Improved Loan Modification Service Now Available to Homeowners

Newport Beach, California (PressExposure) January 07, 2010 -- Homeowners looking to take advantage of the government's Home Affordable loan modification program can now turn to CDLoanmod.com, a premier loss mitigation company specializing in mortgage assistance and foreclosure prevention. The California-based firm now offers a complete home loan modification service designed specifically for homeowners in need of mortgage help.

CDLoanmod.com offers a step-by-step guide to home loan modification, starting with a free consultation where experts assess the borrower's situation and determine his or her financial needs. The first step is usually determining whether or not a mortgage loan modification is really the best choice, as some homeowners are better off with short sales or other forms of loss mitigation.

In compliance with recent anti-scam regulations, the company does not charge upfront fees and does not force clients into any agreements during the initial consultation. A free consultation form is available on the company website, where interested parties can simply fill in their details and quickly get a response from one of the representatives. Payments are made only upon completion of the loan modification deal.

Once the client is found eligible for home loan modification, he or she is given a list of documents to provide for the application kit. The team then prepares a loan modification package to be sent to the homeowner's bank along with the required paperwork. These vary from one lender to another, but usually include a hardship letter, proof of income, and financial documents such as bank statements, bills, and tax forms.

The main part of the CDLoanmod.com service is the negotiation, wherein representatives talk to the lender on the homeowner's behalf and convince them that a mortgage loan modification is the homeowner's best resort. The team, made up of expert lawyers, real estate specialists, and loss mitigation professionals, uses in-depth data and market knowledge to give clients the leverage they need to get a good deal.

Once the home loan modification is granted, the final documents are sent to the client for approval. The home loan modification takes effect as soon as both parties agree to the terms and the final documents are signed. The government-backed loan modification usually starts with a trial period, and becomes permanent after three months provided the homeowner supplies all the documents and does not fall back into default.

Homeowners who do not qualify for home loan modification or do not want to stay in their homes can also look into other options, such as short sales. CDLoanmod.com can refer them to short sale specialists who can assist them with the sale, from contacting their lending to marketing their home and closing the deal. The team also provides advice on choosing alternatives to home loan modification.

Loss Mitigation has become a big business since the start of the housing crisis a few years ago. As more and more homeowners fell into default and faced foreclosure, demand for loss mitigation assistance went up and the Obama administration launched several programs to keep homeowners in their homes. Making Home Affordable is so far the most successful, having helped over 500,000 homeowners since its launch this year.

About CDLoanmod.com

CDLoanmod.com was launched in 2007 and has since helped thousands of homeowners with its experienced team and up-to-date services. Besides loss mitigation assistance, the company also serves as an information portal for both homeowners and real estate professionals, with its wide range of informative pages on short sales, loan modification, foreclosure, and weekly real estate news.

Press Release Source: http://PressExposure.com/PR/CDLoanmod.com.html

Press Release Submitted On: January 07, 2010 at 4:14 am
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