New City, NY (PRWEB) February 24, 2009
A new organization focused on assisting the emerging loan modification business to police itself was officially launched right now. The National Loan Modification Association of America or NLMAA was founded in an effort to assist guarantee that everybody working with a loan modification service provider is dealt with relatively and honestly.

“By becoming a member of the NLMAA, loan modification experts agree to abide by a code of ethics that promises fair, expert and honest remedy of the folks that come to them for aid,” mentioned James Troia, one of the organizations founders. “Like it or not, a cottage industry has emerged in this nation that is focused on assisting customers modify the terms of their mortgage in return for a service fee. Until more regulations are in spot, we feel that consumers must know which of these loan modification companies have stepped up to the plate and stated ‘Yes, I am a professional who operates within a code of ethics.'”

The for-profit Loan Modification organization has gained momentum in current months due to the nationwide recession and slumping housing costs. Loan modifications are 1 tool that is employed to aid customers keep away from foreclosure. A loan modification occurs when a lender or servicer of a mortgage agrees to modify the terms of the mortgage without writing a new mortgage. Loan modifications can minimize principal balances, reduce interest prices or alter the term of the loan. “There are millions of folks who are each eligible and can benefit from a loan modification but a lot of never know where to start. Often occasions, a expert consultation can assist individuals realize their choices and may be fastest way to get benefits,” Troia mentioned.

The group’s website located at NLMAA.org promotes membership amongst sector pros and gives some insight into the loan modification method for consumers. “Significantly in the way distinct seals and credentials provide self-confidence to shoppers across the planet wide internet, the NLMAA member logo aids to enhance the level of comfort a customer has when seeking help in modifying their loan. It really is not a be-all-finish-all, but it need to be a guidepost for the duration of the choice method.”

About the NLMAA:
The NLMAA is devoted to the development and prosperity of the loan modification market.

Our members agree to abide by our code of ethics which aids make sure that buyers are dealt with fairly and honestly when in search of loan modifications.

If you are a loan modification specialist, please read our code of ethics to see if you qualify for membership, if so, set oneself apart from the crowd by becoming a member and displaying our member logo proudly on your website and other advertising supplies. Loan modifications are at an all time high, by guaranteeing professionalism across the market we can support sustain its lengthy term growth.

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