2008 has come and gone but two remaining words that prompted a lot of conversation last year were Loan and Modification. They will certainly be even more well known this year. I've learned there are a lot of misinformed people out there and most of the people who could benefit from a loan modification are not raising their hand to ask for help. It's been estimated that 7 in 10 home owners who are classified as distressed in one way or another are not getting the help they need or even know it's out there. That will most likely change in 2009 as there are so many loan modification companies claiming they can help distressed home owners when in reality they will most likely only add to the home owner's over-all debt by taking money for services that will not improve their mortgage terms. Many loan modification companies charge exorbitant fees and much of that is requested up front with no guarantee of a refund if the loan modification cannot be completed.
One misconception is that the home owner needs to be behind in their payments before qualifying for assistance. This is not true. It is much better to anticipate a future potential financial hardship and act before it takes place.
I've been able to partner with two reputable and approved loan modification companies to offer my clients a safe, money back guarantee for seeing if they can qualify for what could be a reduction in payment and no doubt an increase in peace of mind.
Tuesday, January 13, 2009
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