Loan Modification Companies and Industry Information
Similar to the refinance boom of the 2000's we are now dealing with the onslaught
of loan modification and foreclosure companies coming to the rescue of fragile homeowners. Mind you not all of these companies are taking people's hard earned money and running away of to Tahiti or god only knows where! As the saying goes "a few good apples spoil the bunch", so can be said for the loan modification industry.
So how is your government and lenders preventing this happening to you? Local and Federal government's have stepped it up and have strict rules and regulations for modification and foreclosure companies. Before you consider doing business with a company do your research!! Check out your local government Banking Department website and see if there is a list of loan modification companies who may be on a HOT Sheet and under review for bad practices. You can also:
- call your lender directly
- call the government's foreclosure prevention hot line 888-995-HOPE
There are also a few good websites that offer free advice and application assistance these so called do it your self modifications can save you a lot of money!!! My favorite website for FREE advice and a FREE down loadable lender application packet is:
This company has a very user friendly website and actually walks you through filling out the Request for Modification Affidavit. They also have their own blog you can find good pointers on applying for modifications and the ongoing changes and updates in this industry and other housing related articles and posts. You can find this at: http://blog.freehampreport.com.
Loan Modification Companies and Industry Information