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Loan modifications are a moving target. There are so many programs and they are constantly changing. Whether you are a loan modification company or not you need to understand these programs. They are a significant part of the mortgage market these days.
Getting informed on loan modifications can be as confusing as understanding what is in the various programs. Here are some good resources to help get you up to speed:
HUD – Loan Modification Frequently Asked Questions
FDIC – Loan Modification in a Box
MortgageLoan.com – Mortgage Loan Modification Guide
LoanWorkout.org – Loan Modification News
US News & World Report – 7 Things You Should Know About Loan Modifications
There are more resources and changes that come out everyday. My suggestion is to set up a Google Alert to send you an email with all of the daily clippings of loan modification. Giving that a quick read every morning will help you and your clients.
Never set-up a Google Alert? Here is a quick how-to:
1. Go to http://www.google.com/alerts
2. Enter the search term: “loan modification” OR “loan modifications”
3. Select “Comprehensive”
4. Select “Once a Day” (more frequently will be overwhelming)
5. Select an email account to deliver it to
Hope that helps-if you have other resources or ways to stay on top of loan modifications let us know in the comments below.
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