Why a loan modification is best left to a professional loss mitigation specialist

Every mortgage lender has a loss mitigation department. If you so choose, you may contact them and directly negotiate a program to save your home. That being the case, why should you use a professional loss mitigation professional like American Mitigation Group? Here are four reasons that show why doing it on your own is not worth the risk.

1. Each lender has different policies and approaches

Some lenders will work with you, some won’t. The process with one lender can be very different from the next. Perhaps you think you understand everything you need to do, only to find out that your specific lender has different guidelines. What happens when you take the wrong actions? It could cost you your chance at successfully negotiating new loan terms.

2. Lenders are not going to make this easy

A lender is already leery of your ability to pay your mortgage because you have missed payments. They are going to be detail-oriented when considering your application for a loan modification and will want hard proof that you will be able to handle the new terms. In other words, you’ll need to dot each ‘i’ and cross every ‘t’. We have developed forms that make sure you cover every part of the process and don’t miss a single thing. Can you say that in conducting your own negotiations that you are confident you have done everything the lender requires?

3. The negotiation takes some expertise

Say you were having car troubles and couldn’t get your vehicle to start. Would you dive in to the engine yourself and fix the problem? Probably not - more likely, you’d take it to a mechanic who is trained to fix such problems. We all have our niches of expertise and loan modification is no different. There are subtle tricks and issues that can have a huge effect on your loss mitigation success. Having worked with lenders for so many years, we aren’t going to get tripped up by a lender during the process. Rather, we will be able to smoothly maneuver through the process and avoid critical mistakes that could cost you dearly.

4. Time is critical and none of us have enough to spare

In case you somehow missed it, there are only 24 hours in each day. Between work, family, social responsibilities and everything else life throws at us, do you have the time required to accomplish a loan modification? Probably not. There’s no getting around it, you will have to spend some time figuring out your financial picture and discussing your situation with us. Otherwise, you can leave the rest to us. We’ll worry about lender negotiations. We’ll worry about staying on top of the process. While you’re busy living the other aspects of your life, we’ll make sure your home stays, well, yours.