Mortgage Modifications – What Not To Do by Billy Alvaro

In today’s current financial market millions of homeowners are facing the ugly threat of home foreclosure. If you are one of those who are facing the threat of loosing your home, you should educate yourself on the process of mortgage modifications. In order to stay in your home and not loose it to foreclosure it is imperative that you learn what not to do.

We have compiled a list for you to use so that you may steer clear of any problems when trying to procure a mortgage modification.

1. Do not trust anyone! Always validate anything that a third party promises you in connection with a mortgage modification.

2. Don’t pay upfront fees to anyone! Many people have lost thousands of dollars to fraudulent foreclosure agencies because they paid in advance and then the agencies took their money and ran. If anyone other than an attorney asks for a retainer or upfront fee… RUN!

3. Do not take the first solution offered by the lender – If you can get a lender to act quickly and make an offer of restitution, you will be very lucky. However these initial solutions typically are not really much of a solution at all.

4. Do not hire a mortgage modification negotiator that charges excessive fees – A reputable negotiator will charge a fair rate to represent you and realize that you can not afford an exuberant fee, or you probably would not be using them if you could.

5. Do not agree to a short sale without calculating the long-term costs – Many short sales result in taxable income when the lender cancels the debt. Short sales must be carefully considered and negotiated.

6. Do not stop making your mortgage payments, no matter what anyone else tells you! This is not a negotiation tactic is very risky and may result in you losing your home.

7. Do not get “sold” on a workout solution – you should educate yourself to the terms of any agreement. Make sure you know what exactly you are agreeing to. If you are being pressured to sign an agreement, chances are something is wrong.

8. Do not hire a loan modification company that is not licensed- Some fraudulent se4rvices are even claiming to be Government affiliated, make sure to verify that they are a licensed, legitimate service.

9. Do not avoid calls from your lender – The lender needs to know you are having problems and you should express your intentions of keeping your home.

10. Do not do business with a virtual online business – Any legitimate business has an address and clearly posts it so that they may be contacted by potential customers.

Follow these simple rules on what not to do and you should avoid foreclosure and fraudulent scams.

About The Author

Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit www.RescuedBySaintJude.com Saint Jude’s Mortgage Rescue

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