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what about the so called ''loan modification'' companies that are out there that want to charge a

fee and claim that they are so much better than your mortgage company
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April 23 2009 - Phoenix
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Answers (5)

Ms. McCoy,

You want to hire an attorney, not a broker who speaks on your behalf. Make sure they offer a 100% guarantee, prequalify you, and run a forensic loan audit. This is the only way to ensure your investment. They have a license to practice law, so if anything becomes fraudulent, they stand to lose their license.

Once you have been prequalified, make sure you check the attorneys out on the web for any investigations and if and where they obtained their license to practice law. Do your homework. expect anywhere from 2-4k for a modification and 1-3 months. If you want results, get an attorney. It will be an advanced fee (retainer fee), so be prepared.

Attorneys can do a better job than you because: they understand what the banks are doing, what numbers to show, how to submit to loss mitigation, have the network and communication lines open to decision makers, and understand what your situation entails. Hope this helps, best of luck
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July 21 2009
Profile picture for Tom Hayes
There are many many companies out there that charge for loan modifications and you can definitely do the modification yourself by contacting your lender.

There are a couple of things you need to keep in mind though..
    First: banks are overwhelmed with loan modifications right now. anything that you can do to get ahead of the game is a good thing. (attorneys usually help with this)

Second: The banks want to offer you the most they can get out of you.

When you pay an attorney to help you do this you remove the fear of getting a raw deal and prevent you from feeling like your being taken advantage of. you can use www.FEDMortgageLoans.com to see if you are eligible for a loan modification.

One WARNING though about companies that do loan modifications.

MAKE SURE THEY GIVE YOU A GUARANTEE!!!!

 
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July 20 2009
Denice
You can do it on your own but you have to know what your lender is looking for. Not banks in general but your specific lender. You can do your taxs yourself too but if you want to maximize the outcome you employ a CPA. The reason some charge up front is that the legal aspect takes payment up front in most cases. Attorneys don't work for free. Do you need one? It's a matter of opinion. I've been doing these for two years now and the outcome is better overall when a trained professional backed by legal representation is utilized. My advice is to go it on your own if you have the time to do the research and make the calls. if so, don't take a forebearance or a 3-5 year term (30yr fixed). Otherwise find a local organization, sit down with them in person and discuss your scenario. Many offer money back gurantees. Even though it is a negotiation process, if they are reputable and experienced they can tell you in the beginning what to expect. Best reagrds, JT  
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July 14 2009

Any type of loan modification can be done yourself. You'll need to contact your current lender and request a loan modification packet. They'll know what you mean. They may even start pre-qualifying you over the phone since they receive so many calls on it.

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April 24 2009
Profile picture for sunnyview
You pay a lot for the supposed convenience of having someone else call your mortgage company. There are legitimate companies that are knowledgeable and can help with a modification, but there are a lot of scammers. Zillow has posted some links that might be helpful for people wanting to know more about how to do a mod or what to look out for here . All I can say is be careful.
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April 23 2009
 
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