Zillow Advice: Refinance - Can anyone help answer loan modification questions?

FREE Homeowner Loan Modification ...

Tue, 18 Aug 2009 03:36:00 GMT

FREE Homeowner Loan Modification Guide

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Learn how to get the banks to lower your mortgage payment and Stop Foreclosure

I agree there's illegal practices ...

Thu, 25 Jun 2009 20:18:00 GMT

I agree there's illegal practices happening all over our country involving loan modifications. I suggest to work with an attorney that you can see and speak with face to face. Always check Ripoff Report involving businesses that you're thinking of doing business with.

I believe the number of scam ...

Thu, 25 Jun 2009 15:06:00 GMT

I believe the number of scam artists in the loan modification business far out weigh those who are actually working in the borrower's behalf for a reasonable fee relative to their services.

The lender holds all of the cards in the end. Their criteria is not as 'black and white' as a standard DU underwrite; therefor, successfully forcasting a successful end result is not practicle. The notion of a distressed borrower paying $2-3K for packaging a 'chance' at saving their home is disturbing.

I thoroughly believe in helping people stay in their homes - see: http://www.facebook.com/topic.php?topic=8786&uid=112752997656
The benefits to the family, community, and economy are numerous. We seriously looked at developing a loan modification company for a period of time. After reviewing several files, assessing the costs to process submissions, a profitable return (if any), and the benefit to the consumers we served, we determined that we would be unable to offer this service equitably and ethically.

There are numerous other issues including potential Bar complaints relative to attorneys splitting fees with non-Bar members. It's a thorny issue. In the end a consumer is best served by dealing directly with their lender if possible and seeking legal advice directly from an attorney if neccessary.

I can't comment for certain ...

Sat, 06 Jun 2009 19:01:00 GMT

I can't comment for certain if Loan Modification is a legit industry.

My experience with folks working in the Loan Modifcation business is: The majority of people I encountered we're ex-subprime loan officers, ex-subprime lender account exec's or disgruntled car sales people trying to "cash in on the next big thing" (no kidding)

Please don't get me wrong, I'm quite sure there are legit operators who actually care about the end results for their clients.

As for this and anything else, I would strongly suggest individuals seeking a Loan Modification do their homework and check references when evaluating a Loan Mod service.

Loan Modification is not ...

Fri, 05 Jun 2009 15:00:00 GMT

Loan Modification is not a legitimate industry. Loan Modification is something done for the borrower, by the Lender, without outside intervention. Only pay someone to help you, if you can't operate a telephone. If you have enough money to give away, you can go to my profile, and just send it to me, for nothing. If you are not paying your mortgage, your Lender is calling, just answer the phone, and say modify me, or start eating your losses now.

Loan modifications for for ...

Fri, 05 Jun 2009 13:40:00 GMT

Loan modifications for for those that can't qualify for a refinance due to late payments, loss of job, loss in the value of your home, etc. Each lender has their own guidelines and their own processes in place. There is no guarantee the lender will do something for you and there is no magic formula for getting people approved. What I do know is that if your considering applying for a loan mod you may want to get professional help. You wouldn't go to court without a lawyer representing you, right? A loan mod is done the same way.....You need someone to present the best possible case for you to your lender and then negotiate the best terms for your future. Good Luck!

When I was doing my loan ...

Fri, 05 Jun 2009 01:20:00 GMT

When I was doing my loan mod I had a lot of questions. After some research I found Parsa Law Group and they helped me with everything I needed. There was no upfront free, they negotiated directly with my lender to ensure I got the best possible deal.

They are accredited law firm and know what they are doing. They lowered my payment by $500 a month. You should check them out if you are looking to do a loan mod, give them a call its free.

You should never pay any ...

Wed, 15 Apr 2009 11:51:00 GMT

You should never pay any upfront fee for application or processing. We take and process the modification application with no upfront cost you must have some financial hardship that prevented you from being able to make your payments. Medical expenses, Unemployment, mortgage rate adjustment, Divorce, Credit card rate increase, Wage garnishment, child support, IRS, etc. Our Guarantee ---if we can't help, we don't get paid. Why would anybody pay a fee upfront or deal with a company that has no oversight or formal closing, or less than 24 years in housing counseling business, not combined years, but straight years? Our business is helping Families like yours own and retain their home.