If you are considering a loan modification, but have some questions about doing it yourself or hiring a professional, please use this guide as a resource.
Loan modification specialists are typically mortgage brokers that have a thorough understanding of the legal process, and rights afforded to homeowners. Also, they are typically licensed with the State, giving you recourse if you come across a fraudulent individual.
How Much Are Loan Modification Fees?

Some homeowners should be wary of some loan modification pitches. There has been a lot of recent fraud in the industry with fraudsters claiming to be helping homeowners with foreclosure closings, but in reality they are just trying to steal money.
There are some signs that a loan modification company may not be legitimate, please make sure to keep these in mind.

Loan Modification Risk Factors
Here are some helpful Web links and phone numbers:
• Hope Now is a free service that offers HUD-approved counselors: http://www.995hope.org/ (1-888-995-4673).

It is in the banks’ best interest to award loan modifications to eligible homeowners. The big question our readers are asking us is, how do I know if I qualify for a loan modification?
We’ve put together the most common requirements for a loan modification, please use this as a guide to weigh your chances of receiving a loan modification.

Loan Modification Qualifications
Homeowners who have experienced a hardship.

Loan modifications are not a refinance. Loan modifications are a renegotiation. The terms of the current mortgage are renegotiated, with an emphasis on giving the homeowner more control of their payments.
To better understand, let’s give you a breakdown of the components of a refinance, and a renegotiation.

Loan Modification Benefits

What are the facts and myths surrounding loan modifications? It’s very important for homeowners to know the facts before they pursue a loan modification for their home.

Loan Modification Questions
Do you need to be late on your mortgage to receive a loan modification?