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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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HAMPs Loan Modification Has Finally Got Moving

by Andrew on March 17, 2010

The HAMP program has finally started to get some momentum and provide a substantial amount of troubled homeowners with a way out of foreclosure. Unfortunately, this help seems to be too little, too slow, and too late. However, one must accept that steps are being made and that although not all targets have been met, significant progress is finally occurring.

Let’s look at the hard data.

-       After over a year since the program started 168,000 households now have permanently modified mortgage. This represents an increase of over 50,000 from January 2010 and 100,000 from December.

-       There 92,000 trial modifications in the final stages before a permanent modification. According to Treasury the average saving for each homeowner is around $500.

This is good news, and it is certainly a help to those that have been fortunate enough to benefit from it. However, the truth is that it is a drop in the bucket when compared to the 6 million + troubled homeowners that are behind in their payments and are at risk of foreclosing on their mortgages.

When the program started it was hailed as the most aggressive plan the Government was enacting to control the housing crisis. Over a year later only a million people have entered the program, a far cry from the four million households the program set out to help.

A words batter has started over these claims. The Treasury is now claiming the goal was to provide help to 4 million homeowners not make sure they actually got it. If you accept this interpretation, HAMP is between 35 to 45 percent of the way to achieving its goal. Of course, critics claim that the Treasury is simply moving the goalposts.

What is even more worrying is how the borrowers that enter the program are being treated. Valparaiso University School of Law carried out some interesting research on the HAMP program and discovered that although 66% of all borrowers in the trial stage made all their payments, less than 25% have received a permanent modification to their mortgage. The reason for this is lack of paperwork and the loan modification limbo created by the complex and lengthy red tape.

Nevertheless, the Government remains confident, and a Treasury Department spokeswoman has claimed the rate of loan modification completions will rise in the next few months.

Another scary fact is that the number of people entering the program is actually slowing down. In February 73,000 signed up, which represents only half the number of homeowners that did so in October and November.

In conclusion, although the Government is starting to make a substantial dent in the number of homeowners it is offering help to; it is a far cry from the objectives the program set out to meet.

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Loan Modifications and Mortgage Audits Why Don’t They Help

by AndrewMarch 17, 2010 Loan modification

Homeowners are so desperate to find solutions to their mortgage problems they will try anything. Some lawyers and consultants have encouraged homeowners to carry out mortgage audits to assess if any irregularities were committed. In this blog we have previously pointed out how over 90% of mortgages have some kind of irregularities that could make [...]

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Loan Modification Scams And The Law, A Brief Overview

by AndrewMarch 11, 2010 Loan modification

Last week was National Consumer Protection Week and the Government wanted to make the most of the heightened awareness to publish some general guidelines and advice. One of these releases was made by Florida Attorney General, Bill McCollum, on the issue of loan modification scams. This issue is right at the top of the list [...]

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Unemployment Home Loans, Are They A Real Alternative To Loan Modifications

by AndrewMarch 11, 2010 Loan modification

The last three years have seen an amazing growth in the number of schemes designed to help homeowners keep their homes and help them avoid foreclosure. However, this is becoming increasingly difficult as the issue homeowners are having with their mortgages is not so much the interest rate and loan tenures, but with the fact [...]

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Coming FHA Changes

by BlaughridgeMarch 11, 2010 Loan modification

For borrowers, Federal Housing Administration changes are on the horizon. Some of the new policies are effective next month, and are all part of a plan to bolster FHA’s reserves.
Last year, FHA insured one-third of all approved mortgages. The capital-reserve ratio is no longer at the Congress-mandated 2 percent threshold. FHA Commissioner David Stevens even [...]

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The Good Side of Loan Modification’s Failure, A Buoyant Foreclosure Market

by AndrewMarch 9, 2010 Loan modification

Despite the Government’s best efforts and greatest intentions the wave of foreclosures continues to increase. The borrowers that are now defaulting on their mortgages and not qualifying for loan modifications are no longer people with subprime loans and bad credit rating. The fastest growing demographic in foreclosures are prime borrowers with prime loans that have [...]

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My Loan Modification Failed, How Soon Can I Buy A New Home After A Foreclosure

by AndrewMarch 9, 2010 Loan modification

The sad truth is that most troubled homeowners do not qualify for a trial loan modification. Of these, only a small percentage will receive a permanent modification. Analysts estimate that over 5 million households have underwater mortgages and are struggling with their payments. This represents nearly 20% of all American households. Many of these homeowners [...]

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Underwater Mortgages and the Science of the Perfect Loan Modification

by AndrewMarch 4, 2010 Loan modification

Loan Modifications have taken over the financial news in the last year. This is not at all surprising, with over 11.3 million people, nearly 25 per cent of all homes, with underwater mortgages; this is an issue that has the nation’s attention.
This makes any research into the issue of loan modifications and their effect on [...]

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The Obama Loan Modification Plan, An Overview

by AndrewMarch 2, 2010 Loan modification

This Thursday the Obama Loan Modification Plan, HAMP, will be a year old. It was on the 4th of March, 2009 that the Obama administration started the largest and most ambitious homeowner’s aid package since the 1930s. The goal was to stop the wave of foreclosures that was destroying the housing market. The Government’s reply [...]

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