When it comes to finding legit loan modification companies, the search can be wrought with frustration and pitfalls. The credit crisis has put a lot of people in difficulties and the scammers just seem to have grown tenfold. In this article, I am going to reveal the 3 things that you must watch out for when looking for a legit company.
Minimum 3 Years Of Operating This is the surest means of spotting the upstarts from the established companies. All companies naturally have to start somewhere but as a guideline you always want to choose companies that have been operating for at least 3 years. This will give you a good number of years to assess a companies reputation and track record.
Organizations such as the Better Business Bureau will have ample data on a company after 3 years. You’ll also be able to source information about the company online through loan modification discussion groups and online consumer watchdogs.
No Upfront Charges Legit loan modification companies recognize that if you are facing foreclosure or falling behind on payments then the last thing you want is upfront charges on things like consultations.
The really unscrupulous companies try to ‘milk’ you for you have and are not afraid to charge you for just taking a look at your case. Of course, this should be avoided and you only want to deal with companies that will take a look at your personal circumstances free of charge before they take on your case full time.
Good Customer Support Base Once the loan modification process kicks in, you’ll need to have constant contact with the company that is handling the process for you. It is therefore imperative that you only choose companies that have very clear and open lines of communication with a proven record of customer support. If you aren’t able to reach a company by phone, then this should be interpreted negatively. Email support is good, but phone support is faster and more efficient.
Following the 3 pointers above can set you miles along the path to loan modification success. Couple this understanding with the use of an online company and your approval is virtually guaranteed. Online companies are more efficient and offer greater cost savings.
Remember, under the HAMP initiative mortgage lenders are obligated to consider every application but they are not obligated to approve every application. Your job now is to work in conjunction with a professional towards saving your home. For starters, I highly recommend getting a free loan modification consultation to determine the best course of action based on your financial situation.