Few people in or near a loan foreclosure are new to their situation. Problems may have begun with an income loss, illness, divorce or an ARM that adjusted upwards. For one or several months, the homeowner tries to find a way to make it work – cut out expenses, find new income, ask friends and family for help. The individual may also go to the source of the mortgage problem, the lender, and tried to find a sympathetic ear, someone who can fix the problem.

But time passes, the homeowner gets further behind in their bills, and the bank officer assigned their case is dealing with 700 or 800 other cases, unable to help the individual work out better terms. Options may appear to be exhausted.

This is why loan modifiers – attorneys and financing experts hired by the homeowner – are not only a last chance for many homeowners.  They are the best chance.  Here’s why:

• Loan modifiers understand how to talk to banks, in their language and with the information that means the most to lenders.
• Loan modification companies understand the economics of banking. They know the bank doesn’t really profit from owning a home - especially in this housing market.
• Loan modifiers are non-emotional in ways that homeowners cannot be. They can better manage the bank representative with a cool demeanor.

Loan modification firms are generally hired at the cost of one month’s mortgage payment, and can predict with high (93% or greater) certainty how successful they will be in the loan modification negotiation.  Without that, they should refund the money to the homeowner. 

The net result is that thousands of families have remained in their homes at better terms because they hired this intermediary.