Foreclosure Philippines

Foreclosure Philippines
foreclosure philippines
foreclosure philippines
foreclosure philippines
foreclosure philippines

Loan Modifications - Why consider one

The pundits are predicting Loan modifications will exceed 10,000,000 in 2009. The interesting part of this is that while loan modifications are being embraced by lenders throughout the nation, foreclosure rates continue to climb. The 2 seem to be diametrically opposed. The only answer that makes sense to this writer is that the people reporting the foreclosure rates are into fear and panic promotion rather than facts.

There are many sources for loan modifications. Type in "Loan modification" into Google and there are over 3,000,000 responses.  The question becomes, how do you find a good one. My hopes are that by the end of this article you will have some of the questions you should ask if you are considering a loan modification for yourself.

The reality is that anyone with a phone and the bank's phone number can to a loan modification. So as a homeowner, you may first want to attempt the process on your own. Congresswoman Maxine Waters tried for one of her constituents and the results was frustrating to say the lease, click here to view the 14 second video clip of her.

The reality, once again of an homeowner or Congresswoman trying to get through to get straight answers about having a loan modification done is that "It ain't Easy". As most of us know banks outsource their customer service calls to Indonisia, India, Pakistan or the Philippines.  This results in us trying first to understand what the person is saying & also realizing that they are a $5 an hour outsourced employee that has 0 authority and usually 0 interest in us. Sad but true. Thomas Friedman's "The World is Flat" was everso correct when he talks about outsourcing, the good and bad aspects of it.

There are also DIY kits you can buy to attempt to tackle a loan modification on your own with a little help from someone that hopefully knows what to do and also what to say and to whom. I personally don't put much faith in most of these.  

The next possibility is hiring someone to negotiate on your behalf with your lender(s) after, of course, you give them permission to do so.  Some of you know that I generally don't hold much value in attorneys, for many good reason(another article), but in this instance I have to admit, that they have a valid position in helping homeowners with loan modifications.

Here's why they can be of value. Number 1 if an attorney calls a bank they will almost without exception get routed to someone of authority, unlike you and me. There are some companies that use networks of law firms that do loan modifications regularly with the same banks again and again. Now, if you do the math that a law firm has done, let's say 25 successful loan modifications with Bank of America that they know the VP in charge of the department & they also know what the threshold for pain is for the bank.  These are HUGE advantages when approaching the bank that you and I don't have.

So the bottom line on finding someone to help you with a loan modification is you should probably as some of these questions:  1) Will they evaluate you situation for no charge 2) Do they have attorneys that will be doing the negotiating 3) Do they offer a money back guarantee if they are unsuccessful  If they answer no to any of these questions, my suggestion is keep looking.

Larry King

About the Author

Been a real estate investor for 10+ years and am now focusing of helping people who have mortgage problems.

What are possible websites to check out for foreclosures or repossessed houses in the Philippines?

check out bank websites. there are some that lists repossessed properties such as houses and vehicles.

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