Free Government Loan Modification May Work for You

A detail a superior home loan modification company will not overlook is to see if you meet the prerequisites for any government backed home loan modification programs. There are numerous plans out there that let homeowners do a mortgage refinance to lower interest rates, even if the loan is upside down. Check into refinancing first because if you qualify for refinance you will not benefit by home loan modification. Modify mortgage loan services work for homeowners with credit issues.

If you are not eligible for any refinance programs, free government loan modification is the next crucial step. To do this, you need a home loan modification company. The greatest home loan modification services will pre qualify you to make sure that you will get approved if you use them. This is done several ways.

You may need to talk with a loan modification attorney or underwriter to make sure you meet the criteria. Under in force strategies of the lender. Next, the company should have a loan modification attorney look over your mortgage clause for any variations that can be used to pursue the lender to do a free government loan modification. The company should also speak with your mortgage company and also talk with a case manager to see if you meet the prerequisites for home loan modification. Lastly, the home loan modification company should be certain that your income to debt ratio is in the 3% “window” for meeting the prerequisites for a home loan modification.

If you went through all these processes you will have an excellent grasp on whether you will qualify to do a modify mortgage loan and you will know what will happen in the process. All of these steps should be undertaken prior to signing with any free government loan modification company