Thinking of a Loan Modification? Here's What You Should Know!

If you've seen the news lately, most likely you have heard about the horror stories surrounding the foreclosure crisis and companies popping up everywhere scamming people out of their hard earn money promising the opportunity to modify an "existing" mortgage.

While it's true that thousands of homeowners have lost a lot of money and even their homes because of these dreadful tactics, there are highly reputable companies out there that have saved homeowners a lot of money on their existing loan, not to mention, giving that homeowner another shot at keeping their most valued possession.

If you own a home and even if you are not behind on payments, you may still qualify for a Loan Modification. The two very simple qualifying factors are:

1.) Proof of Income 2.) Proof of Financial Hardship - that's it!

To locate a credible Loan Modification company that CAN help you, we introduce to you:

The Directory of Registered Loan Modification Companies

The Directory of Registered Loan Modification Companies (DRLMC) is a private organization that believes the best interest of home owners, mortgage lenders, loan auditors and modification companies are served through the adherence of ethical standards and practices. The loan modification companies registered with the DRLMC are required to follow these principles or face administrative disciplinary actions. In the event that an ethics violation is suspected, the loan modification company in question must be reported by filing an official complaint form at www.drlmc.org. Details of the administrative remedy process can be found here.

Principle 1: Members will obey all state and federal regulatory laws that govern loan modification.

Principle 2: Members will conduct business in such a manner as to ensure the continued value of loan modification companies that exist both within and outside of the banking structure.

Principle 3: Members will conduct business in such a manner as to create better public understanding of the business of loan modification.

Principle 4: Members will cooperate fully with other members of this organization.

Principle 5: Members will conduct business in a manner that merits respect of the public and our clients.

Principle 6: Members will ensure that all employed by their organization are experienced and knowledgeable and always act in compliance with proper industry practices.

Principle 7: Members will treat all clients in a fair and respectable manner.

Principle 8: Members will communicate the nature of the loan modification process to clients and potential clients (when requested) and shall serve all clients to the best of their ability.

Principle 9: Members will communicate all fees and pricing structures to potential clients at the commencement of services rendered. In addition, any additional fees shall be communicated to the client prior to these fees being assessed.

Principle 10: Members will not take advantage of clients by charging excessive fees for services.

Principle 11: Members will have an established refund policy and this policy shall be communicated to the client at the client’s request.

Principle 12: Members will complete every loan modification, and every act that leads to and emanates from the loan modification, in a competent and knowledgeable manner.

Principle 13: Members will use due diligence and exercise the necessary care with every client’s loan in order to ensure the best outcome for the client.

Principle 14: Members will protect the confidentially and privacy of all client information except where necessary to conduct business pertinent to that client’s loan modification.

Principle 15: Members will adhere to this code of ethics and will promptly communicate to the DRLMC any knowledge of the intentional or accidental violation of any principle detailed here.

Don't become a victim and go to www.drlmc.org today to locate a reputable company today!