These days Loan modification is the new buzzword in the mortgage marketplace. Many real estate professionals seem to agree that loan modification could be the answer to the current mortgage crisis causing homeowners to lose their residences to bank foreclosures. Loan Modification allows a homeowner to stay in his/her home as well as keep their FICO score intact! In short, loan modification helps homeowners avoid foreclosure on homes that cannot get otherwise refinanced because of the loss of value of the home or the less than perfect credit of the homeowner.
Currently there are several companies including some law firms that have entered this market niche and attempt to help consumers negotiate loan modifications with their lenders in exchange for a fee. The loan mod negotiation is not one that can be taken lightly since success in this negotiation will save you your home. That is why it is best to choose a company that can demonstrate a good track record and one that employs competent and professional staff who can handle these tough lender negotiations. Although not all companies that claim can help with loan modification really can help , there are few that are truly competent and ethical. To determine who these companies are is the primary reason why our site loan-modification411.com was created. We help homeowners find a company that can help them traverse the maze of red tape and gather the needed documentation for a successful loan modification , and ultimately negotiate one such loan mod on their behalf. The advantage of having professional assistance in this endeavor is obvious: this is your last ditch effort, you do not want to lose out on your chance of doing a loan modification and consequently lose our home.
Consumers who attempt to contact their lenders directly in an effort to negotiate a loan modification usually do not succeed in getting the best possible terms. The highest success rates usually occurs to those who work with real estate attorneys and other professional loan modification companies fully knowledgeable with RESPA and TILA guidelines. Moreover, homeowners must be aware that the governmentally stipulated homeowner relief packet that stipulates a one month hold on foreclosures is not the same as a loan modification plan but instead it simply offers a window of time that the wise homeowner will utilize to actively pursue a loan modification. Remember, time is not on your side.
