Hire Loan Modification Assistance And Dont Become A Rejection Statistic
For the millions of people in the country that started having more financial difficulty
once the recession started there have been some solution ideas circulating in the media. With all of the hype concerning these it is difficult to judge how practical these solutions really are and how hard they are to actually make good use of. Loan modification is one of those solutions that have been talked about a lot but there is some information that is often being left out.Statistics
Here is a look at the statistics referring to January of 2010. There were approximately 3.5 million families having applied for loan modification. This number includes those who have gone through the process by themselves and those who have had help. Almost a third of this number werent even eligible to apply, meaning that they did not fulfill all of the requirements set out by the rules to apply. While just over two thirds of this number is eligible to apply, only just over 3 percent have been approved and have already commenced. Approximately 1% has been rejected while the other individuals are still waiting to hear back.
Going Alone
The individuals who were not eligible and found out the long way should have hired third party assistance as they would have been informed immediately. For those who are still waiting, the same can be advised. Anyone who is still thinking about going through with loan modification but are not sure how to proceed ought to seek some advice first. This can be found at a loan modification agency.
Loan Modification Agencies
There are two main types of agencies which are the non-attorney based and the attorney-based agencies. Because of their knowledge of the law, real estate and so many other aspects of loan modification processes including the negotiating, attorney-based agencies are highly recommended. They start by discussing your finances with you and discuss with their real estate connections concerning market values and so on. They make all of the right phone calls and start negotiating with the lender to make you a better deal. Attorneys know the exact route for receiving a faster agreement from the lender and have every intention of getting the case resolved with the best deal possible.
Making the Choice
There are a few elements to look at when making a choice of whether to pursue the case alone or to hire a professional to help. In financial issues, time is of essence. The longer it takes to make a deal, the more financial trouble a person can find themselves in. This is why these professionals work so hard to make a perfect deal with the lender as quickly as possible. A person that doesnt have such knowledge and experience generally cannot work the lenders in such as way therefore resulting in a process that takes much more time and results in a deal that possible could have been much better. Anyone looking towards a loan modification to settle their financial crisis should really consider the benefits of hiring third party assistance before continuing.
by: 1stforeclosureprevention