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Free Home Loan Modification Help For Homeowners

by phillenbrand on July 10, 2009

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A warm welcome to BlownMortgage.com!

We are among the most  trusted free home loan modification, debt relief and independent mortgage industry commentary sources online. We have fiercely and successfully been helping fellow homeowners facing economic hardship or foreclosure since 2006.

We are honoured to have been named to be among the Top 3 influential Mortgage Blogs in the industry (by Inman News).

Our US editorial team consists of high profile writers and industry insiders such as Morgan Brown, Jay Hammond, Constantine Von Hoffman and many others. Our frequent stream of unique articles often blows the lid of various Mortgage related topics and our articles are often featured on various authority sources. At the bottom of this page you will always find our 9 latest published articles.

We invite you to take advantage of years of our collective efforts and we look forward to keeping you updated ahead so that you may achieve a lower level of stress and a higher level of financial freedom.

What is a Home Loan Modification?

Mortgage modification is where your current mortgage lender agrees to change the terms of your current home loan so that you may afford to service the monthly payments and avoid foreclosure.  Generally the mortage provider will lower the interest rate and change the length of your repayment.

One of the most frequent questions we encounter is from people wanting to know how they can modify their mortgage with a loan modification from their current home loan provider. These folks are usually in adjustable rate mortgages that have exploded, leading to monstrous mortgage payments that have gone delinquent. The process of loan modification is not easy but worthwhile!  It takes some gumption, resolve and a bit of salesmanship to get the job done. But if you get your loan mod done you’ll usually receive a new fixed loan at a competitive rate.

 

Our Free Home Loan Modification Tools

A Word of Caution when Modifying Your Mortgage

Be very careful if you choose to use a loan modification company that takes a fee up front to negotiate your loan modification for you. They cannot guarantee a successful modification and can end up costing you another month’s mortgage payment in exchange for false hope. The best of these companies have done the modification countless times and will actually try to help you in earnest without guarantee. The worst are scams that take your money with a cursory attempt to help you (if any).

We have found that Foreclosure Fighter offers useful advice that achieves a high loan mod success rate and we therefore recommend you visit their site.

Do It Yourself Loan Modification – A DYI Guide

We are big fans of Do it Your Self  Home Loan Modifications. And  we currently believe that the down to earth ebook entitled The Mortgage Relief Formula is the most useful resources currently available on the subject . This book walks you through how to modify your loan on your own – saving costs and headaches of false promises of loan modification companies. This book is wide ranging and covers everything from loan modifications to dealing with debt collectors to short selling your home in 9 days. Even if we receive a small commission for recommending it this ebook we are confident that if you are in a situation where you are looking to modify your home loan or short sale your home you will be happy you have read this book.

Below you can see a sample of the type of loan modification information you’ll find in Mortgage Relief Formula. If you find the sample video below interesting we are confident you’ll really appreciate the loan modification course and book.

We recommend that you check out the full information on Richard Geller’s Home Loan modification insights.

Read our full article on loan modifications on your own

Click here to connect with confidential Loan Modification and Foreclosure prevention consultants – NON obligation

Read our latest published articles below

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Details on the Home Buyer Tax Credit Extension

by Blaughridge on November 19, 2009

Home sales got a needed boost because of the Obama administration’s $8,000 tax credit for first-time buyers. With the national economy and housing market still fragile, the government recently decided to extend the tax credit through June 2010.

The government also rolled out a new tax credit aimed at existing homeowners. Currently in effect, the $6,500 “move-up” tax credit would apply for eligible homeowners who purchase a new permanent residence in the coming months.

Housing experts hope the two tax credits can help the struggling housing market rebound in 2010.

“The new version of the tax credit has the potential to stimulate the housing market even more than the old version due to the fact that more people will qualify under the new rules,” Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers, told CNN after the bill’s passage.

Thousands of Americans have already taken advantage of the first-timers program, which defines “first-time” buyers as those who haven’t purchased a home in three years. There are also income restrictions — individuals who make more than $75,000 and married couples who clear $150,000 are not eligible for the first-timers program.

