Getting a loan modification can be very stressful if you don’t have anywhere to go or anyone to speak to about your situation. The main thing that every person looking for help needs to know about, do these companies that charge upfront fees despite them know that they aren’t supposed to.
It’s crazy how companies will charge outrageous prices just to call someone over the phone and fax over an authorization and a guaranteeing that you will get half of your money back, if they give you money back. If you are going to work with someone just make sure that there is some type of money back guarantee. You also need to be careful with the companies that guarantee work and not have a money back guarantee. There are modifications that do get denied, and if you end up in that pool, you will need to at least have your money back for good conscience.
When speaking to a specialist, you will want to make sure they are listening to what you have to say and they are using the right tools that are legal. You need to be able to contact these people to stay updated on the status of your file. If you are dealing with a company online or a company that is not in the local area, you will need to know if they have a real office or if they are an established business at least.
The information that they provide has to be verifiable and realistic. No pie in the sky promises and false so called 99.9% success rates. Just make sure that you are getting the help you need. One thing that you should really pay attention to is how they explain the beginning of the process to you. The only thing that you should be doing is approving an authorization for the company to represent you during the whole process.
If they tell you they need you to supply a bank account routing number, or a copy of your credit report, they are up to something. These are not items they should be asking you for at the very beginning of the process. All they need in the beginning is to submit an authorization signed by you to your lender.
If you cannot verify that the company is a reputable company then you are dealing with someone that is either just starting out or is a scam altogether. It’s just too much of a gamble to rely on someone’s word, even if the person is family. If you do just enough research and get yourself some verification, then you will be able to be comfortable with who you are working with.