Loss mitigation companies are expensive and they guarantee nothing
A loss mitigation company is an entity that negotiates with banks on your behalf to attempt to get the banks to let you stay in your home. They know you are in a desperate situation and you have very few options. What they are going to be able to do for you is nothing that you couldn’t do yourself. First of all, you need to realize that they aren’t going to give you money to pay your mortgage holder. So, if you don’t have the money now, how are they going to fix the problem. That is a very good question, because they are going to be telling the banks how you are going to pay eventually.
That is all they do. They attempt to stall the banks by submitting forms that you could get your hands on and mail yourself, and then they come back to you and say is there any way you can get this money together. They ask about relatives, savings, and assets. They know they banks wan the money now, so that is their first line of defense. Because the banks are dealing with another company, they are going to be less lenient then they otherwise would be with an individual. If one of these companies use aggressive tactics, the banks usually don’t take kindly to that. They will just demand the money, and then you have an additional bill from from these supposed specialists.
You can do what they do, with research
As it turns out, you can, for much more cheaply do exactly what these negotiators do to deal with banks. And, the banks are probably going to be more empathetic when dealing with you. You basically need to stall until you find a way to significantly reduce your current payment or figure out a way to come up with the money. Those are the only two options. There are basic strategies that every one uses to stall. And the first step is getting the bank to send you all the necessary paper work that they are legally required to. After this step, lawyers employ various methods to attempt to negotiate more favorable terms.