Wow, its overwhelming, everywhere I look there is a reference to Loan Modifications. As real estate agents my husband and I have been entrenched in helping people that needed to sell their home and had no equity…A Short Sale…
I think a loan modification is a great place to start if you want to keep your home. Being faced with loosing a home is beyond devastating.
The problem I have with what I’ve been reading: For the most part, business’s that are offering these “Loan Modifications” charge an upfront fee, and those that don’t let you know in the fine print….they will refund all fees paid, if….They are unable to obtain a loan modification from your lender….
Well, I don’t want to diminish my skill set, but your lender will most likely grant you some type of a loan modification even if you don’t have a professional negotiating for you. The obvious, a professional negotiator helps a great deal, a licensed agent that has a proven history of working with lenders in successful negotiations is very important.
So, my point….there are agencies out their like us doing loan modifications, not charging up front fees, and more importantly not charging for a loan modification that was granted by your lender….that does not work for you!
When we are presented with the best loan modification a lender will agree to, we discuss the opportunity with our clients. If for any reason the loan modification is not desirable, we look at the other options for our clients. If you’re already at a point that you’re not able to make the payments, most likely if the loan modification does not help enough the next best solution is to Short Sale the property.
In this scenario, we would ultimately be paid by the lender at time of sale. We completely understand that when someone comes to us in need of a loan modification there is a financial burden. If there was a place to pull out several thousand dollars you would not need us….
If you are thinking about a loan modification, please do your homework before you call just anyone.
