Do Loan Modifications Really Exist?

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With all the hype and noise about "Loan Mods", you would think we were heading for the next great real estate disaster. That may or may not be true, but there has most certainly been a great deal of hype about modifications and what they can accomplish.

Homeowners are scared and confused. They have listened to all the hype and misinformation and their heads are spinning. Couple that with the very real stresses of facing foreclosure and you have a group of people who are desperate for some straight talk about their options. Some are probably wondering if loan modifications even exist and how to get one.

In the past few months, we have heard distressing stories of scammers who promised much and delivered nothing. Raffy Boulgourjian is a Los Angeles based real estate attorney who has seen many a homeowner come to him for assistance.

"Homeowners are scared and confused. They have listened to all the hype and misinformation and their heads are spinning. Couple that with the very real stresses of facing foreclosure and you have a group of people who are desperate for some straight talk about their options. Some are probably wondering if loan modifications even exist and how to get one."

In his recent article, "The Top Seven Myths About Loan Modifications" http://www.jdsupra.com/documents/5630fd93-e358-45b5-b211-8841f53cd5fb.pdf, Boulgourjian attempts to separate fact from fiction by debunking many of the myths currently swirling in the media.

"Loan modifications exist, but they aren't always easy to obtain. If you are facing foreclosure you need to become as informed as possible and fast. Contact your lender, get assistance from a referred or recommended professional, but whatever you do, don't ignore the problem. You have precious time to work something out before your home goes to foreclosure. Use your time wisely."

For additional information about options available to homeowners in distress, visit http://www.boulgourjianlaw.com

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Raffy Boulgourjian