Would you like to take advantage of the low mortgage modification rates that are available due to the recent collapse in the banking and financial institutions? Fortunately, a large effort to modify the loans that collapsed during the sub-prime debacle emerged during the presidential race and shortly after with newly elected, President Barack Obama.
The opportunity to save money through a mortgage refinance has never been better. Before Bush left office, Project Hope, a noteworthy administration made to implement a series of loan modifications through FHA (HUD?s Federal Housing and Administration) in October 2008, passed. Unfortunately, most borrowers were unaware or unable to secure a mortgage modification due to strict standards and low publicity.
February 18, 2009, Obama refurbished Project Hope and issued the American Recovery and Reinvestment Act to further motivate lenders and borrowers to refinance.
Many private loan companies have started to take advantage of this. Along with that, a series of frauds and scams followed suit.
Loan modification programs are popping up left and right. So are the scams. Finding someone to help you with your mortgage modification shouldn?t be a risky ordeal, but past experience says otherwise. Keep an eye out for the following signs before you get swindled.
? Inflated property appraisals ? If the appraisal is high, it may seem to be in your favor at first, but not really. These types of appraisals indicate the beginning of falsifying your mortgage modification program, so the middleman can make a profit with little or no concern for you as the borrower.
? Exclusively uses one appraiser ? This is a sure sign that the mortgage broker may be greasing the palm of your appraiser to exaggerate the value of your home.
? High fees ? Many borrowers will go with the high fee just to get the refinance going without questioning the legitimacy of the lender.
? Falsified loan applications ? If your lender gives you any ?clue? or ?hint? or even outright tells you to lie on your application, don?t trust them.
The deal will not be in your favor in the end.
? Purchase loans disguised as refinances ? This scam occurs because less documentation is required.
An endless amount of fraudulent activity occurs based on these problems from property flipping to stolen identity. If you want to find a mortgage modification without paying exorbitant fees to someone that you aren?t sure is honest in the first place, you could do it yourself.
Most loan modification professionals or attorneys simply try to negotiate a better rate. This is where most of the money gets spent on loan modification. This may be why more people decide to go with the DIY (do it yourself) mortgage refinance method; try finding a DIY loan modification kit with a guarantee. Don?t forget to check the credentials and contact information before you buy the program.
After you go through the educational materials provided with a reputable DIY loan modification, you may be more qualified than some of these high-cost middlemen just trying to make a quick buck off someone?s desperation.
Find More Mortgage Refinance Articles
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- Advantages of Home Mortgage Refinance Loan
- Government Now Allows 2% Home Mortgage Refinance
- Refinance Mortgage Rates
- Home Mortgage Refinance Loans and Loan Limits
- home mortgage refinance
Source: http://www.rai-chertkoff.com/2012/02/24/a-solution-to-mortgage-refinance-crisis/
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