Some Good Press For Loan Modification Companies

Here’s something you don’t hear every day:

Loan modification companies ("LMCs") provide their clients with valuable services and are contributing to helping solve the foreclosure problem in the United States. A good loan modification company can help you stop foreclosure and save your home.

Why are we not hearing this? Well, the answer is that there’s not a lot of good press out there about companies that help consumers get a loan mod. In fact there’s nothing but bad press out there about companies that help people get a loan mod. The federal government and the media all say don’t hire a LMC, you can do this yourself. Don’t pay someone to get something that you can get for free. Go to a HUD approved non-profit credit counselor for help. This is the type of press we hear out there about LMCs.

I am going to add some good press about loan mod companies with this article.

Here’s some reasons why people should hire LMCs to handle their loan mods:

When you call the loan servicer, you will have to stay on hold for long periods of time before you will be allowed to talk to a live person. Most of us work and do not have the time nor the patience to stay on hold to talk to some hourly clerk in the collections department who does not have any authority to help us. LMCs have the time, patience and know-how to navigate the automated phone systems and to get the right person on the phone to help.

When borrowers get through to a live person they are being offered forebearance options (catch up plans) rather than true modification of their loans. LMCs act as advocates and can take the immediate position that their client will not accept anything less than a fair and reasonable loan mod.

A successful loan mod handled properly can keep a borrower in their home and help them avoid foreclosure. A borrower who calls once or twice and gives up when he or she cannot get through to someone who can help them will likely lose their home in foreclosure because they did not have an advocate handling their case.

The free HUD counselors cannot provide you with the dedicated we won’t give up attitude and service of a LMC. LMCs have dedicated staff with established follow up procedures and timelines to make sure that each client’s case is getting the attention it deserves.

Author:

Ken J Block is a mortgage professional and attorney at law

You can follow Ken Block on Twitter at http://www.twitter.com/kjblock

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