Three reasons. One, you are negotiating without knowledge. You do not know what the total universe of outcomes is, thus you have no idea what is a good deal. You cannot effectively negotiate when you donât know a good deal from a bad deal. Second, banks employ tactics to frustrate you such as voice mail, long hold times and delays. Third, the attorney has more leverage because they scare the banks. Attorneys sometimes find flaws in the paperwork that can give the borrower a legal case against the lender. The borrower can then either sue the lender or use the ability to sue as leverage to negotiate a better deal.
To gain leverage, lenders make this process difficult, quite overwhelming and seek to raise your emotions which put you in a poor negotiating posture. You get one loan modification by rule, you canât go back and do it again if you screw it up, with only one chance at receiving the best favorable resolution, and you need to put this in the hands of a professional. You may automatically disqualify yourself from a successful Loan Modification due to the inability of providing the right information to the lender. There are no second chances, it is important to remember that in a negotiation, it is not friendly and they opponent (the lender) wants every penny they can get out of you.
Also, your lender may propose a so-called modification that is not advantageous to you and your financial future. Remember, the banks have their best interest in mind when providing a proposal. How will you know if you received the best deal without someone knowledgeable negotiating in your corner? Having expert legal representation that is in constant contact with the lender, has the ability to receive daily updates, knows what kinds of new modified terms are normal and possible is greatly advantageous. We are able to present your case professionally and accurately complying with information requests completely, crunch the right numbers, all while speaking the lenders language. Some banks/servicers loss mitigation officers have up to 700 plus files assigned to them at any given time. With our professional services you gain from our positive relationships with all of the major banks/servicers nationwide and as a legal entity we always have the ability to speak to the right point of contact in regards to your case.
