Trial loan modifications are increasing, according to a recent survey of new clients conducted by Certified Financial Protection Group. This trend is especially disturbing as trail loan modifications do not provide consumers with a permanent solution.
Temecula, CA (PRWEB) October 1, 2009 -- The number of consumers being offered trial loan modifications is on the rise. While consumers seek permanent solutions to their mortgage related hardships, these trial loan modifications typically give consumers a three month reprieve from their standard mortgage payments. Consumers are still left wondering if their home will eventually be foreclosed on or if they will be able to affordably remain in their homes.
"We have definitely noticed an increasing number of consumers complaining about trial loan modifications offered to them by their lenders" said Don Brokaw, Director of Operations for Certified Financial Protection Group. "What consumers want is a permanent modification to the terms of their loan. More often than not, consumers are turning to us for assistance in obtaining a permanent loan modification as they feel they are getting nowhere fast with their lenders. Even if borrowers make their trial loan modification payments on time, there is still a possibility that after the trial period is over, the banks will not approve them for a loan modification and foreclose on the borrowers home."
The typical trial loan modification is offered by numerous lenders throughout the nation as a three month trial period. Borrowers are told that if they make their trial loan modification payments on time that there is a possibility that their trial loan modification terms will be made permanent. However, there are no guarantees. These trial loan modifications can help the consumer stay in their home in the short term while lenders determine if they qualify for a permanent solution.
About Certified Financial Protection Group
CFPG helps attorneys and other qualified professionals outsource expensive forensic loan auditing and loss mitigation processing functions economically and efficiently. For over two years, CFPG has been able to assist thousands of attorneys and other qualified professionals reduce their operating expenses and overhead with the highest quality forensic loan auditing and loss mitigation processing services in America.
For more information, Certified Financial Protection Group can be reached at +1-888-861-2135 and at, www.certifiedfinancialprotectiongroup.com
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