ModTutor.com has announced its "free" loan modification service, designed to empower the average American with the knowledge and confidence needed when requesting new mortgage terms from their lender(s). Mod Tutor provides various tools which aid the homeowners to submit their own loan modification request and avoid using already depleted funds on a foreclosure counselor or real estate attorney. The confidence gained by homeowners who take advantage of this free system will allow them to address their mortgage concerns head on.
"We have families on the edge of foreclosure that are being offered things that are too good to be true, and we will take every measure we can to educate and protect consumers and homeowners, bring these scams to light, and work to prevent con artists from exploiting the housing crisis," stated HUD Secretary Shaun Donovan in a press release this past April.
"Not all loan modification companies are scams, but many homeowners do not know which companies to choose and/or lack the financial capacity to hire professional services," says Sammy Heard, director for ModTutor.com.
The major difference between MakingHomesAffordable.gov, a government-sponsored site, and ModTutor.com is that the information on ModTutor.com is broken down into easy-to-understand terms and formats. The main focus on most government sites is to assist homeowners whose loans are backed by Fannie Mae or Freddie Mac, only accounting for a small portion of homeowners, leaving the rest of the nation out on a limb. In attempting to modify their loan, many homeowners make simple mistakes during the submission process which gets them denied by their lender(s). Unlike most government sites which give you broad information, Mod Tutor has specific resources to help you avoid these pitfalls.
Created by loan modification professionals, the ModTutor.com site is a great free resource that includes an instructional video library, a comprehensive e-book, a question-and-answer discussion board, lender-specific modification forms, state foreclosure summation, and a breakdown of the Making Homes Affordable program.
"The country's mortgage crisis has put many homeowners in a position where they feel that they have limited options and resources for mortgage assistance. Homeowners are flooded with multiple solicitations from mortgage professionals and even law firms touting promises of modifying loans and saving homes for an upfront fee totaling several thousands of dollars. At ModTutor.com we believe that with the proper education and resources, homeowners can work directly with their lender and accomplish the same results as professionals. We have developed a system, free of charge for homeowners, providing them the tools and resources needed to be successful in obtaining a loan modification," says Paul Akinmade, lead designer for ModTutor.com.
A preview of ModTutor.com can be viewed by clicking here.