Most industry experts will tell you that you should try and modify your loan on your own instead of hiring the services of a loan modification company. While this is sound advice especially considering the exorbitant fees any company or attorney would charge you, it is also true that many homeowners get completely stuck while trying for a loan modification on their own.
Even though a consultant or an attorney could charge between $3000 to $7000 upfront without being able to guarantee your modification, many homeowners feel they do not have any choice but to pay this amount thinking an expert would be in a better position to get a loan modification approved than themselves.
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The fact though is that if you have the right guidance, you can easily negotiate with your mortgage lender and get the best possible interest rate, sometimes as low as 2%. Due to this, many homeowners purchase various loan modification guides and books and try to learn how to talk to their lenders. Buying a guide is a good approach but it can soon turn out to be a very frustrating experience especially if you have problems understanding parts of the guide or how to complete the financial forms that are so essential to a modification approval. It can also be a problem when you are ready to apply for the loan modification but you are stuck and have a couple quick questions that no one can answer for you.
That being said, it is extremely important that you look for phone support before you purchase any guide or do it yourself loan modification book. That way whenever you are stuck, need any kind of guidance, have a question on any chapter, you can simply pick up the phone and get your queries answered immediately. Getting a loan modification is not really rocket science. But getting it done in a proper systematic manner with the right documents is extremely important to increase your chances of success. Many homeowners tried to get a modification on their own only to be rejected by their lender. However, the reason for this denial is usually very basic and centers around what your financials need to show in order to actually get approved. With the right guide and some phone assistance to coach you, most homeowners should be able to get over the hump on their way to an approval.
The right loan modification guide will always provide phone support to their customers as everyone knows that without talking to someone; no guide will be able to achieve what it claims. Also another reason why you must look for phone support is to differentiate between the legitimate guides and the scams. A lot of do it yourself guides turn out to be scams or a way to make some quick money by the authors. This is true for any industry and not just loan modifications. Many times, the person selling the loan modification guide is not even based in the United States and is just trying to take advantage of a tough situation faced by millions of homeowners right now.
By having a support number for its customers, you can be sure that the company offering the guide is providing a genuine service and is ready to be there for their customers even after the sale has been made. Any loan modification guide that leaves their customers on their own after the sale is probably selling a basic guide not covering the inside details of getting loans modified, negotiating with mortgage lenders or even covering how to complete the documents that you need to get started on a loan modification.
With the right guide, phone support and guidance on how to fill out the financial forms that are so essential to the modification, you will be able to easily apply for a loan modification on your own. As a result, you will also be saving thousands of dollars which you would have otherwise paid upfront to a loan modification consultant or attorney who cannot even guarantee your lender will modify your loan.
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