Finding Legitimate Modification Leads by Daria

Loan modification leads are popping up all over the place. It is the new buzz word in the mortgage world and people far and wide are jumping at the chance to modify their loans. This is good news. Million of homeowners will be able to keep their homes and pay their mortgages through loan modification programs. The bad news is, there aren't enough protections and guidelines in place to handle the impending influx of loan modification applications. That means dishonest people looking to cash in on your misfortune will also be popping up all over the place.

Before you share your most personal financial information with anyone, be sure to do your research and ask the right questions. Small time loan modification companies that contact you are probably best avoided, at least initially. You financial information is supposed to be confidential and secure, and it is, until your mortgage company sells your information to a "new loan modification" company. That company may or may not be reputable or secure.

To keep your loan secure while at the same time following loan modification leads you should do two things. First, only work with an established lender, a bank or mortgage company you trust. Do your loan modification with them. Second, hire an experienced financial advisor or attorney to handle the loan modification. This will help to keep you and your financial information safe and secure.

You should also be sure to avoid two things. First and foremost do not give your information to anyone over the phone. If someone calls you and seems to be official and knows tings about your finances, get the name and return phone number of the person you are dealing with and then end the conversation. Second, do not do business with any company that solicits your business. If they are contacting you and suggesting a loan modification they do not have your best interest at heart.

As poorly as the banking industry is being painted in the media, they do not want to take your home from you or call your loan. They only make money when you are making payments with interest. For the banks to survive and the economy to recover, homeowners need to be able to stay in their homes. In this instance, the bank is your friend.

Before you respond to an unsolicited loan modification lead, be sure you have done your research and understand the process. These telemarketers are not selling you anything you want!