Loan Modification Specialists?
Anyone that has been worried about their mortgage at one time or another these days has likely thought about a loan modification. With all the “specialists” and “help” out there it’s tough to know who to trust.
The definition of a loan modification as per HUD is:
A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
There’s some key questions that you might want to ask your supposed helper.
- Who does the actual loan modification work? – Since the work is and can be done by the homeowner, why & who is doing this work? – If the person who is “helping” isn’t the one doing the work, you might want to get details on their “staff.” Other questions off this line – is this person an owner of the company, an employee or are they an “independent contract” who is in a MLM company?
- How many successful Loan Modifications have they done – the individual person, not the company as a whole? Do they have references?
- Is this their full time job?
- How much does it cost and what’s included?