Wendy O asked in Business & FinanceCredit · 1 decade ago

are all the mortgage loan modifications fraud?~?

~I have been continually contacted by "mortgage loan modification experts"~I have been searching to find a real one~they are as diligent as the shark mortgage brokers that troll up&down the internet&trick you into signing~it is hard to know.They pressure you to sned money&that is the trick~Does anyone have a good experience or know of a "reputable"person/company?~please lmk!~Thanks~

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  • 1 decade ago
    Best Answer

    Hi Wendy,

    I totally feel your pain. I recently closed on my loan modification and I gotta tell you, all those stories about scams etc really got me nervous. All these mortgage companies are trying to get a piece of the action and they were the main problem for this whole real estate mess in the first place. I know it's nerve racking to give money up front. Some places I found charge any where from $3000 and up for their services. Most of the time it's non-refundable. That's ridiculous!!! I did however ended up working with a company called Option Next (they're loan mitigators who work under lawyers licensed in all 50 states). They do collect a fee of $495 upfront but they have processers and lawyers who are providing a small evaluation service. But they themselves are also taking a risk. When all is said and done, the end fee was $1500. So, they don't collect the whole thing upfront (which was easier for me, cause honestly I couldn't even pay my mortgage so how was I supposed to come up with thousands of $s) All in all it was a good experiance. I spoke with a very nice woman, Cristina (i referred my mother-in-law to her also, because she speaks spanish) and she walked me through the steps. I ended up getting my payment to $1980 from $2909. The past due pmts got rolled into the new loan and my rate is at 5% and FIXED! But I'm sure any savings would be great, right? Good Luck!!!

    Lily :)

    cangueta@optionnext.com

    1(888) 311-NEXT (6398) ext# 878

  • 1 decade ago

    A lot of companies are springing up every day and are not qualified or licensed. Do Not give any of them money upfront. The only real firm that I know of is Lend Sure. They do not charge upfront and you do not pay unless you agree to the terms negotiated with your lender. They have the most experience, are licensed, have attorneys and have managed $12 billion dollar loan portfolios. You can email the rep I know at: thart@lendsure.com and the phone # is 888-250-2125. This is too important to let these other companies risk your home and take your money. Good Luck!

  • 1 decade ago

    I suspect a lot of scam artists are going to take advantage of the situation. I would avoid all third party modification specialists, especially the ones who what money up front.

    Talk to your mortgage company about loan modification.

  • Dan B
    Lv 7
    1 decade ago

    Most are scams.

    News article from ABC TV 3, Phoenix, AZ:

    Company takes money for loan modification but nothing changes

    More 3 On Your Side Reports

    05:32 PM Mountain Standard Time on Monday, October 27, 2008

    By Gary Harper / 3 On Your Side

    MESA -- A Mesa woman says a company was supposed to help with her mortgage problem, but instead she says they took $5,000 from her and did nothing.

    This company claimed it was going to "modify" her loan.

    I need to emphasize that this was not a refinancing situation. It was a loan modification. There's a difference.

    For a $5,000 fee, this company was supposed to negotiate a lower interest rate with her current mortgage company.

    But in the end, the woman says they did nothing except take her money.

    There's no doubt Ann Bond loves her Mesa home. But Bond doesn't like the loan she has and she's been getting a lot of phone calls from companies who want to get her into another mortgage.

    One of the calls came from a San Diego company called Apollo Funding and Realty.

    "He was a real nice man and he gave me a 100 percent guarantee that they would help me or my money back," Bond said.

    For a $5,000 fee, Bond says Apollo Funding was supposed to, among other things, talk to her mortgage company and re-negotiate her interest rate to as close to 5 percent as possible.

    But before they could start, Bond says Apollo Funding wanted $5,000 for its services and they wanted the money quickly.

    So she overnighted it.

    But that was more than four months ago and Bond says not only does she have the exact same loan, but the interest rate has not decreased.

    Bond says she's received a number of e-mails from Apollo Funding telling her to be patient. In fact, Bond says one representative even tried to comfort her by writing "God bless."

    Phone calls with Apollo Funding, she says, are similar.

    "And he'll say, 'We're working on it. You're not the only one. There are a lot of people out here we're helping and it takes time,'" Bond said.

    Worried about her $5,000, Bond contacted 3 On Your Side.

    We discovered the address for Apollo Funding and Realty comes back to a location in San Diego.

    Although we tried to contact someone at Apollo Funding and Realty several times, no one ever called us back.

    However, they did call Bond and told her they were going to return her $5,000.

    Bond says she couldn't be happier with what 3 On Your Side was able to do, but she is cautiously optimistic until she sees the money in her hands.

    We'll see if Bond really gets her $5,000. Remember, they initially asked her to overnight the money to them. I sure wish they would overnight the money back, but we'll see.

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  • Anonymous
    1 decade ago

    Yeah, they took that bailout money, stuck it in a bank and are making tons of money in interest. They sure as hell aren't lending. I want to get a refinance for a remodel and I have to jump through so many hoops, I feel like a trained seal. And I have an excellent credit score. I gave up today. I'll try again in a few months. Try Bank of America--and periods.

  • 1 decade ago

    Scams.

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