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While Home Values Continue to Slide, Many Homeowners Still Seek Relief Via Loan Modifications

OCEANSIDE, Calif., Aug. 19 /PRNewswire/ -- The percentage of U.S. homeowners who owe more than their house is worth will nearly double to 48 percent in 2011, Deutsche Bank recently reported. Mortgage rates also are inching up. Some financial experts predict that rates will rise in the high teens just like in the 70s, which means that rates on loan modifications will rise as well, said Matthew Smith, founder of ModPilot Inc.

ModPilot - created by a team of loan modification attorneys, expert lender negotiators and consumer rights advocates - is designed to help homeowners easily and successfully negotiate the loan modification process. In the current environment, lenders are drastically cutting rates for loan modifications, but Smith predicts such favorable rates won't last long. "The time to obtain your loan modification is now," Smith said. "Many lenders are offering extraordinary drops in interest rates and, on occasion, even forgiving principal if the application is submitted correctly."

The good news is that lenders are approving loan modifications and, depending on the homeowner's application and documentation, the results are encouraging. There are about 20 common hardships that lenders consider for loan modifications, and ModPilot helps clients identify their unique hardship and successfully obtain their loan modification.

Moreover, some borrowers assume they are not eligible because they make too much money, have equity in their homes, or have not yet missed a mortgage payment, but ModPilot.com provides examples of successful modifications relevant to these cases. Others erroneously believe that loan modification adversely affects credit scores. Whatever the scenario, the tools, forms and guidelines included in the ModPilot guide ensure a complete and full loan negotiation package the first time, so homeowners are not put in limbo in the incomplete files, thereby drastically cutting the time it takes to achieve a successful modification.

With the ModPilot premium packages, clients will be assigned a Navigator to help them through the process they negotiate directly with their own lender. Their personal Navigator will be available whenever they have questions or wish to discuss ways to overcome roadblocks from their lender.

Smith said it is not uncommon for lenders to stall third-party companies and attorneys trying to obtain loan modifications. Some homeowners, however, cannot afford to wait four to five months just to get their file looked at - they need relief sooner. The best way to secure a successful loan modification is for homeowners to call the lender themselves, armed with the correct and complete information that will help them fit their specific lender's guidelines.

ModPilot is available in Silver, Gold and Platinum packages; the Gold package includes unlimited e-mail support, while the Platinum package includes unlimited phone consultations and one-on-one coaching from your own negotiator. ModPilot empowers homeowners to complete the negotiation themselves quickly and effectively. The packages start at just $495. To learn more about the ModPilot program and see exactly what each package includes, visit http://www.ModPilot.com

About the Founder

Matthew Smith founded ModPilot to help his past mortgage clients quickly and efficiently modify their mortgages on their own terms according to their specific needs. Smith has been in the mortgage and homeowner advocate industries for more than a decade. His companies have funded more than $1 billion in loans and helped thousands of clients obtain and maintain the American dream of homeownership.

    Contact:

    Matthew Smith
    ModPilot(TM) Inc.
    760-543-0219
    Matt@ModPilot.com

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SOURCE ModPilot Inc.