Caveat emptor…  the majority of Loan Mod companies in existence are not legit.  I have not found one that can guarantee or promise a Mod.  They have no problem overloading individuals with statistics, such as 97% response rate.  Guess what, by calling your lender and talking to a customer service rep, you just had a 100% response rate.  The majority of these outfits charge upfront fees ranging from $500 – $2,700 and are non refundable if they have a response.

Loan Mod companies can only guarantee to cash YOUR check!
The result ultimately resides with your current lender and there investor. It wouldn’t matter if you had Johnnie L. Cochran working your loan mod. If the lender is willing to work with you and write down, fix or modify terms it is ultimately the lenders decision, not pressure from some Loan Mod operation.  An attorney is not going to sway them, unless there was fraudulent activity on the loan initially, if that is the case why did (you) the borrower not catch it at closing, a contract was signed and your signature acknowledged and confirmed the legitimacy.

If you really want to attempt a Loan Mod, do it yourself.  Here is a step by step list to get you started.

• Call your lender and ask to speak with the Loss Mitigation department. Explain your current situation. At this point they will ask you to complete a Hardship review.
• Gather all your income documentation (just like you were applying for a new loan).
• Fax back to Loss Mitigation.
• Call back every day to confirm receipt and check on status. (This takes about 15 min each day).
• Within 3-6 weeks you will have your response.

Unless the value of your time exceeds the upfront Loan Mod fees $500 – $2,700. Hire a Loan Mod company, dont say I didn’t warn you.

Media Types on the same note:
Fraud at Your Front Door – Carlo Dellaverson
Realty Check: Home Loan Scams

[where: 98109] [where: 85012]

Related posts:

1. #HVCC CALL TO ACTION #HVCC CALL TO ACTION...