Choosing a Loan Modification Company
- Image by Oberazzi via Flickr
One of the best ways to find a reputable loan modification company or specialist is to obtain referrals from people you already know and trust who’ve hired someone to represent them. Unfortunately, that can leave you with a very shallow pool to draw from. Here are some other suggestions on how to track down reputable, qualified candidates:
- Contact local real estate brokers. They should know attorneys in the area who are experienced in negotiating with mortgage lenders, including foreclosure, bankruptcy, and loan modification attorneys.
- Call the local branch of your state Bar Association. They can direct you to an attorney who deals with situations such as the one you’re facing right now.
- Ask at your bank if you feel comfortable doing so. You may not be comfortable revealing your current financial woes to your friendly neighborhood bank, but if you do, the bank’s manager may be able to offer a valuable reference.
- Ask the leading foreclosure attorney in your area – the one who forecloses for lenders. Many of these firms are familiar with companies that are negotiating loan modifications with the attorney’s client-lenders. They may or may not give you a name, but it doesn’t hurt to ask.
Once you’ve done your homework, start vetting the three most promising looking prospects. Call the company or individual, tell them you need assistance negotiating a loan modification with your lender, and ask what they can do for you. While it’s okay to talk with a representative to see if you would feel comfortable working with them, don’t give out any sensitive information over the phone, such as your mortgage identification number, social security or driver’s license number, or credit card information, until you are completely comfortable working with the service.
Check back tomorrow, when I’ll be sharing the 10 most important questions to ask a loan modification company or specialist before signing on the dotted line.
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Ralph R. Roberts, GRI, CRS |
Should you be paying these types of companies and if so how much? I contacted one that wanted 3 payments of 70% of my monthly mortgage. They claimed that if they couldn’t get the loan modified they would return the money. Obviously if you are trying to get a modification, cash is problem. I don’t have $4000-$5000 to pay a modification firm.
brad-do you have a ph# for NAMN. tnx
im with Naomi oviously i cant afford to pay for a modification so are their any companies who help you for free or not toooo expensive that is reputable?????
I worked with a company Emortgage Recovery. Jeremy was my rep and took really good care of me and only charged me $2500.
least expensive home loan modification company I found was real loan solutions in mass and they were only $1600 you can do it for free yourself through your lender but they wont give you as much of a reduction as allowed by the feds cus they want to make as much as possible. i just made my first pmnt. and i saved $430 month. you can get their 800# on bbb.org they had no complaints