The Truth about Loan Modifications...??

Are lenders willing and wanting to do loan modifications?

Well, I thought so... that is until 90% of the homeowners I work with began telling me as to how much their lender was not willing to work with them. Many of them spent multiple months working with their lenders, some even fell behind on payments because their lender required it, and all of them wasted precious time as their lender denied them the ability to do a loan modification and grant them the chance to stay in their home.
In the beginning, it sounded as if the Home Affordable Program was going to be a very viable option for many people but as time as unfolded, it's tougher to qualify for than we thought, leaving many homeowners devastated.
Originally, Obama said it would help up to 4 million homeowners avoid foreclosure. But only about 200,000 loan modifications are under way.
So the question becomes. WHY? Why are there so few loan modifications going through? Why are banks resisting loan modifications more than they are embracing them? Why is it this over-promising, under-delivering affect?
You may be shocked...

"Without government aid, servicers don't have enough financial incentive to modify mortgages. Each year, they earn about one-quarter to one-half percent of the value of the loans they service, so the larger the mortgage, the more they make. They earn less if the loan is modified, usually by lowering the interest rate or principal or adjusting the term.

The servicers also make money through late fees, or by foreclosing. The paperwork necessary to execute a foreclosure can generate hundreds of dollars in fees for some servicers."

$$$$ seems to be the root of some of this "evil" and though the lenders may be a bit on the "greedy" side, there are still very viable options to homeowners who are on the edge of losing their home. As seen on CBS, Channel 4 News, we at Ideal Homes are helping hundreds of homeowners overcome one of the greatest oppositions of our economy... foreclosure!! And it's all done through a short sale. A short sale that will cost you nothing and will take the edge off of many of the alternative consequences.

Please call us today if you are one of the many who is unable to work out a loan modification with your lender. We truly can help!

To read more on this particular article about loan modifications, click the following link:
http://www.thedenverchannel.com/money/20292682/detail.html