No doubt, loan modification is the best way to avoid foreclosure. But dealing with the loan modification process by self may be too lengthy, complicated and probably a solo waste exercise. So, it is always suggested to get help of a loan modification expert to speed up the process as well as to save considerable efforts, time and mental stress. By getting professional loan modification help, chances of getting loan modification benefits improve significantly but ultimate success depends upon the selection of the right loan modification service provider.
Here are some tested and proven tips that will certainly help you to select the right loan modification service provider.
- First of all verify the legal status of the short listed loan modification experts. A professional, well-established company will never show reluctance in proving their legal status.
- Confirm the mentioned street address and local business license; if possible, pay a personal visit.
- Make sure that the upfront fee agreement is legal as per the local rules and regulations.
- Now confirm the secondary issues like – How long that company has been in the same business? Does it have enough experience in providing loan modification service of the kind that you need? What do previous clients have to say about its services? Does it have some clients living near to your house or office with whom you can speak and check? Has it ever dealt with your bank?
- Work with an attorney-based loan modification service with strong legal advice and experience in dealing with mortgage lenders if possible. A professional loan modification service provider like Service Loan Modification provides all the relevant services without involving you in follow up or paper processing exercise. So, it is always better to confirm the role of each party before signing the deal.
- Don’t be shy to ask about the total time, charges and other hidden expenses. A good loan modification company can surely give you a rough estimate. Compare the given estimate with that of other loan modification experts. Don’t hire small or less reputed loan modification service provider just to save a few dollars.
- Do not hire a company just because of the money-guarantee back policy. A lot of them using this concept to lure clients to work for volume and leave them with no choice when facing the foreclosure. You might get money back on the fees but not your home.
- Ask the short listed companies to tell about their strategies – these strategies reflect their experience and ability to handle the loan modification cases.
Just hiring the costliest loan modification service provider is also not the guarantee of your loan modification application being approved.