Tips for Finding a Reputable Loan Modification Company

So you’ve made the decision. Loan modification is going to help you save your house, your credit, and improve your financial situation. Now that you’ve decided to take the plunge, which loan modification company are you going to use?

Here are a few tips to help ensure that you make the right choice.

Ask Around

Referrals are one of the best ways to find reliable services in any industry. Neighbors, family, friends, coworkers; if you know anybody who has gone through the loan modification process, ask them about their experience and how they felt about the company they chose.

If you’re a regular at any internet discussion boards, social networking sites, or similar places on the Web, post a question and see what kind of response you get. With luck you’ll receive a sizable response, enough to develop a pattern of a recurring company or companies that regularly get the nod for great service from your fellow Web surfers.

You should also consider asking other professionals in related industries such as real estate agents, attorneys that specialize in like fields, accountants, and so forth.

Do a Little Investigative Work

Check out a company’s public reputation. Places like the BBB (Better Business Bureau) will let you know if other consumers have had unresolved complaints or other issues with a particular company. A few other items that you’ll want to be sure of:

Contact Information — They should be easy to reach by phone and publicly display a street address. Beware of companies that you can only contact through Web forms or email, or who try to hide behind a P.O. Box or even no address at all.

Affiliations — Do they have any endorsements from well-known, reputable businesses or organizations? Do they work with professionally licensed real estate agents and lawyers?

Testimonials — Watch for real testimonials from real customers.

Track Record — Are they known to work well within industry regulations, or do they have a reputation for pushing the limits?

Watch for Red Flags

Proceed with caution if you run across any of these red flags:

High Pressure Sales Pitch — Legitimate, reliable companies don’t need to put the pressure on because they know their service speaks for itself.

Being Given the Runaround — Representatives that don’t provide straight answers to your questions or try to confuse you with a lot of techno-babble are probably doing so in an attempt to hide something. A reliable company should be able to fully explain the process to you with confidence and in a way that you understand.

Cookie Cutter Service — Your situation is not the same as the next person’s. Or maybe it is. The only way a loan modification company will know for sure is by asking you plenty of questions about your specific situation.

Choosing a legitimate and reliable loan modification company isn’t that different from choosing a company in any other industry. In the end, a little common sense goes a long ways. Don’t rush in. Do your homework and you’ll be able to make a decision in confidence and choose a company that you’ll be satisfied with.