Has Anyone used or plans to use any of those loan modification mortgage companies?

I sure hope not.

Why do you want to pay someone to do what YOU can do yourself?

Save the fee (hefty at best) and use it to pay your mortgage!!!

Most are rip offs, promise the world in their come on, but then don't deliver, but still, take their *fee*.

If you are needing to modify, call your lender and ask for the loss mitigation dept if you are late.

These forums are very helpful in talking to others who have avoided foreclosure, have been able to modify on their own

http://www.loansafe.org/forum

Dear Stephan,

There presently exists far, far less loan modification on-going than even lenders contend. Even those people, like myself, offerring such services must honestly inform that few lenders are willing to concede the necessary points constituting real loan modification.

Real loan modification should involve adjustments of interest rates, mortgage balances, past due amounts and length of loan term. Most lenders are seeking much more modest short term changes that hardly effect the loan and are seemingly short term catch-up remedies.

This serves lenders (in their very limited minds) but does not adequately benefit lenders.

Statistics demonstrate that nearly one-half of past modifications are presently defaulted which proves their inefficiency to seriously address the loan problems.

A number of recent changes at Fannie Mae and Freddie Mac have been proposed to limit repayment to a limited (31%) percentage of income. Specifics are lacking and this plan does not seem to contain provisions to protect against downward income problems brought by loss of jobs, work cut-backs or loss of employment hours.

Finally, the most critical element must be addressed before undertaking even the minimal of efforts.

Who owns your note. You are paying a service agent often one who has no idea who the real note owner is. Without identifying the note owner, there is no one with whom to negotiate. I see so-called modification experts, attorneys, accountants, former mortgage brokers and lenders collecting thousands of dollars of fees and never able to find the true note holder with whom to negotiate. Why? Many loans from many firms like Countrywide combined notes in multi-million dollar packages and sliced, diced and parceled out interests througout the U.S. AND EUROPE!

At this point, I recommend you seek to determine who holds the actual original physical loan note. The heck with any recorded copy! Worthless..... If necessary, retain for a couple hundred dollars someone to assist you in this quest.

Don't even think you are engaging in effective practical loan modification until this step is successfully fulfilled.

I see inividuals and firms charging between $1,200 and $3,500 for loan modifications. If the real parties are present the negotiating time and document preparing time whould not exceed ten to twelve hours, about one-half can be provided by administrative assistants, paralegal or legal secretarial skilled levels.

Loan modification is ever changing. You would be best served if you can wait three to four months at a minimum to see how things develope. Good Luck!

yes..as long as there is an attorney your good..email me ill refer you to a good one