Mortgage Modification Hacks That WON'T Beat an Attorney
While it's true that there are certain "mortgage modification" hacks that you can absolutely do on your own, it's important to realize that at the end of the day NOTHING compares to having an attorney fighting in your corner. The keyword in that sentence is "fight" - there are certain steps that are not going to be easy to take.
Consider the following examples to help find out exactly what you're up against.
Making Extra Payments
Making extra payments may seem like a great way to pay off your mortgage early, but it could come with some caveats if you have a subprime mortgage. Your mortgage company actually might not accept them at all and charge a prepayment penalty under certain conditions. Look to hire an experienced attorney who knows what they're doing to go over your agreement and make sure that extra payments will accomplish what you need.
Renegotiating Your Mortgage
This is a popular one that often winds up causing more trouble than it is worth. If you call your bank and ask to renegotiate your mortgage, they will very likely say yes - meaning that everything from your interest rate to your balance due is "on the table." However, if you've never actually renegotiated a mortgage before, you could wind up in a situation that is actually worse than the one you're trying to get out of.
Are you an expert in market rates? Do you know exactly how much value is in your home? Will you be able to look at a new term sheet and identify instantly whether it's best to keep paying or whether it might be more affordable to sell? If you can't, call an attorney. Not next week, not tomorrow - right now.
Nothing Beats an Attorney
A 1-800 number or some type of commercial modification company may look enticing, but the fact of the matter is that they just don't have the experience or training fighting tooth and nail with banks and lenders like an attorney will. Nor do they have a license to go to court. All they do is add another bill to your already stressed situation. All in all, this is just another consumer scam.
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