Home Mortgage Modifications have become more mainstream of a topic for conversation since the election. Back in September of 2008 the term “Loan Modification” was not a relevant term. But since the presidential campaigns debated over how to get the economy to recover, it became obvious that stopping the downward spiral of the housing market was going to be key to the recovery of the American Economy.
Thus the term Loan Modification, or Home Loan Modification, or Mortgage Modification, or whatever term you have come to know it as has become poplar in the mainstream media, which means that for those if us that have been working in this industry for the long term, a massive amount of attention and business found us.
While we like the business, the attention has created a conundrum for us. There are many sub prime mortgage brokers, who created this problem in the first place, jumping on board and looking for the quick buck once again.
These are the same people who would say whatever they though they needed to, to get the sale. To combat this, we have put together some points to watch out for to identify people that DO NOT have your best interest at heart.
They lay these traps that seem so attractive, but they are offering programs and terms that are FALSE and they DO NOT really know how a Loan Modification works.
First and foremost, a Mortgage Loan Modification is a NEGOTIAION with your current lender.
Here is a list of what the false profits are offering….
1. Guaranteed payment – they cannot know what the exact payment will be
2. Guaranteed rate reduction – there is no way to know the exact rate
3. Principal reduction – Banks want to work with the payment first to keep you in the loan. While principal reduction is “possible”, to guarantee it is irresponsible and a lie to get you to work with them in false hopes of this taking place
The TRUTH is that we CAN get a payment that will be affordable, but to give you an exact number is false selling, principal reductions are far and few between, and the idea that the bank will take massive losses because they don’t want to take your home back in foreclosure is absolutely false.
While you and I see it as making sense, banks make no sense. Their process is overwhelmed and the people that work for the banks are overwhelmed and they are not the ones that are realizing the loss if they choose to foreclose on your home.
While there is a Bright Light at the end of the tunnel, you have to be realistic about the expectations and we only want to promote what can really happen.
As a home owner your main focus needs to be on making the payment affordable again, first and foremost and then look at balance reduction. The main goal is keeping your home and working out a deal with the bank to make this possible.
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