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Loan Modifications

About Loan Modifications

  Many people are unaware that mortgages can be modified. Loan modifications are very common place now days. To do a loan modification you simply contact  your lender and ask for one. We recommend getting representation when going for a loan modification as the lenders are much more generous and treat the lawyers differently.

 Lenders do not want to do loan modifications as it erodes their bottom line. One tactic use by lenders to avoid doing loan modifications which may or may not be on purpose, is to make it so difficult for borrowers to get a loan modification is to use stalling, for example the lenders will avoid sending the borrowers to the right department or tell them they have to be behind on their mortgage before being eligible for   loan modification.

 Many people end up losing their homes, only because they get exasperated trying to get through the red tape and capitulate.  Today more and more companies and law firms are getting involved in loan modifications. Many times they come equipped with the information of who the correct person is at the lender to make contact with. Also they are aware of the laws regarding the time periods in which the lenders are required to act.  For example the lenders must provide a copy the borrower's loan documents with 20 days.

 Many times the borrower can do a loan modification by themselves. However from my experience, working inside of a bank and working in loan modifications about eighty percent of the cases the borrower gets so much better treatment by the lender that it is well worth it. In some cases the borrowers get a much, much better deal than if they tried to do their loan modification themselves. In the cases where I was aware of drastic reductions in  principle due to a loan modification, it was either due to the property being destroyed in a fire or natural disaster or due to the borrower having representation.

So you know, I worked at Bank of America between the years of 1993 to 1995  as a loan officer. Though the California market was bad at the time we only had a couple of people in the loss mitigation dept. They used loan officers like myself as go betweens between the customers and the actual decision makers. So if a customer were to call in wanting a loan modification, I would take their information and give it to the loss mitigation dept. Then when they reached their decision they would have me contact the borrower to make the offer.

So while I was not directly in the loss mitigation dept. I was directly involved in  loan modifications, some days I would talk to 10 to 15 people regarding modifying their loans.  Since then I have either worked in the mortgage or real estate industry specializing in helping people with less than perfect credit buy homes.

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