As the latest wave of foreclosures prepares to hit the market, a growing number of people are actively exploring alternatives. A Loan Modification is one of the principle avenues available to home owners faced with losing a home. However, being a relatively new phenomenon there is a sea of chaos they will need to swim through to get the results they desire.
Add to that, the rapid growth of a cottage industry offering loan modification services that in many cases have little or no value and it becomes plain that a lifeboat might be helpful.
A recent Goggle search for “loan modification” provided 2,740,000 results in just 19/100 of a second. Many of the results lead to companies or individuals who want upfront fees to help distressed homeowners avoid foreclosure through loan modification. Caveat emptor!
The second site on the list quickly became my favorite; it offered a course teaching people (for just $97 plus shipping and handling) how to make big money doing loan modifications for desperate homeowners.
Shop Around If You Hire A Loan Modification Service
If you are in need of a loan modification and decide that you need help with it, be prudent and find a provider who only charges for results. Look for companies that don’t charge any upfront fees or who offer a 100 % money back guarantee if they are unable to get your present loan modified. Shop around, it is worth the time.
Hire An Experienced Modification Attorney
Seeking help directly from an attorney rather than from one of the myriad of intermediaries you may come across is strongly suggested. Find out how many loan modifications the attorney has done, what the success rate is and what the fee will be if they are unsuccessful in getting your loan modified.
Do Your Mortgage Modification Yourself
If you are adventuresome or perhaps just a little strapped for cash (self proclaimed modification “experts” want upwards of $3,500 with no guarantee of results) perhaps the next best thing to hiring someone to mediate on your behalf is to do it yourself. Doing your own loan mod program will probably save you money since you are not paying fees to someone to help you. Your mortgage company will work with you to modify your mortgage – but you have to call them to get the ball rolling.
Article Sumitted by Jim Greisiger. Jim is a licensed Real Estate Broker in the state of Arizona. He has over 30 years residential real estate experience. For more on this topic from Jim real estate website please visit: Popularity of Loan Modification Explodes. Jim can be reached at 480.298.2884 or emailed at: jgreisiger (at) qwest.net.
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