Should You Modify Your Own Loan?

There is no simple answer to this question, but generally someone who is a good candidate for modifying his or her own loan is perseverant and does not take “no” for an answer.

It’s not necessarily easy modifying your loan — although it’s getting easier. In some cases, it may be relatively painless, but sometimes a professional can secure much better terms for you.

If you do decide to do it on your own, sign up for an educational course like the curriculum offered by EZ Loan Mod 123 so you at least have the tools at your disposal to obtain the loan modification you’re entitled to.

Now, if You hire a pro, make sure you get a good one! There are a lot of bad ones out there that are just trying to make a buck on people who are in a very vulnerable situation.

If you do hire legal help, you may want to use a law firm that specializes in loan modification and lender mediation. If you were a victim of shady lending practices or predatory lending, you should definitely consult with an attorney. An attorney may be able to help you secure a much better deal than you could on your own.

UPDATE: If you’re in California, make sure you know about SB 94, passed October 2009.

Loan Mod D.I.Y.

Loan Modification Do-It-Yourself (Loan Mod D.I.Y.)

Loan Mod D.I.Y. was created as an inexpensive solution for homeowners who can easily qualify for a loan modification and are prepared to do most of the work on their own.

Benefits:

• Least expensive solution
• Online course and coaching
• NEW: one complementary service through Dec. 31, 2009 by mentioning offer code LMWS1

For more information, visit our Loan Mod D.I.Y. Web site.

Law Firm Loan Modification

Attorney/Law Firm Loan Modification Program

This program helps homeowners who may have a financial hardship but could afford their mortgage with a loan modification. We refer clients to a trusted attorney or law firm specializing in loan modification.

Benefits:

• Most loan types qualify
• Other legal services available, including bankruptcy
• Have legal representation for a fraction of the typical cost
• Available in Most States, including California
• Commercial Loans also accepted

Note: This program is usually the best option for homeowners that have a more complicated scenario, such as multiple properties, foreclosure, self-employed, or feel as if they were misrepresented; however, it’s not for homeowners who have very little or no income and would not be able to qualify for a loan modification. This program is best suited for homeowners who do not have significant negative equity in their properties, as principal reduction is only an option in very limited circumstances.

H.E.L.P. Program

H.E.L.P. Program (Homeowner Education and Legal Protection)

The H.E.L.P program assist homeowners who may have been victims of predatory lending or put into so-called “toxic” loans.

A significant percentage of loans originated during the mortgage boom were in violation of federal and/or state fair lending laws. We provide you with a forensic loan audit to unconver these violations and therefore determine if the lender is liable for damages.  If violations are found you the next step would be to contact the lender and/or an attorney to begin discussions, negotiations and/or litigation. 

Benefits:

• May increase your chances of a loan modification.
• Shifts the power from the lender to the borrower.
• Provides the information that an attorney would require to take on such a case.
• Allows you to exercise your rights as a consumer and borrower against the lender.

Note: The potential benefits of this program are significant, but the process can be lengthy, so it’s not necessarily suited for someone who wants a quick fix.