Mortgage modification, also known as loan modification, is deemed by financial experts as one of the best solutions to halt the rising foreclosure rate in the US. This is a negotiation between the lender and the borrower to change loan terms and conditions in order to provide leeway for mortgagors to make the payments. Benefits of this agreement include lower interest rates, reduced monthly payments, and longer loan term.

Doing loan modification yourself is possible. However, if you are already into deep in your loan dilemma, acting like a solitary hero to save home ownership may not be taken as a wise decision. After all, why would you entrust such a delicate matter to someone (or in this case, yourself) who does not exactly know the ins and outs of the legalities of loans?

Hiring an expert to process your loan modification ascertains a lot of benefits. Here are some of the advantages of hiring a professional to do the loan workout for you.

1. A loan expert knows the demarcation line between good deals and negotiations that will only save you from a looming foreclosure for a few months. There are a lot of loan companies that may not necessarily grant you a workout and might offer you forbearance instead. For a newbie in the loan modification business, it would be very difficult to reach a more favorable deal with a lender. This is where a loan expert comes in to extend help. Through his experience and knowledge, you would be enlightened regarding the downsides and benefits of your deals.
2. Hiring a loan expert would hasten the loan modification process for you. You will be spared of the confusion brought about by the procedure you will be doing for the first time. You will not be put through a miserable trial-and error adventure in fixing your papers and contacting the right people. Your loan consultant will be the one to do these things for you. All you need to do is submit to him all the documents needed by the loan company or bank in order to get your loan modification deal rolling.
3. A loan modification expert can help you write a compelling hardship letter that would grant you the loan workout. This service can be very beneficial to US minorities who may not exactly know how to speak and write in English. A look at the statistics would tell us that Hispanic home ownership rate has declined dramatically in the past years. Aside from delinquency, another factor that led to this staggering fact is these minorities' lack of knowledge regarding how to start their loan modification hardship letter. Most of these Hispanic minorities don't know a word of English and with very little loan companies and banks willing to explain to them the mortgage process considering the language barrier, they continued to sink deeper into debt until such time that their houses were foreclosed. Fortunately, there are loan modification companies that are willing to offer translation services to better cater to the needs of these minorities.
4. Loan modification experts have very useful contacts that may hasten the whole process for you. You need not go to the wrong people and waste precious time.

Many have tried to modify loans on their own, but unfortunately failed in the end. Houses have been foreclosed because delinquent borrowers have relied on themselves to patch the loan glitch. Many loan owners have given up ownership of their homes because they don't know where to turn to for help. Instead of suffering the verdict of foreclosure and the disappointments and worries brought about by losing a property, it is better to seek the advice of a loan modification expert.