Mortgage Best Rate

A Loan modification can be a great way for someone who is struggling to make mortgage payments get themselves financially back on track.  These days there are many advantages to doing a loan modification versus a refinance.  You can get your interest rate lowered without all the closing costs.  Also many people who no longer qualify for a refinance still qualify for a loan modification.  Although these programs can be a saving grace for struggling homeowners, there is of course a caveat emptor.  There are many fly-by-night loan mod companies out there and there has be several instances of companies taking payment and not resolving any mortgage issues for their customers.  Recently there was a loan mod fraud ring busted in California for taking over 1.8 Million Dollars in fees from clients who they did not help at all.  When dealing with a modification company the most important thing to find out is how they take payment.  Any legitimate attorney based company will usually take payments into escrow.  This way you can be assured that those servicing you do not actually receive payment until the modification is 100% complete. 

Anyone surfing the web for help with loan modifications should check out the site www.FHAforHelp.com

I know for a fact that any modification inquiries they get are given to a legit modification company based in Manhattan. 

As I mentioned before a loan modification can be a great option for anyone struggling to make their mortgage payments but make sure you do your homework and stay informed.  The best way to combat fraud is through consumer education. 

Good Look to all struggling homeowners, and remember, it never hurts to take a little time and check out the Better Business Bureau when you are dealing with a company that  is unfamiliar to you.     

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