Many homeowners I talk with want to get their loan modified but are finding it very difficult to get answers from their lender. Simply finding the right person to talk to could take several days of listening to messages and choosing the correct option only to end up with a voice mail box that is full and to “Please try again”. Compounding the situation is the reality that all the calls must be made during regular business hours.
Plan B is to find a loan modification company that will work in your behalf, however there are many, many companies. I can’t recommend a specific company but I can give you a few pointers.
1. Ask up front, How much is it going to cost?, and is it guaranteed? Many companies will charge between $1995 and $2995. You should only have to pay half the money up front and it should be 100% guaranteed. Most companies will need you to complete an application and then their underwriters will decided if a modification is possible.
2. Loan modification programs should take between 30 and 90 days.
3. Ask, Is the company licensed in California? How long? The loan modification business is in demand and consequently many companies, even lawyers have branched out in to the business. I would recommend that you pick a company that has been doing modifications for while.
4. Get everything in writing and get the names and titles of everyone you speak with. You may never actually meet or see anyone that you deal with and yet you are entrusting them with the specific details of your life. Be careful releasing this information.
5. Take lots of notes as detailed as possible. Ask them to mail you information about their program and speak to as amny people you can at the business.
6. Look up the business on the Better Business Bureau.
Although, many would argue that it shouldn’t cost anything in order to get a loan modification, this is a complicated, time consuming process and the average person does not have the necessary skills. It is perfectly legal for you to be your own lawyer but I wouldn’t recommend it. This is definitely a case when hiring a professional is the way to go. I would recommend that you spend your time finding a good company to work with.
If you are thinking of selling your house, now could be a good opportunity. Rancho Penasquitos, 92129 does not have enough houses to meet the demand. I can give you a free market analysis of your homes current value if you give me the address. If I can see the house I can give you details on how to prepare your home and what projects will be the most beneficial.
Call or email me with all your real estate questions.
Janet McCarthy
858-243-5719
3 Comments
December 1, 2009 at 9:37 am
known, but it is not the only one available. It is still essential to check out the rates that they are offering to you to make sure that you get the best rate. The premise is that you can offset your savings against your mortgage and save on the interest that you pay on your mortgage, this helps you to pay off your mortgage quicker, although it only really works if you have savings, or believe that you will be able to save money, and it is also beneficial if you are a higher rate tax payer.
mortgage guide
December 1, 2009 at 10:26 am
I have done a little research on loan modification and quickly discovered that it’s a complicated process and a difficult decision who to work with. Thanks for stopping by my blog and thanks for leaving a comment.
February 2, 2010 at 5:30 pm
So right, great post! Thanks for the hard work.