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Replies (6)
- Rob Cochems
- Contributions:3523
I would advise you to never pay anything up front for this type of service.
BTW who are your loans with?
- Kevin Hancock, "khancockloans"
- Contributions:24
I have never heard of anybody having success with these companies, but I have heard (on these message boards) of people spending $3,000 for a "sorry, can't help ya" response. I second Rob's suggestion of not paying anything upfront.
Serge- pay noting up front, as suggested, and keep in mind that they probably aren't doing anything you can't do yourself. Call and speak to your lender's loss mitigation department, and see if you can get anywhere on your own first. If you are a busy person, then maybe hiring someone to do it for you isn't a bad idea- but for a reasonable fee- not $3000!
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
ditto ditto and ditto
- Michael Yaeger, "yaegermike"
- Contributions:754
You can do the samething yourself if you have 3-4 hours to spend on hold each time you call. I definitely would agree with everyone else and say never pay anything up front for a "service."
- Stephen Ching, "Edmonds WA"
- Contributions:229
Loan modification companies partner with legal offices to do your modification. Most will require an escrowed deposit to be released to them upon successful modification. Many also require a nonrefundable deposit as a retainer fee for the attorney used.
I hear that the majority of the time some sort of modification is achieved. It depends on the investor behind the loan (not necessarily the same person who sends you the statements) and the individual situation.
Some modification help can be found via "free" services put together by lenders/investors such as Hope Now to reduce lender/investor losses.
You are basically hiring people to work on your behalf.
I have yet to see any hard data on the average modifcation results when using a paid or "free" service. The BBB, anything you can find on the web, and a personal information search on the owner of the modification company involved would be all I would know to look for.
Loan Modification or Restructuring companies scam or not????
What is up with the companies that claim they can get the mortgage companies to lower our rates? Is this possible or is it a scam? Is this something I can do without paying a company? I am not behind in my mortgage I jsut have two outrages loans. Please help I do not want to get involved in a scam!!!
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