The short answer is that depends. Unless you are not in default I would say yes, absolutely, you should do it yourself. However, if you are in default of your loan then you without question should hire a reputable Loss Mitigation Company to handle your loan modification negotiations.
Again, if you are of the latter category and have decided to approach your lender or loan-servicer in hopes that they will begin to work with you on possibly reinstating your loan you should however know, that such a attempt probably won’t result in a favorable outcome. Although they may appreciate your gesture, what they would prefer more would be for you to bring your loan current.
Initially they may be responsive to your situation, taking your application and then telling you that it will take approximately 10 days before they’ll be able to give you an answer. You might then notice it’s been more than 10 days. Panic may then start to set in considering the fact that every day that goes by you get closer to your auction date. Obviously the last thing in the world you want is for you and your family to lose your home. So you begin to call.
Nothing. No response, nada.
You leave message after message but the person that was assigned to work with you on your loan modification has seemingly fallen off the edge of the earth.
In more cases than not this is what happens when a person is in default of their mortgage and attempts to go to their lender with this type of good faith gesture. The reason for this could range from anything from incompetence to possibly the increased workload that the loss mitigation department of your bank or loan-servicer is experiencing.
Regardless of the reason wouldn’t you want to know that your case is being handled professionally and in a timely manner?
This is absolutely why hiring a Professional Loss Mitigation company that has not only the experience and knowledge to deal with the bank’s loss mitigators but they have the contacts at many of the nation’s largest lenders and are experts at negotiating Loan workout agreements.
When a person is going through foreclosure, as you may know, there isn’t a large window of opportunity to try to fix their foreclosure issues. That is exactly why if I personally were in foreclosure I wouldn’t hesitate in hiring a professional Loss Mitigation Company to represent me. Because time is of the essence I would need to know that my case is being handled not only professionally but also expeditiously. And that's exactly how you should view your loan modification situation.
