Ken Crotts

In order to do loan modifications in Washington you must be licensed with the Department of Financial Institutions (DFI) as a loan origination or consumer loan company. DFI also warns that red flags include out of state companies, including attorneys and up front fees.
Consumers can do loan modifications themselves with some assistance. The consumer must have the available time to spend on the phone and some determination. One of the reasons consumers fail is they do not know what to expect. I have produced free reports, tracking tools and resources to help borrowers deal with their banks and set their expectations properly. This is all for FREE!
Loan modification companies likely have a higher success rate but the fees off set the gain and it is difficult to know what companies are legit or not. I am still looking for a good local company to refer to but have found none.
As far as agents jumping on the bandwagon, well why aren't they doing short sales? Negotiating with lenders in either case is very different from the deal making activities the industry is used referring to as negotiating. As long as they are following the DFI prescribed requirements and are willing to work hard I'm sure some will succeed. $2,500 is actually not bad as long as it is paid for an modification that is acceptable to the customer. - Tue Oct 13 2009, 08:44