What’s the REAL Scoop on Loan Modifications?

With the flurry of marketing for “Loan Mods” that has hit the Portland/Vancouver market, it’s important to understand what’s NOT being said in that :30 radio spot; Loan Modifications are not re-finances, and they’re not free! Attorneys (and some Loan Officers and Realtors) are attempting to negotiate with banks to keep customers in their homes. There are definitely some scenarios where homeowners in default can avoid foreclosure and re-negotiate their current loan product. The catch is that the fees (which range from $500-$5000) are generally paid up front and there is no guarantee that the bank will actually negotiate.The time frame is the same as a short sale, typically 1-3 months. If you think you’re a candidate for a Loan Mod, give us a call here at Mannila Besaw Group, we have several loan officers that are open to doing these programs.

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