How much should a loan modification cost? After calling some of the companies they had quoted me anywhere from ,500 all the way to ,800. (With no guarantee I would get my money back if they couldn't do the loan - or denied for any reason.)
Learn why you shouldn't pay a loan modification company to do your loan. I will share with you some reasons why, not to shell out your hard earned money.
Reason 1: Did you know many of these companies where the sub-prime mortgage company, that went under when the real estate bubble busted.
- Most of these previous mortgage brokers are not looking to service your loan they are looking for the next customer, after receiving your money. The reason they are looking for others because there is a small window of opportunity to obtain a modification. (6 - 12 months)
- Also once, let's say your file was accepted by your mortgage company for the new loan, they are agreeing with the first offer from the bank. Not looking to fight for you to get a lower payment and/or rate. (What do they care they already have your money.)
Reason 2: Did you know in California there is only a handful of certified loan modification consultants, but interesting that there are 1,000 of companies offering this service. (Loan modification reps are not required to be licensed.)
Doing it yourself you are now taking charge of the situation. You don't have to worry that you are not getting the attention you need for your file, because you are the one whom would be handling it. You have worked to hard for your money, do it yourself, not these loan modification company.
These are some strong reasons to not pay a company, so you don't have to worry about the ridiculous charges that the loan modification cost.
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