Loan modification is a major player in a lot of foreclosure cases these days. They have become popular because millions of foreclosures are happening each year and millions of homeowners who cannot afford their mortgages are asking for home loan modifications to get out of their rut. This process fine tunes the current contract, and adjusts it to the current status of the borrower in order to bring the interest rate and payment down, decrease the principal balance, transform an adjustable rate into a fixed rate, forgive delinquent payments, and even stop auctions and foreclosure actions.
In cases where people find it difficult to process their loan modification, they plan to hire “third-party” negotiators – or lenders -- who will assist them in the process. The best way to find one is of course, through word of mouth. Ask your friends and your family. Remember: If a company is good, then people will talk about them. Better yet, ask people who also underwent the same kind of experience. This can prove to be valuable in case you come across a similar situation like theirs in the future.
When all of your leads grow cold, try to join mortgage and loan modification forums, then look for the alpha members. Usually, you can distinguish them by the wealth of information and knowledge that they give. When you see someone like that in a forum, focus on where they post and try adding some messages of your own. Try to strike a conversation with these members, until you have formed enough familiarity with them to ask your questions. Usually, these members will be willing to help you find the information you need as long as you are polite, friendly and sincere in asking your questions.
Should nothing come out of this, research about your state's official website. Try to look for information regarding foreclosure, especially laws and statutes that might help you in applying for a modification in your area. Usually, these sites include other links to related sites, so check them out, too.
Also, you can try to research about the best loan modification experts on the net. Usually, their websites give information and resources to help you learn more about the loan modification process. What's more, they offer these for free, so you don't have to spend anything.
If you still need more information, go to the website of credit counseling companies. However, be careful – there are a lot of scams involved in this industry. To be safe, inquire about them on the Better Business Bureau. They have good listings of credible companies in many areas of the state.
If all else fails, try visiting the website of the United States Department of Housing and Urban Development. They provide a lot of information and resources about foreclosure companies and the foreclosure process.
You have a vast wealth of information about loan modifications that are available to you everywhere. Make the most of them so you can be sure that your choices will ultimately help you secure the home you’ve worked hard for all your life.
