Loan Modification.....Home Retention

Loan Modification.....Home Retention

Need some advise.....I currently have a mortgage on my home and am 3 months behind I have a ARM at 11.3%. I have been offered by my mortgage company a fixed at 10.75% that reduces my payment of a little over $100 and resolves all my past due payments. That I know that sounds great.....

My question is where is the truth I have been contacted my several so call modification company stating the can get my mortgage down to 5.0 or lower, with a very low payment. Some say they are attorneys and some represent companies. Now the kicker is the want as much as $3000 to do this task for me.

Anyone got some insight......Anyone has some experience in this area.


Erika, REI
Brownstone Investment Group
Job 22:21 Submit to God, and you will have peace; then things will go well for you.
Job 22:28 You will succeed in whatever you choose to do, and light will shine on the road ahead of you.
Deut 28:8 The Lord will guarantee a blessing on everything yo do and will fill your storehouses with grain. The Lord you God will bless you in the land he is giving you.

how do I make this work without money down?

I am dealing with a new real estate agent that deals with foreclosure. I am looking to purchase the property for rental. The house on the property is a 3 room cottage which is unoccupied and winterize. It would be too costly to repair for rental. I am looking for the property(location, location, location) demo the existing house and rebuild with a manufacture house. Its been on the market about a year...Lender real anxious to sell.....asking price $135,000, about $10,000 to demo house and another $100,000 for new house and maintainence of property. Comp. houses and property size are around $425,000 to $550,000. I am very positive I can rent for $1,200 a month....or a option to buy. Next week i am bidding on house. Was going to put a bid of $80,000 which i am sure there will counter to $90,000....if i get the property for $100,000 or under would be good deal. should i give them there asking price and make a concession at closing for all the repairs? would I have to get a construction loan? How do I proceed with finance this property? would appreciate any comments.

Loan Modification.....Home Retention

I am also in the same boat. My 30 yrs fixed rate is 6.5%. I lost my job and I want to reduce my monthly mortgage. I am also getting many calls from Law Firms claiming that they can reduce my rate upto 3% to 5%. They are charging somewhere between $3500 to $4500. One of my friends suggested that don't talk to these people. Talk to your lender directly. I am trying to talk to my lender (Indymac) through one of the lending agent/sub-agent. She says that since I have a positive equity in my house, means I owe less than the present price of my house, and therefore the Indymac MAY not reduce the interest rate. But she has not spoken to them so far. Maybe I will talk to them directly, and keep you posted.

Pramod Gupta

Loan Modification

Let me know what you find out. I do kow of a company and attorney actually and that's all he does is work with banks. His fees are about 1500.00 I know he will also work with you in your payments to him but I have recommended him to other people before and they have had great success with him. PM me if you need his number.


1) A lot of these places are SCAMS. This is the new late night TV growth industry.

2) You should NEVER pay up front. I would only pay if they actually got me the loan mod.

3) I would ONLY deal with attorneys. The best of these outfits are going after the lenders for violations of RESPA and TIL. They have a pretty decent shot at getting interest and principle reductions.



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