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California Homeowners Can Stop Foreclosure with Loan Modifications, Forensic Loan Audits and Negotiated Mortgage Loan Modification Terms.
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24 Nov 08 Mitigation Companies

Things to Expect from a Loan Modification Company

Like all business, there are good and bad loan modification companies.  We would like to stay positive and inform you about the characteristics of good mortgage relief companies that provide foreclosure prevention services in addition to loan work-outs that reduce monthly mortgage payments.  Many of the helpful mortgage mitigation companies have foreclosure lawyers on retainer to help maximize negotiating loan terms with the lenders.

A good loan modification company already has developed a system for dealing with the loss and mitigation departments for the majority of mortgage lenders.  Great mortgage modification firms have taken their system a step further and perfected the communication with all lending companies. In most cases, they offer a loan modification package for you that include things like a financial worksheet, hardship letter template and a checklist of the requiring documentation.  Many homeowners have found out the hard way that trying to provide a complete package for the under-staffed lenders is easier said than done.

Homeowners will need to Fax specific documentation like W2s, most recent pay-stub, and for self- employed customers, bank statements and sometimes tax returns. Make sure that you get your loan modifier everything at once.  It is very difficult for loan modifications companies to achieve loan work-outs for their clients who “piece mail” their documentation.

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