I was 3 months late on my mortgage that increased beyond what I could afford. I kept hearing about loan modifications. I tried calling the bank, after another month I gave up. Trust me, if you dont know what your doing, they won't help you! Then I tried going to a non for profit organization. They were nice an all, best part free, but they never got anything done.
While I was waiting for their help, my mortgage company was threatening me the whole time. I was scared, thats why when Loan Modification 4You called me, I was an easy sell. They gave me a great story about who they knew on the inside of these banks and that they can really get things done fast. Telling me I would have a 2% fixed rate, and that I was guaranteed to get it. They had me fedex my docs and a check for $5,000 dollars to get started. They told me it would take 2 weeks tops. What a bunch of bull! Don't use Loan Modification 4You!
Then it got real bad. They sent me a letter telling me I made too much money and would could not be approved. Then I couldn't get their number anymore! Please Be Careful, these blood sucking companies are out to steal from the desperate. I belong to a local church and heard similar stories about many of these companies. Some just steal, others just charge like 3 times more than they should. They are criminals, they just squeeze as much money as they can out of people. Don't use Loan Modification 4You!
I would suggest being very careful. When I finally found someone I could trust they came to my house, met me and my husband, gave me a real contract with a real guarantee or your money back. They explained to me they don't provide miracles, they just work hard for you and they are very knowledgeable. If the loan modification company doesn't resemble these guys you should be worried. I wound up getting 5.1% fixed for five years. It wasn't what I hoped for but it made my payment affordable for at least that time period. The company I used was NJCONSUMERADVOCATES.com, I guess they are like the other non profit companies, but they don't have part time 7hr. Clueless workers. Phone# 800-33-NJHELP.
Beware of these companies, at least use the company that did it for me as a comparison. And don't hope for miracles! I saved 500 a month and after other companies promises, for a second I wasn't even content with that. Then I realized that I was current with my mortgage and no more collection calls would be coming. WOW what an ordeal!
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