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FHA or Loan Modification


Protect yourself by making sure the FHA loan refinance isn’t going to increase the amount of negative equity or increase your monthly payment even if the interest rate is lower. Most mortgage companies will not make such recommendations and will advise that you consider a loan modification.

“I receive inquires from homeowners quite often that weren’t able to do a FHA loan refinance and are now interested in loan modification” said David Wilson of a company that helps homeowners by matching up Law Firms. “We have partnered with numerous mortgage companies that advise their clients of another option when they cannot qualify for a FHA loan, but need help with their mortgage payment. With a loan modification they don’t need good credit scores or equity in their home, all they need is a hardship and an enough income to pay a reduced mortgage payment.”

Homeowners that are trying to refinance out of their current mortgage are often times turned away because the value of their home has dropped below what they currently owe. If the homeowner is trying to get back into a secure financial situation, they can turn to FHA loan refinancing as one option but if they don’t qualify, loan modification might be their only option.

Homeowners can contact their lender and request a loan modification be done on their behalf. However, one should stop and reason the logic behind going to the same company and trusting a minimal paid employee to say that this time … this time, they will keep the homeowner’s need primary. That is why has been so successful; they are an Expert Advisor to Law Firms that specialize in loan modification negotiations.

Wilson says, “Most lenders are not required to follow President Obama’s Making Home Affordable guidelines. Lenders do not want the government to step in, they lose too much money. I often ask homeowners if they have the IRS prepare their taxes or do they hire a reputable tax person. The answer has never been ‘I call the IRS for help’, even though it’s free.”


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