Most industry experts will tell you that you should try and modify your loan on your own instead of hiring the services of a loan modification company. While this is sound advice especially considering the exorbitant fees any company or attorney would charge you, it is also true that many homeowners get completely stuck while trying for a loan modification on their own.
Even though a consultant or an attorney could charge between $3000 to $7000 upfront without being able to guarantee your modification, many homeowners feel they do not have any choice but to pay this amount thinking an expert would be in a better position to get a loan modification approved than themselves.
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