Lenders Still Dishonest Regarding Loan Modifications
Many are fed up with loan modification hate talk about companies who are reaching out and helping homeowners. Honest companies are negotiating loan modifications for people so they can keep their homes and end a disruptive cycle in families’ lives all across America. They are helping homeowners qualify for the Making Home Affordable program and others.
David Wilson of www.U.S.LoanModifier.com explained, “We use Law Firms to handle every aspect of the negotiations with the lender. Homeowners are too stressed, and have never experienced anything like this, that is why the number of homeowners who go back into default on their loans is so high.”
Homeowners can contact their lender and request a loan modification be done on the homeowner’s behalf. However, one should stop and reason the logic behind going to the same company and trusting that this time … this time, they will keep the homeowner’s need primary. Most homeowners are ill prepared to take on such a task.
According to an article written by CBS affiliate in Arizona- KPHO.com, mortgage lenders are still up to their old tricks. They gave two examples from their viewing audience that are asking for help from the TV station in desperation to save their homes. The first person signed Modification papers from IndyMac Bank and sent them $900 to complete the modification, only to learn they foreclosed on him anyway. Another homeowner paid Washington Mutual a $750 application fee to see if they could get refinanced, but unfortunately the bank didn’t have that type of program but kept their money away. Arizona Attorney General Terry Goddard, is quoted as saying “What we’re seeing is a financial industry that doesn’t want to handle this problem.”
Most lenders are not required to follow President Obama’s Making Home Affordable guidelines. Obama admits that if they use government money they would be required to at least try to make the guidelines work, but it is not mandated across the board.
Unfortunately many homeowners that go directly to their lender are offered something less than an optimal loan modification and only offered a forbearance agreement that actually raises the homeowner’s payment. That is why www.USLoanModifier.com has been so successful; they are an Expert Advisor to Law Firms that specialize in loan modification negotiations, an advocate for homeowners.
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