Compare Mortgage Quotes

hollyjova · Joined: 02 Nov 2008 Posts: 6 5.92 Dollars($)

I tried to get a loan modification by myself with no luck. In fact my lender is just giivng me the run around and I am tired of it.

I have been searching all day for solutions to my problem and have decided that maybe somebody who knows how to deal with my situation professionally may be the right answer. The people I am dealing with at my mortgage company are ruthless...and I am nice. I just can't continue to pay my lender $30,000 a year in interest alone to stay in my home. I need someone who can talk with them for me on their level.

So I have found several loan modification lawyers on-line. The question is which ones can I trust not to take further advantage of my desperate situation?

Most of them want money up front and say if they can't do it they refund you a portion of your money. I'm looking at the ones who have a 95% success rate.

Has anyone here had luck with a loan modification lawyer?

smithsussane · Posted: Mon Nov 03, 2008 9:34 pm Post subject:

Hi hollyjova!

Welcome to forums!

As far as I know, there is a loss mitigation specialist (Cliff Pape) in this community. You can have a word with him either through quick message or you can send him a PM. Hope this helps you.

Sussane

hollyjova · Joined: 02 Nov 2008 Posts: 6 5.92 Dollars($)

Thank you so much...I will contact him! Smile

jameshogg · Posted: Tue Nov 04, 2008 1:09 am Post subject:

Hi hollyjova!

You are always welcome. In case you have further problems regarding mortgage issues, you can post the question in the forum and the community members will try to answer your queries.

Thanks.

Guest

same here, I am tired paying $30 k a year on interest alone. I sent a registered letter to Homeq today requesting a loan modification. I tried to talk to somebody over the phone but instead of helping me he started counselling me on how to budget my money. Pls. Let me know how your contact with the lawyer. I am hoping for a positive response from Homeq.

Niicss · Posted: Thu Nov 13, 2008 3:01 am Post subject:

Hi Theresa,

You can contact Cliff Pape who is a loss mitigation expert. He is also a member of this community. You can visit Cliff's index page from the link given by Sussane in this thread. I hope it will help you.

Thanks.

gmakerley · Posted: Thu Nov 13, 2008 8:51 am Post subject:

you'll need to be careful shopping for lawyers on the internet. you'd be far better off getting references from trusted friends. you'll want to speak directly with your lawyer - meet with your lawyer so you know what you're getting in return for your money.

be very wary of promises made on the internet.

gmakerley · Posted: Thu Nov 13, 2008 8:51 am Post subject:

i guess we're on the internet too, aren't we?

hollyjova · Joined: 02 Nov 2008 Posts: 6 5.92 Dollars($)

Ok...I have been doing my homework and here's what I found out so far:

First of all check the company you are looking into helping you modify your loan with the BBB and consumer report rip offs. Make sure they have been in business long enough to know what they are doing (2 years at least!) Make sure they are willing to refund more than half of what you give them if not all of it. If they are not confident they can help you they won't try it. But if they plan to keep all of the money you pay them up front they will say they CAN do it for sure just to keep your money. So make sure you get in writing a money back gaurantee.

I have two companies in mind. I am going to choose one of them over the weekend. I will keep you all informed as to what my experience is. I should know if they can actually modify my loan within 5 weeks. I'm not sure I should mention the names of these companies just yet in case I get taken...lol. But at this point I have nothing to lose...except my house which I am going to lose anyway and maybe I can help some of you here save your homes by sharing my own experience. I'll keep you all up to date and hopefully end up a happy home owner.

hollyjova

hollyjova · Joined: 02 Nov 2008 Posts: 6 5.92 Dollars($)

Just one more thing...the cost of a loan modification should never exceed what your current house payment is. $2500 I'm finding is an average rate. But remember to make sure you'll be getting more than half back if they can't do it. One company I'm considering offers 100% back and the other offers $1800 back. They both have a contract stating that if they cannot help me I will get a refund. Also remember I am kinda a guinea pig here...I've never done this before. I just am trying to find a way to save my home and hopefully help others in the process.

sara · Posted: Mon Nov 17, 2008 5:27 am Post subject:

Hi hollyjova,

Welcome to the forums.

I agree with you Hollyjova. It looks like you have indeed done good homework. Yes, the payment in loan modification shouldn't exceed your current house payment. At times, it does happen. But if you're looking to get reduced payment, then loan modification shouldn't be your choice.

However, it's good that you're getting cashback offers. And yes, always make them sign that they'll send you the refund if the plan doesn't work out. I feel you're on the right track.

Take care

Guest

Hi Sara

What do you think hollyjova need to do if you said that she shouldn't be choosing loan mod. to reduce payment? What is your suggestion?

sara · Posted: Thu Nov 20, 2008 2:31 am Post subject:

Hi Theresa,

Welcome to the forums.

I guess Hollyjova can request the lender for an alternative repayment plan which will help him catch up on the payments. Or else, he can file Chapter 13 bankruptcy which will help him repay the loan as per the payment plan approved by a court-appointed trustee. However, he needs to qualify for Chapter 13. Only then he can make use of it.

Take Care

gmakerley · Posted: Thu Nov 20, 2008 8:26 am Post subject:

i have a hard time understanding why someone would have an upfront fee of as much as $2500 to represent you in an effort to achieve a mortgage modification. i know hollyjova has said she's looking for a company with a 95% success rate - who is certifying that rate of success? the company itself? if so, isn't that a wonderful source of certification!

color me skeptical.

Guest

confused, what is a short sale? and im hearing many of these attorneys are claiming they can cut your principle in half??? anyone heard of this???

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours
1, 2, 3 Next
Page 1 of 3

Compare Mortgage Quotes

Loan modification lawyers: