Benchmark Lendings Group (BLG) headed by Jason Elrich is a commendable financial institution. It is much like a poker joint that holds free roller tournaments to gain customers and official tournaments to mint money. The system of providing loan at BLG is very transparent and is helped by very qualified personnel.

They offer loans at fixed rates for a period of 10 years in a multiple of 5. The interest are fixed and at easier rates. This makes it the favorite of lenders. They do have an upper level and lower level lock. You may decide the minimum and maximum you would take to repay the loan. This is generally done after considering how long you are going to keep the property.

The rates get adjusted when elongated to, say, a 30-year period. One thing has to be kept in mind that the rates depend o the government’s economic policies and annual budget.

Loan modification can be offered to any person who is falling back on his mortgage payments. The lender verifies through the agent of the borrower that he is equipped to pay the money if the mortgage structure is revised. Then he makes his offer, the only way out of short sale or foreclosure (unless a borrower is planning bankruptcy); if the borrower agrees to it then his loan is modified. Unfortunately, there is a dark angle as well.

Loan modification allows a brokerage commission to the broker of the mortgage deal. This is why he has his vested interest. This is why he tries to push you to a modification plan by charging you with foreclosure or short sale threat. While this still might not be the legal course for the lender, the borrower gets emotionally  failed down.

Even a cunning borrower can show a deliberate default to get the loan modified. This is why such restructuring needs to be evaluated properly.