How To... in 90041>Question Details

Sky Minor, Real Estate Pro in Los Angeles, CA

How much should someone pay for a mortgage modification?

Asked by Sky Minor, Los Angeles, CA Fri Oct 17, 2008

And of that amount, how much up front and how much upon completion? SKy Minor, Tycoon in the making wants to KNOW.

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NOTHING. Go to Operation Hope, Acorn or other non-profit agencies for a loan modification. Be ready to do alot of the work on your own, which is usually the best way to get it done. (If you want something done right, do it yourself).

They will make you fill out a monthly budget form and they will verify your earnings with paystubs. Based on that, they will ask the note owner. Freddie/Fannie are lukewarm about modifying right now. Good luck.
Web Reference: http://www.skyminor.com
0 votes Thank Flag Link Tue Jan 10, 2012
Daniel is right;
This is the most popular SCAM now:
They charge $1500 to do the Modif and you never hear from them again.
You do not want your name associated with this.

Good luck and may God bless
0 votes Thank Flag Link Wed Jan 4, 2012
ABSOLUTELY $0. NOTHING. EVER.
It is against the law to charge upfront Civil Code 1695 and 2425 I think, as long as the property is in default (3 months or more behind).
Modifications are also handled for free by lenders, and yes there are issues, but a client can do these themselves. There is no such thing as a certified foreclosure consultant or similar.
0 votes Thank Flag Link Wed Jan 4, 2012
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