Maxine Waters goes to War with Loan Modficaition Lenders

The situation with Maxine Waters is another instance of why homeowners need to be careful when looking to a Loan Modification Company.

If someone with the stature of Maxine Waters, a Congresswoman from California, cannot make headway with the Lenders; what chance does the individual homeowner?  Most Loan Modification Companies claim to have direct switchboards to reach modification specialists avoiding the transfer maze.  Loan Modification Companies to the rescue you say? From America’s Foreclosure epidemic, it must be working.

In reality, most fly by night loan mod companies do little more then sit on hold, if you’re lucky enough to get a decent one.  If you have you been reassured recently by someone saying that your “attorney” was making progress; don’t worry you’re not alone. Beware of Loan Modification Companies that just claim to stop foreclosure, without offering you the facts to back it up.

Foreclosure can’t be interrupted unless a Lender agrees to a Forbearance Agreement or commonly known as a Loan Modification. Homeowners have the same access to make this adjustment as a broker.  Since most banks forms are similar, presenting paperwork in the correct manner only takes research and proper planning.  Unfortunately, modifying your loan yourself may be the one of the few ways you can ensure that someone is actually working your loan.

Please keep in mind that modifying your loan by yourself is not a simple task without the proper help.  Most of the time consuming pitfalls will be worked out for you with the right examples so be informed before you modify.  There is no reason to spend thousands on taking a chance that you might attract an illegal modification company.  Watch out for companies that guarantee success or underestimate the procedure. Not everyone will qualify for a loan modification, but most will as long as you stay within certain guidelines and procedures.