Wednesday, November 9, 2011

How to Choose the Right Loan Modification Company?

Are you part of the millions of homeowners going through troubled times? Are you faced with the decision to choose loan modification help or lose your home? Now the question is--who do you turn to for help? Thousands of companies are saying they have the best success-rate, experience, and knowledge. The problem is, as homeowners, many of you are vulnerable and ready to jump at any offer thrown at you because you are desperate. However, that is exactly what those loan modification companies are counting on.

As a borrower you must do your research before you pay a company to represent you. It is a dog-eat-dog business and needy borrowers need to beware. Here are some tips to help you choose the right company:

First, it is important to verify that the company you are considering is licensed and operating in compliance with federal, state and local laws. Many states require companies to be licensed with the Department of Real Estate, Banking or other regulatory body. Check your state’s requirements, and then verify that the company is in compliance with all of them. Then check with your state or local government to see if they have a business license and physical address. Attorney based loan modification companies, such as The Mortgage Law Group, are subject to a different set of regulations.

You will also want to check the company’s experience and background. See how long they have been in business, because most loan modification companies are relatively new and have very little loss mitigation experience. Note that some companies do have employees who can provide expertise.
If you choose a company that is attorney based, make sure that the attorney you hire is involved in your case. Keep in mind that an attorney or law firm that focuses on loss mitigation can provide the help you need to get the results you want.

At the end of the day, it’s your money and your house. It may seem like common sense, but thousands of homeowners shovel money out to companies and get no results. The key is to find a company that that has the experience, accessibility, staffing and commitment to obtain the results you want.

For loan modification help, call The Mortgage Law Group now: 888-591-6555

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