Press Release for a Financial Services Company
Minnesota Company Becomes First in
State to Focus on Mortgage Modifications
Financial Freedom Modification helps homeowners facing foreclosure stay in their homes
MINNEAPOLIS -- More than 2,000 Minnesota families have lost their homes to foreclosure in the last three months alone, according to RealtyTrac statistics -- and many more families face the threat of foreclosure in the near future. However by seeking a mortgage modification, these at-risk families may be able to keep their home loans out of default and foreclosure.
Minneapolis-based Financial Freedom Modification is now the only licensed company in Minnesota focused solely on securing mortgage modifications to prevent homeowners from losing their home to foreclosure.
“Many homeowners facing foreclosure could remain in their homes with a loan modification but don’t start the process until it’s too late, often because they’re afraid or don’t understand the seriousness of their situation,” says Senior Vice President of Financial Freedom Modification Michael LaBine. “The best thing for homeowners to do is to seek mortgage modification help as soon as they realize they won’t be able to make their upcoming mortgage payment.”
In a mortgage modification, the borrower and the lender renegotiate the terms of the loan to create a new loan the homeowner can afford. Loans can be modified by reducing monthly payments, lowering interest rates, extending the years due, reducing the balance owed or clearing late payments. Loan modification is usually in the best interest of both the borrower and the lender. The lender avoids selling the home at a loss in today’s slow housing market, and the homeowner remains in their home and keeps their credit intact.
In some cases, homeowners try to undertake the mortgage modification process on their own. These borrowers often encounter difficulties and become frustrated, because many lenders aren’t set up to negotiate loan modifications through individual borrowers. When working through a mortgage counselor or a mortgage modification company, the homeowner never deals with the lender directly. Instead, trained attorneys and counselors work as intermediaries to negotiate the terms of the new loan.
Top financial advisors have publicly recommend mortgage modifications as an effective method of avoiding foreclosure, including Federal Deposit Insurance Corporation (FDIC) head Shelia Blair, CNN finance advisor Geri Willis and finance expert Suze Orman.
When choosing a loan modification service, homeowners should ensure they are dealing with are reputable mortgage modification company with a state-licensed attorney on staff. In Minnesota, they should choose a company licensed by the Minnesota Department of Commerce and accredited by the Better Business Bureau.
About Financial Freedom Modification
Financial Freedom Modification, LLC provides homeowners who are in financial distress a way to avoid foreclosure with mortgage modification. Using Financial Freedom’s services, borrowers have a higher success rate in gaining the relief they need to keep them out of loan default and foreclosure. Financial Freedom specializes in mortgage modifications, and is the only company in Minnesota licensed by the Minnesota Department of Commerce to perform only mortgage modification services. Learn more at www.FreedomMod.com.