When it comes to the topic of loan modification, there tends to be a lot of fiction and little fact circulating, which can make it difficult for homeowners to understand their options.  If you are thinking about loan modification, this blog will be of immense help and has been created by our team of experienced, accredited and knowledgeable loan modification specialists:

Fiction:  You must be behind your mortgage to apply for loan modification.
Fact:  This is absolutely false and a popular misconception. In order to get your home loan modified, you do not have to be late on your monthly mortgage payments.  You simply have to prove to your mortgage lender that you are in danger of defaulting on your mortgage to initiate the loan modification process.

Fiction:  You can’t modify your home loan if you have received notice of foreclosure.
Fact:  Many people wrongly assume that if their lenders have issued notice of foreclosure, it is too late to pursue loan modification.  Yet, the reality is, you can still negotiate more favorable loan terms with your lenders and modify your home loan even after receiving foreclosure notices.  If you are successful with your loan modification, you can stop foreclosure and save your home.

Fiction:  You can modify your home loan on your own.
Fact:  While it is true that you can try to modify your home loan on your own, the fact is that very few homeowners have been successful when trying to seek loan modifications alone.  Many report that they found the process confusing, strenuous and complicated and most say they never completed their loan modifications.  For this reason, homeowners should always seek help from loan modification specialists instead of trying to get through the process on their own, which can cost them time and money.

Fiction:  Attorneys are best equipped to handle loan modifications.
Fact:  Attorneys are not the best choice for homeowners pursuing loan modifications.  Instead, homeowners want to work with a reputable company that specializes in modifying home loans, like American Economic Solutions (AES).  Our company is approved by the Better Business Bureau (BBB) and, unlike lawyers who claim they are loan modification experts, we can actually prove we are experts as we have successfully modified hundreds of home loans nationally.

If you would like to learn more about the facts surrounding loan medication, we strongly encourage you to contact our knowledgeable specialists by calling 1-888-500-2632!