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Loan Modification-Which Lenders Are Most Likely to Offer a Loan Modification?

Susan V. Gregory
 


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While loan modification is becoming a more common retention option for lenders to offer their distressed borrowers, some banks are definitely ahead of the curve when it comes to proactively assisting homeowners.   Which lenders are most likely to offer their troubled clients a loan modification?  A recent study of over 4600 homeowners who applied for a loan modification resulted in the following information:

Ocwen                              40%

Wells Fargo                     36%

Washington Mutual        32.1%

Litton Loan Service         32%

JP Morgan Chase           30.8%

HSBC                                 25%

Countrywide                     25%

Bank of America              21.4%

Option One                       17.4%

Merrill Lynch                      14.3%

GMAC Mortgage                14.3%

Citibank (Argent)               12.0%

Carrington(New Century)  5.6%

If your lender does not top this list, don't be discouraged.   Keep in mind that lenders are becoming more and more proactive in reaching out to their distressed homeowners.   Certain banks have recently announced new loan modification outreach programs to help expedite the process.   Recent legislation has further encouraged banks to offer a loan modification option before pursuing foreclosure.   Secretary Paulson is even considering mandating loan modification outreach efforts by banks as a prerequisite to receiving any of the bailout billions.   As home prices continue to slide and foreclosures mount, it is evident that aggressive measures must be taken to help the housing and mortgage markets recover.   Our national economy cannot get back on track until the American public is confident that the worst is behind them and our markets will rebound soon.   Wall Street and Main Street desperately need fast and effective solutions.   Loan modification is a viable solution for over 2 million troubled homeowners who wish to stay in their home.

Now is the time to contact your lender and start learning about the loan modification process.   Find out if you qualify for one of the many loan modification programs being offered delinquent homeowners.   If you are not currently delinquent, but foresee a problem in the future due to an interest rate reset or other hardship, you should start the loan modification process now to head of trouble in the future.   Billions of dollars have been allocated to assist homeowners facing default or foreclosure.   Don't miss you on your opportunity to benefit from one of these loan modification programs.

Get started today learning what you need to know-order and download The Complete Loan Modification Guide. This handbook is the most up to date and complete, low cost source of loan modification information available today. The Complete Loan Modification Guide provides you with everything you need to prepare a professional, successful loan modification application. Get informed and get going to save your home. Visit us at: http://www.myloanmodificationcenter.com

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