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loan modification companeys


hotrod
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has anybody herd of these companys that charge 3,500 dollars to nogotiate your loans withh the banks and had some success are there any good companys to help countrywide denied me

Now what is the purpose of these outfits?

Other than to bend you over and give you the big chorizo...

There are a lot of non-profit organizations that would do the exact same thing for free...

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Now what is the purpose of these outfits?

Other than to bend you over and give you the big chorizo...

There are a lot of non-profit organizations that would do the exact same thing for free...

Because they can, plain and simple. Preying on people that are in desperate need and very vulnerable at this time. And people are buying into it.

These companies are popping up all over the place right now and some are under alot of scrutiny...as they should be.

My advice? Aside from attempting to do it yourself, contact a real estate attorney. They will assist you with a loan modification and they will do it legally for about the same price, if not cheaper.

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  • 2 weeks later...

I had a heloc with three parts-two fixed loans and a a variable loan. I got the interest rate lowered to 3% from 8.29% for 1 year on one fixed rate and 3% from 7.29% on another fixed rate loan. Cost to me $3.00 for having 3 documents notarized! I will save at least $2000! All it took was a phone call to my lender. I'm awaiting results for my modification request on my first mortgage.

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I had a heloc with three parts-two fixed loans and a a variable loan. I got the interest rate lowered to 3% from 8.29% for 1 year on one fixed rate and 3% from 7.29% on another fixed rate loan. Cost to me $3.00 for having 3 documents notarized! I will save at least $2000! All it took was a phone call to my lender. I'm awaiting results for my modification request on my first mortgage.

Thats amazing! :) Good for you.

Care to elaborate how you accomplished this? Seeing how there are many others who are in similar predicaments?

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  • 3 weeks later...

As a 15 year veteran of the mortgage industry, I can tell you 100% that these programs ARE ONLY GOOD FOR THE MODIFICATION COMPANIES. They basically advocate you paying them your payment while you intentionally miss payments if you are not late. If you are already late, they still want the fee, typically equal to anywhere between 1 and 2x your monthly payment.

You can do all of this yourself. I modified my own loan with WF, and while it was a pain, it took a few letters, calls, etc. over 60 days. My rate went from 6.5% to 4.5% and they extended my term to 480 months. I paid absolutely nothing.

If you are late -- call your mortgage company. Be persistent..and get someone on the phone. Your goal is to talk to a negotiator who can help you with yoru loan. You don't want to waste your time with the first rep you get on the phone. Their job is to try and do a simple extension where they roll your late balance into your loan and "catch you up". They do not have authority to truly modify your balance or terms. You must try and get to the actual negotiator.

GaMtgGuy

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You can do all of this yourself. I modified my own loan with WF, and while it was a pain, it took a few letters, calls, etc. over 60 days. My rate went from 6.5% to 4.5% and they extended my term to 480 months. I paid absolutely nothing.

What pre-empted you to try and negotiate a loan modification? Were you behind or ? From my understanding, if there is no sense of urgency to do so, they tend to put customers with good payment history on the back burner.

Dont get me wrong, if you were able to negotiate a loan modification on your own, I think thats amazing. Please share specifically how you were able to successfully do this. Im sure there are alot of inquiring minds. :)

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  • 2 weeks later...
As a 15 year veteran of the mortgage industry, I can tell you 100% that these programs ARE ONLY GOOD FOR THE MODIFICATION COMPANIES. They basically advocate you paying them your payment while you intentionally miss payments if you are not late. If you are already late, they still want the fee, typically equal to anywhere between 1 and 2x your monthly payment.

You can do all of this yourself. I modified my own loan with WF, and while it was a pain, it took a few letters, calls, etc. over 60 days. My rate went from 6.5% to 4.5% and they extended my term to 480 months. I paid absolutely nothing.

If you are late -- call your mortgage company. Be persistent..and get someone on the phone. Your goal is to talk to a negotiator who can help you with yoru loan. You don't want to waste your time with the first rep you get on the phone. Their job is to try and do a simple extension where they roll your late balance into your loan and "catch you up". They do not have authority to truly modify your balance or terms. You must try and get to the actual negotiator.

GaMtgGuy

This is true about the first few lines of Lender Defense. The will make you wait on hold, and will give you the run around. In fact some of these "Customer Service Agents" are paid based on the length of their call time (the shorter being the better), and how often they transfer the call upward to a manager (the fewer times the better). I don't think it is much customer service at all. Too many people are getting disenchanted with their inability to pass these reps. Also some systems have very calculated menus to keep you going around and about with out talking to anyone. A good trick is to keep pressing zero. Or try to press pound, then zero, or a star in there. You would be surprised, and I have experienced some hold times where pressing zero over and over and over and over, eventually sent me to someone I could talk to. Also, as I am sure you have heard many times before, always ask for the name and employee number of the people you talk to as well as their extension. They may be less likely to be nasty to you if they know that you may be able to point a complaint finger their way.

Like most of anything in this financial world, there are ways to do it yourself. Sometimes the problem is the difficulty in having the time to actually jump through all the hoops to get in front of the right person. Then the patience to do it day in and day out until you get the results you are looking for.

Kudos to those who have the drive to push through the red tape and make something happen. I say you always go down with a fight, and when you fall down

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Dealing with the Loss mit. reps can be stressful at best. Yet trying to find solid help obtaining a loan modification may be even harder. So many of these for profit companies who charge 3-5 thousand dollars seem to be useless.

Individual law firms that actually do the work can be quite effective but often are to expensive for Homeowners.

I have found some great resources on the web that either have great info or who can offer solid help that is free or at least affordable....

Hope 'N Housing Org..

-A nonprofit group that can stop foreclosure through loan modification or other foreclosure prevention services they offer Homeowners who are at risk of losing their home. They have solid contacts and reputation through out the lending industry

1-888-696-5401......1-757-696-5400

http://www.hopenhousing.org

Loan Safe Org

This is a great site that offers free advice and is actively managed by some very passionate people who really seem to care. Great place to check out if you wish to do-it-yourself or hire an attorney as they will give you a referral

http://www.loansafe.org

HUD

This is a great place to obtain info and a good idea to just check it out if you are thinking about buying or selling a house

http://www.hud.gov

Other resources on the web worth visiting...

Stop Foreclosure Blog

Foreclosure Hope

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