The fees for a loan modification defer depending on the services offered and the service provider you have chosen. It could vary from $895 to $8,000. Some loan modification companies just offer a consultation service to get you started and face the onslaught of paperwork involved. Such consultation services are less expensive but the results are not much favorable. For such services, the prices range from $895 to $1,495. Other loan modification companies actually walk you through the entire process and negotiate with your lender in the best way possible for your situation. These companies charge more money for their services because there is more work involved and the results are much more favorable. Their service charges range from $1,295 to $8,000. Go to a loan modification company and ask for a cost estimation.
What Should You Do?
If saving your home is your highest concern, there are several things important to keep in mind when deciding which service is best for you. The main issues to be concerned about are time, knowledge and patience in dealing with the bank. Each one of these offers some difficult challenges for the typical homeowners.
The amount of time spent for filling out paperwork and talking over the phone for a successful loan modification is about 12 hours. Most of these hours are spent during bank hours (9am-5pm) and they are spread out over multiple days. Also, if you have fallen behind on your mortgage payments, the clock is ticking and your window of opportunity is shrinking day by day. This means that you are on a deadline to make things right and that’s why you should hire a loan modification specialist.
Why You Should Hire a Professional
The reason to hire a loan modification attorney to guide you through this process is they know what the bank wants and how they want it. Currently, banks are overwhelmed with homeowners requesting for loan modifications. In fact, they are creating new departments to handle this pressure. While deciding if a homeowner qualifies for a loan modification, they review the paperwork and if anything is filled out wrong or in the wrong order, guess what? That file gets moved to the back of the line and everything gets delayed, meaning that you may lose your home to foreclosure.