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Welcome to helpUmodify

Workout Solutions can take on several forms.  They can be as basic as a repayment arrangement and as robust as a complete Promissory Note modification (loan modification).  There are also workout programs for homeowners in trouble such as Short Sale agreements, Forbearance agreements, Deed in Lieu agreements, and various Stipulation agreements.

These workouts have received significant press since the credit crises began in August 2007.  As a result, an entire industry of “Loss Mitigation Experts” has emerged in hopes to earn your business and negotiate a solution for you.  Many of these services over-promise results with thousands of dollars in up front fees.


Warning

HOMEOWNER ALERT!  If you are currently seeking a Loan Modification or Workout Assistance on your mortgage, DO NOT pay up front fees for third party services.  Most of our clients have come to us after having paid large upfront fess to other companies who did not complete the work as promised.  This includes a new wave of “Law Firms” who are rushing in to fill the subprime void by promising workout results with BIG upfront retainers. When you retain an attorney, do so with “The Attorney” who will do the work and not a salesperson or legal assistant.  There are some great firms out there, but please be careful of who you retain.

Loan Modification Scams in the News:


Here are the most common helpUmodify.org solutions:

MacBook:Users:johnkrochman:Desktop:HelpUModify:Analyzer.jpgNEW!...  FHFA Loan Modification; The Federal Housing Finance Agency (FHFA) has expanded the authority for the nations two major mortgage GSE’s, Fannie Mae and Freddie Mac to begin providing a “Streamlined Modification Plan” (SMP).  Beginning December 15, 2008, thousands of loans serviced or held by Fannie or Freddie will be eligible for this new government program. START HERE.

MacBook:Users:johnkrochman:Desktop:HelpUModify:Analyzer.jpgHOPE for Homeowners (H4H); This is the expansion of the FHA HOPENow program set to begin on October 1, 2008 and reaffirmed with the Emergency Economic Stabilization Act of 2008 signed into law on October 3, 2008.  This program is designed to assist homeowners in mitigating preventable foreclosures.   The H4H program contains both a Loan Workout AND Refinance component.  MORE HERE.

MacBook:Users:johnkrochman:Desktop:HelpUModify:Analyzer.jpghelpU Analyzer; Find out if you may qualify for a loan modification or other workout and what you need to do to get your lender to agree to modify the terms of your mortgage. Our Analyzer Service is FREE and will provide you with a precise look at all of your workout options. The Analyzer Service is a must use service before seeking a specific workout with your lender or hiring a third party workout negotiator.  START HERE






Do-it-Yourself TIP #1

Before contacting your lender to discuss your situation, be prepared to provide them with your family budget.  This includes all of you income and expense in your household.  Your lender will ask you for this information as a means of qualifying you for one of their standard workout solutions.  Be as accurate as you can as overestimating your income or your expenses may cost you an approval.


Do-it-Yourself TIP #2

When communicating with your lender, clearly express your desire and intentions to keep the home.  Do not threaten to walk away from the home.  Lenders want to work with homeowners who truly desire to stay in their homes and are willing to work through their challenges.


Do-it-Yourself TIP #3

While exploring workout solutions with your lender, keep up on your payments as best you can.  Contrary to what you are hearing out there, purposefully withholding mortgage payments as a means of negotiating is bad advice and can cost you the ability to obtain a better mortgage as conditions in the mortgage market improve and other workout solutions become available.


Do-it-Yourself TIP #4

Prepare yourself for a long drawn out fight with your lender, perhaps the fight of your life.  You can expect the process to take upwards of 120 days and possibly having to start over once or twice to achieve the desired results.  Make your workout solution a part time job and dedicate 2 to 3 hours a week doing research and contacting your lender(s).