This is entirely dependent upon the individual homeowner. If you feel you have the knowledge, the negotiating skills and the time to contact your lender then, why pay a third party to do what you can do yourself. The reason why we seek help is because we feel inherently incapable ourselves. If you do choose to work with a third party make sure again you do your research. For example, what are the costs and will a modification outweigh their fees? Also, are they professional and experienced in successfully consummating a loan modification? Do they offer a guarantee for their service, and if so what type of guarantee? Does the guarantee create a balanced agreement, or does it favor the third party?
These questions and others will help you help you understand qualifying criteria for a modification, and answer common questions the majority of homeowners have.
Andrew Exon is a licensed mortgage originator in the state of Utah. He works for a professional brokerage who assists responsible but struggling homeowners by reducing their monthly mortgage payments via a modification on their home loan. We have been able to substantially increase the potential for our customers to successfully consummate a modification with their lender.
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