Individuals can call their bank or lender to begin the loan modification process.  If you are not well versed in mortgage lingo this may prove a troublesome process.  Additionally, the person you are dealing with is an employee of the bank, so whose best interest are they looking out for?  There are good companies like LIFE – Leaders In Financial Education (http://www.leadersinfinancialeducation.com) and non-profit agencies that will represent your interests, but what are the proven tips for finding such a trustworthy company?

First, good loan modification companies are companies that work hard and do the research to stay on top of the best options for you! They should be able to show proof of their success! Ask to see completed modifications.  In some cases you may even get permission to talk to clients about their experience.

Second, does the company offer more than just help with the modification?  Chances are, if you need help with your loan, you may need help in other financial area’s. Do they provide other financial education?  Do they offer a no cost analysis of your whole financial picture?  Are they willing to help you beyond just handling the paper work?   Do they walk you through the process or are they just letting you hang out there wondering how it’s going?  For a free, no cost loan analysis of your current mortgage http://www.free-foreclosure-stop.com

Mortgage lenders don’t try to rework most home loans in foreclosure because it would probably mean losing money, a study released yesterday by the Federal Reserve Bank of Boston concludes.  The Boston Fed’s findings suggest the Obama administration’s major effort to solve the foreclosure crisis by giving the lending industry $75 billion to rewrite delinquent loans to more affordable levels is not likely to work.  It just boils down to the fact that the banks do not want to loose money helping you.

US Representative Barney Frank, head of the House Financial Services Committee, said the results of this study might provide answers as to why so few struggling homeowners have been able to get help. “The problem is worse than we thought,’’ Frank said. “The failure to do these modifications means the whole situation stays bad longer.’’ Help is now available through non-profit companies http://www.free-foreclosure-stop.com

According to the Office of the Comptroller of the Currency, lenders are trying to maximize profits, and at this point maximizing profits does not mean modifying loans.   As a result, the number of foreclosure proceedings increased to 844,389 during the first quarter of 2009, up 73% from the first quarter of 2008.  Foreclosures continue at a high rate. “There are something like 2.5 million U.S. homes in foreclosure now, and 250,000 new foreclosures starting every month,” according to Valparaiso University law professor Alan M. White, who has studied the issue. “They are not even making a dent,” he said of the administration’s program.

The bottom line is who is going to help you with your LOAN PROBLEMS?  Who can you trust not to hurt you?  Are the private companies out there in compliance with the GOVERNMENT or are they SCAMS?  It appears that the private sector does have solutions.  Companies like LIFE- Leaders In Financial Education and non-profit agencies have the tools to FIX your problem. http://www.free-foreclosure-stop.com

You have to do your homework like never before because this is your MONEY and FUTURE and no one cares more about your MONEY than you do!