When homeowners are faced with a financial hardship that creates the liklihood of being unable to meet their mortgage payment, the immediate reaction is to start online searches for loan modifications. Loan modifications are only one option available to a struggling homeowner, but thanks to relentless and usually deceptive advertising, it’s not long before the nervous homeowner is suckered in by a “loan modification” telemarketer. Make no mistake about it, the person on the other end of the phone representing him or herself as a loan modification specialist, knows as much about the mortgage and banking industry as your drycleaner knows about heart surgery. If you are facing serious financial issues, you need to realize that you need to turn to a professional. The most likely profession in the case of real estate is an attorney. If you insist that a loan modification is the answer, do yourself a favor and locate an experienced law firm in real estate law and mortgages.
Commentary