When you are facing the foreclosure of your home, you feel desperate. You would do anything to avoid putting your family through the trauma and interruption of being suddenly uprooted from their familiar life. It is surely a frightening time, but do not act too quickly and add more problems to your already overloaded agenda.
There are unscrupulous companies who claim that they can do magic when it comes to getting a loan modification approved. Don't believe them. Many desperate homeowners have been victimized by these con artists who prey on people who are in very difficult circumstances. Many of these people still end up losing their home because of these people who have bilked them of any remaining financial means that they had.
You can get help with your loan application without spending thousands of dollars with one of these fraudulent companies. President Obama has issued warnings through the Treasury Department that sound an alarm concerning this problem. Homeowners are advised not to pay for any service in advance that guarantees them a reworked mortgage with the Home Affordable Plan. This stimulus plan program is free of charge.
The government website is available to help you get started without any help. However, if you feel you have some questions or need assistance, you can get that through the Housing and Urban Development Office, HUD, or other free services from non-profit agencies. HUD offers free counseling that will help you address your mortgage situation and reformulate your plans.
It is a little overwhelming to some homeowners to begin the home loan modification process, and they are tempted to just completely rely on someone who claims to have the answers and the inside access. But, many people have been duped. The FBI is investigating one such scam in California that made $12 million dollars off of what amounted to just a few successful applications for assistance.
Avoid this pitfall by doing your homework. Find out everything you can about this program, and be proactive. It is your home, and you need to be responsible for finding a solution. There is legitimate help out there. Many homeowners are in your same situation, and the government is aware there is a problem with fraud involving the agencies trying to profit from the program. But, this is an ongoing investigation and mission, and they have not been able to shut them down by anyone's estimation. So, be careful.
You are quite able to accomplish this yourself in conjunction with your bank. This current loan modification program is very advantageous to those who qualify. You can get an interest rate that is much lower and terms that are much longer. This will result in a lower house payment each month. But, just don't fall victim to someone who is trying to further add to your financial problems.
To save your home, click here [firsttimehomebuyerstimulus.com/] to learn more about Obama's home stimulus package [firsttimehomebuyerstimulus.com/].
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