The Pros and Cons of Doing a Loan Modification on Your Own

There are over 3-million families in the US today who are struggling with their mortgage situation. A lot of them are already at the verge of losing their homes and are desperately looking for a way to avoid foreclosure.

While most homeowners know that applying for a loan modification is probably one of their best options in saving their home, there is a lot of confusion on whether they should be applying on their own or utilizing the services of a loan modification consultant.

Many experts will tell you that it is better to apply and negotiate with your mortgage lender on your own, but they won't tell you how exactly to do this. They will give you the insight on what it takes to get a loan modification application approved. They don't even clarify what documents are required. While the advice that you should be applying on your own is good for many homeowners especially due to the large number of loan modification scams reported over the past couple of years, it is absolutely essential for a homeowner to know what they are doing while talking to their mortgage lenders.

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Of course, there are a lot of books and guides available on the internet which claim to have all the solutions and knowledge you need to get a loan modification on your own. But before you go ahead and buy one of these guides, it is really important to check for a few things without which, no guide is complete.

Phone Support

For me, phone support is probably the single most important aspect while purchasing any guide. Let's face it, whenever there is an opportunity, many marketers will be able to write a basic guide quite quickly, put up a website claiming to be the best solution for your struggle with your lender they make a lot of money off of homeowners. But once end up purchasing the guide; you are completely on your own. What if you do not understand a particular chapter? What if you need more assistance in learning about all the terminology used? More importantly, what if you find out after purchase, the book does not really cover all aspects of getting a loan modification.

This is the reason why phone support has got to be included with the purchase of a guide. You should not be left on your own after you purchase. There has to be someone to guide you through the book if you require any kind of assistance. In addition, it will give you complete peace of mind to know that you are not being scammed and you can call a number anytime whether before or after the purchase for any help that may be required.

Is the guide up to date?

Several marketers or writers quickly write a book and then never bother to update it. Even the books that have been genuinely written by attorneys and loan modification consultants are often quite old and do not take into account all the new plans and rules set by the government.

The Obama administration has come up with several guidelines for loan modifications called the Home Affordable Modification Program (HAMP). For any loan modification guide you purchase, you must absolutely make sure that they cover the HAMP aka "Obama Plan" completely. Without that information, the guide would be completely useless to you. Call the guide's author or publisher and find out about this if you have to. Of course, if there is no number listed on the website or just an email address, just leave the site. That should immediately set off the warning bells. No matter what the price, such a guide would not be worth your money if you can't even talk to someone to discuss your situation.

Document Support

For applying for a loan modification, you need several documents like a hardship letter, financial worksheet, bank statements, etc. One of the main reasons why you get the help of a loan modification company is to make sure you submit all of the right documents to your lender. If you are applying on your own and you do not have all the required documents, then you can be sure that your application will be rejected. That is why you need to make sure you get phone support if you decide to pursue a modification on your own. That way, you can fill out the forms and fax them to a modification consultant to review ahead of time to make sure you do everything correctly. You have to get your income and asset documentation together whether you do it on your own or you have a company do it for you. With unlimited phone support, you could probably get the same results doing it on your own and you would save thousands of dollars by not having to pay a shady company do it for you.

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