Who Is Helping You With Your Loan Modification
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If you are facing foreclosure and are eligible for a loan modification, you are actually a very popular target for banks, politicians, real estate professionals and others. Many homeowners are trying to discover who exactly can help them get the loan modification they so desperately need to avoid foreclosure and stay in their home. All sorts of loan modification programs are popping up, which is leading to a great deal of confusion for those who need to know who they can turn to. Here is a quick review of some institutions and individuals who are allegedly trying to help homeowners stay in their homes.
Politicians – At the moment, in spite of President Obama’s heroic efforts to save homeowners, only 12 percent of eligible homeowners have actually had their mortgages modified through the federal loan modification program. Lenders are only modifying loans they feel will bring them greater profits, frustrating the efforts of many politicians who are working to keep people in their homes. One frustrating reality is that the complex computer programs that advise banks as to whether it is more profitable to modify an existing mortgage or to foreclosure on a property are a complete mystery. The mathematical formula being used is a secret that the Treasury Department refuses to disclose.
Banks – Obviously, borrowers are incredibly hesitant to trust any program run by the very banks they feel got them into this terrible real estate crisis. However, a number of banks and lenders have devised loan modification programs to try and stem the tide of foreclosures. Banks are actually losing quite a bit of money on the foreclosures they have in their portfolios, and this -
in turn affects their stock holders. However, loan modification programs run by banks and lenders will always favor the banks and lenders, especially if the homeowner does not have a qualified professional working on their behalf.
Government agencies – In addition to politicians, there are government entities (such as non-profit organizations) that are trying to assist people in staying in their homes. However, between being ill-equipped to handle the volume of work and having people who aren’t always up-to-date on loan modification programs, these organizations can come up short.
Unfortunately for most homeowners, it us up to them to decide what their best option is and who can best serve their interests. There are many programs to choose from, but finding a loan modification program that will actually work for the homeowner is incredibly difficult. A possible solution is hiring a California loan modification attorney who has the experience and knowledge necessary to properly advice and counsel anyone in this situation. An experienced loan modification attorney can inform you about all your options, can work with you to investigate your financial situation, can help you compile your loan modification application and can help negotiate with lenders. Most importantly, a California loan modification attorney can act as an ally when you are facing government programs, bank programs and more. Having someone on your side to help you make a decision can be the difference between saving your home and losing it.
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About the author
The Feldman Law Center is one of California’s top loan modification companies, providing excellent loan modifications service to our clients. Call us at 800-588-0425 for help to stop foreclosure. |
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