Meanwhile, existing home buyers who have considered upgrading or downsizing can take advantage of the new $6,500 tax credit. Purchasers need to have owned their current home for a stretch of at least five consecutive years in the last eight.

Individual buyers can’t have an adjusted household income exceeding $125,000; for joint filers, the threshold is $225,000. There are also a few other key components of the new $6,500 tax credit:

  • Home price cannot exceed $800,000.
  • The home must be the buyer’s primary residence, not an investment property or a second home.
  • Buyers can purchase several home types, including single-family, condominiums, manufactured homes and even house boats.
  • Those who purchase before Jan. 1 can claim the credit on their 2009 tax return or file an amended return for 2008.
  • Military members deployed outside the U.S. have until July 1, 2011, to close on a property. Deployments must have been for at least 90 days between Dec. 31, 2008 and May 1, 2010.

To learn more about the $8,000 first-time home buyers tax credit extension and the new $6,500 tax credit for existing homeowners visit our blog.

Learn more about mortgage loans at Mortgage Loan Place.  We specialize in educating consumers on all types of loans with an emphasis on FHA home loans and FHA refinancing.

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Is Strategic Foreclosing The Best Loan Modification For You

by AndrewNovember 19, 2009 Loan modification

Last week I received a very interesting comment on one of my articles on loan modifications. The comment claimed that for most underwater borrowers (homeowners that owe more on their property than it is worth) a “strategic default” is smartest way to go.
I had some months ago written an article claiming along similar lines that [...]

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Loan Modifications: 3 Reasons They Are So Slow

by AndrewNovember 17, 2009 Loan modification

The Mortgage Crisis or Credit Crisis as many are more accurately describing it has left millions of Americans (and Earthlings worldwide for that matter) in or at the brink of foreclosure. Banks and Government have launched an ongoing set of increasingly aggressive programs to solve this terrible problem.
Not all the help is coming from the [...]

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Loan Modifications: The Loan Workout Formula To Accelerate Your Modification

by AndrewNovember 15, 2009 Loan modification

The News is littered with horror stories of homeowners that have been taken for a red tape ride, paperwork is lost, or applications are dropped because a vital piece of paperwork that was never actually requested is missing, all while homes are ultimately and tragically lost.
What can be done to accelerate this process and avoid [...]

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Loan Modification Companies, Why Doesn’t Government Want You To Use Them

by AndrewNovember 14, 2009 Loan modification

One of my latest articles suggested that the best advice you can get on loan modifications is free and supplied by  the Government and that the Government has a vested interest in loan modifications to work, that is to stop families from losing their homes. This elicited an anonymous comment that I feel can be [...]

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Loan Modifications Are They Just A Big Scam

by AndrewNovember 13, 2009 Loan modification

Preparing mortgage aid programs and loan modification schemes is not easy. Not as hard as struggling with a mortgage you can’t afford and trying to get a loan modification from heartless corporations that simply want to milk the proverbial consumer cow, so I am not expecting any sympathy, but nevertheless it is hard.
The Government has [...]

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Loan Modification Alternatives: Wells Fargo Interest Only Loans

by AndrewNovember 9, 2009 Loan modification

Big Banks are in trouble as more and more families are unable to pay their mortgages. The problem is that troubled homeowners are no longer the “typical” borrower with subprime loans with high interest rates. High unemployment is creating a whole new demographic of troubled borrower with “good” loans they can simply not afford anymore. [...]

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Loan Modifications Back To Basics

by AndrewNovember 7, 2009 Loan modification

Loan Modifications can seem complicated to many of us. Especially when we are dealing with the stress of losing our home and we are presented with a seemingly endless list of requirements and forms to cope with. It is easy when writing many articles on a specialized subject to assume that everyone knows what you [...]

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Loan Modifications Scrutinized, 1340 Loan Modifications Investigated in California

by AndrewNovember 5, 2009 Loan modification

The numbers of loan modifications, foreclosures and bankruptcies we are dealing with in this credit crisis are so large they are too often hard to understand and digest. A good solution is often to downsize and see if more sense can be put into smaller models. A good model for the United States is California, [...]

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