No, we won't ask you to pay for loan modification help...
We'll do something even better!
We will help you do your own own loan modification for FREE: by showing you how to talk with your mortgage lender yourself and how to take advantage of the latest loan modification programs and new foreclosure prevention laws.
By doing the loan modification yourself instead of hiring a loan modification company you benefit in the following ways:
- It's FREE - Save a Lot Of Money!
We have hear many horror stories of loan modification companies and "stop foreclosure" types charging HUGE upfront fees to fill out some documents for you and make some phone calls. If it doesn't work, they make it very hard to get any kind of a refund, if a refund is offered at all.
The worst is when you've delayed doing anything about your high payments or you stopped making payments without any kind of a plan.
Be careful!
If you put yourself in a position of desperation you may fall victim to a smooth sounding "stop foreclosure" offer from one of these less scrupulous loan modification companies.
We have seen them charge anywhere from $500 to $5,000 or even $10,000 for a modification or to "stop foreclosure"! The closer you are to the trustee sale (foreclosure auction) the higher the price.
In fact, we know of one person who has spent over $15,000 on 3 different loan modification companies! He was only a couple of weeks away from the trustee sale and all the companies promised to stop his foreclosure.
None of these companies performed, just gave him all kinds of excuses!
One company even offered to buy his house at the foreclosure auction and resell it to him, but failed on that promise. This person not only lost his house to foreclosure but is still trying to get some kind of a refund. The outlook is grim. - Stay Private
Having a 3rd party negotiate with the bank on your behalf seems like an easier way to go but there is a catch. You will have to really trust the loan modification company you choose.
There are many sensitive financial documents that will need to be submitted to the bank for a loan modification, as part of a "hardship package". These documents include your financial statement, loan and bank account info, your social security number, etc.
Be careful who you trust with this information! - Stay in Control
Once you have authorized a loan modification company to talk to your bank on your behalf you have given up a lot of control. They can call the bank at any time and say things on your behalf that you may or may not have authorized.
Having a 3rd party involved also increases the chance of mis-communication and for information to "fall through the cracks".
If you have paid any money upfront, the loan modification company does not have as much incentive to perform and may cut corners if the going gets tough.
And if your loan modification fails...
We'll show you how to convert your loan modification paperwork into a short sale so you may prevent foreclosure and cut your losses.
Stay tuned!
1 comment:
Thats great information!
Post a Comment