There are so many different companies out there today, it's hard to choose the right one. Do you go with an attorney? No attorney? Money back guarantee? Or try to do it yourself. I always say, go with the one that will get you the best possible result. You only get one shot at a loan modification and you want it to be as good as it can be.
If you choose to do it yourself, which can be done, you will save the money you have to pay a loan modification company, but you will probably lose out over time. This is because professional companies know exactly how low your lender can go and how to present your case to get the best possible results. If your lender offers you an interest rate of 5% fixed for 5 years, you might think "Wow, that's great. I'll take it!", while an experienced company might know that your lender will go as low as 2% and try to get your terms extended to 40 years as well. The difference of just one interest rate will mean thousands of dollars in savings over the life of your loan.
After working with many companies, the best program I have seen is pretty amazing. They will get authorization from your lender to negotiate on your behalf and then call your lender and speak to a case manager to go over your case. They will then be able to tell you if you are approved or not for a loan modification and proceed from there. This way, you do not just hand your money over to someone hoping for a good result. In fact, in many cases, they can actually find out what your new interest and payment will be before you pay any fees at all.
If you have a loan with a few select lenders, they can actually modify your loan in about a week. This is only with a few lenders who are working closely with them. For other lenders, you will have to wait a month or two to get the modification completed.
It is by far one of the best programs I have seen and it sure beats waiting for months to find out if you are even going to get approved.
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