seeking to modify an existing loan should do is call his lender.
Lenders want to hear from homeowners and will probably be more willing to work directly with them than
with a foreclosure consultant. Do not ignore letters from your lender. Many lenders are willing to work with
homeowners who are behind on their payments.

Contact housing counselors approved by the U.S. Department of Housing and Urban Development, who may
be able to help you for free. For a referral to a housing counselor near you, contact HUD at (800) 569-4287 or
www.hud.gov.

It is illegal for foreclosure consultants to demand money before they give you a written contract and before
they actually perform all the services described in the contract, such as negotiating new monthly payments
or a new mortgage loan.

However, an advance fee may be charged by an attorney, or by a real estate broker who has submitted the
advance fee agreement to the California Department of Real Estate for review.
Do not transfer title or sell your house to a "foreclosure rescuer." Fraudulent foreclosure consultants often
promise that if homeowners transfer title, they may stay in the home as renters and buy their home back
later.

Fraudulent foreclosure consultants claim that transfer is necessary so that someone with a better credit
rating can obtain a new loan to prevent foreclosure. Beware -- this is a common scheme so-called rescuers
use to evict homeowners and steal all or most of the home's equity.
Do not pay your mortgage payments to someone other than your lender or loan servicer, even if he or she
promises to pass the payment on. Fraudulent foreclosure consultants often keep the money for themselves.

Do not sign any documents without reading them first. Many homeowners think that they are signing
documents for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually
transferred ownership to the "rescuer" who is actually a scammer.

Homeowners who think they have been ripped off can file a complaint with the California Department of Real
Estate through their website here. The department also offers tips on how to avoid getting scammed and
what to do if you think you've been scammed here.

Complaints can also be made directly to the FTC by phone at (877) 382-4357, the FTC's Headquarters or
Financial Services Division in Washington, D.C., at (202) 326-2222. The FTC also has regional offices; in San
Francisco at 901 Market St. and in Los Angeles at 10877 Wilshire Blvd.

HUD can set up homeowners with personalized guidance from housing counseling agencies they've certified
at (888) 995-4673. More information on how to find free certified counseling services is available at HUD's
guidance website at www.hopenow.com or the Obama Administration's website loan modification website,
www.makinghomeaffordable.gov.

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Here are a few of the
highlights of each of my
other pages

Whats my home worth
page:
Free home evaluation form

About me page:
short bio of myself

Buyers and Sellers page:
do i qualify for 1st time
home buyers tax credit?
home value estimator
current mortgage rates
mortgage IQ quiz

Loan calculator page:
loan calculator refinance
calculator closing cost
calculator loan comparison
calculator prequalification
calculator

Contact me page:
various ways to contact me

My listings page:
list of my current listings

Loan modification page:
information about home
loan modification

Request a listing page:
form to send me to request
a mls listing

Free home search page:
get your mls listings here
free!!

Whats my home worth page:             Free home evaluation form        About me page:    short bio of myself
Buyers and Sellers page:    do i qualify for 1st time       home buyers 8000.00 tax credit?    home value estimator    current mortgage rates     mortgage IQ quiz
Loan calculator page:      loan calculator   refinance calculator   closing cost calculator   loan comparison calculator   prequalification calculato
Contact me page:   various ways to contact me    My listings page:   list of my current listings
Loan modification page:      information about home loan modification
Request a listing page:    form to send me to request a mls listing   Free home search page:    get your mls listings here free!!

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Here's a little something something that most most lenders wont tell you, as soon as you start the loan
modificatoin process with your lender the foreclosure process begins, so be forewarned that if the loan mod
doesnt go through , and chances are it wont (about 98% are denied no matter how good the lender says your
chances are.

Personal note from me!