Dec
13
Who usually charges more to assist with a loan modification-attorneys or loan mod organizations?
Filed Under (Legal) by admin on 13-12-2011
Tagged Under : assist, charges, loan, modificationattorneys, more, organizations, usually
Question by Ted: Who normally charges much more to support with a loan modification-attorneys or loan mod organizations?
Best answer:
Answer by wizjp
Why would you deal with either?
Your lender is responsible for a modification. not a group of scammers.
What do you think? Answer below!
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You can only shop around for price details. However, you can also do this yourself, with some determination. Many lenders are loathe to work with ‘third party negotiators’. You may well end up doing better on your own.
Just do it yourself.
Anyone charging is scamming.
Third parties will have exactly the same access to your loan servicer that you do. The cheapest option is to contact your servicer and do it yourself.
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Be careful. There are a lot of scammers out there. First thing to do is visit http://www.makinghomesaffordable.gov. This is run by the government and will outline the process and let you know if you qualify.
Not everyone will qualify for a mortgage loan modification. Loan modifications are designed to help people who can still afford to pay a slightly modified mortgage. It is not supposed resolve all troubled mortgages. Basically there are 5 requirements to qualify for a loan modification. They are:
1. The home needs to be your primary residence;
2. Your mortgage must be less than $ 729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.
You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. If you qualify, talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation. A good site I used was http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals. I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.