Loss Mitigation News

In a recent article Maura Desmond from Forbes, questions the possibility of, “suppose they gave mortgage relief but no one came.” Desmond raised the concern that although the government may be spending $275 billion to help 9 million troubled mortgages, their numbers just don’t add up.

What if she is right? Who is left?

Your mortgage lender. That is unlikely.

In fact, most struggling homeowners don’t get too far with their lender. Some have complained of months going by with no answer, only to finally get an answer that it is too late.

If you don’t qualify for government assistance and your lender is not helping you just where do you turn? We conducted a survey of 2,000 homeowners facing foreclosure that had used a loss mitigation company, regardless if there was a positive or negative outcome.

The company that we found to me mentioned more than twice than any other company was Apply 2 Save. The Idaho based company said the secret to their success is caring about their customers.  Apply 2 Save customer Francisca from Pittsburg, PA stated,

“I was months behind on my mortgage and losing my mind. I called Apply 2 Save and they got back with me right away. They handled everything for me. I didn’t have to talk to my mortgage company again about it. I just got a letter in the mail stating my loan was able to be modified by my mortgage co. I can breathe a sigh of relief because I am not stressing out anymore or getting rude harassing phone calls anymore. I am also able to remain in my home while making an affordable payment. So I can honestly say these are the people to go with if you want to save your home. The minute I talked to them, I felt relieved.”

Although the government is trying to create programs that will assist the struggling, many are concerned that they are only wasting taxpayer dollars. If you have found yourself in a situation where you have nowhere else to turn, you may choose to deal with a loan modification consultant. But make sure that you don’t fall for a company that wants thousands of dollars up front.

Tags: Loss Mitigation

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