Do It Yourself Loan Modification Vs Legal Modification, which is best?

Today's post aims at equipping you with the necessary information in order to determine the best loan modification process for you. It is not expected that the homeowner automatically have the experience and knowledge to be able to understand the loan modification process, but if you are going to "Do It Yourself" or "Consult Legal Aid" you need to know what your up against! "Lets Weigh Some Things"

What are the benefits and disadvantages of doing your own loan Modification?
Benefit: Instant out of pocket savings! (Most homeowners love this benefit)
Disadvantage: You get what you pay for!

Benefit: You get to represent yourself! (You know your situation better than anyone else)
Disadvantage: You representing yourself! (No experience, mistakes can and probably will occur)

Benefit: There is Government assistance available, here is one such site that will help you Click Here!
Disadvantage: Working with the Government can be cumbersome and will mean time on the phone. (Avarage time spent is a minimum of 3 hours)


Benefit: You will receive a hands-on education that will enable you to help others and even earn an extra income!
Disadvantage: There will be an educational curve, are you you willing to put for the time required?

The Legal Loan Modification makes use of the services of a Law Firm giving you professional representation. For the purposes of this article we are not referring to a loan Modification Company, but rather an actual Attorney.

What are the benefits and disadvantages of using Legal Representation for a Loan modification?

Benefit: Professional representation is well versed in all your rights and familiar with the process to get the ball rolling on your behalf with your lender.

Disadvantage: Pricey (usually averages around $3,000 or more)

Benefit: When your lender receives a Letter from your Attorney on Letterhead your request for a Loan Modification gets expedited! (does not get thrown in a stack, but has a time frame that the lender must act within)

Disadvantage: None

Benefit: The Attorney knows what will get your request done, (usually by use of legal loopholes)

Disadvantage: Not always a Guarantee!

Benefit: You free up your time and experience no headaches in dealing with the lender and if a foreclosure stop is necessary the attorney can execute it.

Disadvantage: None

As you can see by weighing some of your options that each method has it's ups and downs, but if you can afford it, the use of a Legal firm has more benefits than doing it yourself. However their has been success on both sides. It boils down to your pocket book and your present circumstances? Their are various DIY "Do It Yourself" Kits That will assist you step-by-step through the whole process, one such Kit that I recommend is here called "The 60-Minute Loan Modification" Click Here!

The Legal Loan Modification Process gives the piece of mind that your request is actually being worked on to some extent. You should inquire when choosing a legal Loan Modification as to the success rate of the firm that you are looking at and get testimonials. I recommend this site to get a Free Consultation! for Legal Assistance.