iLoanMods.com

An article in the California based CBS 5 news station's website detailed the struggles of a borrower trying to modify her loan by herself on Tuesday. The article explains how she recently experienced a dramatic increase in her payments due to an adjustable mortgage. Her payment went to $1800 to $4200 a month. When attempting to call her lender to get her loan modified, she was given the run around. She described that she had to make a lot of calls, got passed from one person to the next and also noted the lender's inability to coordinate between departments.

The reason I posted this information was not to deter anybody from attempting to modify their loan themselves because she was eventually successful. The payment was brought down to slightly lower than it was before, but it will only be for three years and she will be paying interest only. However, it is to detail the process and warn people of the battle they may have in front of them if they do choose that route.

The article also mentions that the F.D.I.C. estimates 4.4 million homeowners could end up defaulting on their mortgages between now and the end of 2009. Although the government has asked all lenders to help in this current mortgage crisis, it seems that at least some of them are not as willing to help as they are supposed to be. Some may actually still have incentives for reimbursement of the costs they incur during the foreclosure process, while they may not have much or any incentive to do a loan modification.

The process is not perfect, at least not yet. But this story does help explain the need for loan modification specialists like the ones found through iLoanMods.com. If banks will not have much incentive, they will at least want to deal with a reputable source that they know will be bringing them qualified leads and have all the proper documents prepared to make the process as easy as possible for them.

Make sure you have the time and patience to deal with what some lenders may put you through in order to modify your loan if attempting to do it yourself. You can find some useful information about do-it-yourself loan modifications here if you are interested.