Article Score0

I have an 8.65% adjustable mortgage loan. I have bad credit, but a lady from a mortgage company said that they can help me work with my bank to modify my loan. She is not asking for money down until she fixes it. I am also two months behind on my mortgage, she said that she thinks she can help me. Should I try this, and how good is this?
she also told me that I don’t have to get good credit for this modifaction.

4 Thoughts on Who has done a modification loan before?
  1. Reply
    Happy
    February 15, 2011 at 4:54 pm

    I just saw a story on this covered on a news and they said it’s a scam for a 3rd party to offer to help with a different lender, that nobody could help more than your direct lender, and that these ‘helpers’ are in to take your house away or to somehow collect fees when you lose your home. but that was just a news story.

  2. Reply
    DouggyD
    February 15, 2011 at 4:55 pm

    The answer is yes, try the loan modification. Don’t worry about your credit… that shouldn’t drastically effect a qualification for a loan mod. But the people who modify loans can do anything from dropping your interest rate, to dropping what you owe, all the way to even eliminating your second mortgage. It most certainly wouldn’t hurt to at least check out. Just make sure you trust the people who are looking to modify the loan for you. I hope this has helped, and hopefully this can get you back on track financially.

  3. Reply
    ☼AstrologerJuliAnne☼
    February 15, 2011 at 5:01 pm

    STOP!!! DO NOT pay someone to do something you can do yourself!!! Please!!!! Even though she isn’t asking for an up front fee now…believe me..she is going to ask for something…

    Save the money you would have to pay her or her company and use it to pay your mortgage after you modify your loan (if you can, not everyone qualifies, and if you cannot do it on your own with bad credit, what magic elixir do you think she has to make your credit score so appealing to an underwriter?)

    Go visit these forums and get some ideas and read the stories of others going through what you are:

    http://www.loansafe.org/forum

  4. Reply
    EXSCreditCardProcessing.com
    February 15, 2011 at 5:13 pm

    I had a friend who had the same questions. He mentioned contacting http://www.AMALoanModification.com or call 877-865-7744. They are assisting homeowners who are facing potential foreclosure to modify their existing mortgage for lower payments, rates etc. They are associated with President Obama’s new Homeowner Affordability and Stability Plan for homeowners in crisis of losing their homes. Apparently, they are a legitimate company, attorney-backed and provide a 100% money back guarantee if they do not provide solid results.

    Leave a reply

    Register New Account
    Reset Password