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Old 01-05-2009, 09:11 PM
 
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information needed about loan modification, how it works and any one had any success with. Or is worth to rowen your credit history?
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Old 01-05-2009, 10:36 PM
 
Location: MID ATLANTIC
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The only advice I can offer is to be sure whoever is assisting you is licensed or authorized to handle loan modifications. We are seeing many (too many) come out of the woodwork proclaiming to be experts. As for references of success stories, and then follow up and make sure those success stories really occurred. If you are in a state that requires licensing, check their license.

You could try to find a real estate attorney in your area that is now handling these, would be another suggestion. Unfortunately, you may need help for a modification, just to get noticed in the volume of business.
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Old 01-06-2009, 08:43 PM
 
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thanks for your advice...
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Old 01-06-2009, 11:22 PM
 
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Smart Money gives good advice, check with your state Dept. of Real Estate for licensing requirements. In California if you are not an Attorney any Advance Fee Agreements must be approved by the DRE. There are only 30 or so approved in the entire state but many, many more companies out there.

Before you begin working with a 3rd party, I would certainly call your lender also check out the Hope for Homeowners and HUD websites for more information.

If you go with a 3rd party, make sure their strength in negotiations along with the relationship with various lenders has a successful track record. You have to be able to prove you are having a hardship, but still can afford the new modification based on your income. Future credit problems stem from being late, notice of defaults and foreclosure, not the modification.

Any further help needed feel free to contact me direct!
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