Profile picture for patticheung

Am I out of luck? I received bad advice by a financial counseling firm who told me to stop making p

mortgage payments for three months while they negotiated a loan modification.  Now my FICO score is poor.  Can I get anyone to refinance my loan.  I'd be willing to put 20% down,
  • August 14 2010 - Palm Desert
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Answers (3)

Unfortunately, do to the past due payments on your mortgage you will not be able to refinance even with 20% down. I would report that agency to the BBB. I'm sorry for the poor advice that someone has provided you with.
  • August 14 2010
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I am with Ryan. I would also report them to the Better Business Bureau. Also try calling your lender and explaining the situation to them. I can't promise anything as I am not the lender, but they may be able to work something out with you if you showed that you were acting responsibly and you are able to put money down for past payments. A call never hurts. Good luck.
  • August 14 2010
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Profile picture for Jeff Grenz
Report them to the CA Department of Real Estate, whether or not they are a licensed broker, especially if you paid fees for the advice.  The DRE and the CA Attorney General have focused enforcement against advanced fee loan modification schemes.

In the mean time, if you intend to keep the residence, call the lender and ask for a trial loan modification.  You may be eligible for make up payments if a Notice of Default has not yet been filed. Several lenders have these programs.

Good Luck!
  • August 14 2010
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