Tips on selecting a loan modification agency
Tips on selecting a loan modification agency
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Home Page > Finance > Loans > Tips on selecting a loan modification agency
Tips on selecting a loan modification agency
Posted: May 14, 2010 |Comments: 0
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You find yourself in a situation you cannot get out of on your own. You are in arrears on your mortgage; you know the only way for you to avoid a foreclosure is for you to get a mortgage modification. You realize that in order to successfully negotiate with your mortgage company you will need professional help but you are not sure how to find a quality modification agency. You have heard horror stories about modification companies that have actually been scam artists. So how do you protect yourself from being another victim of a scam, or find someone who will really HELP you?
There are some tips that will help you steer clear of a scam.
Avoid an agency that requires a large upfront fee – Some agencies will charge up to $7,500 to negotiate on your behalf. Some agencies will also keep ½ your money if they FAIL TO REACH AN AGREEMENT with the mortgage company. If you could afford to give them half for failing to negotiate you would not need them in the first place.
Do not select an agency that is prone to accepting the first offer from the lender- If the offer the agency procures is not within your budget then you might as well have not negotiated for a modification. It will do you no good to modify your mortgage if you are still not able to make the payments.
Find a company that provides a free consultation by phone – A reputable company will not charge you a deposit until they review your situation and know they can help you. A good reportable agency will use their time wisely and only represent you if they feel confident in their ability to be effective in your particular case.
Find an agency this is endorsed by an attorney – You should find someone who can legally stop the foreclosure.
Use an agency that has a reputation of being able to buy you time -They should be able to freeze your payments up to 6 months, in the case of financial hardship. They should also be able to stop any annoying phone calls you may be receiving from the mortgage company.
Find an agency that designs a plan – that meets your budget and objectives – such as a low rate with a 30 to 40 year fixed term. They will be able to have late payments attached to the back end of your loan.
Find someone who has experience with second mortgages – A good negotiator will be able to reduce or get rid of a 2nd mortgage. You will want someone who will request a principle reduction if you owe more than the loan amount.
So before you hire someone to negotiate with your mortgage company, do some homework. Research an agency and find out what their success rate is, after all you will only get one chance to correct the situation, so be sure to make it the best possible attempt. Do not risk your chances of foreclosure; hire only someone who can truly help you.
Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit our website Saint Jude’s Mortgage Rescue
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Discover how you can ethically modify your home mortgage loan and save as much as 47% off your current mortgage payment in as little as 60 days without refinancing? For your FREE CD, FREE e-book, and FREE coaching call with Mortgage Modification Expert and Business Man of the Year Billy Alvaro visit www.RescuedBySaintJude.com Saint Jude’s Mortgage Rescue
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Questions and Answers
Ask our experts your Loans related questions here…200 Characters left
We received a loan modification from chase. They added 18 months of past due payments plus fees to our loan. This came to over $70,000. Is there anyway to get this forgiven in bankruptsy court?
If i am employed and my husband is not . there is any possibility to get a loan modification? we are 3 months behind our mortgage
I filled out form for loan modification on internet sent in necessary paperwork called 2 months later and they said i sent in wrong paperwork and now i have too start process all over again what do i
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realestate loan modifications, home refinance, tips for loan modifications, all about loan modifications, mortgage loans, loan modification expert, free coaching, loan modification scams
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