Home Loan Loss Mitigation - Steps to get the best deal !

Loss mitigation has become a big business in recent years, as homeowners fight to keep their homes and lenders struggle to help troubled borrowers. But not all lenders work the same way, and not all loans face the same problems. Sometimes, two homeowners in identical situations can get vastly different loan loss mitigation offers, even from the same lender. That’s why it’s important to get to know your situation and take your time to make sure you get the best deal.

Work with professionals
The first and probably most important thing is to get help where you need it. While it’s technically possible to work things out on your own, working with a loss mitigation specialist makes it infinitely easier—and also increases your chances of getting a good deal. Look for specialists who have worked in your area for a long time—they’ll know better how to deal with local lenders and how the local mortgage market works.

Set realistic goals
Many people go into loss mitigation not really knowing what they’re after. Do you want your interest rates lowered, your terms changed, or part of your balance due written off? Is your lender likely to approve your offer? Often, there’s a difference between the results you want and what your lender is likely to agree to. Talk to your loss mitigation attorney and get sound advice on what makes a realistic goal for someone in your situation.

Know your methods
Loss mitigation takes on a vast number of forms; some of the most popular these days are short sales and loan modification. Each method suits a different type of homeowner, and it’s up to you to decide on the best course. Before taking any steps, ask around to see if you even qualify for the program you’re going after. Again, working with a professional can go a long way in helping you find the right kind of loss mitigation help.

Follow the rules
Once your application is under way, things are pretty much at the hands of your lender. But there are things you can do to tilt the odds in your favor and increase your chances of getting approved. For one thing, be punctual with your replies—if they request additional documents, don’t wait until the deadline to send it in. Showing that you’re willing to cooperate (it’s your loan and your home, after all) tells them that you’re easy to work with and are more likely to stay on track once you get the help you need.

Can a Loan Modification Specialist speed up your Loan Modification Process?

Can a Loan Modification Specialist speed up your Loan Modification Process ?

Loan modification is no doubt one of the most promising ways to save one's home and steer clear of foreclosure. And as one might expect, the housing crisis has fueled a huge expansion in the loan modification industry-every state has at least a dozen companies specializing in loan modification help. But while that means more choice for struggling homeowners, it also means a bigger risk of bad service. If you want the most out of your loan modification, take the time you need to find the right loan modification specialist.