How good of a loan Modification did you get, and how much did you pay for it?
Mortgages
Sticks asked:
Tags: Assets, economy, Education Experience, Lenders, loan, modification, Mortgage, Mortgage Lenders, MortgagesJust curious what a few people paid for their loan modification and what kind of a deal you got. I want to make sure that this isn’t just the next wave of shady mortgage lenders.
Sally, I disagree. Yes you can do it yourself, but you can also have a professional lawyer do it too. In this economy, with the biggest asset and biggest liability, I feel that having someone with more of an education and more experience in this field handle my loan modification is the right choice.
Don’t be a fool and go with one of these loan modification place that even charge you 1 dollar. You can do it yourself by just calling your bank/mortgage company and ask them about this process and they can send you out the paper work.
Then go ahead and make another stupid costly mistake. You call your company they send you out paperwork, you fill it out and send it in how hard can that be and save you 3-10K, yes ome charge that much, in the process. Go for it not my money.
Loan modifications are costing borrowers 0 if they work with their current lender and or current collection company for the lender. I have seen Friends and clients get some amazing interest rate reductions by dealing direct. I have unfortunately heard some horror stories of folks working with companies that kept their upfront deposits and did not help them a bit on thier modification. be careful , my advice is deal direct , seperate dept at the lenders have been set up to make it easy. I use Reverse Mortgage to help my clients 62 and above solve their financial problems and make no mortgage payments for life
I think it is better to do it yourself. The bank will not be happy if you wind up paying an attorney a few thousand to do a loan mod, when you could have given that to them for partial payment.
We did ours ourselves. Went from a 9.875% (adjusting to a 11.375% the next month) to a 5.8%. We actually have decent credit, 691 mine, 695 my husbands. Our big problem was my husband got demoted and I am a Realtor, although I had a good year last year (until August), and I have been a Realtor for over 4 years with consistent income, the new mortgage scare made it near impossible for us to re-fi.
Our lender, Countrywide, almost laughed when I told them we wanted to re-fi and that I am self-employed as a REALTOR. Once we got past that they were great working with. I’ve heard horror stories about them but they’ve always been really good to us.
We paid zero, and came out happy.
If you need to do loan modification you can do it yourself u just contact your mortgage lender…….he guide you the whole process………!
I know one online mortgage lender who provide loan modification services
you can try this source…..!
Good Luck……….!