Without having the right credentials, taking a fee
for loan modification assistance could be a criminal offense.
The new mortgage
loan modification program looked to address a critical component in its efforts to stem the foreclosure crisis.
This is a follow up post by one of our guest writers about her experiences with dealing
with loan modification companies, debt settlement companies and other debt management programs.
The overall goal of this program is similar to that of other
mortgage loan modification programs already in place; help homeowners stay in their homes by lowering their monthly mortgage payments.
• More than one - third
of loan modifications completed in the third quarter included principal forbearance.
I have many resources available to me as I am a licensed agent and have worked
in loan modification for the bank and now in the foreclosure department for a loan servicing company.
Over the last few years, banks have been pretty active in approved
home loan modification agreements for distressed homeowners nationally.
• Tax relief for mortgage debt forgiveness was extended another year; providing homeowners tax relief
on loan modifications, short sales and foreclosures.
Options to help you bring your mortgage loan current and save your home from foreclosure
include loan modifications, repayment plans, or a temporary reduction or suspension of payments.
We are not presently accepting
loan modification applications but suggest contacting your present lender for information regarding the modification or adjustment of your present loan.
Many people suffer financial setbacks in their lives and an
auto loan modification may help a person's financial situation.
Loan modification involves negotiating with your mortgage lender for changes to the rates and terms on your mortgage loan that make it more affordable to you.
• 45 percent of troubled borrowers who
received loan modifications in the third quarter had their monthly payments reduced by more than 30 percent.
If loan modification isn't 100 % successful, it also bears noting that foreclosures don't always result in the borrower losing the home.
Until the conflict between first and second lien holders is resolved,
loan modification efforts and mortgage write - down programs will likely be met with very limited success.
We recommend that you retain a real estate attorney that specializes in
loan modifications because the lawyer can use advanced legal techniques to achieve the most aggressive results for you.
Available for homeowners
seeking loan modification, borrowers who are current but underwater, those who have lost their homes to foreclosure and households working toward homeownership.
Numerous states have recently enacted laws prohibiting advance fees for foreclosure assistance or mortgage
loan modification services.
Seniors should also consult an attorney and real estate agent if approached with unsolicited purchase offers or
loan modification help.
Most private loan lenders do not allow
loan modifications after repayment begins, but it is worth contacting the current lender to see if any changes can be made to the private loan.
If you are a Veteran and are experiencing difficulty making your mortgage payment, you can receive
free loan modification assistance.
Banks want there money and
most loan modification programs have had little participation and even less success in slowing foreclosures.
We put a lot of work
into loan modification negotiations — and we want to be sure our clients are as dedicated to success as we are.
Typical responsibilities highlighted on a Loan Administrator resume example are obtaining loan documents, collecting client information,
performing loan modifications, ensuring compliance to loan requirements, and processing fees.
Participants discussed strategies to assist borrowers in successfully managing their private student loans, including servicing best practices and approaches to private
student loan modifications and refinancing.