Times Of Change

In the beginning of 2007 the mortgage industry nearly collapsed. Large number of banks and lenders went out of business and were forced to eradicate their existing loan programs that are prone to foreclosure. With lenders being unable to sell off new mortgages, coupled with investment firms demanding that lenders buys back the bad loans that are previously sold. Over 200 mortgage companies were either force to close or to go bankrupt. This crisis was dubbed as the "credit crunch" or known as the subprime mortgage crisis.

Recently I have been conducting some research, and I came across a couple of websites that are engage in the thought of helping homeowners and lenders by using the process of loss mitigation. Loan modification plans can help you meet the gaps in your existing mortgage terms that are determined by negotiations between you and your lending institution. Most mortgage lenders have loan negotiators who work with homeowners to negotiate for new terms, or that they may decide against re-negotiations in certain cases.

Telemarketing companies are now providing foreclosure aids to homeowners that are struggling to pay for their monthly mortgage. In my opinion, the services that these companies offer are really helpful and cost efficient as well. They are trying to reach out to homeowners that are having a hard time and are feeling stressed due to the rising economic problems as of the present.

There are telemarketing companies that assess borrower's ability to pay through analysis of wage statements, investment accounts, bank accounts and tax return, among other data. These loan modification companies can be engage by borrowers to negotiate on their behalf. They also can be hired by homeowners to help salvage troubled loans.

Here's an example of a site who offers loss mitigation: CallComInc. or you could check out CallComLeads. Maybe these sites could help you or your friend that are into foreclosure or in refinance with your problems regarding foreclosure or mortgage problems.