Web Site Provides Help for Troubled Homeowners

It is estimated that almost 6 million Americans are behind on their ywablogimg32mortgage payments or in foreclosure, many more are using savings and retirement accounts to avoid joining those ranks. For the fortunate ones, there is a loan modification in their future.

When borrowers fall behind on their payments, lenders will sometimes modify the terms of the loan to make it more affordable. They might lower the interest rate, eliminating part of the principal or some other financial juggling to avoid foreclosure.

The process often involves a lot of paperwork and lengthy delays.

There are a few Web sites that offer to walk borrowers through the loan modification application process online, including the free HomeownerToolbox.com.

The site delivers a submission-ready document that, along with supporting financial materials, the homeowner must mail or fax to their lender to be considered for a modification.

The site also offers tips on how to better understand the loan modification process and avoid mistakes on applications.

Borrowers, however, should also check their lender’s Web site because many of them, including JPMorgan Chase and Wells Fargo, have applications that borrowers can download at home or fill out online.

And for those who need extra help navigating the process, there’s an array of nonprofit housing agencies with counselors certified by the Department of Housing and Urban Development that provide counseling free of charge http://www.hud.gov/foreclosure.

The HomeownerToolbox began in April, the company charged a $99 fee, but eliminated it in July.

The site claims it can predict the likelihood a borrower’s application will get a thumbs up from the lender. The Web site’s “Success Probability Meter” gives a range of success between zero and 100 percent.

For more great information go to First Time Home Buyers Are Leading The Way.

To find out all the benefits and options for preventing foreclosure, contact Eddie Perez, Broker-REALTOR, CDPE or Anoir Redouane, REALTOR, CDPE.  Their market includes Hoboken, Jersey City, Weehawken and Union City.  They can be reached at eddie@InvestHoboken.com or 201-344-2886.

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