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Is there HOPE in a Loan Modification?

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Real Estate Agent with The Alliance Group Real Estate Services 01298719

Our new administration is attempting to encourage lending institutions to work with home owners in financial distress and millions are lining up.  There are thousands of Loan Modification companies, many scams, many with good intentions, offering to help in return for a fee.

A recent report mentioned by The Huffington Post noted that, among loan modifications made in the October-December quarter, about 37 percent resulted in a drop in payments of more than 10 percent, compared with about one-fourth in the first nine months of the year.

As a Real Estate Professional, we speak to these people regularly.  What is our role?  How do you council?  Do you recommend that they work with a company?  Do you recommend that they try to contact their lender(s) on their own?  Do you tell them they should skip the aggrivation and just list their home as a short sale?  Do you refer them?

As a Broker who is dedicated to serving my clients I'd would be interested in hearing your thoughts and experience.  Can a homeowner successfully negotiate a Loan Modification?

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