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this is a place that my good friend found. they propose they can help her cut her mtg to a third of what it currently is per month.
she is self-employed and business is SLOW for her.
her monthly pmts are being made, but late and it's killing her.
she is single with one little boy.
is this company a scam or legitimate? it's located in palm beach county, FL.
she said the office the guy took her into was bare with only a table in it.
supposedly an attorney and a paralegal within the company will work with her lender and for $2000, they say they will get her mtg down to closer to $600 from the current $1800.
sounds fishy to her and also to me......??????
but she is desperate for help.
She can call her lender herself and ask for a loan modification. She'll have a serious headache dealing directly with the bank, but it is free to do it that way.
is this company a scam or legitimate? it's located in palm beach county, FL.
she said the office the guy took her into was bare with only a table in it.
supposedly an attorney and a paralegal within the company will work with her lender and for $2000, they say they will get her mtg down to closer to $600 from the current $1800.
Any time you are asked for a fee to do a mortgage, and a modification is basically a new agreement, it is free except for closing costs or appraisal fees. I firmly believe this is a scam.
A Flag goes up looking at that link - they say they are an attorney firm, but it does not say it on their website?
I understand what your are going through, each day I speak people in your situation.
What your friend needs to do - is ask the firm for completed examples of modifications done through your her bank. If they cannot show any recent completed modifications from her bank (another Flag).
She should work with a company that has the experience working with her mortgage company. All banks operate differently. It is important to understand this, as well as the different state procedures for loan modifications.
Many people make a big mistake because they go to someone that does not know how to do the job. Going to the wrong type of attorney to represent them, she can put her home at serious risk to foreclosure.
An example of this - if you needed glasses and went to a foot doctor, you would leave the office seeing only two feeeet in front of you. The same thing about attorneys, in order to get the best results, you need to go to a person that can guaranty you once they accept your file, they will deliver 100% or your money back!!!
Do not be afraid to ask for past work examples to prove they complete what there are doing.
As for the $2000 it is going to cost you - in the first year alone your saving $14,000+ dollars. That is a fair price. I collect ruffly to same amount on loans from $150k to $200k, the larger the loan, the higher the fee because of the amount of work involved.
For those people who successfully do their own modifications and didn't pay for anything. God bless you, because you are smarter then most of us. The fact is the amount of foreclosures are climbing, because people are not getting payments they can afford. The bank is not a persons friend, they are the most professional debt out there. Think of it, over the life of the life, a person is paying twice what it took to originally purchase the property. The bank is looking to maximize it's profits away it can.
It is a proven fact by using an experience attorney to negotiate, you can receive a better settlement.
Due to the rule by president O'Bama said on national TV Mar last year, if you pay for assistance on a Loan Modification, it can only be to an Attorney Firm. The second part of that rule, all funds need to held in an escrow account until the completion of the Mod.
In the state of Florida - it is now a state law, to be able to do modification, the attorney firm needs to be residing in the actual state of Florida. We are no longer doing loan modifications in Florida because of this law.
Not knowing all the facts of your friends case - $600 per month income, this is the amount she needs to show net on for profit and loss statement. She will be required to product her income taxes for the last two year. Make sure for the next few months she puts as close to that amount as possible. For self employed individuals, the finally modification payment is determined by the monthly average income from Jan to September.
When I speak to people about a Florida homes - I know a decent law firm can recommend. PM me and will email his telephone number to you.
Good Luck
Last edited by Modification Specialist; 09-22-2010 at 05:29 PM..
They will set up a mofication WITH your mortgage company.
(you & the bank will both be on the line with them)
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