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Mortgage-Refinance Those who are having problems paying their mortgage payments may want to conduct some research into mortgage loan modification services. Its important to conduct research before you make a final decision, but you also want to make sure you begin your research before the lender begins foreclosure proceedings in order to have enough time to allow a person to completely and effectively research lenders. Obtaining Assistance for Modification The key to obtaining loan modification assistance lies in taking the time necessary to locate the help you need to avoid foreclosure. This means you cant wait until the last minute to begin seeking help but rather want to begin your research as soon as you realize you are in danger of foreclosure or have circumstances that may place you in danger of losing your home such as losing your job or being forced to accept a position that pays a lower salary than what you are used to making. However, you cannot expect to receive any help unless you seek out those who are in a position to offer help; no one will come looking for you. Qualifying for the HAMP Program In light of all the people who have lost their jobs within the past decade and have been forced to face economic crisis, the government developed a program that would help those who were in danger of foreclosure remain in their homes. They believed if they could offer help in the form of lower and more affordable payments fewer people would be forced into foreclosure. The HAMP or Home Affordable Loan Modification Program was first implemented in the spring of 2009 to provide help for those who faced foreclosure. Although not everyone qualifies, the program has helped millions of people who meet some minimal qualifications that include: Must have the financial ability to make the new modified payments and be able to provide documentation of that fact Must be facing foreclosure due to a financial hardship caused by current economic conditions Must have had no convictions for fraud or money laundering related to mortgages or real estate in the past ten years The buyer must have purchased the home on or prior to January 1, 2009 For more information on the HAMP program visit Credit-Yogi . Identifying a Reputable Company In addition to qualifying for loan modification it is important for a homeowner to be able to identify the best loan modification companies. This important step should be part of the research phase of your investigation and is essential to ensure you choose a lender that makes you feel comfortable. Sometimes you may not have a huge selection, but you still want to take the time to make a selection based on documented research you perform. About the Author: Christy OConnor is the founder of a professional website that provides free phone consultations with attorneys and financial experts. To get your consultation with an expert on loan modification assistance, go to her site at . Article Published On: – Mortgage-Refinance 相关的主题文章: