Falling property values and a troubled economy have brought you to a place you never thought you'd be: you are unable to pay your mortgage and are afraid you will lose your home. It could be that you have faced a financial disaster, or there could be other reasons. The reasons really don't matter, what does is that you are in trouble and you need a loan modification. Of course you want to solve this problem as quickly as possible but don't move too quickly or you might make irrational decisions and fall victim to a loan modification scam. This will cost you much more in the long run.
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Loan modification is a very viable solution that is legitimate and legal. Lenders negotiate with borrowers to modify their loans so their monthly payments are reduced to a manageable amount. President Obama signed the Making Home Affordable plan recently, which earmarked $75 billion for initiative payment to both banks and borrowers to perform home loan modifications to help up to 5 million homeowners keep their homes.
People interested in a modification are first referred to a financial counselor. This counselor will discuss your individual circumstances and get the process started. The financial counselor is your representative and advocate who will help you get a modification that will work within your budget. It is advisable that you use a free HUD-approved financial counselor who works with a non-profit group.
Some companies that offer loan modification assistance do charge for their services. This has become a very profitable business given the drop in the real estate market and the economy of the day. Some of these for-profit organizations are reliable and have a good reputation, other do not. You have to be careful when you select what company to work with.
Her are some signs of a reliable, trustworthy loan modification company.
1. They are in good standing with the Better Business Bureau (BBB), the Federal Trade Commission (FTC) and/or the Consumer Protection Agency (CPA). When you do a Google search on them, you get no negative information.
2. They offer a full refund if a loan modification is not reached or another solution is not found.
3. They will give a fully detailed explanation of what they do and what they charge.
4. It has an actual brick and mortar office and is not just an online organization.
If you do some research and exercise some caution, you should be able to find a loan modification company that is reliable and will help you get your finances in order once again. There are a lot of good for-profit businesses that you can work with, but there are also some fraudulent. Don't give anyone money upfront, work with anyone who will not guarantee their work or makes you feel even a little uncertain.
You can get relief from your stressful financial situation by using a loan modification company, but don't become a victim of a modification scam. This article has given you pointers about distinguishing the frauds from the legitimate companies.
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