12 Things We Love & Hate About The Loan Modification Industry

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YAAAYYYYYs (things we love):

1. 4-6 Refferals for every home saved
2. Its usually cheaper than a refinance
3. Saves homeowners from foreclosure
   
4. Lowers interest rates for those facing financial hardship
5. Lowers mortgage payments, in some cases by thousands of dollars monthly
6. Possibility of achieving a loan balance reduction; some have had hundreds of thousands of dollars forgiven
7. The great and amazing families that you get to meet
8. Obama's Making Home Affordable Program
   
9. Friendly bank negotiators & helping lenders save money too!
10. Being able to modify the terms / duration of the loan.
11. The hard work of Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan to put pressure on lenders to modify more loans!
12. Chuck Norris -

BOOOOOOs (things that we hate):

1. Waiting 2 hours on hold with Wells Fargo just to be connected with another department.
2. Bad loan modification companies & scam artists
3. Webspam on loan mods
4. All the "experts" that know little to nothing about mods, and probably have never succesfully negotiated a modification that love to voice worthless opinions and give homeowners bad advice.
5. Investors that don't participate in Making Home Affordable or otherwise wont agree to do modifications, regardless of the position and urging of the homeowner and servicer.
6. B of A "not-recieving" authorization forms repeatedly. And again. And again.
7. The whole Congresswoman Maxine Waters fiasco.
8. Foreclosures
9. Misuse of TARP funds
10. Over 250,000 notices of foreclosure for June
11. Uncaring / inept negotiators
12. Bernie Madoff -

Feel free to add to the list in the form of comments. Peace, love, and chicken grease!