It’s seem that a great deal of homeowners are currently enlisting professional help to assist them in their quest to lower their monthly mortgage payments. However, paying someone thousands of dollars to lower your mortgage payment can be helpful to you in the long run, but from experience it’s not a good value for something you can do yourself. I see and hear about it all of the time; for example, a homeowner seeks out a high priced attorney to help them to lower their mortgage payments, often paying up to $4,000. It’s ridiculous and unbelievable that anyone would pay that much for something that is not guaranteed. Why would anyone in their right mind pay so much for something that is not guaranteed and that’s so simple to do, a child could probably do it. I am not an outsider looking in, I know this industry inside and out, and have many years of personal experience doing loan modifications.
The benefits of getting a loan modification is to lower your interest rate and possible lock in a fixed rate mortgage; And I have helped many homeowners get mortgage payments as low as 1% rate for the remainder of their mortgage, usually up to a 30 yr mortgage, in some cases a 40 yr loan. Do you know the profound savings that could have on the life of their loan. It’s amazing the amount of money that can be saved. Regardless, being a homeowner, I could never ever see myself or family members paying anyone up to $4,000 or more to save me money on my mortgage. It’s just too simple for anyone to do by themselves with a little guidance. I could understand someone paying up to about $1,000 to save over 100 thousand on the life of my mortgage in some cases.
Completing a loan modification is not for everyone, and that’s understandable. Sometimes not knowing an industry and not having the in dept knowledge that is developed from working in that particular industry for many years can be intimidating at first; But let me tell you from my experience, many attorneys, brokers, real estate companies charge way too much to do something that is so simple to accomplish. The biggest thing with getting a loan modification it the time involved. It can take anywhere from a norm of about 30-90 days for a lender or mortgage company to complete an average loan modification request for a homeowner. Anything in between is primarily just the waiting time. Often Attorneys and real estate companies will have their employees bombard mortgage companies with calls for updates on the loan modification that they have submitted and that is still being processed. That’s all there is to it. In the beginning the company or individual representing you will contact your mortgage company and request for a loan modification. They will have to answer a some simple questions to start the process, gather some documents and send in to the lender, and the real work for the company representing you is to keep checking in for updates or any missing information from the homeowner that is needed to keep the process going until it’s completion.
Once the follow ups are done on a regular basis then it’s just a matter of time before the modification is accepted for a brand new lower mortgage payment or declined. Some companies are more experienced in getting modification completed with a higher success rate based on their experience and determination to a certain degree, the rest is up to your mortgage company to lower the payments or decline the request. Many attorneys charge a lot for the same modification that an individual or a small company charges due to the time involved in following up on the phone calls to the mortgage company and then the feed back to the homeowners that is involved often with a secretary. Personally, no one should pay over $1,000 for a loan modification because it’s not rocket science and it’s not guaranteed. I have heard horror stories of some poor homeowner needing help so badly that they have forked over thousands only to be declined for a mortgage loan modification by their mortgage company, then they are not able to get any partial-refund from the company, or individual that represented them in the process. It’s so discouraging yet very real and becoming more common with the current mortgage climate we are experiencing. In fact we don’t have a problem giving back ½ the money if we were not successful in our earnest attempt to get your loan lowered, or if we were unable to keep your mortgage rate from going up if you are on an adjustable mortgage rate and it’s fixing to adjust upwards. It’s the least we can do even if we have done some good work for you, a partial refund is better that no refund in these tough times. Also remember, if you are a do-it-yourself kind of person you have a wealth of information on this site alone to get the job done, and you are more than welcome to use all information to your benefit, you can also sent emails with minor questions if you are already in the process and just need a few pointers. We will be happy to help out anyway we can, we understand your home is your castle. Modify Now!
