Yesterday I spotted a new debt relief commercial on television for some company that claimed to be Homeowner’s Relief Line. The commercial made all sorts of claims about saving your home from foreclosure, helping with loan modification and giving the impression the consumer is the victim.
In general and in my experience, these types of commercials are funnels for people who are unaware to call and get a sales pitch for advanced fee mortgage help, mass joinder help, or mortgage modification services.
While the part of the advertisement with the fine print is fleeting, it does say, “Homeowner’s Relief Line is NOT a Mortgage Modification or Loss Mitigation or Foreclosure Defense company. We are not attorneys but rather a third party referral source that connects homeowners with mortgage specialists. Calls may be answered by companies other than Homeowner Protection Services.
If you go to the website for Homeowner Protection Services they don’t say where they are located and there is no way to even tell if it is the same company that is running the ads. – Source
But HomeOwnerProtectionServices.com is owned by someone that hides the ownership of the domain name. What is publicly visible is the domain name was only registered on October 2, 2012.
If the company actually said where they were located, I did not see that in the television commercial.
If you need help with a mortgage situation or foreclosure, you might want to try these free resources first.
Be sure to first read How Not to Get Scammed by a Mortgage Loan Modification Company.
First you’ll need to determine your current debt-to-income ratio. The target debt-to-income ratio under the Home Affordable Modification program is 31%. Use this free online DTI calculator.
Mortgage Modification Calculator
The mortgage modification eligibility calculator will ask you several questions and then show you which programs you may be eligible for.
Free Mortgage Modification Help and Counseling
If you have questions about the process or eligibility you can call 888-995-4673 and get connected with an mortgage modification adviser for free. This help is provided by government subsidized HUD Housing Counselors and they can be a big help in navigating the modification process.
In order to assist you, the housing expert will need to gather some information from you. Have the following documents handy:
- Information about your first mortgage, such as your monthly mortgage statement.
- Information about any second mortgage or home equity line of credit on the house.
- Information about the monthly gross (before tax) income of all household members contributing to pay the mortgage, including recent pay stubs if you receive them or documentation of income you receive from other sources.
- Information about your savings and other assets.
- Account balances and minimum monthly payments due on all of your credit cards.
- Account balances and monthly payments on all your other debts such as student loans and car loans.
- Your most recent income tax return.
- It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.), if applicable.
You can also get free help and housing counseling from a local HUD approved counselor. You can find your local free housing counselor, here.
Contact Your Mortgage Company
Not sure if your mortgage company offers modification programs? Not all do. You can contact your mortgage company to ask them about mortgage modification programs you might be eligible for. Click here to find your mortgage company.
Want to know the net present value (NPV) of your home for the mortgage modification process? No problem, use the free NPV calculator to find out. The NPV calculator is right here.
The calculator can be used by homeowners who have been denied a HAMP modification because of their NPV result or can also be used by homeowners prior to applying for a HAMP modification to help them better understand the NPV evaluation.
No Advance Fees
But if you do decide to use the services of a company like Homeowner’s Relief Line it would be prudent to check them out before you give over any information or money.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off