Making Home Affordable: Affordable Home Extension

You’re not alone these days if you suddenly find yourself unable to pay your monthly mortgage payments. The rate of foreclosures is skyrocketing, and house prices are plummeting. If you’re in trouble with your home mortgage, you need to read this simple loan modification guide to learn what to do next. First, find a reputable financial counselor. This section of the yellow pages has exploded recently with new companies helping people with troubled finances. You can choose from any number of reputable companies (just make sure they are in good standing with the Better Business Bureau), or you can get a referral for free financial counseling from your local HUD office. A counselor will discuss your situation and your options, helping you to find the best next step.

Second, if loan modification is for you, you need to write a hardship letter to your lender. You counselor can help with this, or you may use any number of free hardship letter templates on the Internet. Basically, your letter is a brief statement of your financial difficulties and why you can’t afford your mortgage payments. Your counselor will submit this to your lender.

In an effort to combat the rampant increase in foreclosure rescue scams within an industry previously unregulated, General McCollum sued three Miami-Dade County foreclosure rescue firms – and the attorneys who worked for them – alleging that they charged advance “qualifying payments” as high as $1,299 to perform loan modifications in violation of state law. Filed in Miami-Dade County Circuit Court on December 17, 2009, the suit also claims the company required clients to set up escrow accounts for additional fees and deceived them by implying the money was for legal representation.

If the only available place where extension could be made is your backyard, do not worry about that. You can have a simple affordable home extension plan for there also. You can definitely add a sunroom there in your backyard; or if you want to enjoy huge and spacious living area, that can also be done.

Through November 30, 2009 South Florida ranks fourth in the nation for home loan modifications, with 34,860 under President Barack Obama’s Making Home Affordable Program. Nationwide, 24 percent of the 3.3 million homes with distressed loans have been modified, according to a U.S. Department of the Treasury report. While the new law is not going to eliminate loan modification scams completely, it will make them more difficult. In the first half of 2009, the Miami-Dade County’s Mortgage Fraud Task Force was handling more than 200 cases of loan modification fraud. In 2008, the Miami-Dade field office of the FBI had the second-highest number of mortgage fraud reports in the country with 5,155 reported instances.

Learn more about Obama Mortgage Relief Plan Qualifications.

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