“Non-Profit” loan modification
So-called “non-profit” loan modification servicers are being paid incentives from the government programs in an attempt to increase the ability for mortgage mitigation. Under HAMP, servicers now receive $1,000 from the government for every borrower who is able to make their payments for three months straight, and up to $4,500 for three years of regular payments. Under the plan, borrowers must complete a three-month trial period making their newly lowered payments, coincidentally weeding out borrowers who will end up in re-default, unable to afford the lowered payments as well. [ABC News, 8/4/09]
Even though lenders and borrowers tend to mutually benefit from modifying a home loan, dealing with those lenders is frequently difficult if not impossible for homeowners attempting loan modifications alone. Due to the massive volume of borrowers requesting help from free loan modification companies, most requests are lost in the shuffle and never get the help they require. Each and every foreclosure case requires individual attention from an advocate, and, with thousands of requests coming through, many are automatically denied or placed in “cookie-cutter” plans resulting in a worse situation for the borrower than before.
More than half of the customers we are able to help had been denied a loan modification while trying to get it done on their own, working with their lender.
After receiving your Free Loan Modification Evaluation, if you do decide to try a modification process on your own, we will happily provide you with a free loan modification company in your area.
