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With the mortgage crisis caused by the mortgage blowup that has been brought about by increasing number of foreclosure properties, lenders and government agencies have found out that loan modifications are a mixed benefit for them, and it is the best possible solution for the banks and the consumers.
Loan modifications require a lot of effort. Though it has few requirements, its guidelines are kind of vague. Also, training bank agents on how to deal with modifications is hard since every case is different from the other. The entire process of loan modifications is time consuming, giving headaches to the mortgage industry.
The up side of the loan modifications for the lenders is that, their records will not show bad debts but show active and paying loans. Since investors prefer banks with less to no pending foreclosures and bad debts, banks make an effort to show profits instead of loan failures on their records to get customers.
Sometimes, the process of loan modifications is prolonged by consumers trying to negotiate on their own since they are not knowledgeable enough about it. Without financial counseling, a loan modification might be useless after a few months, making the homeowner ineligible to loan modification. This makes it better for lenders to negotiate with a professional negotiator because it streamlines business, it gives most of the consumers the best possible loans, plus it makes the entire process easier. Also, what makes it good to deal with professional negotiators is that they are open about the feasibility of the modification of the borrower.
What upsets the entire loan modification process and the industry as well is actually those negotiators who do it themselves and does not understand RESPA, TILA, and banking regulations governing the modifications of home loans.
Consumers facing foreclosures must be careful and diligent as they attempt to negotiate for possible loan modification.
HUD Fair Housing Equal Opportunity