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hwg1048 · Joined: 21 Oct 2009 Posts: 1 1.36 Dollars($)

I bought the house with an 80 / 20 loan through First Franklin the first was bought buy Saxon and the rate was 6.375% intrest only and the second is still with First Franklin at 9.875%. the loan was for 365,000...the house now comesin around maybe 290,000 . I have talked loan modification with different "Leagal Groups" when investigated are just rip off artists.My loan was a 5 year ARM and just adjusted the first time and went up $400 dollars a month. and can adjust every 6 months.Who do I go to that is really there to help me? I am not behind but not sure how long that will last.

Niicss · Posted: Thu Oct 22, 2009 2:45 am Post subject:

If you want a loan modification, then you should speak to your lenders and negotiate for it. Many a times third party loan modification companies turn out to be scams. So, it's always a better idea to deal with your lender directly. Though you are not late on your payments, you should inform the lender about the financial crisis that you will be facing in the future and try to convince him to give you a loan modification.

christinehynes · Posted: Wed Nov 04, 2009 3:04 pm Post subject:

Unfortunately there are many scam loan modification companies out there. While your best bet would be to do a loan modification through an experienced attorney, I can understand your trepidation in doing so. Alternatively, you can find a list of non-profit organizations on the HUD website www.HUD.gov that can help you as well. Most of the time banks simply will not modify a loan when contacted by the homeowner alone.

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I am upside down and have an ARM