No Foreclosure For You

Author: Heather Dunlop

Author: Heather Dunlop

There is a way for you to stop foreclosure and keep your home. Many people in foreclosure think the only options they have are refinance, short sales, giving it back to the bank, or walking away from your home. There is another option, a loan modification. A loan modification allows you to stay in your home. Basically a loan modification is a change to the existing loan so you can afford to make the payments going forward. You can talk to the lender about lowering the interest, which lowers the payment, making it easier for you to make the payments going forward. Homeowners can contact the bank on their own. The big challenge in doing it yourself is that only 7% of homeowners who try are successful at getting a modification. Why? The homeowners are not specialists, they dont know exactly what the bank is looking for or what the bank is willing to negotiate. Today there are many people coming out of the woodwork claiming they do loan modifications. Be wary of these people. Before you decide to hire someone to do the modification for you, make sure you check them out. Here are some questions to ask: 1. How long have you been in business? You want to make sure they have been in the business of loan modifications for a while. There are many former mortgage brokers who are now doing loan modifications. Just because they were a good mortgage broker does not mean they have the knowledge and experience necessary to complete a loan modification. You want to work with a company that was doing loan modifications before the recent economic crisis. 2. How many modifications have you completed? This comes back to their experience. If they only do a couple of modifications a month, they are not very experienced in the process. You want to work with someone who does a large volume of modifications because they are working with the lenders on a daily basis and know exactly how to get it completed and put you in the best situation possible. 3. Do you have proof of other modifications you have completed? If they are not able to show you proof of completed modifications, they are probably not reputable. A company that has been doing modifications will be willing to show you proof of their success. 4. Who is doing the negotiation? You dont want an hourly employee doing the negotiations for you. You want someone who is an experienced negotiator and knows exactly how to work with the lender to put you in the best situation possible. 5. Do they have a written refund policy? Many people will tell you they have a return policy. Make sure you get this in writing. It should be part of the service agreement. That way if they are not able to get your loan modified, you can get your money back if they do not do their job. What is the fee? Just because someone offers you a low fee does not mean they are the best person for the job. You have to remember that this is your home. A low fee should not be the only reason you decide to hire someone to save your home. You need to make your decision based on the other questions provided here, in addition to the fee. If you cant pay the full fee, you can ask for a payment plan. Reputable firms want to help you save your home and will work with you on a payment plan. Are you a member of the Better Business Bureau? Reputable firms are listed with the Better Business Bureau (BBB). You can check them out on the BBB. Also ask about for testimonials from clients and other reputable sources. You have to remember that this is your home. If you can keep your home, why wouldnt you? Your house is likely your most valuable asset so dont put that in jeopardy by trying to save yourself a few bucks or negotiating with the bank on your own. Do your homework. Research the company before you hire them by asking the questions listed here. Work with the company that you feel you can trust and provides a comfort level for you. You should feel like they care about you.About the Author:

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