Business Advice and Tips

Why You Need Professional Help For Your Loan Modification

Have you missed some payments on your current mortgage loan? If so, you might be getting some letters from your unhappy lender and are actively looking for a way to save your house. It might be possible to turn this situation around by working with the provider of your loan directly or seeking out another lender that can step in and help. Loan modifications can sometimes forgive missed payments or provide additional time to pay, essentially allowing the homeowner to wipe the slate clean and get back to on-time payments. If you want to seek a loan modification, though, you might want to retain a professional consultant or legal expert with knowledge of this area. Here's how hiring a loan modification consultant can benefit you.

Come to the Negotiating Table on Even Ground

When you try for a loan modification by contacting your current lender or by seeking out another lender to get involved in some fashion, the other side is likely going to have their own lawyers to go over the numbers and make sure any new contracts are iron-clad. When negotiating a deal like this, you should have your own legal adviser or at least a professional consultant on your side who knows how to negotiate and can help guide you through the process to ensure fair terms.

File the Paperwork Correctly Because You Might Not Get Another Chance

If you are filling for a loan modification with your current lender, you need to understand that you might only get one chance. It takes two to tango, and in this case, it means your lender has to be willing to re-negotiate the terms with you. If you send in sloppy paperwork or omit information that doesn't provide a complete picture, they might deny the modification and move towards other methods of recouping their money.

Figure Out If You Are Even a Good Candidate for a Loan Modification Before Moving Forward

A professional consultant in this field has seen countless others in your position and knows what kind of financials or data you need to talk a lender into allowing a modification. If it's clear that you are just really struggling or don't have the numbers you would need to inspire confidence in your future ability to pay, the consultant or legal adviser can break the news to you from the start so you don't waste your time with this process. If you are struggling, they can also advise you on what you need to change before you actually approach a lender to negotiate.