2009
Borrowers overcome bank intimidation with loan modification specialists’ help
In this economic crisis, everyone wants to find a recast button. “If only we had made better decisions back when…” is said or thought in corporate boardrooms and at kitchen tables alike.
In fact, homeowners in mortgage distress are discovering they can achieve a home loan modification, actually negotiating better terms on their mortgage – good enough they can save their homes. The facts are that banks don’t want to foreclose. They are not in the business of owning, maintaining and selling homes – and are unlikely to unload these unwanted properties at their preferred prices in an historically low market.
But a large percentage of homeowners are uncomfortable with the loan modification process. They may not know they exist, or what can reasonably happen. The terminology is likely unfamiliar, and they fear they will make mistakes similar to the loan terms they agreed to at purchase of their property that got them in trouble in the first place.
This is why loan modification consultants are on the rise. Thousands of people have retained ownership of their homes, or exited with better terms, because they were able to use “loan mod” specialists. Legitimate loan modification firms can work around borrowers’ bad credit, assessing hardship and presenting a business case to the bank that helps all parties with loss mitigation. Their services stop foreclosure even in process, in some instances. Quality consultants will also limit fees to around $300 or slightly more, depending on the location, and not take a case until they’ve examined the details enough to proceed with high confidence.
Banks can be reasonable, if approached professionally, dispassionately and with an understanding of what they’re up against on their side of the equation.




