CARLSBAD, Calif., July 13, 2011 — New loan modification programs have helped hundreds of thousands of people drop principal, reduce payments, or receive zero interest loans for the last several years, but many homeowners still haven't taken advantage of the programs available. The United States Treasury Department is reporting the average modification for each homeowner reduces payments by 36%. Someone with a $2000 monthly mortgage payment saves an average of $720 per month, or $8864 per year, according to the U.S. Treasury.
Officials from Bank of America, Wells Fargo, Chase, and other banks have even set up their own lender-specific modification programs to help customers that don't qualify for government programs. These banks are trying to help as many people as possible but there are millions of incomplete or incorrect files submitted by homeowners each month. Lenders have notified customers that any incomplete or incorrect files will be delayed or denied.
"Banks want to approve modifications because it benefits everyone having a performing loan," said attorney Paul Jacobson. "But the homeowner needs to know the right person to talk to, best programs available, and what the bank is looking at in a modification request. Sadly, most people get denied for simple errors in the application or process and give up, resulting in paying high payments or even foreclosing."
Struggling homeowners can now tap into a ZERO INTEREST $1 billion program starting this month. News sources are reporting the program is available to homeowners who have seen their incomes fall or endured a long list of other hardships.
According to officials at http://www.ModPilot.com, the need for a step-by-step guide for homeowners is essential. ModPilot™ is not only able to help homeowners negotiate their own reduction in principal or payments on the mortgage, but also starts the savings faster by teaching homeowners how to shorten the time to complete a loan modification.
Skeptical homeowners can rest assured that ModPilot™ allows a homeowner to continue making payments if they choose during the approval process, helping their credit score.
"Some people think they need to hire an attorney to do the loan modification for them, but this is simply not true," says Mr. Jacobson. "ModPilot™ has proven time and time again that a normal homeowner with zero banking experience can negotiate their own terms with their lender if they have the right tools."
To learn more about the ModPilot™ and see if you may have a qualifying hardship, visit http://www.ModPilot.com
Contact:
Matthew Smith
ModPilot™ Inc.
760-543-0219
Email
http://www.ModPilot.com
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