Owning a home is a common goal that people have during their lifetime. Unfortunately, during times of economic unrest, owning a home can turn into a nightmare if you are unable to pay your mortgage anymore. The prospect of losing your home is frightening, and it’s something that will affect you financially and emotionally for a long time. Besides having to give up your home, the whole process will have a big impact on your financial situation, making it extremely hard or even impossible for you to be able to qualify for a new mortgage in the near future.
If you find yourself in danger of losing your home, saving it from foreclosure should be your main objective, and one way you can do it is by getting your lender to agree to a mortgage loan modification. Time is of the essence here, so calling your lender as soon as you notice any signs of trouble will increase your chances of getting approved for a mortgage loan modification. Lenders are not obligated to agree to a loan modification, but they want to avoid foreclosure as much as you do, so it is important for you to make sure that a mortgage loan modification is the way for you to get back on your feet financially, or else it would just be a waste of time for both parties involved.
Do You Need Help With the Mortgage Loan Modification?
A mortgage loan modification will probably involve several long discussions with your lender, and many home owners may not have that much free time, so hiring someone to do it for them could be the right choice, in this case. The truth is that the borrower can do most, sometimes even all, of what the mortgage loan modification professional can do. The most important thing here is to pay your mortgage, so hiring someone to do something that you could do yourself, would just be a waste of money, which could be used to get you out of this situation quicker.
But some people just won’t have the spare time to deal with a mortgage loan modification, so hiring someone to do it instead makes more sense. Others may think that they don’t possess enough knowledge on the subject to deal with loan modification themselves, in which case it also makes more sense to seek help, whether it’s from a professional, a relative or a friend.
Who Can Help With a Mortgage Loan Modification?
If you think you can’t tackle pursuing a mortgage loan modification yourself, or you simply don’t have the time to deal with it, then the next logical step is to hire someone to help you with this process. One place where you can look for help is non-profit loan modification organizations. Non-profit organizations, such as the Association of Community Organizations for Reform Now (ACORN), GreenPath, National Urban League, United Way, or Catholic Charities have offices all over the United States and are qualified to work with you and assist you with the mortgage loan modification process.
Another popular option for those who can’t deal with a mortgage loan modification themselves is to hire an attorney. Attorneys who specialize in mortgage loan modifications can offer you the proper guidance and discuss with your lender on your behalf. Hiring a professional is the best way of ensuring that the process goes smoothly and that everything will be handled with the utmost care and professionalism. If hiring an attorney is too expensive for the borrower, then contacting a local counseling service could be the next best option.
A third option when seeking help with your mortgage loan modification is to hire a mortgage modification company. Many times, these types of companies will overcharge you, often upfront, and provide no guarantees for something that you could easily do on your own. You have to remember that obtaining a mortgage loan modification is in your best interest, so hiring someone to give you advice is recommended, but hiring a company to do everything will probably not produce the same results, and it will cost more.
Needing assistance with your mortgage loan modification is nothing to be ashamed about. You are, after all, trying to save your home, so any bit of help matters. But before you go out and spend money on the services of a mortgage loan modification company, try to do a little research and find out if you won’t be better off doing things yourself. Receiving help from an attorney or someone who has experience with loan modifications, especially if you don’t have enough time to do everything yourself, is also a great way of making sure that you won’t have to go through a foreclosure and lose your home.