2009
Homeowners fighting back on their own
Even as the government moves to shore up the housing market and stop foreclosures, it’s become clear to millions of homeowner in distressed situations that they need to take control of their situations.
Many are boning up on loan language, studying their mortgage documents, yet finding even getting ahold of a loan officer with time to listen and help them to be the problem. The problem is banks are overworked and in their own distress right now — some officers are handling 800 cases each, so for individuals trying to work out better mortgage terms it is a difficult proposition at best.
The most effective means for borrowers to recast the terms of their ARM or other troubled mortgage situations is to work with loan modification companies. These are lawyers, financing specialists and real estate professionals who understand how banks, hard money lenders, work. They know a bank loses in foreclosure too. And unlike a homeowner facing possible loss of property and the need to move, a loan modification company works without the emotions that can derail a conversation between a borrower and a lender. They’re all business, and work on the homeowner’s behalf.




