If you tell people that you're trying to get a loan modification to avoid foreclosure and keep your home, inevitably some of them will offer advice, whether they know what they're talking about or not.
Acting on bad guidance for something so important can be harmful to your chances of getting the outcome you want.
Here's some of the worst advice we've heard about loan modifications and foreclosure:
"Stop paying your mortgage to get a loan mod"
Homeowners who are current on their mortgage have been told that they need to stop paying their mortgage to be eligible for a loan modification.
This is wrong.
You do need to show that you've had a hardship that's making it hard to afford your mortgage, but you do not have to be in default to get a loan modification.