How To Search For The Best Loan Modification Company
If you haven't turned on the TV lately, it seems like Loan modifications are the latest craze
. A great alternative to refinancing, this is a less expensive way to reduce your mortgage payments permanently. Unlike refinancing, there are no closing costs or appraisals fees. Qualifying is not the same as it is for traditional mortgage financing. For example, credit and the equity in your home are not considered qualifying factors. In fact, many times the worse your situation, the better you might actually qualify for a mortgage loan modification.
If you are having trouble making your mortgage payments, going past due or even looking at the possibility of going into foreclosure, you need to do something now. After your decision is made, you need to find a company which can aggressively reduce your monthly payments while resetting everything back to current. In the last two years, literally 100s of loan modification companies have been popping up. With tons of options, be very careful when selecting which company to go with. These are the two areas you need to look at:
1-What is the Company's rating with the Better Business Bureau?
2-What is their track record (Ask to see some actual Modification results before/after)
Many modification companies have an F rating. Some of them get this poor rating almost immediately after opening their doors. This is due to the fact that they are unskilled and have minimal knowledge of the process. They are more interested in taking your money and making a 'half baked' attempt to help. On the other hand, some of the best modification companies will proudly show you their customer results and professional ratings. This is an important decision, don't be afraid to ask!
If you noticed, I did not mention anything about price. Do not make the mistake of choosing a modification company based on who has the lowest price. Your house is your biggest investment. This is not the time to cut corners. The lowest price companies are the ones with the worst BBB ratings. Remember, competency, not price, is what will get your modification completed successfully.
In conclusion, it is so important that the company you select will be doing all the work in house. Another words, make sure they are not contracting out their processing services. If a company uses outside contract processing they might be able to reduce costs. However, it is enormously ineffective and results in many failed modifications. When everything is done in house, the results are powerful because communication is solid.
by: J Chase
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