The question that many distressed homeowners are asking themselves lately is, "Should I pay, or should I go?" This is due to the constant bombardment of news warnings, loan modification advertisements, and water cooler gossip concerning the foreclosure crisis going on in our country.

Many will tell you that a loan modification should be done only by an experienced real estate attorney while others say that you should never pay anyone upfront fees for a loan modification under any circumstances due to the fact that it can be accomplished  on your own.

However, what most government and private agencies neglect to tell you is that "The average American trying to get get through to negotiate a loan modification will not be able to get it done", which was stated by congresswoman Maxine Waters of Los Angeles California when she attempted to assist some of her constituents in modifying their mortgage loans.

The fact is, most lenders are so overwhelmed with the daily flood of borrowers looking to get "bailed out" from their less than perfect mortgage that in most cases it could be weeks, months, or even years before you get a response from your lender. Many times, a day late, and a dollar short leaving you out in the cold with no home, no money, and bad credit.

With this ever growing crisis there is an ever growing demand for loan modification servicing companies that can often eliminate much of the headache, frustration, and legwork that comes with modifying a mortgage loan. This often makes the process that much easier not only for the borrower but for the lender as well.

1. Contact your lender on your own and request consideration for loan modification.
2. Deal with the stress of being put on hold, transferred to numerous departments, or often told you don't qualify.
3. Rely on your own knowledge of your legal rights as a borrower, foreclosure and respa laws,  and loan modification processes.
4. In many cases it was the "lender" who got you in this mess in the first place due to poor lending practices.
5. Your lender could disqualify you from loan modification due to the fact that you are unaware of your rights as a borrower.
6. Often the lender will ask you to make a large payment before they are willing to work out a loan modification.
7. Lenders often treat delinquent borrowers disrespectfully with the attitude, "Why don't you take care of your responsibilities", causing you unnecessary stress and worry.
8. This is your home which makes you emotionally involved which can sometimes make it difficult to stand up for yourself when you are already suffering some form of hardship.
9. Think about it...Your lender is NOT going to tell you if there was some form of legal discrepancy, respa violation or predatory lending in the loan that you were given if they were the ones that broke the law when giving you the loan in the first place.

1. Let a professional real estate attorney contact your lender on your behalf.
2. Most lenders will respond much faster to borrowers that have legal representation than they will to borrowers with no representation.
3. Most real estate attorneys have a good understanding of your legal rights as a borrower and will not let your lender take advantage of you.
4. Borrowers who have legal representation often get a much better deal than borrowers without representation.
5. In most cases attorneys have already serviced hundreds if not thousands of clients therefore they already know the process involved making the loan modification process  that much quicker, more efficient, and more beneficial to the borrower.
6. A licensed real estate attorney knows the laws when it comes to mortgages and foreclosure and can therefore thoroughly examine all of your loan documentation to make sure that you weren't taken advantage of.
7. If an attorney discovers that the loan was fraudulent or in violation of your rights then you could be entitled to damages in addition to the loan being forgiven.
8. Attorneys are not emotionally involved and therefore will not let the lenders take advantage of you and will make certain that your rights are well represented.