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I had almost completed the process. They seem legit but they are only seeming to be legit. Why do you spend hours to fill in all the blanks for these people and then they don' t do anything but present the package? Why do they want their money up front? I luckily sent them the information that I found on the web and went through my credit card company and was reimbursed the money and they closed the account. Go to google earth and the building they are in is a Mail Center. Lovely. I hope no one was taken but if you paid by credit card, beg your credit card company to take back the money. Another person wrote that it is illegal for them to try to get you to do something to lower your credit. Therefore: tell them you found out they were doing illegal deals. Also, I checked a more reputable company and they flat told me that I was welcome to try on my own but that I wasn't eligible for loan modification. Financial Remedies assured me I was totally eligible. Read the fine print about the money back guarantee. They could offer you 1penny reduction and you'd have to take it and they would keep their money...excuse me your money. Be Ware
This is how many got into the mess we are in......something seemed too good to be true. Reading through these posts, the alarms are screaming in my head, stay away. Run, do not walk.
*100% opinion from someone that prefers to learn from others' mistakes, and hopefully, not my own.
I am reading an industry newsletter right now. Just finished a section on a proposed rule from the Federal Trade Commission. A lot of stuff here sounds good. To paraphrase, the rule would stop "mortgage relief companies" from:
1) telling borrowers to stop communicating with their lenders
2) from misleading borrowers about how good their chances are of getting the results they want and how long said results will take
3) not disclosing their affiliations with public and private entities
4) not allow them to mislead borrowers about their refund and cancellation policies, and about their methods of paying borrowers creditors (with borrowers money of course).
5) not disclosing the amount of money the borrower will pay for the relief company's services
Working for a smaller bank, it just drives us crazy when somebody who has never returned or answered collection calls, never given us a chance to offer loss mitigation strategies or to collect their data to see if they qualify for an "Obama" refinance, will have an expensive debt relief company or lawyer send us threatening letters. We are very accessible and I imagine the people that do this are just really scared. They don't know what is going to happen so they're too scared to speak to us. I know from all the posts I've read here on the forum that it's much more difficult for those of you who have to deal with the big monsters like B of A and Chase but I still would caution everybody to be very very careful about handing over a large sum of money that you could be using to reduce your debt load to a company that can't even promise you success.
This seems like a scam to me too. I'm not doing it. All these posts are from 2010, so they're just trying to get as much $$$ as they can before they have to change their name again
If you know that your Debt to income ratio is high you will not qualify for a refinance. With bank everything must be in order. Debt to Income ratio, Loan to the Value of your equity, Credit FICO
Loan modification is a real program. No one work for free there is a cost of doing business, but there is no quarantee of success as the investor have the final say.
I hope that help. I work in financial/banking institute.
To answer Debsi; I will be the devil advocate for a bit . Most people do go to their bank first when they first see sign of financial trouble but only to get turn away by most bank. I am sure some of you have heard a friend or neighbor said that " my bank don't want to work with me unless I am behind a payment" or "they said they can't help me unless I am behind in payment". Bank don't want to do any thing until the client fall behind on their payment, then then get the collection, harassment, and threatening calls. At this point most clients are very upset with the banking system.
I've have seen personally both cases where the banks are "GOOD" and "EVIL"'.
The "BANK" is a business and they are in business to make money and they will look out for their best interest first.
Just like filling your tax every year; 1) your can do it your self if you know what you are doing 2) hire company like H & R Block or 3) hire an CPA.
..bottom line is you want the best result you can get.
I also have been contacted by Financial Remedies when I was looking to refinance through the USDA. I have been offered the same 'package' listed in most of the responses above. I contacted my lender directly and was told to go to [url=http://www.usa.gov]USA.gov: The U.S. Government's Official Web Portal[/url] and 'search' for 'making homes affordable'. I did this - the first thing this government web site says is 'do not pay anyone for this service, the program is free'. Your lender has signed a contract with the US Government that they will try to help qualified people to modify their mortgage loans.
Well I can with complete confidence say Financial Remedies Inc is a SCAM!!! After giving them the $2,000 and working with them, to say the least, as of today 8/22/10 all my emails are being returned undeliverable (3 contacts I thought were working with me), I AM AN IDIOT!!!
Thank goodness I didnt go with them. Sorry for anyone who did.
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. Most people do go to their bank first when they first see sign of financial trouble but only to get turn away by most bank. I am sure some of you have heard a friend or neighbor said that " my bank don't want to work with me unless I am behind a payment" or "they said they can't help me unless I am behind in payment". Bank don't want to do any thing until the client fall behind on their payment, then then get the collection, harassment, and threatening calls. At this point most clients are very upset with the banking system. 
