This issue has to be addressed NOW!
I hope this message clears it up for many of you out there scratching your heads.
You know, it really amazes me how many times I get a call from someone who is struggling to pay their mortgage, and tells me they have talked to their lender or some other loan modification company, and were told they need to miss a few payments in order to get some help.
Well, we all know why the lender's may be communicating this to the distressed homeowner. Because they have too much on their plate. There's just not enough manpower to handle the amount of requests for loan modifications. So they will tell the homeowner they need to be late for them to take it seriously. Sounds like a good enough excuse right? WRONG!
As for a lot of these "loan mod companies", what could their reason be to advise you to miss a few mortgage payments? Well, unfortunately, it's usually the same as to what the lenders are saying. But the reasoning is a little different. Did you know the majority of loan mod companies do not utilize Attorneys to negotiate for their clients? Let me tell you what this means. There is no negotiating. A package is submitted to the lender, which you can do yourself, by the way. The lender comes back with either a denial, a re-payment plan, or a "loan mod". These new terms are mailed directly to you from the lender. Do you see any negotiating in that? Nope. Basically, the so-called loan modification company is at the lender's mercy, just like you would be if you dealt directly with them. What if the new terms don't suit you? Well too bad, they did their job. That's what you most likely will be told.
Now, with that being said, of course if you miss a few payments the lenders will see you as a direct threat as far as foreclosure is concerned. So these other mod companies have a better chance at getting a more suitable modification. It's not promised, though, because remember, these new terms will not be negotiated.
On the other hand, if you have attorneys working on your behalf, what does their job consist of? Representing you, fighting for you, Negotiating. Attorneys use leverage meaning, they can present your case to your lender in a way that shows you have exhausted your savings, 401k, or credit cards just trying to pay your mortgage payment on time. They can also present them with proof of your hardship, finances, and budget which will build a profile for you and your unique situation. A forensic loan audit should be part of their services as well, which in most cases will add more ammo to your case. All of this, shows an immediate threat to your lender. Which means you will get better results with out having to damage your credit by intentionally falling behind on your payments. You can get help before you are late!
I know what your next question is. Is it more expensive to hire an attorney based company than it is with a company who is not? The answer is.... no. Not with us it's not. In most cases we are more affordable. I can't speak for anyone else. But anyway, that's another topic.
Here is another one of my blogs in retrospect to this one. Why Did My Lender Turn Down My Modification Application?
This is why so many of you are turning to outside help. It's too emotionally draining to handle on your own, and besides, most people don't know how to even begin to negotiate with their lender. It's best and more rewarding to put this chaos in an expert's hands. I advise you to utilize an attorney or attorney based company. Attorneys have a strong presence when presenting your case to them. There is strategy and an intended battle to help your case along. No matter what company or Attorney you choose, make sure you do extensive research to ensure legitimacy.
I have complied a handful of companies who:
1. Are members of the BBB with a Good rating or in good standing with the Bar Association if they are an Attorney
2. Are attorney based or a Law Firm who oversees the files or does the actual negotiating
3. Have proof of success
4. Have passed my legitimacy test (scam free, and researched thoroughly through reliable resources, contracts reviewed, and imperative questions answered)
5. Have reasonable fees and have a Money Back Guarantee
6. Have the clients best interest in mind
7. Are structured and organized
8. Are in compliance with federal regulations and guidelines
9. Are helping homeowners in the State you reside in
As you can see this takes a lot of footwork and many hours to develop. Each company is unique in their own way and offer different services and have variable fees. After speaking with you about your unique situation and having evaluated your circumstances, I will suggest someone who suits your needs, explain the process, and will be there every step of the way.
I have many blogs that are intended for the public to be informed and get honest answers. That is hard to come by on the Internet. I have taken it upon myself to look out for your best interest whether it benefits me or not. There is so much self gratification just knowing I am helping thousands, if not, millions of you become more and more informed so that you can determine what's best for your family, on a no- pressure basis.
Note: I present information to the public that is factual, and to the point. Many of you out there just want honest answers and to know who to trust with your most valuable asset. Sometimes, I won't tell you what you want to hear, but you will get the truth.
I am more than happy to speak with you and advise you to the best of my knowledge. (877) 646-4331
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Take Care and God Bless!
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Loss Mitigation Case Manager
Toll Free: 1-(877)-646-4331