Is there a cheap way to acquire assist with loan modification? Before you contact a loan modification specialist, there are some significant facts to keep in mind. Chances are, you could do it yourself. Yes you could negotiate your own loan modification (also called loan rework, loan workout, or loss mitigation).
If you do not do well with long term projects, it might be worth it to hire a professional. But many desperate and vulnerable homeowners are paying out thousands for loan mod specialists and are not seeing results.
Whether you use a professional or not, you would be responsible for providing disclosure of your monthly pay-out (bills), financial statements, tax returns, a hardship letter, etc. In short, even if you hire a specialist, you would end up doing a lot of the work yourself anyway.
A loan mod "specialist" is really an "assistant" , someone to assist you stay on track, to be sure you have included all documents, to offer you with to-do lists, and to keep the process moving forward. Is it really worth thousands of your hard earned dollars to pay someone to assist you do something you could do yourself?
As I said, what you really need is an assistant. There are products available on the market now that would do that job and do it well. The prices range from $25 e-books to full-blown software programs that could cost a few hundred. There is one system in the middle price range ($199) that is acquiring good reviews.
People in financial distress could hardly afford to gamble thousands on a "specialist" that may or may not come through. A do-it-yourself product is a good option for those who are already stretched beyond their financial means.
Its kind of like acquiring your income taxes done. A lot of people are discovering that tax prep software like TurboTax could guide them step by step in preparing their own taxes. So you might say that loan modification software is kind of like income tax software. It guides you step by step.
Learn from Lyn Collier's years of Real Estate experience.
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