Why a loan modification is best left
to a law firm
Every mortgage lender has a loss mitigation department. If you
so choose, you may contact them and directly negotiate a program
to save your home. That being the case, why should you use a law
firm? Here are five reasons that show why doing it on your own
is not worth the risk.
1. Only a lawyer can negotiate a revision
to your contract.
Any legal advice provided to someone about the terms of their contract is the
practice of law. Be careful of companies that are not lawyers who claim they
can negotiate your existing contract on your behalf. Read more...
2. Each lender has different policies and approaches
Some lenders will work with you, some won’t. The process
with one lender can be very different from the next. Perhaps you
think you understand everything you need to do, only to find out
that your specific lender has different guidelines. What happens
when you take the wrong actions? It could cost you your chance
at successfully negotiating new loan terms.
3. Lenders are difficult to deal with
A lender is already leery of your ability to pay your mortgage
because you have missed payments or are a risk of missing payments.
They are going to be detail-oriented when considering your application
for a loan modification and will want hard proof that you will
be able to handle the new terms. In other words, you’ll need
to dot each ‘I’ and cross every‘t’. Can
you say that in conducting your own negotiations that you are confident
you have done everything the lender requires?
4. The negotiation takes some expertise
Say you were having car troubles and couldn’t get your vehicle
to start. Would you dive in to the engine yourself and fix the
problem? Probably not - more likely, you’d take it to a mechanic
who is trained to fix such problems. We all have our niches of
expertise and loan modification is no different. There are subtle
issues that can have a huge effect on your loan modification chances.
Having worked with lenders for so many years, we aren’t going
to get tripped up by a lender during the process. Rather, we will
be able to smoothly maneuver through the process and avoid critical
mistakes.
5. Time is critical and none of us have enough
to spare
In case you somehow missed it, there are only 24 hours in each
day. Between work, family, social responsibilities and everything
else life throws at us, do you have the time required to accomplish
a loan modification? Probably not. There’s no getting around
it, you will have to spend some time figuring out your financial
picture and discussing your situation with us. Otherwise, you can
leave the rest to us. We’ll worry about lender negotiations.
We’ll worry about staying on top of the process. While you’re
busy living the other aspects of your life, we’ll make sure
your home stays, well, yours.
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