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Mrs Chanel Nixon

Bio Statement Green Trust Cash Loan Modification - Can You Really "do It Yourself"?green trust cash online installment loans direct lenders no credit check

Foreclosures, mortgage defaults and delinquencies have soared nationwide and, subsequently, so have the number of loan modification companies and "do-it-yourself" eBooks. With the new government "Home Affordable Modification" program, you and everyone who qualifies should absolutely take advantage while it is available. But, in lies the question, "Which route should I take?"

While there are significant pros and cons of each, the answer lies with you, the individual homeowner and your particular situation, personality, life experiences and even emotional quotient.

Speaking from experience as a loss mitigation specialist, loan workouts, and dealing with lenders in particular, is neither simple nor easy. That doesn't mean it can't be, however. Perhaps exploring both options and gaining a better understanding of each might give you some insight as to which may work best for you.

Loan Modification: Hiring The Professional Company.

Not all loan modification companies are created equal, but there are, however, some good ones to be found. Hiring a professional company does have its advantages including:

  • Handling the entire process so you don't have to, including, but not limited to, constant follow up with the lender, sitting on hold, faxing documents, preparing loan mod packages and keeping track of important dates such as any scheduled foreclosure auction.
  • They have experience and expertise with loss mitigation and lender protocols.
  • They understand and can counsel on how information collected by your lender is evaluated.
  • They can work on your behalf to request a postponement of the foreclosure auction, if necessary, negotiate with your lender and find the best possible solution for your particular situation.
Lenders speak to professional companies differently. Having dealt with loss mitigation departments from more than 30 different lenders over the last six years, I have been mistaken for the actual homeowner in foreclosure several times. The attitude difference can be night and day. Obviously, this isn't all lenders or all employees but, it does happen. If you've ever been harassed and mistreated on the phone by your lender, then you know what I mean.

There are several disadvantages to going with a professional company as well. First of all, it can be very expensive, particularly if you go with an attorney who charges by the hour. Second, there is no guarantee you will be approved. If you spend several months working with a company and are ultimately denied, you will not only be out the fee for their service, but the time it took as well (really two reasons in one). Third, there are several unscrupulous companies out there, several of which have already been shut down or sued, who are taking advantage of homeowners in default. There is a myriad of cases of individuals plunking down thousands of dollars to a company that never really provide any service at all. You have to beware of the scammers!

If you decide that letting a professional company handle your loan modification is in your best interest, be sure to properly screen any prospective company. Some things to consider when hiring a professional company are:

  • It is illegal for a loan mod company to require up-front fees.
  • These companies are required to give you a written contract.
  • Your contract must contain at least a three day right of rescission clause.
  • No company can "guarantee" to get you a loan modification.
  • Check with the attorney generals office where the company is located, as well as online, for any complaints.
  • Shop around for price. I've heard of companies charging as much as $5000!
  • Look for a proven track record. Ask for testimonials of others they have helped.
  • Ask if the company is licensed. Some states require special licenses to modify the terms of a mortgage.
  • These companies should have a screening process and should not take on all clients. The company should be able to ask a few questions and determine the likelihood of you being approved. Beware of any company that accepts you as a client despite you not having any income (if such is the case).
green trust cash installment loans online approval Modification: You Really Can "Do-It-Yourself."

If you are a homeowner who might qualify for a loan modification and the thought of hiring another company scares you, don't worry because you really can "do-it-yourself." After all, you can save yourself all that money professional companies are charging. However, simply jumping in blind by just calling your lender and asking for a workout won't cut it. Unfortunately, it's not that simple. I like to compare it to a homeowner attempting to sell their house "by owner." Can it be done? Of course. But, is it difficult? Yes. A homeowner won't have very much success by just dropping a for sale sign in the front yard expecting to sell their property in a timely manner and for as much as possible. Those that do have success, both at getting a workout and selling their house on their own, are those that take the necessary steps to educate themselves with as much information as possible.

Currently, lenders are overwhelmed with and understaffed for the outrageous number of foreclosures nationwide. Furthermore, most loans end up with the same handful of lenders nationwide making matters worse for the lenders. Knowing this, as a prospective candidate for a green trust cash online installment loans direct lenders no credit check modification, you need to educate yourself on how to make sure your particular file is given the attention and care it deserves. The actual loss mitigation rep handling your particular file might also have as many as a couple hundred other files as well.

So, to give yourself the best opportunity in successfully getting a green trust cash direct lender only tribal installment modification on your own, you need to educate yourself with quality information from someone whom can teach from experience.

Some of the vital information you might learn from a do-it-yourself book or course is:

  • What all needs to go in to your workout package
  • How to prepare your package
  • How to prove a financial hardship
  • Common mistakes when preparing and submitting your workout package
  • How to make sure your file doesn't get lost in the pile
  • The exact guidelines of the new loan modification program
  • The inside information your lender has to evaluate you and your file

On top of the valuable information gained from a good DIY book, other better courses will also include all the forms you will need to get your loan modification such as financial worksheets, a sample hardship affidavit, IRS form 4506-T and even fax cover sheets to use when submitting information to your lender.

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