Has anyone had success using an independant mortgage modification company?

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I’m trying to make an informed decision about using a 3rd party mortgage modification company. I have limited resources and cannot afford to make any mistakes. They claim to work as a liaison between you and your mortgage company to get you into the HAMP or other modification program. Fees run between $ 1500.00 and $ 2500.00 with a money back guarantee if you qualify for help.

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  1. Reply
    Nostra
    December 18, 2012 at 5:51 pm

    I work for a very large bank in Loan Servicing, part of my job involves loan modifications.

    A third party can not get you any better deal than the mortgage company can offer you directly for HAMP, MHA or the FNMA and Freddie modifications. The government has issued specific rules on how loans are to be modified. We are required to get the monthly payment down to 31% of their gross monthly income. there is a list and order of steps that we have to take to do this. A third party can not get you a better or faster deal.

    I urge you to call your lender and speak with them. we are all under preaure from the government to do modifications.

    I do have to mention that all companies are flooded with calls and requests. this has generated a lot of stories about companies not being responsive. Unfortunately this is true, but the company I work for has massively increased the number of employees to wiork on mods.

    I wish you the best of luck

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