Choosing A Mortgage Loan Modification Company

How To Choose A Good Mortgage Loan Modification Company

What can a good Loan Modification company do for you?  They will get your principle lowered.  They will get you a lower interest rate.  They will bring you current on your payments, and they will lower the payments as well.  In conjunction with several government programs providing funding for loan modifications for people from all walks of life, it is possible to see a principle reduction of up to 50% in many circumstances – even yours.  Not only will your home be saved from foreclosure, but you will be much better off financially in general.

However, it is important to choose a good loan modification company – aggressive, but ethical.  Make sure you are choosing a company that has your interests at heart. There are many fly-by-night companies out there who are generally just mom-and-pop operations that don’t know what they are doing, or are simply trying to make a fast buck.

So ensure that whatever company you choose to represent you has a solid real-estate team and a good lawyer on their staff.  Additionally, make sure that they can secure principal reduction as well as interest rate and payment reductions – it is definitely possible to get all three, especially in this market.

Most importantly, ensure you can determine the above criteria easily from whatever loan modification company you consider working with.  Talk to at least 3 or 4 companies, this will help you get a feel for what they can do for you.  They should have a professional web site where it is easy to request more info. They should offer a proposal for free (fire anybody who tries to charge you for a proposal).

Additionally, they should ask lots of questions, and indicate that loan modification is a process, not a one-week solution, and that it may take a little time (anyone who says otherwise, or who promises ultra-fast results, is probably trying just to make a fast buck).  Taking these simple steps will ensure that you obtain the services of a quality mortgage loan modification company, who will not only make your life easier – they will help you save your home.