Anyone offering to modify the current mortgage for a fee is a scam. The only entitiy who has the ability to change the values of a loan is the investor. ex. FHLMC, FNMA, GNMA, PRIVATE. these companies offer streamlined modifications(SMP+HAMP) for most of the mortgages they hold. What you need to look at is the gross income relative to the mortgage payment (HTI). if you spend more than 31% of the GROSS income on the mortgage payment then you would qualify for a step rate modification. This entails a reduced interest rate of as low as 2% for a period of up to five years and then gradually steps back to prime in 7 or 8 years. The prime rate is established when the modification is closed, usually 3 months into the new payment. All modifications are fully amortizing so any interest only loans will then be conventional. When companies charge you for a modification, all they do is work you could do. They call the servicer and send in income/expense reports with tax and bank documents, which is what you could do for free. So please just call the mortgage company and ask what is available per the investor stipulations and they will tell you.

Anyone wanting information can contact local St Louis Loan Modification Advisors (314-961-7600), we will mail you an informational packet or meet with you in person, we believe the consumer should never be charged to make an educated decision. We believe that a homeowner must fully understand the process and have clear expectations from start to finish, St Louis Modification Advisors will give you the tools to make the best informed decision, everyone has options but they can greatly differ from the next persons. There is no cost for an analysis, there are many criteria one must meet to be eligible for modification and new guidelines are currently being implemented as we speak. The average homeowner should be educated and fully understand how they fit into the modification equation. St Louis Modification Advisors and others are genuinely there because they want to help homeowners. The modification process is a “rolling ball” that must be kept up with; before a modification is finalized there are numerous hours required in phone conversations and document submission..Those calls are then followed through with verification/acknowledgement from that the lender that they have received all paperwork and it has been assigned to the appropriate bank officer, all must take place before the steps toward modification negotiation can even begin. The modification process can be extremely grueling and time consuming averaging 2 to 4 months to finalize a modification. The cost for this service should not exceed $2500 no matter what your circumstances are. There is so much information to digest; there are constant changes to keep up with and homeowners will soon be bombarded by many companies making false claims. Buyer beware!. Not all mortgage holders will be considered as candidates for modification. Don't pay anyone that makes specific promises and guarantees, only the bank has the final say on any new mortgage terms proposed. Whether one decides to try this on your own or have a litigator work on their behalf please remember one of the most important things: For anyone seeking a modification you must be able to back up your financial hardship situation with factual documentation and there are certain criteria that must be met that homeowners may not be privy to, do not submit misleading statements in regards to your hardship to your mortgage company. Our services are there for you; if you would like to speak to us directly and receive further information please don’t hesitate to call. Time is of the essence, what are your options?
Sincerely, St. Louis Modification Advisors 314-961-7600

the site below may be of help....it has info on both shortsales and foreclosures....

Lisa,

If you will post your particulars here I will answer your questions and try to guide you through the process of getting a loan mod.

Lisa,
I think you have your answer with Dan's unmasking of Arthur who was trying to trick you into using his company without being honest by telling you who he was up front. Not everyone is a scam artist, not everyone is legit, but in this situation, you need to very carefully work with someone who has an excellent reputation and who can let you talk to references who will honestly tell you how that person deals with people. You need someone who will take care of you and put you first, above their own profit. There are people like that in our industry. Please seek out someone who is reputable.

Arthur Urbanski,

I am a bit upset to say the very least...

Why would you deliberately mislead people here on Trulia?

You are the registered owner of LenderBackDoor.com, yet you try to TRICK people into believing that you are concerned for them and have had a good experience for a client that you referred to them.

Registrant:
Artur Urbanski
1401 Vancouver Ave
Burlingame, CA 94010
United States

Registered through: GoDaddy.com, Inc. (http://www.godaddy.com)
Domain Name: LENDERBACKDOOR.COM
Created on: 17-Jul-08
Expires on: 17-Jul-09
Last Updated on: 06-Oct-08

Administrative Contact:
Urbanski, Artur artur01@lumurbanski.com
1401 Vancouver Ave
Burlingame, CA 94010
United States
4156725051 Fax -- 6502401400

Technical Contact:
Urbanski, Artur artur01@lumurbanski.com
1401 Vancouver Ave
Burlingame, CA 94010
United States
4156725051 Fax -- 6502401400

I am a Short Sale Specialist and would be happy to assist you. You will need a Realtor who is extremely knowledgeable in the Loss Mitigation area to represent you. It is very involved. You do not want your home foreclosed on if you qualify for a Short Sale, it has less impact on your credit than a foreclosure.
If I can help you in any way through this stressful situation, please contact me. I will handle the process for you so you are removed from the burden.

