What are the benefits if I resort to a mortgage loan modification company?
I just lost my job of 5 years and have a mortgage loan of which I am sure I will not be able to pay soon. I am thinking of seeking the help of a mortgage loan modification company. Would like to know the benefits since I think I can do this thing by myself. Any help will be appreciated.
It depends on your situation. If it’s pretty simple and straight forward and you’re good at research, then yeah, it is cheaper to do it yourself. However, if your situation is complex, then it might be worth looking into consulting an experienced and reputable firm. Out of various types of loan mod specialists, a loan attorney is probably your best bet because he or she can not only help you with your application, hardship letter, and negotiations, but will also be able to scrutinize your original loan documents for loopholes and errors, which can be used as leverage. This is especially helpful if you have a ARM or interest-only loan, particularly if it originated between 2004 and 2007, because many of these loans were not properly done. If you do your own modification, prepare to be on the phone a lot. Each lender has their own eligibility requirements, so talk to your lender’s loss mitigation department to find out what those exact requirements are. Furthermore, be aware that you will need to show how you will be able to pay your mortgage if it’s modified, so even though you lost your job, prepare an explanation for them. If you’re still current, you may qualify for Making Home Affordable, so look into that as well. Best of luck!
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If you work with a loan modification company, they will handle
all your details for pre-qualification, processing etc and
work on your behalf to negotiate with the bank. They are
professionals and know how to get the job done right the
first time. You can also apply for a free pre-qual at
http://www.save-home.com/free-loan-modification.html
If you were to change the timing belt of your car, you could
read a book and instructions and do it – but, would you? Loan
modificaiton works the same way. You could call your lender
and do it, but you will get a runaround like this congresswoman
trying to get a loan mod for some of her constituents:
http://www.save-home.com/loan-mod-faq.html
You do have the option of going to your bank for help but there are things to beware of. First of all, over 90% of direct modification offered by banks end up defaulting within the first year. They bank doesn’t really care about modifying your loan to meet YOUR needs. They typically will offer you a cookie cutter solution that fails to provide real help. Second, the banks often charge you excessive fees that are added onto your loan in order to modify your loan. I’ve had two clients that came to me after they had gone to their bank for help. One was charged $6,000 and the other was charged $7,500 for “modification services”. And in both of these cases they received a horrible modification. They came to me for advice after they had gone through the entire hideous process with the bank.
I’m NOT a loan modification company. I offer free consulting services to people such as yourself who need advise. I help to educate people about their options and analyze their specific circumstances to determine the best options for them. Please feel free to contact me to discuss your situation.
Hi.
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The benefits of hiring a loan modification company is basically saving yourself alot of time from research and actually doing the the loan modification process. Its important to understand that their is nothing a loan modification service can do, that you cant do yourself. If you have the extra money and choose to hire a service, then great. The only real benefits is the time saving and they have knowledge about the industry. It simply is a service. Such as a housekeeper. You can clean your house yourself but its much easier to hire someone else to do it for you… (granted they have experience and may do a better job than you can, but its pretty marginal once you know how to do it)If you do decide to choose a service make sure you hire a legitamate company. In my experience I have seen WAY to many homeowners bieng ripped off and losing thier home becuase of some scammy loan modification company. If you choose a good company they can do great things for you. If you choose to do it yourself just keep in mind that the loan modification proccess requires alot of time and patience. You can download a FREE Do It Yourself Loan Modification Kit from the website I have listed in my resource box below. Check it out if you want to learn a little bit more about doing a loan modification yourself before you decide to hire a company. Hope this helps..and good luck to you!
If I were you, I would try Google to find a solution.
well i can tell you that i tried going through my lender (countrywide now bofa) and they gave me a runaround for 7 months and then finally approved my loan modification.
then…. they took another 2 months just to get the loan modification details to me and it was for 1year then back to what i was paying before but because they took so long and my payments were stacked up they put the arrears back on the loan so my “loan modification” actually went up!!!!
i ended up paying 58 dollars more per month after the modification. i was told that i wouldnt be able to modify it again for a year but i ended up going with an outstanding law firm that cut my payment in half and they were very kind and well worth every penny!! I spoke with bob and he didnt push at all and gave me all the license information to look up on the state bar website. hope that helps! best of luck to you. oh the name of the firm is the al verdi law group in california
Need a loan?
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