When a borrower finds out they have been denied for a loan modification, the news can be crushing.  When they find out that the cause of their denial was due largely in part to the actions of scammers, the news can be terrifying.  Not only has a borrower wasted their hard earned money on a company that promised the world and delivered nothing, but now the most intimate and personal financial details of one’s life is in the hands of a scammer with no telling what the scammer intends to do with that information. It is important for borrowers to [...]

The commercial loan modification process can be quite lengthy, but for no other reason than lenders seem to drag their feet with making decisions about a person’s loan status. In most cases, the commercial loan modification process will follow a usual order, which is: –The borrower realizes he or she is in need of assistance and contacts their lender for information on the commercial loan modification process. –The borrower will fill out necessary application information and will submit requested financial documents, including but not limited to: income and loss statements, bank statements, and a hardship letter. –The lender will receive [...]

When businesses face foreclosure, a commercial loan modification service often offers a way out.  Many of these services offer to negotiate with lenders, review mortgage documents, and to offer general assistance in avoiding foreclosure.  While many of these services are run by honest business people, many still are not. A business person on the verge of foreclosure doesn’t have time to waste with what might be a potential scam.  The business person must make an honest assessment of the services they will pay for before handing over their hard earned (and often dwindling supply) of money.  Many of the services [...]

For starters, borrowers have to understand that a loan modification is never a guarantee.  Any person or service that guarantees a loan modification is likely a fraud or a scammer. So, will loan modification stop foreclosure after divorce? It’s very possible. A divorce can put a hefty financial strain on one or both parties involved, which may be enough to illustrate a true need for a loan modification to the lender.  When a person applies for a loan modification, they must submit with their application a hardship letter explaining, in their own words, the reason for the request.  Those who [...]

Let’s face it; nobody likes to deal with an uncooperative lender, especially during the pre-foreclosure phase of a mortgage loan.  Uncooperative lenders are the ones that fail to offer the assistance that they should, the ones who lie to their borrowers, the ones that fail to maintain possession of important financial information, and the ones that generally refuse to negotiate with borrowers. Most people reading this list of uncooperative lender attributes will wonder what the benefits of dealing with this kind of lender could be.  Well, despite what many may think, dealing with an uncooperative lender does have its benefits, [...]

Any borrower who is thinking about negotiating loan modification with Countrywide should take the following advice: Don’t. Well…at least don’t do it alone, which is good advice for borrowers thinking about negotiating with any lender. The problem with the lending industry is that trends are constantly changing, as are laws and internal policies.  The increased oversight by the federal government on the lending industry has led to many changes in lending practices.  These changes have created quite a bit of problems, even when they are intended to help. Countrywide employees might be a hardworking and dedicated bunch, but from the [...]

Various options for home loan modifications exist for borrowers facing foreclosure.  Assistance is offered through the individual lender and, in many cases, through the federal government.  The first step to being approved for a loan modification is to fill out an application for home loan modification, which is available from the lenders.  Applications available through lenders include those for in house assistance and those for federal assistance.  Borrowers should NEVER pay for an application for assistance and any effort to collect money for an application is a scam. The application for home loan modification will often require the borrower to [...]

Mortgage loan modification brokers are called by different names, including loan modification consultants, and loan modification experts.  Many of these brokers claim to offer loan modification assistance to borrowers facing foreclosure, and while many brokers are legitimate business people, borrowers must be aware of the number of scammers operating as mortgage loan modification brokers. Following the fall of the housing market in 2007, a new opportunity presented itself for scammers and con-artists all attempting to make a quick buck at the expense of desperate homeowners.  Individuals from all walks of life, even some from the same lending industry that created [...]

The loan modification programs offered by Aurora Loan Services are meant to help borrowers facing financial trouble avoid foreclosure.  The Aurora loan modification program, however, still manages to disappoint many borrowers who qualify for loan modification assistance.  In many cases, borrowers who apply for loan modifications under the Aurora loan modification program are strung along for so long that they eventually give up any hope of a loan modification and explore other options. In at least one case, a borrower from Placerville,  CA spent 13 months in the application process for an Aurora loan modification only to throw up her [...]

In 2008, the State of California enacted legislation that was meant to address the growing number of mortgage foreclosures in that state.  The legislation is called the Perata Mortgage Relief Act and includes within its body California Civil Code section 2923.5 which requires, in laymen’s terms, lenders to contact borrowers in person or by phone in order to assess the borrower’s financial situation and to explorer the options that the borrower has in order to avoid foreclosure before the lender files a Notice of Foreclosure on the property, effectively initiating the foreclosure process. Before it is explained how this piece [...]