Mortgage Modification Companies [mortgagecalculator-tips.blogspot.com]

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Mortgage Modification Companies [mortgagecalculator-tips.blogspot.com]

South Florida ranks among the top metro areas in the number of mortgage modifications, an indication that lenders are making progress in addressing the region's housing debacle, industry observers. South Florida among top areas for loan modifications

During these difficult days of financial hardships where homeowners are facing foreclosures and trying to get their home loans modified, there are lots of mortgage modification companies emerging. The real estate market had almost collapsed due to the sudden outbreak of recession but with the help of loan modification programs of the present government it is getting better day by day. If you are also facing repayment problems and your house is on the verge of foreclosure, you can also seek for a loan modification process. But while doing so you will have to choose the loan modification company intelligently and sensibly.

There are numerous fraudulent modification companies and they will ask for a fee so that they help your application form move forward and get accepted. Since the homeowner fears the threat of foreclosure, he believes in him and gives him his fees immediately.

They give empty promises and will assure you that the rate of interest for your loan modification can come down to 2%. Not only this they make you believe that there will be reduction in your principal amount also. Even if these things are possible no lender can promise you any such things. It is only after considering some points that the rate of interest is fixed and the loan repayment duration is measured.

Genuine mortgage modification companies will do their work first and there are many who will not charge you or refund your money back if your loan modification application is not sanctioned. Scam ones usually run away with the fee and never come back again. In fact they offer fake promises to many homeowners and when they are able to collect a good sum of money as their fee, they run away with the money leaving the distressed people behind. However the time is already against you and most of you are finding it difficult to meet your daily needs even. At this time you cannot afford cheating from anyone. So be careful while choosing the companies. Learn about their authenticity and recheck their customer satisfaction level.

Once you choose the right company for professional help in applying for the loan modification process, your chances of approval increases. Just be a little careful and conscious because after all it is the matter of your hard earned money. The most common error that these companies make is they promise a guarantee. This confirms that the company is a scam.

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Question by stephen t: Has Anyone used or plans to use any of those loan modification mortgage companies? If so how much did you pay and what were your results? Best answer for Has Anyone used or plans to use any of those loan modification mortgage companies?:

Answer by ☼AstrologerJuliAnne☼
I sure hope not. Why do you want to pay someone to do what YOU can do yourself? Save the fee (hefty at best) and use it to pay your mortgage!!! Most are rip offs, promise the world in their come on, but then don't deliver, but still, take their *fee*. If you are needing to modify, call your lender and ask for the loss mitigation dept if you are late. These forums are very helpful in talking to others who have avoided foreclosure, have been able to modify on their own http://www.loansafe.org/forum

Answer by blcohen529
Dear Stephan, There presently exists far, far less loan modification on-going than even lenders contend. Even those people, like myself, offerring such services must honestly inform that few lenders are willing to concede the necessary points constituting real loan modification. Real loan modification should involve adjustments of interest rates, mortgage balances, past due amounts and length of loan term. Most lenders are seeking much more modest short term changes that hardly effect the loan and are seemingly short term catch-up remedies. This serves lenders (in their very limited minds) but does not adequately benefit lenders. Statistics demonstrate that nearly one-half of past modifications are presently defaulted which proves their inefficiency to seriously address the loan problems. A number of recent changes at Fannie Mae and Freddie Mac have been proposed to limit repayment to a limited (31%) percentage of income. Specifics are lacking and this plan does not seem to contain provisions to protect against downward income problems brought by loss of jobs, work cut-backs or loss of employment hours. Finally, the most critical element must be addressed before undertaking even the minimal of efforts. Who owns your note. You are paying a service agent often one who has no idea who the real note owner is. Without identifying the note owner, there is no one with whom to negotiate. I see so-called modification experts, attorneys, accountants, former mortgage brokers and lenders collecting thousands of dollars of fees and never able to find the true note holder with whom to negotiate. Why? Many loans from many firms like Countrywide combined notes in multi-million dollar packages and sliced, diced and parceled out interests througout the U.S. AND EUROPE! At this point, I recommend you seek to determine who holds the actual original physical loan note. The heck with any recorded copy! Worthless..... If necessary, retain for a couple hundred dollars someone to assist you in this quest. Don't even think you are engaging in effective practical loan modification until this step is successfully fulfilled. I see inividuals and firms charging between $ 1,200 and $ 3,500 for loan modifications. If the real parties are present the negotiating time and document preparing time whould not exceed ten to twelve hours, about one-half can be provided by administrative assistants, paralegal or legal secretarial skilled levels. Loan modification is ever changing. You would be best served if you can wait three to four months at a minimum to see how things develope. Good Luck!

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