Michael Finney talks to Real Estate Commissioner Jeff Davi about the growing problem of loan modification and foreclusre scams.
Because of the current economic situation, you may not be able to afford your mortgage payment. If you are also not able to refinance your home loan, an option that may be available to you is a Loan Modification.
Because of the current economic situation, you may not be able to afford your mortgage payment. If you are also not able to refinance your home loan, an option that may be available to you is a Loan Modification.
What is a Loan Modification?
That is where you and your lender agree to modify one or more of the terms of your home loan. The terms could be a lower interest rate, an extension of the length of the loan (like making a 30 year loan into a 40 year loan), a conversion of an adjustable rate loan (called an ARM) to a fixed rate, the deferring of some of your payments, or any other modification of loan terms
Do It Yourself (and Do It As Soon As Possible):
You can contact your mortgage servicer and/or lender directly and request a Loan Modification that works for you and your lender. Don't wait to call if you cannot make or believe you will not be able to make your mortgage payments. Be persistent! - call back many times. Make detailed notes about your attempts to call, when you have left messages, who you speak with, what was said, and what offers are discussed and/or made.
About Jeff Davi:
On October 6, 2004, Governor Arnold Schwarzenegger appointed Jeff Davi as Real Estate Commissioner for the State of California. As Commissioner, Mr. Davi oversees the licensing and regulation of approximately 532,000 real estate licensees and is responsible for a staff of approximately 344.
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