What is the deal with mortgage loan modification schemes?

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I heard on NPR that mortgage brokers who made a lot of money during the housing boom are now making a lot of money doing loan modifications. How is loan modification lucrative? How do people get paid to do loan modifications?

1 Comment
  1. Reply
    chatsplas
    February 4, 2011 at 12:18 am

    Do it yourself. Most of the companies are scammers, take money and don’t achieve anything you couldn’t achieve yourself, and frequently achieve nothing at all. The companies collect up front money from the borrowers.

    Call you lender and keep calling and asking about loan modification. Ask about how they are implementing Help for Homeowners. Persist.

    Most loan modifications are only a reduction of interest rates or a change from ARM to Fixed rate loan.

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