The buzz word in the industry today is “gone”, I would imagine that many people would be surprised at how many “Change” companies do not qualify under the provisions of the regulations. If you ever wondered where these people come from and click a business overnight. Maybe you were not even looking to change the company that you have mortgage problems. Well guess what, you would be surprised at how many of those who helped create this mortgage meltdown are the same ones who are trying to help you “save your home”. There were millions of dollars made in the refinance boom, many of those dollars were made by manipulating or massaging the numbers to make the loans work. When this industry dried up those same people who got rich had to figure out how to maintain their lifestyle … a loan modification.
This bad option ARM, choose Pay negative repayments and interest only loans that were written 5 to 10 years have come to bite us in the rear. This has been observed in the industry as much as the government has claimed to come in for an assist. Guess what, the same person who wrote the bad loans that you are in today is probably now working in the new booming industry changes loan. You must defend yourself, I’ll say it again you must protect yourself. Take the time to do your due diligence and investigate the company you are considering doing business with.
I do not want you to misunderstand what I’m saying, everyone is not bad, although most of them are. A few bad companies have spoiled it for the good ones. Many so-called changes companies have imploded and gone out of business, leaving many people like you high and dry. People who have paid for the changes and are now waiting for it to be completed. Without knowing the change the company is out of business, now they are looking for foreclosure in the mouth.
You might ask yourself who do I trust, that I should work with, who is going to get me the best option. Most people think a lawyer would be the best way to go, well that’s only part of it. Most attorneys have no idea how to negotiate properly with the mortgage companies nor do they speak their language to get the best deal for you. Then you may think a company specializing in the negotiations with the mortgage company. First of all good luck in finding these companies. Really what you need both. A good negotiator you can get in the door to talk to the right person and get all the important information needed to make changes to your success. When negotiator hits the wall of the company should be able to have a qualified lawyer keep the ball rolling so that you win in the end.
Then there is a third option, a free program or do it yourself. Have you ever found yourself trying to cut corners or save money by using a free or do it yourself option and wind up spending more money trying to correct the mess. I’m not saying that there is no progress if you do it yourself or take advantage of some free association option support. Remember the old saying, “you get what you pay for”, but it remains true to hear. There is a lot of free help out there though that there is not enough money to pay qualified, quality individuals to provide assistance. In the state of New Jersey millions of dollars was set aside to hire individuals to assist in obtaining foreclosure under control, offering between $ 8- $ 12 an hour. Have you ever tried to get great service at McDonalds? Would you put your hands “may I take your order” employee. Take time and do your homework.
So I venture to say that you can not have one without the other, negotiators and attorney network. Having both of these in place does not necessarily guarantee a change, the end of your mortgage company makes the decision on who (parameters) and how much (reduction of principle or interest rate). No, I repeat, no one can tell you how much payment or interest will decrease. If they do, it is a lie. Here are some helpful hints when you are considering to change the company
Now do not just go to each exploring several areas
Are they rules compliant in all 50 states
length of time in business do loss mitigation
Who is running the company and their background
The track record. Can they provide referrals?
Before you spend a dime, they can give you a written guarantee
Are they give you a guarantee, either change will be made secured and / or money will be refunded back to you if it is not change
most important of all this, you can monitor your progress with the system that you can access 24/7. While updates do not happen everyday you should be able to see you progress and communicate with your negotiator over the phone or email.
Unfortunately, you can not find out that you are losing your home until it is too late. Do your homework and due diligence, not a statistic.