Countrywide borrowers who are concerned about losing their home to foreclosure should consider a loan modification through their lender. A loan modification is a change to the terms of an original mortgage contract agreed to by both parties to the contract. In the case of a mortgage loan, the modification must be agreed to by both the lender and the borrower. Each lender will have different requirements for approval, and some will no doubt be easier to attain than others, but anyone who feels that they need help with their payments should ask for help and at least try to get the assistance they need. Ignoring a problem is usually the best way to allow it to get worse.
Negotiating loan modification with Countrywide will be no easy task for the borrower going up against the lender alone. An attorney should always be hired to represent the borrower facing foreclosure because their chances of success are so much higher than lone borrowers. While it is possible for a person to negotiate loan modification with Countrywide alone, most borrowers will be able to get a much better deal with the help of an experienced real estate or foreclosure attorney representing them.
Many borrowers who have attempted negotiating loan modification with Countrywide express frustration with the lender due to an inability to be heard or be connected with the right person in the right office of the company. In most instances, a loan modification can only be negotiated with the loss mitigation department of the lender, but borrowers who call on their own behalf may find it difficult to move past the collections department. An attorney knows who they need to talk to and they know what to say to get to that person. Finding the right person who can authorize a change to a mortgage contract is half the battle. What might take a solo borrower weeks in phone calls and letters to accomplish might only take an experienced attorney a few hours. Once the right person in the right office is tracked down, the attorney can begin negotiations.
Attorneys with experience in loan modifications will know what a good deal is, just like a professional chef knows what a good roast is. People who perform the same job every day eventually become experts on what is considered “industry standard”. This means that an attorney will generally be able to determine right off the bat whether or not the lender is holding out. If it seems like the lender is refusing to budge, the attorney can begin the paperwork to take the lender to court.
Once in court, the attorney will be able to use their knowledge of the law to pursue the best modification terms possible for his or her client. A borrower with no knowledge of real estate or foreclosure law would no doubt have a very difficult and stressful time trying to do the job of an attorney.
The services of an attorney should not be seen as an expense, but as an investment. If an attorney is able to save the borrower more money on their mortgage than they would pay in attorney fees, then why would a borrower want to turn up their nose at the idea of hiring one?