Is It True A Mortgage Modification Will Get Me A Rate As Low As 2.00%?

When it comes to house payments there are a lot of stories out there about people who are living in homes worth pennies on the dollar compared to what they paid for the house, stories about friends and family being foreclosed on, and stories about people who have found a way out of their housing dilemma. One of the most popular things people hear is that you can modify your mortgage loan and get a lower rate, so that your payments are lower and easier to make. But just how low can your rate go? Is it possible to get a rate that is next to nothing, or will the offer from your Bank be so insignificant as to not make a difference in what you have to pay each month? It is important to know what to expect, because if you will not be much better off you might have to start looking at other ways to save your house.

Of course everyone wants the lowest rate possible, but just how low will your bank go? Is 1.00% or 2.00% a possibility when modifying a mortgage loan? Chances are your rate will not be that low, and it is unfortunate that there are those out there who try to convince people this is possible. Watch out for the following if you are thinking about asking for a mortgage loan modification:

•         Excessive fees that have to be paid up front, before your application will even be considered.

•         Any request for payment that goes anywhere but to your mortgage lender.

•         Being told to stop making your payments while your application is pending, unless you have a specific agreement with your lender in this regard, and that agreement has been put down on paper.

•         A guarantee of a modification or of certain terms.

There are a lot of predators out there just waiting to take advantage of a distressed homeowner. Rather than fall prey to these scams, let us help you get what you need. We have experience helping people get their mortgages modified, and can help you too! Our goal is to keep you in your house, at a payment you can afford.

For more information about what to expect when you seek a mortgage loan modification, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.