They can be up to date on their existing mortgage or in default, but either way borrowers must prove that they will not be able to keep paying their existing mortgage and attest that they are not deliberately defaulting just to obtain lower payments.

Before homeowners can get FHA backed mortgages, they must first retire any other debt on the home, such as a home equity loan or line of credit. Borrowers are not permitted to take out another home equity loan for at least five years, unless it's to pay for necessary upkeep on the home.

But lenders won't sign off on a workout unless they think that they'll lose less money on that than they would by allowing a home to go through the costly for Counseling for Federal Relief Program qualification. Learn your rights and how to prevent being disqualified from workout assistance that you may be entitled to. Find out who's eligible, how to apply, what the cost is, and what drawbacks are involved. If you do not qualify our senior legal team and will inform you regarding all alternative options.

Losing a home can be financially and personally devastating.
Here's information to help you keep your home. Relief may be available.

The most common mistake is for homeowners to think that just because their lender offers to provide a workout plan that the homeowner is going 'straight to the source' to fix their problem. It has been our experience and general statistics that 85% of homeowners that are placed on lender issued workout plans or modifications will fall off the plan after the first or second payment is made. The lender is not looking out for your best interest. We know what programs are available for each homeowner and what the qualifying criteria is with each lender. We approach the lender on your behalf. We are fighting for a solution that you can afford, not one that benefits the lender's position.

The Law Office of B. Diego Hellewell offers a personalized debit to income financial analysis which can help homeowners achieve better financial terms with their mortgage debt. A proper financial profile could be the difference between an affordable solution and impending financial hardship. Always enlist the help of a professional counseling agency before you submit anything to the lender. Although lenders will talk to you, they may be working for reasons to disqualify.

In the past, creating the annual financial reports of basic corporate financials meant time consuming research. With The Law Office of B. Diego Hellewell, the time once spent searching for financial information can be used actually getting business done

The Law Office of B. Diego Hellewell knows what banks look for within the debt to income ratios. Homeowners use this plan to modify loan rates and terms and to present a profile to banks.

Maximize success in negotiations with an informed financial approach.