March 12, 2009 Source: (ECrews)

Do not be scared into another costly loan that may ultimately end up with you out of a home. A true professional will help you to avoid foreclosure by utilizing their skills and experience to bring about significant change. One must remember that loan modifications change the terms of the loan, not the loan amount. Some terms include the interest rate, repayment plan and the placing of arrears into the principal of the loan. The lender will be paid off in the future and thus save the borrower’s credit. Furthermore, a loan modification allows the lender to save thousand of dollars in legal consultation fees and turn this bad debt into good debt and eventually sell it in the secondary market.

All this begs the question: How can I get an honest loan modification?

Well there are three main assistance providers for loan modifications:  Attorneys, non-profit organizations and industry advisors (mortgage brokers, tax preparers, financial advisors).

First, let us discuss attorneys. Their background and education is in legal matters and the process of law. They do not have financial experience!  Do they hold a broker’s license?  Do they know what a front and backend ratio is?  Do they understand what the lender’s requirements are for a loan modification?  Are they in this business just for the money?  How many successful modifications have they successfully completed?   These are questions attorneys should be asked when taking in your portfolio and if any of these cannot be answered in a satisfactory manner, you must move on to the next source.  Simply, attorneys are not the qualified, professional resource for a loan modification; they serve the purpose of challenging legality issues whenever these arise.

Next are non-profit organizations. These non-profit organizations are wall behind a vicious cycle of financial greed.  First and foremost, these organizations have under qualified customer service “agents” that have neither the background nor experience in any sort of financial or mortgage related matters. The non-profit organizations are primarily funded by the private sector with big banks being their contributors.

Finally there are the industry advisors.  These people work within finance and real estate on a daily basis. However, the same questions apply to them as well. Also, you should ask how long they have worked in this industry, what their experience has been with loan modifications and whether or not they have any specific training dealing with loan modifications.

There are many scammers working hard to exploit your situation and pocket money at your expense. To succeed at getting a loan modification, you need to find only the most ethical and experienced professional who will be on your side.  As a wealth strategist speaker and hugely successful real estate broker, Ernestine Crews, CEO of Ecrews Enterprises knows that, “loan modifications are not to be taken lightly.” With a knowledge and track record that spans down markets as well as up markets, Ecrews is poised to help everyone in these tough financial times. To find out more, please visit www.ecrewslive.com or contact 888-ECREWS1.