I paid this company $1000 to assist me with a loan modification. I initially spoke with a person who really sounded knowledgeable. He said that The Loan Modification Team's "skilled negotiators" have relationships with the decision makers at all the major lenders. They have no more of a relationship with the decision makers than the "man on the moon". Turns out that these people are fast talking salesman. Once they get your money, a clerk, they call a processor, basically sends the forms with your financial information to the lender's workout department. That's something any individual can do for free. I was told not to communicate with the lender because it could jeopardize my chances of getting the modification.
Over the course of seven months they strung me along and told me that the banks are swamped and it is taking a long time to make decisions. About a month ago I recieved a package from the Loan Modification Team with copies all the documents that were sent to the lender. I was told by the Loan Modification Team that my case was closed and basically there is nothing more they can do.
In essence this company acts as a broker of documents between the consumer and the lender. There are no "skilled negotiators", only clerks that forward documents to the lender.
I will be filing complaints with the BBB, Attorney Generals for the States of North Carolina and Virginia and any other agency I can think of.
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