Loan Modification Questions To Ask

QUESTIONS TO ASK BEFORE HIRING ANYONE TO MODIFY YOUR MORTGAGE LOAN

Not all loan modification companies are the same.  If you decide to seek the help of anyone claiming to have experience with mortgage loan modifications, then you need some good information BEFORE you make any decisions.

Choosing someone to negotiate with your lender about the possibility of making changes to your mortgage loan is one of those critical issues that can cost or save you thousands of dollars.  At themortgagereel.com, we provide you with specific questions you should ask to ensure that you get the best representation.

Some companies may prefer that you don’t ask these questions, because the knowledge you’ll gain from their honest answers will give you a very good idea about what outcome you can expect from using the company to modify your mortgage loan.  It’s critical that you make the right decision about who will negotiate with your lender about what is probably the single largest financial investment effecting your life today.

1.         Are you a law firm with experience in Mortgage Lending and Real Estate law?

2.         If so, for how many years have you been practicing law?

3.         If I hire you to negotiate with my lender, will our communications be protected by the Attorney-Client Privilege?

4.         In what groups and organizations are you a member that will provide me with more confidence and security in your ability to negotiate with my lender?

5.         Are you able to provide answers to my legal questions?

6.         Will I have direct access to an actively licensed attorney in your office regarding my loan modification?

7.         Will an attorney be available to answer my legal questions without any additional charge or cost?

8.         Have there been any disciplinary actions or investigations commenced against your company or any of its employees by any governmental entity, organization or law enforcement agency?

9.         Have there been any consumer claims or lawsuits made against your company or any of its employees?

10.       Is your company and everyone who will be working on my case licensed by the state to perform loan modifications?

11.       What agencies, associations and ethical rules regulate your company and the way it conducts business?

12.       On average, how long will it take for you to get my mortgage loan modified?

13.       What is your overall success rate at obtaining loan modifications for your clients?

14.       Will you provide me with a written analysis regarding my legal options?

15.       Will you be negotiating directly with the lender’s attorneys or with the same employees with whom I could talk if I called the lender myself?

16.       Will you be able to obtain a loan modification for me even if I haven’t missed any mortgage payments?

17.       Will you perform a Forensic Loan Audit and legal analysis of my mortgage loan documents?

18.       If it is appropriate or necessary for you to threaten my lender with legal action, will you be able to do so and stand behind your words with skilled attorneys who have courtroom experience?

19.       Is your office located in my state?

We encourage you to investigate your options thoroughly. 

Don’t hesitate to call, blog or email us with any questions.  At themortgagereel.com we encourage you to ask more questions to educate yourself.  Creating and maintaining dreams of homeownership is key to help this economy recover.

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