Today’s economic climate is fraught with uncertainty. Nobody seems to know where we’re headed. Every few months we hear that “hopefully the worst is over” or “maybe the housing market has reached its bottom.” Unfortunately that hasn’t happened, and economists agree on little except that the worst isn’t over, and we very well may be looking at another couple years of this.
Government has done little to help the ‘little guy.’ Corporate giants such as banks, insurance companies, and auto makers have all received their bailouts. In some cases more than once. A token tax break does little to help the guy struggling to pay his mortgage, car payment, credit cards, utilities, and then put food on the table for his family.
Our government pretends to help by initiating loan modification programs. It's just too bad that most of these programs are buried with more applications than they can adequately address. They just aren't adequately staffed to handle the demand, and unfortunately most aren't properly educated to deal with all the mortgage related issues that come up in the process. In most cases, they're just gathering financial information and forwarding it to the mortgage company with a request for a loan modification.
This process is way too docile and that just doesn't work when working with a bank. It's utterly pointless. Just do a search on Google to see how ineffective and disappointing these solutions have been in getting results and financial relief for homeowners.
Another option for distressed homeowners is to hire one of the many businesses advertising to provide loan modification services. While the results will probably be better than working with a government employee, they can be quite costly. They can charge upwards of $3,000 or more, and most of them want their money up front with no service guarantee.
Mortgage companies would urge their borrowers to do none of the above, and simply allow them to do the loan modification. This is the same company that put their borrower in an untenable loan to begin with, and now that the borrower has fallen behind—and now that the mortgage company is trying to collect on a debt—would have the borrower believe that they will make everything alright because they have their borrower’s best interest at heart.
The good news is that there is a better alternative. You can work with a nationwide credit organization that provides loan modifications for less than $200, and provides a success guarantee. They can provide a total solution for their members that include helping them re-build their credit afterward the loan mod. Bottom-line, do your research and find someone that guarantees their results without charging an 'arm and a leg' -they're out there.
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