LOAN MODIFICATIONS

More Information On Loan Modifications

Since I last wrote, I have spoken to several lenders who are doing these loan modifications.  I would like to add that once again “buyer beware”.  Yes, there will definitely be people out there who do not have your best interests at heart and just want to get your money upfront and not help you.  Be sure to do your homework when it comes to lenders who are doing loan mods. 

I have spoken with two lenders that I know are reputable and have lawyers working with them.  In addition, they offer a “money back guarantee”.  This means if they are unable to help you, you don’t have to pay.  There are many caveats to this process.  It is critical that you hire someone who knows what they are doing.  Yes, you could try to do it yourself, however a reputable lender might be able to negotiate a better outcome for you so that you don’t default again down the road.  Take a deep breath and do this the right way, you may not get another chance.  If you’ve negotiated with your bank already, there may be no turning back. 

We must be better consumers.  This continues to be a time of uncertainty and you cannot trust your most valuable asset (your home) to just anyone.  Remember anything worth having requires work!