Loan Modification Tips and Resource Page

Find everything you need to know about loan modifications on one page. Below you will find links to articles, government assistance and free mortgage help.

What is a loan modification?

A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more affordable. You can obtain a modification from your lender for financial hardships, loss of income, unaffordable rate adjustments on adjustable-rate and subprime mortgage products etc. The earlier the you address the issue, the better the chances are of negotiating a fixed-rate and a payment that is manageable.

 

will.i.am Home Mortgage Relief Program

A mortgage assistance program for people at risk of losing their homes to foreclosure was launched by the famous hip hop singer will.i.am of the Black Eyed Peas in 2010. It is called the will.i.am Home Mortgage Relief Program. He created the i.am home fund to collect... read more

HUD Awards Additional $6 Million in Housing Counseling

(Source: HUD) WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded nearly $6 million in grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future... read more

HUD Launches New Website for Housing Counselors

Online training to improve counseling skills and customer service (Source: HUD) WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today unveiled a new website specifically designed for HUD-approved housing counseling agencies, offering free... read more

Toledo Woman Charged in Home Loan-Modification Scheme

(Source: FBI) – A two-count criminal information was filed charging Toledo woman with participating a fraudulent home loan modification conspiracy, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. Constance Kanary, 52, was... read more

HUD Awards $36 Million in Housing Counseling Grants

(Source: HUD) WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today awarded more than $36 million in grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent... read more

Required paperwork needed to apply for a loan modification

When you apply for a loan modification, your mortgage servicer is going to review your entire hardship and financial situation to determine your eligibility for a modified payment. With that said, you will need to gather all the required paperwork and financial... read more

Mortgage Protections for Homeowners

There have been several new laws (both state and federal) that have come into play over the last few years to help protect distressed homeowners who are facing foreclosure and are seeking mortgage assistance from their servicers. In this article, we will cover some of... read more

Mortgage Servicer Contact List for 2015

Here is an updated alphabetical list of all the major U.S. mortgage servicer phone numbers for 2014. Please feel free to add to the list below because it helps everyone! ABM AMRO Mortgage (800) 783-8900 Web: https://www.mortgage.com/C3/application.bus Accredited Home... read more

Are you eligible for a loan modification?

Mortgage servicers will, in general, look for two main things when you submit a modification request. They look for a documentable financial hardship and what they really want to know, which is if you can afford the new proposed modified payment(s). To afford a... read more

What is a loan modification?

A loan modification is a change to the loan contract which is agreed upon by the lender and the homeowner. The lender modifies the existing loan(s) in order to work with the homeowner because of a financial hardship. The purpose is to help make the loan(s) more... read more
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