Question by : Should I stop making mortgage payments in lieu of a mortgage loan modification? I am having problems making exorbitant mortgage payments, and was referred to a financial specialist who applied for a mortgage modification loan for my home, he advised me not to contact or receive any calls from my mortgage holder. It is going on 4 months that my payments is past due and I barely have the amount that is past due I am having a great deal of problems reaching him and my mortgage company is calling me twenty four seven what should I do. I do not want to lose my home but is uncertain of what step to take now. Best answer for Should I stop making mortgage payments in lieu of a mortgage loan modification?:
Answer by Brianna
Start dealing with your mortgage company only.You don't need a 3rd party to help with a loan mod. Call your lender, explain that you were doing what this guy told you to, but you want to work with them now. They want to keep you in your home and they'll work with you most likely.
Answer by john
please please do this modification process on your own, you most likely be screwed in the end. In most cases mortgage company's want only you to get a loan modification and will refuse 3rd party involvement. I would call your bank. here is a non profit website that I suggest you visit they have a wonderful forum where you will be the proper guidance on to get a modification. There are thousands of members who are going through modification on there own. Site is loansafe.org
Answer by Donna Mallit
if it will ease you in your hardship, you can apply for loan mod. for a free hardship letter, go to
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Millions of people in the United States are facing a difficult situation in that they are having serious problems with their mortgages. The foundations for these problems are numerous in nature, but a few of the common causes of mortgage difficulties include:
The home has declined in value, creating a situation where the homeowner owes more than the home is currently worth. The homeowner is behind on payments because he or she lost a job or suffered a medical setback. The original mortgage agreed upon had an adjustable rate, and that rate is about to change, creating a much higher and unaffordable monthly payment.If you find yourself in any of these situations or others, you need to make sure that you seek professional help to get the problems corrected before they get worse. Ultimately, if you do nothing, you could face a foreclosure. Below is a brief overview of the mortgage modification issue in Arizona.
Mortgage Problems
When one looks at the basics, it's easy to see how this has become such a wide-ranging problem. In Maricopa County alone, the number of foreclosures jumped from just under 9,000 in 2006 to almost 61,000 in 2008. Clearly, this is a trend that's troubling, but there could be options available to you.Â
Public Policy Impetus
The President of the United States has recently unveiled a program that's designed to help approximately 9 million homeowners in the United States who may be in trouble with their mortgages, and one of the three components that's specifically targeted are those who are upside down on their mortgages and facing foreclosures. This program is known as the Homeowner Affordability and Stability Plan, and it's been funded with $ 75 billion. While the guidelines for qualification for a modified mortgage are generally, the following represent some of the starting points:
Those eligible must have a high level of combined mortgage debt compared to income. Those who qualify could have their monthly payments reduced to 31% of their monthly income. If 'other' debt that includes car payments and unsecured debt is over 55% of a borrower's income, he or she may be required to seek credit counseling before receiving help. This reduction will generally stay in place for five years and then gradually move back towards market levels. Find More Understanding Mortgage Loan Modification Topics
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