Fidel, Other/Just Looking in Norwalk, CT

Loan Modification Companies

Asked by Fidel, Norwalk, CT Fri Jan 8, 2010

What are these?

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Caal Team, , San Mateo, CA
Sat Apr 16, 2011
I do agree with the idea that anyone can do a loan modification on their own. I tried to do that myself and I failed the 1st time around because 1) I did not qualify, and 2) I did not know what I was doing. So tried to look for a Turbotax-like software or a software as a service that allowed me to see my qualification and how the bank and their underwriter would look at my application, and I could not find an online company for that. So I decided to start one.

Read our blog at (So You Want to Apply for a Loan Modification – Part One) to learn more about some of the challenges that people experience when applying for a loan modification. We have created Caal Software to help aid in understanding one's financial qualification and also in preparing as ready of a package as possible.
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Lyle Wolf, Agent, Morristown, NJ
Sat Feb 12, 2011
You do not need a loan modification company to apply for a loan modification. The lender decides based on their policies and the information you provide them. What you need to know to apply for a loan modification is all on this goverment Website:
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PaulMolinaro…, , Corona, CA
Sat Feb 12, 2011
Paying someone else just to fill out paperwork is not usually a good investment when you can't even afford your mortgage... paying a hack real estate for legal advice is also a bad idea... but paying a local attorney in your state for an hour of his/her time to provide you with sound legal principles and advice that applies to your specific situation is well worth the small cost compared with the hundreds of thousands of dollars at stake.

Beware of trial loan mods by the way, lenders have figured out a new way to game the system... take money from Uncle Sam by promising to use that money to modify loans... get money from the borrower during a trial modification... deny the permanent modification... and sell the property... consult with a local attorney in your state to see about suing if you "pass the test" of your trial loan modification does not turn into a permanent one

- Paul

Paul J. Molinaro, M.D., J.D.
Attorney at Law, Physician, Broker
Fransen&Molinaro;, LLP
980 Montecito Drive, Suite 206
Corona, CA 92879

** This post and all others I make on Internet are for informational purposes only. None of the information or materials I post are legal advice. Nothing I post as comments, answers, or other communications should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship. While I try to be accurate, I do not guarantee accuracy.
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Robert Pratt, Agent, Chicago, IL
Thu Jan 21, 2010
Fidel -

Any company offering to negotiate a loan modification for you for a fee is most likely a scam. There are non-profit counselors approved by the Department of Housing and Urban Development that will help borrowers for free. See HUD's frequently asked questions page:
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John Queenan, Agent, Southport, CT
Thu Jan 21, 2010
Hi Fidel,

Good point by Scott and Diane about doing loan modification on your own without paying someone. Here is an alternative viewpoint, and while I am involved in helping Connecticut distressed homeowners everyday as part of my business, I do not do loan modifications for hire.

The question for you is this: Yes you can do it yourself, but should you? I'm not going to say "don't do this yourself," but I will say evaluate your options carefully before deciding to do this yourself. And if anyone reading this has already been served foreclosure papers, absolutely engage qualified professional help asap.

While you can certainly negotiate a loan modification on your own without paying someone a fee, if you are not equipped to negotiate this or if you are not successful on your first attempt, then you should absolutely consider getting help from someone who is trained and experienced to handle this for you. Remember, the people you are going up against are trained professionals, so you will be at a disadvantage in the best of situations.

In CT we have a new law requiring anyone who negotiates a loan modification to be licensed by the state (unless they are an attorney). As of December 31, 2009 there were only 2 licenses issued statewide and neither company is located in Fairfield County where you are. Fees are also capped. If you hire someone who isn't licensed and isn't an attorney, you may be getting scammed.

Because a large part of my real estate practice is helping distressed homeowners decide what options for avoiding foreclosure are best for them, I have met first hand many homeowners who tried to modify their loans themselves without success. During our free initial consultation we help homeowners decide whether a loan (mortgage) modification, short sale, deed in lieu or other solution makes the most sense for them. I have had the pleasure of seeing several of these loan modifications successfully negotiated by two of our local attorneys after the homeowner initially failed on their own. Both of these attorneys share a similar profile, they were helping financially distressed homeowners long before the current crisis. In other words, they didn't just change careers to jump on a market opportunity the way these loan modification companies that didn't even exist two years ago have.

Very often when a client is deciding between a short sale and a loan modification, we advise them to pursue both simultaneously since loan modifications are not guaranteed to get approved or to even work for the homeowner. On a national basis less than 15% of the trial modifications granted in the last year made it to permanent modification status. More than half failed before 3 months was up because the homeowner couldn't afford what the bank offered. There are quite a few landmines in the legal documents the lender will strong arm you into signing. Someone who isn't trained to look for these landmines will be at an obvious disadvantage.

You can learn more about do it yourself loan modification, loan modification resourses, and options and solutions for homeowners facing foreclosure from this FREE site:

Closing thought:
You can fix your cars transmission or your homes plumbing yourself without paying for labor, that doesn't mean you should.
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Scott Godzyk, Agent, Manchester, NH
Sat Jan 9, 2010
They can not do anything you can not do on your own. You do not have to pay for a loan modification. You simiply need to contact your mortgage company, ask for home retention, ask them if you can complete a loan modification. you will need to get your last 2 years tax returns, 3 months bank statements, last 4 pay stubs together. Also put topgether a list of your income and your liabilities. you will also need to write a hardship letter explaing how you got in financial trouble and why you need a loan modification. You will need to set some time aside you can make the call, usually 30-60 minutes, try in teh mroning as they are less busy than calling in the evening. Good luck with your loan mod.
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Dianne Hicks, Agent, Rancho Bernardo, CA
Fri Jan 8, 2010
Please proceed with caution. These companies want to charge you a fee for what you can do for free and more than often than not, do not get any further than you would. Here is a blog I wrote about the loan modification, maybe it will help you proceed on your own.…

There are in generally not largely successful but some are. I wish you the best!

Kindest Regards,
Dianne Hicks
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Cristhian Ga…, , 06850
Fri Jan 8, 2010

This is Champion Credit Service. We have been helping homeowners obtain mortgage loan modifications for the past 3 years now. Also, we have helped numerous clients during this time - all with unique circumstances, hardships and various lenders.

We know what it takes to get a mortgage loan modification approved and we can get one for you, even if you have been turned down by your lender. In fact, this is a pretty common situation. Many homeowners we talk to have called their lender in hopes of negotiating their own loan modification, only to be let down. Many lenders are even advertising on their websites that they are helping homeowners lower their payments and invite them to call them directly. Sadly, this usually does not end in a lower mortgage payment.

With more than 6 million homeowners who need help with their mortgage payments and less than 400,000 loan modifications completed, you can tell that lenders are not just handing these out to anyone who calls them.

This is where we come in. We have relationships with all lenders and we know what it takes to get an approval. It's what we do. With a simple phone call we can privately discuss your unique situation and find the best way to fix it.

Many times, we can also get "instant" loan modifications approved for our clients. This is when a mortgage modification is completed within a couple weeks. In modification terms, this is "instant". We have heard time and time again of lenders taking many months to get an approval...

We have also been successful at getting trial loan modifications approved instantly as well. This is where you make 3 mortgage payments at a lower rate and if you do not miss a payment, you are guaranteed a loan modification.

Free call: 1-800-783-3695 - Spanish
1-800-773-4291 - English

Champion Credit Services

9 Mott Ave Suite 304 Norwalk, CT 06850

Fax: 888-849-8495


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