Consumer News

The White House Blog: Help for Homeowners
Feb 18th, 2009 - The White House Blog

The White House blog discusses "Questions and Answers for Borrowers about the Homeowner and Affordability and Stability Plan"...

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About Halo Mac

The Home Loan Modification Association of Companies, ("Halo Mac") is the national trade association representing loan modification industry companies and professionals.

Headquartered in San Diego California, Halo Mac encourages and supports the sustainability of home ownership for consumers that are experiencing hardship. Halo Mac believes that all types of homeowners in need can benefit from loan modifications. We embrace fair regulation that supports ethical industry companies and professionals, and that care for the rights of homeowners.

Our core belief is that there must be corporate responsibility that focuses on trust and value in the services that loan modification companies provide. To advance trust in the loan modification industry Halo Mac provides education, state by state compliance awareness, and industry self-policing that promotes and serves our members as well as home owners. We share in the high expectations set by the consumer and all of our members agree to adhere to our Guidelines and Declaration of Principles for the benefit of both the consumer and professional.

Addressing the Need for Payment Relief

Homeowners today do not have as many options as they had just a few short years ago. Many of the loan officers and mortgage companies once relied upon to broker new home loans and refinancings are no longer available - many have exited the mortgage industry. The combination of rising unemployment, decreasing property values, and the tightening of lender underwriting standards, has left homeowners stranded. Combating this crisis will mean joint efforts from the public and private sectors.

Out of this crisis, a new industry has evolved that offers alternatives to homeowners that are experiencing a variety of hardships causing them to struggle with making scheduled mortgage payments, the loan modification industry. Loan modification companies have quickly emerged to facilitate the modification process on behalf of homeowners. The Government recently rolled out a loan modification plan, the "making home affordable" plan. This plan will help some homeowners, but not all. All lenders are encouraged to offer loan modifications and to assist homeowners in need. Homeowners may find similarities between applying for a loan modification and a home loan (refinance) in that they will need to provide many of the same supporting documents. Home owners can complete the process on their own or they can retain a professional to help negotiate with their lender or loan servicer. Loan modification professionals can negotiate great terms due to their industry knowledge and emotion-less negotiating posture. The traditional loan modification company works on behalf of the homeowner assisting and negotiating with their servicer to adjust the interest rate and/or reduce the principle loan amount.

Does Halo Mac offer loan modifications?

No. We are a national association serving loan modification industry companies and professionals. Consumers may use our member verification portal subject to our terms of usage to verify if a company or individual is a Halo Mac member and their current status in Halo Mac. Using our membership verification is a free service to homeowners.

What does Halo Mac require of its members?

Halo Mac requires ethical and fair business practices amongst its members. Membership is granted to companies and individual professionals that agree to adhere to licensing requirements in the states they operate in. Members also commit to abide by our Guidelines and Declaration of Principles. Members are to provide homeowners with unbiased options to assist them with their current hardship. For complete and in depth requirements of Halo Mac membership at the company and individual level, please go to Member Policy & Guidelines.