The latest news in the mortgage and economic crisis has turned to helping the individual homeowner. That has returned loan modifications to the front page. And along with it a lot of noise. If you are trying to counsel a client on loan modifications here are a few suggestions and resources to sort out the noise:
Gather Up the Loan Modification Programs
There are more and more each day. Starting with the FDIC benchmark program at IndyMac Federal Bank, implemented upon the FDIC seizure of that bank, study each of the principles in these programs. This will give you a foundation to advise clients on loan modifications based on where their current mortgage is serviced.
- FDIC/IndyMac Federal Bank
- FHFA/Fannie Mae & Freddie Mac
- Citigroup
- JP Morgan Chase
- Bank of America/Citigroup
Start with Government Assistance
Build you mortgage loan modification education on government assistance programs and information. The various agencies have already built enormous libraries of information about not only their loan modification programs, but also government assisted mortgage refinance.
You client may be better suited to refinance that distressed mortgage (especially as mortgage rates plummet) than to work out their current mortgage.
- Hope for Homeowners
- Hope Now
- FHA/HUD
- FHASecure
Educate Your Clients on Avoiding Scams
This should be your top priority. As loan modifications become mainstream there will be lots of scams and opportunists–not unlike the predatory lending that got us into this mess. Add value to you clients by keeping them on the alert.
Other Related Loan Modification Articles:
- Guide to Mortgage Loan Modifications
- Picking a loan modification program
- Mortgage Loan Modification Primer for Mortgage Industry
- Could Mortgage Loan Modifications Prevent Foreclosure?
- Loan Modification Software
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