Borrowers Face Uphill Battle on Loan Modifications
October 10, 2008
Are you one of the numerous borrowers who have attempted to contact your lender about a loan modification, only to feel like you’re facing a dead end after investing your time, energy and good will? Well, you are not alone.
The story of Bernie Kellman is a primary example of the numerous borrowers who have unsuccessfully obtained loan modifications after several attempts. Recently, a Contra Costa Times article discussed Mr. Kellman’s situation and the brick wall that borrowers can encounter when pursuing a loan workout.
The chart below breaks out loan modifications by type. This information comes from the California Department of Corporations:
Please keep in mind; at Loan Mitigation Advocates we are here to support the consumer. We encourage you to attempt a loan modification on your own; however if you feel the need to pursue our services, we are happy to help navigate and guide your modification process.
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Everyday, struggling homeowners call foreclosure and loan mitigation hotlines for help on how to save their homes. This is just a small sample of a larger problem. Foreclosures, short sales, adjustable mortgages, and financial or personal hardship have wreaked havoc in the marketplace. The need for loan mitigation is paramount.
At Loan Mitigation Advocatessm, we encourage homeowners to try and resolve their situation themselves. In many cases, the homeowner realizes the complexity of the situation and that they do not have the time, connections within the lending industry or negotiation power. This is where many homeowners turn to a loan mitigation advocate. The hiring of a specialist to handle the process from start to finish can ease an already stressed situation, reaping benefits long into the future, and most importantly, help you, the homeowner, stay in your home.
CORPORATE BROKER’S LICENSE #01858172