Loan Modifications. You can do them yourself!

Hello all, since I've started my loan modification business www.dontshortsale.com many have been asking me if they can modify their loan themselves. My answer is YES! All that is necessary for a loan modification is your current income and expenses and a reason why the borrower fell behind on the payments. Many people feel intimidated and/or frustrated when dealing with their lenders to modify loans. It takes a lot of patience to deal with the peons who don't seem to have rhyme or reason for what they request from the borrowers again and again and again. This frustration factor is the primary reason why most people give up on trying to do their own loan modification and hire my company to do it. And we do it. We're churning out the modifications now, which is tremendously exciting for a start up company. Unfortunately I don't have alot of time to devote to answering questions now that I am not working for a non-profit anymore, but I try to express myself through blogging. If anyone needs a pointer on how to do their own loan modification, google! If you need your loan modified and don't want to do it yourself come visit my company here.

Why we are all getting "Shorted" in short sales.

Short sales are being pushed as a win-win situation since the bank gets something, and the homeowner avoids foreclosure. To one blog poster in New Mexico it looks like a lose-lose-lose situation, and they do have some pretty poignant points (how's that for alliteration?) Short sales hurt the mortgage company who loses money. The homeowner loses their home. Families that live around the property lose value in their homes since short sales and foreclosure drive down the values of the homes around it. This hurts families who did everything right, but are still pulled into a situation where they are also underwater on their home. Short sales are not going to stop the spiral of foreclosures that have contributed to the mortgage crisis, and although they might make sense for a particular property owner they can create their own problems.

1 in 6 homeowners, or nearly 12 million homeowners, are upside down on their mortgages. Experts believe that this number will climb to over 15 million in a year, and this figure could be higher if house prices continue to fall. This was reported in a story on ABC News Nightline on October 17, 2008 on the mortgage crisis. To avoid foreclosure and modify your existing mortgage, call me at 310-709-8283 or visit my site here