Be Careful of Shady 3rd Parties Modification Companies
Be careful when hiring 3rd parties to represent you with your loan modification. It is always good to check out any company or professional that you are going to hire to represent you on any work to help to lower your house payment. It is important for them to show a clean work history of fully helping the people who hired them to do so.
There are many modification companies out there popping up daily, some of them are not out to help their clients much, they are out to get money from their clients, go through the motions of a 3rd party representing their clients, and then moving on to their next victim. I have seen and heard many of these stories over the years. When choosing a loan modification company, you can check with your local better business bureau, chambers of commerce, professional organizations, and references for complaints filed against these individuals or companies. Get the names and numbers of these clients and find out how their experience was during the modifications process, and always get the details of their experience. Get in depth explanation of how the loan modification process was for them, what were some of the complaints if any, and how would they rate the overall process of working that a particular individual or company.
Do not be fooled or swindled by any fast talking 3rd party promising you a loan modification. If you get anyone promising you a guaranteed loan modification, be weary and move on to another company or individual. No one can promise you a guaranteed loan modification if you hire them, that you be a big “red flag.” No one can promise you a loan modification, the reason for that is this, a loan modification is granted by a lender based on your personal qualifications, the property value, the property location, if you have had a prior loan modification, the outstanding balance on your loan, the net present value(NPV), among other factors. Even if you think you may qualify because your housing debt to income ratio is at least 31% which is desirable for a modification, there are still too many other factors that are weighed in the equation that are out of your control for any professional to guarantee you a loan modification.
Believe me, I have seen too many homeowners swindled by fast talking attorney’s, brokers, and modification companies who claim to have many years of experience helping homeowners, but still could not get the lender to give a loan modification to their client no matter how well they fit the mold to have their mortgage permanently lowered.
So be careful when dealing with a “fly by night” or so called seasoned professional 3rd parties promising you help and charging you big upfront fees for guaranteed results. There is not such a thing as guaranteed results when it comes to getting a loan modification. Remember it is your mortgage company that makes the final decision on granting you a loan modification based on your own personal qualification, no matter if you paid a 3rd party $1,000 or $10,000 to help you, it is still the mortgage company that makes the final decision.
