Can I Modify My Own Loan?

It is true that you can modify your own loan. There have been many people who have done it themselves and saved their home from foreclosure. Although you can modify your loan yourself, there are some the drawbacks. The most common complaint people have when trying to modify their own loan is that it is very time consuming and requires a tremendous and consistent follow up with your lender. Expect to be on hold for a long time. Hold times can easily last an hour. Phone calls are seldom returned.

Another issue that arises when attempting to modify your own loan is that you may not know your legal rights and the lender may take advantage of you and may not give you the best loan modification to suit your needs. Keep in mind that the banks are out to make money and they don’t make money by necessarily giving the client the best deal. Many times, the lenders only offer a quick fix or temporary rate reduction that doesn’t amount to much.

You could modify your loan yourself and you can also give yourself a root canal. I don’t recommend either unless you have considerable experience doing either. Even then I still would not recommend either. Many of the best negotiators in the world admit that they are far better off negotiating for others then themselves because they are not as emotionally attached to the case as much had it been their own. Therefore, when you have an experienced loan negotiator calling, they will be aware of the tactics used by lenders and know how to defeat them at their own game.

Lastly, if the wrong information is submitted to the lender inadequately or something is sent out improperly, your loan modification or short sale can get denied all together. If you are working with a respectable firm, the money they save you should by far outweigh their consultation fees and save you a tremendous amount of money. Bottom-line, don’t attempt to negotiate your home loan modification.

Keep your eyes on the look out as, I will be revealing more inside information on how to stop foreclosure and keep your home.