A loan modification can be an expensive, emotional and time intensive process, and there are no guarantees as to whether or not the process will be successful. Since most companies and attorneys who perform mortgage modifications charge fees (either upfront or throughout the process) many homeowners try to negotiate with banks on their own. Unfortunately for many homeowners, this process does not always work out as they planned.
Source:Loan Modifications – Should You Do it Yourself Or Hire a Company?
