A Consumer’s Guide to Mortgage Modifications

Many of my customers and friends have asked me about mortgage modification and whether or not it would help them.  Foreclosures have certainly generated a lot of attention of late,  and when mortgage difficulties become personal it is important to have accurate information and trustworthy counsel.

With approximately 81,000 properties in California receiving a foreclosure filing in February, and one in five homeowners underwater nationwide, many consumers are seeking mortgage modifications, but may not understand how they work.

A loan modification is generally a temporary adjustment to a home loan that lowers the monthly payments by reducing the interest rate the borrower pays. In most cases, borrowers are eligible for loan modifications if they can prove their troubled mortgages can be brought back to good standing with the modification.

Consumers interested in learning more about loan modifications should contact a mortgage counselor at an agency certified by the U.S. Dept. of Housing and Urban Development (HUD). A list of agencies can be found online at www.hud.gov.

As always, feel free to give me a call to discuss any real estate related topic.  I am blessed to list and sell property in significant volume throughout the entire state of California from San Diego to San Francisco and all points between and I would be honored to be your real estate “go-to” person.