While banks have had loss mitigation departments for years, the loan modification business is a fairly new animal. This industry has come out of the credit and housing crisis and is worth millions if not billions of dollars.
When done properly (i.e with a reputable company that doesn’t rip you off) loan mods can reduce your debt and provide a great deal of savings for you and your family. If you work with a dishonest company it could cost you thousands.
In my next several blogs I will provide tips on how to find a reputable loan modification company. In the meantime Listen to to what Mr Geithner had to say back in April 2009.