Financing in 94087>Question Details

Ali, Home Buyer in 94087

Have you done a loan modification? Should I hire some one to help me modify my loan?

Asked by Ali, 94087 Mon Mar 2, 2009

Have you done a loan modification? Should I hire some one to help me modify my loan? Which company would you recommend?

0 votes Share Flag Financing in 94087

Help the community by answering this question:

Answers

6
David Rivas’ answer
Ali; YES! Hire a professional LAW FIRM that specializes in loan modifications and not anyone else!!!! I don't want to sound rude in any way but calling your lender and doing this yourself is in most cases is a major waste of time and energy. Your bank will act like they want to help you and in fact tell you they will help you and then wont. Or they might give you a little relief, but in no way will you accomplish what a law firm will acomplish. I am not a lawyer but I do work with them on loan modifications. I have done loan modifications for over a year now. One family friend I worked with was told by the bank that they were going to help the home owner and it would take 60-90 days to have a person assigned to help us. While we were waiting (the home owner and I the Realtor/Mortgage consultant) the bank sold the home at auction. DO NOT mess around with anyone other than a Law firm who has experience in loan modification and knows how to do a FORENSIC LOAN AUDIT OF YOUR LOAN!! This will insure something gets done right away. We use a company called the National Loan resolutions/National loan help center is right here in Sunnyvale CA. Which I represent. We use a law firm. Within 48 hours of submitting the paperwork you will know if you can be helped or not. If they can not help you you will not be charged. If you are in foreclosure do not mess around with anyone other than a law firm who specializes in loan modifications. They may be able to lower your interest rate, monthly payments and may even be able to lower your principal balance and get you out of foreclosure. There is no obligation to just talk. Call for a free consultation.
David Rivas
(408) 869-3897 office
(408) 431-7202 direct
1 vote Thank Flag Link Thu Mar 5, 2009
As it was suggested, contact your loan server or bank. Most of the time, they will ask you to send them reasons why you want to modify your loan. They will require income and expense report, hardship letter, current pay stubs and last two years income tax. This doesn't cost you any thing if you are in good standing with your loan. However, if you don't have a hardship case and you just wanted to modify your loan, may be you need to contact qualified and certified company to do it for you.
0 votes Thank Flag Link Fri Mar 13, 2009
Please call your lender before contacting anyone else. There is no need to hire someone when you can speak directly to the lender. You should ask to be connected to the Loan Modification department. Be prepared with your loan number, your most recent statement, balance, and a personal letter explaining any hardships or financial challenges you have been facing. This way you can avoid multiple calls. The loan mod dept. specialists are trained to walk you through the process. Do not give up, and do not assume everything is being handled. Follow up regularly until you get results. Good luck!
0 votes Thank Flag Link Tue Mar 3, 2009
Hi Ali,

I would first try to get free assistance from non-profit organizations who have no direct financial interest in assisting you. One of those organizations is Acorn Housing in San Jose. http://www.acornhousing.org They have been around and have helped people with housing issues. Start off there, why pay if you can utilize the services of organizations which are there to help you. If they cannot help you, then, look for some sort of pay service.

However, be very wary of companies or people who ask you to PUT UP MONEY before they do anything for you. The service provider should only be paid once they have helped you out, not beforehand. There are a lot of scammers out there taking money up front and not doing anything to help; or do nothing but take your financial documents and just pass them over to your lenders (you can do that yourself for free).
Web Reference: http://www.acornhousing.org
0 votes Thank Flag Link Mon Mar 2, 2009
I would recommed you it yourself or have a trusted advisor help you.

Kind Regards
Michael Barron
Realtor/MBA
First Team Real Estate
(714) 552-6817
0 votes Thank Flag Link Mon Mar 2, 2009
Ali:

Read the following post - it may help.

http://www.trulia.com/blog/carl_medford/2009/01/loan_modific…

.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Mon Mar 2, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer