Greed. It can be a very powerful force. Easy money. fast profits. Cut a corner here, omit that. Even huge corporations are run by humans. And humans have emotions. They face temptations. Some succumb. Others prevail. Who was in charge when your mortgage loan was written?
Statistics show that up to 85% of all loans written between the years of 2002 and 2006 contain errors. Is yours one of them? If so, it could be costing you a lot of money.
A lot of loan modification companies sprung up almost overnight. Once again, not all of them are scrupulous. A lot of people paid for services and no services were provided. Sometimes large fees were paid up front for promised results that could not be delivered. Legislation has since been enacted to help protect the homeowner in this arena.
What does a loan modification do? If a loan is found to have significant errors when it was written (e.g. the agent writing the loan was not licensed in the state, or his credentials had elapsed, etc), the loan can be changed to more favourable terms. Perhaps the interest rate will be permanently lowered. (Usually there is a three month trial period to make 개인회생대출 sure the homeowner can pay the new payment amount before it becomes permanent.) The actual length of the loan could be shortened. If severe mistakes were made, the loan itself could be abolished. (Rare, but it has happened.)
Okay. So what is the best way to find out if your loan had mistakes made when it was written? The safest way is to have a forensic loan audit done. This would preferably be done by an independent agency. Do you think your bank would have your best interests at heart? Or theirs? With a forensic loan audit, attorneys look at your paperwork and determine if the loan was written in compliance with federal and state lending laws.
The cost? As one of the TV commercials says, “Free is better”. Some companies may charge up to $1,000 for a financial loan audit. Even then, it can be a bargain over time if the audit finds errors and a loan modification results. Just know that there are some reputable companies who will provide a FREE forensic loan audit. Arm yourself with knowledge, know in black and white if your bank made some mistakes and then make an informed decision if a loan modification is right for you and your family.