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Do You Really Need the Services of a Loan Modification Company? by Bridget Toomey
Every homeowner who is thinking of modifying their existing mortgage in order to save their home from foreclosure is probably wondering whether they should apply for a loan modification on their own or utilize the services of a loan modification company.
The arguments for and against using a loan modification company always comes down to two factors �C time and money. If you study those two factors carefully,[link widoczny dla zalogowanych], you will realize that it makes more sense to take help from a professional loan modification company or consultant to process and handle the loan modification application.
Time
Let us take the first factor into consideration which is of time. Loan modifications take a long time to complete. Even before you complete your application, there are a number of things you need to do to give yourself the best chance at a modification. Studying the correct prescribed format set by the bank, arranging for all the required documents, following up with the bank to make sure you have all paperwork completed properly before applying for a loan modification etc.
Once you do file your application, then it takes a considerable amount of time before you even start the negotiations with your mortgage lender. The overall modification process takes a minimum of 90-120 days to complete and you need to follow up with your lender at least once a week to make sure your lender stays on top of your loan. In addition, you need to constantly make your lender aware of your current situation, repeat why you need to modify your loan, check on what are the best possible modified loan packages being offered by your lender etc. Given the millions of applications received by lenders already, it is imperative that you follow up on your application to make sure it doesn��t fall to the back of the line or worst canceled out of their system if you don��t follow up.
You will also have to take time from work to make sure you call your lender during business hours because that is typically when any processors or negotiators work on modification files. Given the state of the economy,[link widoczny dla zalogowanych], it is not a good idea to take frequent time away from your work as you don��t want to risk losing your job altogether. If any of the points above apply to you, it is probably better if you have a professional loan modification consultant do all this work for you. Let them run around the lenders and get them to discuss and negotiate a modified mortgage plan on your behalf.
This not only saves you a lot of time which you can utilize for much more constructive things,[link widoczny dla zalogowanych], it also gives you a chance for a better modification as a professional loan modification consultant will be able to work the lender for the best possible modification. Furthermore, imagine if you spend months calling your lender just to learn later that your application has been rejected. All the hard work will go to waste and it is better you let a professional handle the application while you concentrate on your work and family.
Money
Most families are aware of the time factor of loan modifications. Yet they choose to modify the loans themselves as they are not in a position to pay the huge upfront fees charged by the loan modification companies. Of course the number of scams that have been reported lately has also been a big factor in homeowners [link widoczny dla zalogowanych]sing to modify their loan on their own.
The fact however,[link widoczny dla zalogowanych], is that there are a few companies who absolutely do not charge any kind of fees until your loan modification is actually approved by your lender. This means that you do not have to pay anything upfront until you know that you have a loan modification approved by your lender. This makes it so much easier for you as not only do you save on time, you save on paying a company an upfront fee until you absolutely know your lender will be able to modify your loan and make it affordable for you to live in your home.
It is highly advisable that you search for such companies who guarantee no fees until your application is approved by your lender and utilize their services to apply for a loan modification.
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