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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com
3rd Party Loan Modification Help - The Key to Success
When people say that you do not need to pay a company of a law firm or attorney for a loan modification that is definitely a true statement. There are many people who have had the knowledge, skill, commitment, time, determination and luck to accomplish a modification completely on their own. Unfortunately, this has been the select few. The minority.
This is not how it is supposed to work. Borrowers/customers should be able to call in to their lender and go through the process of negotiating a loan modification with them. It should be a simple and fair process. Guidelines for qualifications should be laid out in a clear and simple manner, and they should be followed. Those who need help should receive help.
The reason it doesn't work this way is because the goals of the lender and the goals of the borrower do not lie hand in hand. They are in fact complete opposites. The lender wants to reclaim as much as possible of their loan. They would like the borrower to pay their agreed to monthly payment, or as close to it as possible. The borrower wants to get a payment as low as possible to help their family. Here something has got to give.
This is why working with a 3rd party to get modified can be so helpful. The 3rd party stands between you and your lender. In the court of law, it is perfectly legal for someone to represent themselves in court, but almost nobody does. Why is this? The reason is because you know that the other side is out to get you and that they will have legal assistance. The laws are also hard to understand. This is the same with loan modifications. Your lender has many lawyers, shouldn't you?
MAC