Loan Modification Meets GMAIL, The New Loan Modification Company On The Block

More than a million people search on Google for the word “mortgage” every day. Soon Google might have a special service for these customers. When Google changes something, everyone notices and follows suit. When Google plan to launch a new service, customers get ready for some quality while many other businesses start to tremble.

Tom Krazit reported recently on the fact LendingTree, a major mortgage player has presented a lawsuit to Mortech a company that manages their internet resources. Why? Lending Tree is an online mortgage quote service. Lending Tree uses technology from Mortech to run the site and provide the information Lending Tree is all about. Mortech now seems to be preparing itself to sell its mortgage quote software to Google. LendingTree feels that Mortech is in breach of contract.

Google deciding to offer specific mortgage quote information is a huge deal for the online mortgage industry. Users can now search on Google for home listings on Google Maps, having mortgage quote information at the tip of your fingers would provide a novel and valuable service. Of course rival companies tremble at the effects of a giant corporation like Google taking their slice of the online mortgage pie.

What does Google have to say about it all? The response was interesting. It neither confirmed nor denied the suspicions of LendingTree. Google representatives told the Times that “we are currently working on a small ad unit test that will run against a limited number of mortgage-related search queries in the US.”

That reply does seem to be google-talk for we are going to take the market by storm. In an industry like mortgages and loan modifications where suspicion and misinformation spread like the plague, having a big player like Google, famous for fast and clear information might be music to the ears of many borrowers who just want a clear answer to a simple question: what is the best deal I can get on a loan modification.

Although loan modification companies that use the internet to provide / sell mortgage related information and products have good reason to worry about their new competitor it is probably good news for desperate home owners who just want a break on their monthly payments.
Whatever program, platform or search engine you choose to use it is important to spend time finding information on the options you have and the requirements you must meet to qualify for a loan modification. Well informed borrowers will help keep scammers at bay more than any government agency.

The best information available right now is free and provided by government authorities. It is true that professional loan modification companies can help you fill in forms and present information in a way that maximizes your chances of being accepted. However in these cases honesty is the best policy as any “mistakes” or “lies” when supplying personal data on income and expenses could mean your application is dropped.