Benefits of Loan Modification:

• No Credit Check
• No Appraisal
• Reduce your principal
• Reduce your interest rate
• Erase or reduce back payments
• Stay in your home
• Save your credit
• Protect your equity
• Stop creditor calls
• Avoid bankruptcy
• Free Consultation
• No Obligation

When applying for a loan modification, make a game plan on how exactly you are going to approach them. These people are trained in minimizing loss for their company and they get paid to by getting the most amount of money out of you as possible or declare that your case is un workable and foreclose on you. That is how they mitigate loss.

If you understand this, then you’ll know that you have to approach them and all conversations very carefully. Everything can and will be used against you. Your lender has two platoons of employees who talk with delinquent borrowers. The first is the collections department, which consists of people who try to pry money out of you and get you current on the payments. The second group consists of the loss mitigation specialists. These departments go by different names, depending on the servicer, including foreclosure prevention, loan resolution and delinquency customer service.

We’ll use the most common name for the department: loss mitigation, or loss mitigation. It can be difficult to get through to the loss mitigation department if collection agents are discouraged from transferring calls. This is one of the benefits of having a helper, such as an attorney or a housing counselor. The first will intimidate bill collectors and the second might have contacts within the loss mitigation department.