A National loan modification based out of I think Palm Beach Fl, contacted me concerning loan reconstruction, but it will cost me $2495, are any of these programs free. I’m in an option arm, and I want to get out of it fast!!!! Currently I owe 307,000, My house is probably woth between
150,000-240,000 so they say, they said I can get as low as a 1% interest rate and my balance can be reduced to as low as 150,000. Is this a reputable company, and are there any loan modification or reconstructuring programs that are free?
No, this is a scam.
There are no 1% interest rates, they are just trying to sucker you in.
I have not checked with HUD in about a month, but at that time not a single reputable modification company had been found by them.
If you do decide to pay first check the company out with HUD and the BBB as well as your states real estate board. The odds are the state board will tell you they don’t even have a license.
August 24th, 2009 at 8:42 pm
uh….your lender will work on a modification for only the costs of closing.
If they are charging you for a modification, odds are they are a scammer; especially with a 1%i nterest rate
I’d talk to someone at state banking or atty general before i sent these guys a dime. Odds are all you’ll have is a loss of 2500$
References :
August 24th, 2009 at 8:53 pm
The only free one is where you pick up the phone and work out arrangements.
I wouldn’t pay some company up front any money to modify my loan. Chances are, they are a fraud and will take off with your $$$ that should be going towards your mortgage payments. If you get a firm that will roll their fee into your new modified loan…that is a better deal, but NEVER pay up front.
References :
August 24th, 2009 at 9:26 pm
No, this is a scam.
There are no 1% interest rates, they are just trying to sucker you in.
I have not checked with HUD in about a month, but at that time not a single reputable modification company had been found by them.
If you do decide to pay first check the company out with HUD and the BBB as well as your states real estate board. The odds are the state board will tell you they don’t even have a license.
References :