Homeowners in financial trouble make an easy target for scammers, and right now they seem to be coming out of the woodwork.
Some legitimate loan modification companies do exist, and they offer a beneficial service to those who may not speak English well enough to understand the steps and requirements of loan modification.
However, the legitimate companies are outnumbered by scammers.
These companies not only fleece worried homeowners – taking money that could be better spent on bill payments – they can actually get those homeowners into deeper troubles.
The truth is, as long as you can speak English and have fair comprehension skills, you can do everything they can do for you. No need exists to have a 3rd party “negotiating” for you.
Your success in having your loan modified will depend entirely upon the facts surrounding your loan – not on “knowing the right people,” “knowing what to say,” or any other phrase the scammers might use to part you from your money.
Modification rests on your current income, current obligations, and the mortgage payment – along with your ability and willingness to pay the modified mortgage payment. Contrary to what these crooks will tell you, you don’t need to pay an up front fee to be considered for modification.
Yet, hundreds, if not thousands of unwary homeowners have forked over $250, $500, $750, and even $1,000 to these companies under the promise of help.
The worst of this, according to one source at Bank of America, is that these companies are advising people to stop making their mortgage payments.
That’s the worst thing you could do if you want a loan modification under the Making Home Affordable program. In fact, it could render you ineligible for help.
If you’re having trouble keeping up with your payments, call your lender and ask what help is available. Many have special lines set up to handle such calls – check the lender’s website to find that number.
You may be as fortunate as one couple I know who merely filled out a few forms to get their payment reduced by nearly half. If your lender is using a different system, you may have to wait for an answer. But either way, you definitely don’t need to pay a 3rd party to help you.
I searched for a good site for a long time. At last I found http://www.editmyloan.com. This site has got it all. Their specialist made a special plan for me that helped me to get rid of the loan burden. They also negotiate with banks and do everything possible to bring down the interest rate.