With the Real Estate crisis going on in our country today many families need help. If you have a Adjustable Rate Mortgage, Option Arm, Owe more than your Home is worth, Are behind in your payments, a Loan Modification may be the answer. Loss Mitigation and Loan Modification is a program that allows homeowners the chance to get better terms on their mortgages.
Not all Loan Modification Companies are the same though. If you are looking at this as a possible solution to your problem be careful. There are companies out there that charge a non refundable deposit even if they get you no result. I would recommend you stay away from those firms. Deal with a company that gives you a 100% money back guarantee if they do not produce a positive result for you. There are a lot of loan officers who got into Loan Modification because the Mortgage Financing Industry has just about dried up and our now proclaiming they are loss mitigation/loan modification experts that charge a fee even if they don't get you results just to make some cash. There are also attorneys out there charging fees and do not have the staff or expertise to deal with the large number of lenders out there.
A good loss mitigation/loan modification company will underwrite your file for no money and will offer a money back guarantee to you if they can not produce a positive result.
Loan Modification is simply negotiating with the lender on your behalf to get a better term than you may currently have on your mortgage, which would allow you to stay in your home instead of facing fforeclosure, They work on your benefit to find the best solution to keep your home and help the lender see the big picture of what is best for the lender and the homeowner.
Can you do this yourself? YES you can try and negotiate a better deal with your lender. I have found on many occasions though that most lenders take a long time to help and often times simply say they can not help because your situation is not grave enough yet. This is where a professional company that has contacts, and the expertise in Lending and Underwriting that may be your best course of action. I look at like trying to defend yourself in a court of law instead of hiring a attorney to represent you. Would you do that or hire the expert in that field of law to help.
Beware of people who want to charge you a upfront fee if you have been given a Notice of Default or Notice of Sale. It is illegal to collect fees upfront or to do business with anyone other than a attorney if you have already been given a NOD/NOS. NEVER PAY ANYONE UPFRONT FEES IF YOU ARE IN THIS SITUATION.
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