Pay a Company?

Yeah, you have probably read stories in the papers and heard news reports about the Feds and District Attorneys shutting down so called home rescue companies-firms that were raking in the big bucks and leaving homeowners high and dry.  It’s a sad fact that there are always people who will take advantage of a vulnerable human and do not have any qualms about taking someone’s last dollar and doing nothing to help that person.  I have always been an advocate for the eduction and protection of homeowners-and now that the statistics are proving me right-more homeowners are getting loan modifications themselves than these companies and attorneys-I can say “told you so”.

But if you don’t feel comfortable working directly with your lender, and you confused about whether you should pay one of the many  companies and attorneys to represent you for a loan work out with your lender-read on. Wondering if a do it yourself loan modification is an option? It is confusing for frantic homeowners who are desperately seeking a solution to stay in their homes. How can you decide if paying a loan modification company is worth the extra money you must pay? Here is some good information about the differences between working directly with your lender or hiring a company to represent you.

Beware of loan modification companies & attorneys: This is a pretty stressful and emotional time for homeowners facing default, so turning all this over to someone else is tempting. The trade off is that you are paying thousands of dollars to someone you probably know very little about. The fact is that loan modification is a relatively new option, and not many companies have a lot of experience. In addition, many firms are not properly licensed and in compliance with local laws. So, make sure you completely check out anyone you are considering doing business with. Some borrowers have paid thousands of dollars and then never heard from the company again. Do your homework to avoid being taken advantage of.  The news reports are full of stories about homeowners being ripped off by unscrupulous firms just looking for a quick buck.  Most of the time, every homeowner is told they are a good candidate-even if they are not-just to try to get a large fee out of the deal.

Benefits of hiring a  company: That being said, there are some good companies out there who can offer a service to borrowers needing a loan modification. What that service consists of is mainly processing, following up and negotiating for a final loan workout on your behalf. You still have to provide all of your income and banking documentation, and complete the loan modification forms. The loan modification company will speak with your lender on your behalf to move your file through the process, and ideally be able to get better loan workout terms because they know what to ask for. For this service, you are paying anywhere from $2000 to $10,000.

Some attorneys offer loan modification representation, but since they are actually on retainer, their fees are usually higher. Keep in mind that their is no guarantee of the outcome. Unfortunately, many times an attorney never touches your file-a processor is actually handling all of the paperwork and contacts the bank.  When do you need an attorney to represent you? Well, the vast majority of loan modifications do not require the expertise of a lawyer, especially with the new government subsidies encouraging banks to offer loan workouts to borrowers. However, if your situation is complicated or you feel you were a victim of predatory lending or abuse, an attorney may be able to get better results for you. Just be prepared to pay a lot for those services-and understand that the process will be much more drawn out once an attorney gets involved.

It is tempting to turn this problem over to someone else and hope it will get solved-but many homeowners have been able to work directly with their bank and obtain a do it yourself loan modification-for free! It is getting easier everyday for borrowers to work with their banks to find a home retention solution. The new Homeowner Affordability and Stability Plan actually pays your lender to offer you a loan modification!   Recent statistics prove that homeowners who work directly with their lender have a HIGHER success rate than companies or attorneys!

• Think about it-if you had the loan modification forms, could follow simple instructions for completing them properly, had a checklist of everything you had to submit, knew your options and your banks guidelines for approval-don’t you think you could work effectively with your bank directly? Most borrowers can be successful with their own loan workout as long as they are informed and prepared. If you don’t have an extra few thousand dollars lying around, it’s certainly something to consider!

I have written the #1 resource guide for homeowners who need a loan modification-it is easy to understand, simple to follow and best of all-CHEAP!  It took me over 18 months to compile, and prepare all of the most up to date and helpful information so that the average borrower could successfully modify their own loan.  Guess what?  It’s paying off because everyday I hear from borrowers who are getting great loan workouts and saving their home.

You can do it yourself-you just need to learn the basics of the loan modification process, be persistent and not give up.  Help is available for homeowners who know how to get it.  Now that the Feds are paying banks to modify loans, it is easier than ever to do it yourself and get quick results.  President Obama has warned homeowners against hiring any companies to represent them.

You can get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com