Top Loan Modification Companies

by tammy on February 27, 2010

Sometimes, getting a loan modification is the best way to save money or to help one get out of debt. A loan modification is exactly what it sounds like – a modification or change of the terms of one’s loans. These changes are made by the lender and they are only made when the borrower is having difficulty repaying the loan. Usually, these modifications reduce the balance, the interest rate, or the period of time one has to repay the loan. It is important, however, to choose the best loan modification company to oversee this process. Choosing an inexperienced or illegitimate company can cause one to lose money and to waste a great deal of time.

The website http://www.getaloanmodification.com is one of the top sites people use when they need a quick mortgage loan modification. The site is able to work with homeowners in every state and also promises to help homeowners qualify for the Obama Mortgage plan if possible. Each client who uses the service is taken through certain pre-qualification steps to make sure his or her lender and financial statements qualify the client as a candidate for loan modification. Once this process is complete, the site works quickly and does not charge any upfront fees or costs. Sometimes, borrowers are even able to defer the first loan payment for up to thirty days or to have late fees and interest fees waived. Every individual’s experience is slightly different, but most have positive things to say about this company.

Instant Loan Modification, found at http://www.instant-loan-modification.com is another good company. They do not work as “instantly” as their name implies, but they do show great results! They have programs already worked out with many lenders and are known for being particularly successful with Bank of America, Countrywise, and Wells Fargo. There are no upfront fees, and on average, the individual will have to wait about two weeks for his or her modification to be complete. One of the best things about this company is that they are paid based on performance, so the client will not incur any charges unless he or she actually does get the necessary help.

No matter which loan modification company one chooses to go with, it is very important that he or she do as much research as possible on the company to be sure that it is legitimate or that it can be used in one’s particular situation. Talking to one’s bank or other lender about options should always be the first step and should be done before one even considers a loan modification.  One should always be sure to ask lots of questions of the loan modificaton company and should never go with a company that charges before providing results. Clients should never pay up front fees to these companies, and should only begin paying money after they have seen concrete results. Taking the time to make the best choice is one of the smartest things one can do to save him or herself a great deal of time and of money.

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