Facing possible foreclosure is indeed a highly stressful situation for any homeowner; this is your home, your security, your future! Deciding to go it alone or have a mortgage modification company assist you can be very confusing and only adds to your stress! Which is best for you? Are there mortgage modification companies out there that are legitimate?

Let’s first look at going through the process on your own. Depending upon your lender there are many requirements that must be met to qualify for a mortgage modification. There are a lot of forms and crucial information that must be presented correctly and accurately if you hope to qualify.

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You can do the research required; you can contact your lender yourself as millions have although you may not have a successful outcome! Remember, your lender is looking out for their best interest.  Therefore lenders will do as little as possible and may not always give you as good of a modification as you may receive with a seasoned loan mitigation specialist working on your side.

One good strategy is to have a Forensic Loan Audit performed.  These audits have shown that more than 83% of residential loans done over the past 5 years are non-compliant or may contain loan fraud.  Armed with a forensic loan audit, a professional advocate will have a much better opportunity to get you the best overall loan modification.

The key here is to do your homework! The problem is that most people don’t know exactly what their lender requires! Leaving out even one form or one piece of vital information could be the determining factor in qualifying and getting approved!

If you are comfortable doing the research and filling out the forms and in dealing directly with your lender than you can certainly do this on your own!  However, it is somewhat like going to court and defending yourself – as your own attorney.

If you don’t feel quite as confident and want help, it is available! There are legitimate mortgage modification companies that will walk you through the process and deal with your lender so you don’t have to.

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You do need to do some homework before choosing someone to assist you! There are some scams out there to be wary of! Mortgage modification companies will charge a fee that can be thousands of dollars.

For many homeowners it is worth paying that fee for the security of knowing the company is dealing with the lender to get you the best possible modification loan. The choice is truly up to you! Make sure to investigate the mortgage modification companies prior to choosing one to work on your behalf.

You can also hire an attorney to help you with the loan modification process. Usually an attorney will charge more than the mortgage modification companies will because an attorney is on retainer. Keep in mind that you do not need an attorney for this process, again that is up to you!

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