In a fine piece, "WHAT I NOW KNOW ABOUT THE FORECLOSURE CRISIS AND LOAN MODIFICATIONS", Martin Andelman explains FIVE FACTS about private loan modification companies and why they play an essential role in the successful completion of a load mod.
Here is perhaps the most outstanding point: "If there is any lesson to be learned out there in the new wild west of loan modifications, it’s that homeowners should hire an experienced lawyer."
A lawyer may not settle for a first offer, her experience and expertise (and skill) will influence the outcome. There are lots of modifications that are accepted by the homeowner that are actually at a higher interest rate and payment than the existing loan because they are allowed to stay in the house a while longer.
Going into a home loan modification without good representation could cost you dearly.
"It has become obvious that both state and federal agencies have no idea what they’re doing when it comes to solving the foreclosure crisis.", writes Andelman.
Tuesday, August 25, 2009
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