There is a scary new trend that worries me. Homeowners are receiving letters from “Loss Mitigation” or “Loss Control” or some other similarly helpful name. The letters reference their loan number and lender and offer help in the way of a modification or new loan.
Why does this worry me? Because the letter is not from the lender. The calls I have received have been from people wondering why the lender is giving them a short time period (sometimes as short as 5 days) to get a modification or forever miss the opportunity.
Lenders are not playing games like this. If you qualify, you will qualify next week and next month as well as this week. Sure, the rules are changing on the fly, but the lenders are not sending out letters like that.
Here is my offer to you: If you get a letter that you think is about a modification, email it to me and I will tell you if it is a legitimate letter from your lender or a company trying to make few dollars. And, I will do this for free if you email me.
Remember, only an attorney can provide you legal advice and you should work with an attorney on your modification – not a former loan officer trying to make money in a down economy.