It’s been two long years since the mortgage meltdown took full effect on the economy. Many continue to bemoan the problems of the market. Politicians point to the greed of Wall Street and the ‘evil’ bankers, but this jockeying for political gain and use of this crisis to foment class warfare misses a larger point.
The collapse of banking caused the recession and the only thing is going to truly lift us out of the recession is fixing the problem that caused the collapse in the first place. For many Americans, we could care less about the petty power struggles of the ‘parties’, all we want to do is live our lives and be happy and free.
So what’s the answer? For those Americans struggling with how to buy a home or how to refinance their current underwater loans there are few good answers. One bright sign is that the government is finally making a solid attempt at fixing the Mortgage Modification process under the HAMP program.
If you are one of the many people who have attempted a modification and were not succesful, now may be the time to try again. There are some things you should be wary of and things you should do:
1. Never pay a fee upfront for the services. The reputable service providers will typically charge a fee as a percentage of the savings and that fee is usually charged at the end of the process.
2. Avoid MLM style providers. Time has proven that these companies don’t provide much in the way of help and can be a huge waste of time.
3. Thoroughly check references! Ask if you can speak with their clients and ask to speak with those that were successful and those that weren’t.
Now is the time to restart your process. I know it’s frustrating but you an American! We persevere, we endure and we move forward at all cost! There’s your prep rally speech! Now get out there and get it done. Good Luck!
