My husband and i has own our home for three years and have paid our mortgage on time. The past last year we have come across some struggles in paying our mortgage with the way the economy is going, we have been diping into our IRA to cover our mortgage. We recieve a letter in the mail stating the Loan Modification Team will work with your lender to lower your payments, a guaranteed minimal of twenty-five percent will be automaticly promissed at the end of the 60 to 90 day process, additional amount will be lower depending on their criteria. So we agreed to make the first down payment of $674.50 to get the process started which took them about 15 days to notify our lender that we were working with them. Our lender kept calling us telling us they were missing paperwork and information that we gave the modification team weeks ago. The Loan Modification Team told my husband and i not to pay our mortgage until the modification process is completed. The Loan Modification Team also told us not to talk to our lender about financials, not even if they call us.
At the time i was expecting a child and about to go on leave, one of the representatives told us it will better our chances if i just went ahead and quit. Even though we use both of our income to get qualify they told us if our lender ask do not mention that i will be going on leave. After that we start to get suspicious and realize the company we are dealing with are a little deceiving. Even though we were told not to communicate with the lender, i decided to call the lender myself and find out whats going on after two and a half months of dealing with them. The mortgage lender told me that we were declined on our first loan and the second loan was canceled and soon to be declined due to our information in the system was not mathing our third party who is the Loan Modification Team. According to the lender they verified that the investor declined us weeks ago because they did not see a hardship, therfore no modification was needed.
Once i found out this information from the lender i did not no longer need to do business with them, i called the Loan Modification Team they told me my lender was lying and that they confrimed my first loan was approved, they were just waiting on my lender to approved it. They told me i couldnt get a refund because one loan was already approved according to the modification team. At this point i knew something for sure was not right, i called several times back and forth with the lender and the modification team and everytime the information did not add up My husband called the credit card company to get our money back, we were never notify that our loans were declined. My husband and i was now already 3 months behind because of this situation. With no letter of intent to cover us from foreclosure or no modification on our loan, not even the twenty-five percent that was promised to us. The Loan Modification team has screwed up our lives, we have taken nothing but losses and now we are in a worst situation then we were before. Now because we were so trusting thinking that these people can take us out of our struggle and gives us some financial relief it was to go to be true. I am warning all desperate homeowners who are looking for a better way for your family to live.
Please do not use The Loan Modification Team it will become your worst nightmare if you do.
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