Sincerely,

Sheila Gerken-Worley
The Best Seller GMAC Real Estate
636-299-1884

"Short Sale Specialist"

copntact me thru my profile or website and I will send you everything you need to do the loan mod yourself. It's easy...but time consuming

Words from a Very Outspoken and Opinionated California Litigation Attorney (like there’s any other kind)

Here in California, our Department of Real Estate website (dub dub dub dot dre dot ca dot gov) lists the companies that have DRE "permission" to modify loans... add to this list any licensed California attorney, and that is where you should begin your due diligence search when you seek help in California. Other states probably have similar laws, so check with your own state DRE and state bar.

My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors... DON’T BE A VICTIM TWICE! What’s that they say, “Fool me once, shame on you, but fool me twice, and I’ll sue your butt!”

Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” Scammers are popping up like dandelions on a freshly mowed lawn in April. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere, not to mention spamming your email box with those third-world widows needing someone to receive three million dollars for them. Make no mistake, in many cases, these “loan modification experts” are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications.

In California, with very few exceptions (and attorneys are one exception… no coincidence there… attorneys make the laws), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law.

HERE’S THE BOTTOM LINE!

Hire an attorney – and not just any attorney either - one with experience in mortgage law, not just one with real estate law experience but one with experience in both FEDERAL and STATE litigation against mortgage companies, one who doesn’t also do family law, criminal law, admiralty law, and immigration law as well, one who limits the practice to mortgage law (or at least a great majority of it), one who has the experienced staff, training, and know how to take on the big lenders and their top notch lawyers (lenders have attorneys – and darn good ones – check out their counsel on the web – big names top schools, shouldn’t you have a lawyer too?).

We are not talking about a refund on your broken television here, we are talking about hundreds of thousands of dollars and your HOME – if you don’t think this is the time to hire a highly educated and experienced professional instead of a weekend schooled, almost out of work, broker slash loan officer slash “expensive water in a wine bottle with alleged magical curative powers” salesperson, I don’t know what would make you take things seriously.

Of course, this is one obnoxious lawyer's totally biased opinion, but one based on many many distressing calls to my office every day. And, yes, my firm loves taking cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.

- Paul J. Molinaro, Esq.

My advice would be to try doing this yourself first.

This is my book...

How To Modify Your Mortgage provides you with step by step instructions:

The secret behind writing your loan modification request?
* What other loan modification programs leave out
* Loan modification professionals won't tell you this!
* Professional Tips on How to negotiate with your lender
* Finding out EXACTLY what you owe
* How to do a budget analysis
* Complete Library of Forms on Interactive CD

http://www.loanmodbook.com


Dan Harris
Author

Lisa, you have some good advice, but only partial. If you have a loan that is going to adjust or did adjust you may qualify for the FHA secure refinance. Your current mortgage balance can be negotiated down or a short payoff, just like a short sale. It requires alot more info, like how much do you owe versus what the home would appraise for. I am giving you the basics only. You can get FREE help by contacting Huds department here in St Louis, called HOPE. (they are very busy) That's what they do all day long, they deal with loan modification as well. Never pay anyone or company an upfront fee. Never. If you truely need a loan modification, and I would suggest you check with an FHA approved lender first on the FHA secure loan, and you don't work with HOPE, which is free, a resonable fee that is only collected when the loan actually modifies is between $400-$1000. I am in st louis if you would like to contact me directly. vdavids4@aol.com

In the St Louis area, Lou Campbell is an expert at helping people work things out. You can reach him at 314-229-2929. He works with you and your bank to help get things smoothed out and worked out. He's legit. Use to work with me at Coldwell Banker Gundaker, then decided that he could help more people by striking out on his own and working with people one on one to help them solve their problems.

The website below may provide some insight for you.

I would recommend talking to your lender directly to ask for a loan modification. Don't forget...the Housing Recovery Act goes into effect 10/1, where some homeowners may be able to have their current mortgage written down to 90% of the home's value. Good luck!

As lenders realized that they cannot "foreclose" all defaulting properties out there, they started to be much more cooperative on loan modifications. This is good news. The bad news is that just every loan officer and many agents have suddenly become "Loan modification" experts. So, make sure that you do your homework. Please remember that services provided attempt to obtain loan modification commitments from lender(s) and they are fees involved, but there are no guarantees. I heard good things about http://www.lenderbackdoor.com They provide free consulting, prepare a loan modification package and talk to your lender(s) on your behalf. They don't charge until they get a lender to say that "it might be possible". They seem to have direct access to many lenders and seem to understand the process well, what indicates that they have experience. I had my client use them and they got lender to redo their loan. Check them up. Your other options are short sale, deed-in-lieu of foreclosure, foreclosure or bankruptcy. Loan modification certainly is a very desirable option. Good luck in your search!