Request A Home Loan Modification

Today, homeowners have more choices: Home Affordable Foreclosure Alternatives, and the Minnesota Mortgage Program are places to start.



Request Foreclosure Help

Home Destination

If you or someone you know is facing foreclosure and is seeking to engage an experienced CDPE, feel free to contact me immediately, and I will respond to your request on a priority basis. Taking action as soon as you can ensures that you have the most and best options available.

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If you have an FHA home loan, you may qualify for the Making Home Affordable Program and have great opportunities to request a home load modification.


Request A Home Loan Modification: Home Detination offers resources as a CDPE who can help with the homeowner and stability plan to avoid foreclosure and lower monthly mortgage payments. Request a home loan modification to get started


Home Destination will help you determine if you meet the eligibility requirements for both Government Sponsored Modification Programs such as HAMP or in-house modification programs offered by the bank holding your home loan. The extent of principal loan reduction required depends on several factors and are unique to each borrower.



Most Minneapolis Foreclosures Can Be Prevented


Foreclosures in Minnesota can be prevented; don't fall into the Minnesota foreclosure timeline. Minneapolis and surrounding area homeowners facing foreclosure need to be aggressive and take action. Home Destination is here to help you explore your options and get help. Don't fight the foreclosure process on your own. If you're home is located anywhere in Twin Cities, we can help. The Minnesota Homeownership Center oversees a statewide network of trusted non-profit organizations with over 20 years of experience helping Minnesotans avoid foreclosure. Recent data gathered by the State of Minnesota calculates that on average 60 percent of Minnesota residents facing foreclosure qualify for help to prevent becoming another Minnesota foreclosed home. Homeowners seeking to exploring options will always find that Minnesota offers help 100% free, and available to anyone.


questionWhat Is A Home Loan Modification?

answerWikipedia says, "A mortgage modification is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e. mortgagor and mortgagee). A loan modification is the systemic alteration of mortgage loan agreements. In general, any loan can be modified."


questionHow Did We Arrive At Such High Levels Of Requests For Loan Modifications?


answer The International Monetary Fund Explains it well: "At the crest of the bubble, loans were given to the most marginal borrowers, many of whom proved unable to make even the first monthly payment. As early payment defaults started to mount, and prices of lowest-rated mortgage-backed securities began to fall, market sentiment turned, dampening, and then reversing home price growth. This resulted in losses on ever wider swaths of the mortgages and securities they backed, as many of them were sustainable only if property values continued to appreciate. The feedback loop which had helped amplify growth in home prices was now dragging them down." Homeowners can request a loan modification when the value of their home falls below the mortgage note.


Home prices were inflated and peaked in mid-2006. As Twin Cities home property values began their steep decline, refinancing became more difficult. As adjustable-rate mortgages began to reset at higher interest rates (causing higher monthly payments), mortgage delinquencies soared. To balance it, today's interest rates are remarkably low and home values are only expected to increase over time. Other reasons include:


* With the loss of jobs - dsnews.com says that more than half of our foreclosures and requests for loan modification stem from job loss. Our federal government has offered additional funding to states where unemployment is high to support localized mortgage relief programs for unemployed homeowners.
* Reduction in pay - The State of New Jersey put forth a report closely linking the loss of income levels to home loan defaults, foreclosures and requests for a home loan modification.
* Increased cost of living - In communities where the cost of living has risen sharply, generally it has been due to housing cost increases.
* Inflated prices - Instead of showing resilience in the face of greater price volatility, over-the-counter (OTC) markets ceased trading as counterparties became untrustworthy and buyers fled.
* Mortgage industry corruption: Irresponsible to near fraudulent underwriting practices in subprime mortgage lending largely explain the rise in the rate of seriously delinquent loans causing our mortgage crisis.
* Arm mortgages - The high percentage of prime foreclosures accounted for by ARMs is out of proportion to the share of all prime loans that are ARMs. "While ARMs only accounted for 18 percent of prime loans reported in the MBA data in 2008, these loans accounted for 52 percent of all prime foreclosure starts." - www.huduser.org.


questionWhat Is The Homeowner And Stability Plan (HASP) ?

answerThe HASP hopes to help homeowners whose homes have depreciated and because of this they have not been able to avail the refinance. Freddie Mac or Fannie Mae must be the first lenders and the current loan value must be more than the real time property value of your house. The second part of HASP is tailored to lower the monthly payments for debtors on the brink of foreclosure. This modifies the mortgage and lowers the monthly payments. Unlike the first part, this part does not require Freddie Mac or Fannie Mae to be the first lenders.



questionWhat Are The Benefits Of A Home Loan Modification?

answer A home loan modification can 1) lower your monthly mortgage payments to a more manageable amount, 2) determine your delinquency status with your mortgage company instantly, 3) fewer damaging to your credit rating than a foreclosure, and 4) to ultimately save your home from being foreclosed



questionAre U.S. foreclosure programs reducing monthly mortgage payments enough?


answerThe answers varry. If the reduction amount means your family is saved from foreclosure, yes, it was enough. However, according to imf.org, as on April 12 2012, only 11 percent of permanent loan modifications included principal write-downs. Fewer than 1 million mortgages have been modified under the administration’s signature foreclosure-prevention program. Falling well below the current administration's projections, that is far short of the program’s initial goal of helping 3 million to 4 million struggling homeowners.


questionHow Do I Find Out If I Am Eligible?


answerTo find out if you may be eligible for a loan modification, refinance, short sale or other foreclosure prevention relief under the national mortgage settlement, first contact your mortgage servicer. To find the servicer on your loan, look for a contact phone number on your mortgage statement. Contact the bank or servicer found on your mortgage statement and ask who services or owns your home mortgage loan.


questionHow Do I Avoid Mortgage Relief Scams?

answerProtect yourself from home loan modification or relief scams. Unfortunately, negative reports surface too often like CBS News. “Homeowners facing foreclosure are being targeted by predators, including those who use their law license to gain credibility and scam innocent Californians,” Harris said. “My office’s Mortgage Fraud Strike Force is dedicated full time to cracking down on these deceptive practices and protecting homeowners from fraud like this.”



If it is determined that you do not qualify for a loan modification, Home Destination will provide you possible options outside the remedy of a loan modification. Options may include:



* A short sale
* Pay Off Existing Loan
* An Independent Foreclosure Review
* Forbearance
* A Deed in Lieu of Foreclosure
* Consider a 20 year mortgage


Make Every Attempt To Make Timely Monthly Home Payments


If as a homeowner you feel you are falling behind on your monthly mortgage payments, take action to help stop foreclosure action and contact your bank to request renegotiating for lower interest rates, balloon payments or the missed payments. Request information on additional facets of the loan contract which you may have questions about. Missed payments quickly cumulate into a negative impact on credit scores, which is worth aggressively protecting.


What Happens When A Request For Home Modification Is Denied?

Some homeowners have reacted when receiving a home loan modification refusal by declaring bankruptcy. Others respond more positively to advice from lenders that offer clients who are in a similar situation to find a credible company that will assist with the process of loan modification. Bankruptcy carries the harmful consequence of damaging the borrower's credit score. A better option may be to make an official complaint concerning the bank's denial of the loan modification, which may benefit the homeowner by forcing the case to be reviewed.





Jenna Thuening, a home prices and market review CDPE can help you understand how you may benefit from the Mortgage Debt Relief Act Extension.

11200 W. 78th St
Eden Prairie MN 55344
Phone: 612-396-7832
Jenna's home page:

If I'm out in the field, you may quickly reach me by email: jenna@homedestination.comand note how I can help you, or leave a message on my voicemail and I will return your call as quickly as possible.


PLEASE READ: A reduced Interest rate is typically part of the new term included in a loan modification. However there is no guarantee you will receive a loan modification. Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. Home Destination assists in the negotiations, document preparation, and communications with your bank and service providers, helping you connect with the right resources.


Home Destination is built on the promise of exceptional customer service. Whatever your particular real estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results." ~ Jenna Thuening