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I want know the name(s) of specific companies who do loan modifications with no up-front payd

I've been offered help by companies that are asking for up front money -$1,200 - $2,000. Are they all a scam? I can't find anyone willing to wait until after I get the modification/principle reduction for payment. 
  • September 29 2012 - Castro Valley
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Answers (3)

The only up-front fee you should be paying is to have an appraisal done.
Contact your current lender for the modification, they may not require an appraisal. 
  • September 30 2012
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You asked:
"I've been offered help by companies that are asking for up front money -$1,200 - $2,000. Are they all a scam?"

NOBODY, not even an attorney can legally charge you upfront
for a loan mod...but there are scammers who will be glad to take your money. DON'T pay up front. 

Some places like NACA - com do not charge at all.

Loan modification from Hope Now - com
HOPE NOW is an alliance between HUD approved counseling agents,
servicers, investors and other mortgage market participants that
provides free foreclosure prevention assistance.
See the tab called "Helpful Resources".

Loan Modification thru MHAP - Making Home Affordable Program.  
See how well are they doing with each lender on page 4

Most people can do the Loan Modification themselves or with free help.  
The success rate is about the same as it is with an "expert" doing it for you.  
You still have to provide all the paperwork, the "expert" just charges you
to assemble it and submit it to the bank.  That can cost you thousands
and you still do not know if they are really doing a good job for you.

Dennis Smith, ABR, SRES, e-PRO, Realtor® CA DRE#00476662
CDPE - Certified Distressed Property Specialist
RE/MAX By-The-Sea
  • September 29 2012
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Hi, re: Loan Modifications... These people that are charging up front fees are just going to negotiate with your own bank that holds your note.  You can do that yourself.  It takes time record keeping and lots and lots of patience.

I am happy to go into detail to help you get started, feel free to email me, it's  a lot to list here but that is my humble opinion.  Deal with your bank one on one and don't rely on a middle man.

Have a great day, Lori 
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  • September 29 2012
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