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Who does loan modifications

Who Does Loan Modifications?



– Dealing with lawyers can be time consuming and very costly. Generally, lawyers who do loan modifications also have many other legal responsibilities or cases to deal with. Most lawyers do not “specialize” in loan modification. Often times the financial responsibility to the loan modification client is calculated through generally accepted billing practices for legal representation. This can mean charges of hundreds of dollars per hour for consultation and representation. Loan modification through a lawyer can cost many thousands of dollars.


– Cost – Lawyers typically bill hundreds of dollars per hour for consultation, research and work.

– Experience – Lawyers generally do not “specialize” in loan modification.

– Time – Because lawyers are generally handling many diverse “cases” at the same time the modification client can fall down the ranks of importance in the lawyers case file.

– Call center mitigation “companies” employ dozens and sometimes hundreds of sales people who do nothing but “sell” the modification service. Once a modification client has been “acquired” the clients information is then passed along to another company for banking representation.

– Responsibility – The “salesperson” who sells the client has no further responsibility to the client. He/She is on to the next “sale.” At this point the client does not have a true point of contact for the modification service he or she has purchased.

– Confidentiality – Since the clients information is in “limbo” as it is passed on or sold to a modification “company”, there is a much greater likelihood of the client’s personal information being compromised.

– Time – Call center sales can quickly overwhelm the staff of a modification/negotiation company. The service can be sold much faster then it can be completed. Most call center customer find themselves at the bottom of very large stacks of files on a modification company’s desk.

– There are hundreds of modification “companies” out there on the internet which are nothing more than unqualified individuals with a website. There is nothing wrong with private enterprise but an amazing number of these “companies” represent themselves as something they are not. Oftentimes a slick website is nothing more then a cover or facade for an unqualified huckster with a computer, sitting in someone’s basement. This is not who you want representing and negotiating on behalf of your most valuable asset.

– Expertise – The individual doing loan modifications from home generally does not have the background or expertise to efficiently and effectively secure a loan modification for the client.

– Availability – There is little to no oversight for the home based modification business. Availability of your “representative” can be based on the whims or weather of any given moment.

– Stability – Home based modification businesses are far more likely to close down and/or disappear leaving the homeowner with little or no recourse.

– Security – Individuals practicing loan modification as an “experiment” in business rarely have sufficient security software and hardware in place to protect their clients information.

– Many websites out there representing themselves as Loan Modification companies are nothing more than brokers. These sites are very difficult to distinguish from an actual modification company. These sites have the look and feel of a real modification company but are actually information gathering companies. The owners of these sites gather your information and sell it to a modification “company.” These broker sites may also compile your information into a list to sell to as many other companies or organizations as they can.

– Effectiveness – Brokers generally do not do modifications. They simply sell your information to a company unknown to you.

– Integrity – Brokers do not care if your modification is done or not. They do not care because it does not matter to them. They earned their money when they gathered your information and sold it. A broker wants nothing more to do with you other then to continue to sell your information.

– Control – The homeowner has no choice regarding to whom or how often his information is sold.

– You can do your own modification. You can do your own taxes. You can build your own house. You can represent yourself in a court of law. Because you can does not mean you should. Loan modification can be an emotional, lengthy and time consuming process involving complicated paperwork and skillful negotiation. This is not the time for “on the job training.” Those facing the specter of foreclosure understand that time is of the essence.

– Effectiveness – Banks have stringent paperwork requirements regarding loan modification. Paperwork filled out incorrectly or incompletely is relegated to the bottom of the stack. The stack can be hundreds of files deep.

– Time – A file moved to the bottom of the stack can remain there for months as the banks decision maker spends his time with properly filled out files.

– Emotion – Facing foreclosure can be an emotional task. Those prone to frustration in dealing with the bureaucracy inherent in institutions like banks or government should not handle doing their own loan modifications.

– Competence – The average homeowner is not a professional negotiator. Those facing foreclosure should realize they need professional help. A qualified loan modification company already has a relationship with the bank you are dealing with. The qualified loan modification company has previously handled situations similar to yours with your bank. They know the ropes and know the limits.

– A real loan modification company is a service company comprised of dedicated professionals, competent support staff, state of the art hardware, and software appropriate for protecting the clients information. A legitimate loan modification company honestly and professionally endeavors to help homeowners with their modifications. A real loan modification company has consistent business hours and operates out of a brick and mortar office. The negotiation staff of a legitimate modification company has previously established relationships with the decision makers at the lending institutions.

– Competence – Professional mortgage mitigation companies have a dedicated staff that has completed the entire process many times. They know the ins and outs of the mitigation process.

– Security – A professional mitigation company protects the clients information with dedicated security systems.

– Ethics – Real mitigation companies do not farm out their contracts. They handle the lender negotiations “in house” and do not sell their clients information.

– Time – An experienced and professional staff that “knows the ropes” can save considerable time and heartache for the homeowner.

– Availability – Because a true mitigation corporation has a real office with professional staff and oversight, the availability of your consultant is consistent with the corporation’s hours of operation.


For more information: (866) 583 – 6379

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