Isn’t it great to know that in times of need (re: distress) companies exist that offer their hand (open) to assist (for $3500) those homeowners who may be having trouble with their loan modifications. One of the non-profit counselors who we work with sent along a Google Groups invite about contacting the Mortgage Modification Group.
The group claims that they remain dedicated to increasing the income of mortgage agents who have clients with credit score or lack of home equity issues. Oh yes, they mention about helping the client as well. They proclaim how they do business in California and Nevada (how convenient), how they have been in business three full years with nothing but modification experience and how the group has helped hundred and hundreds of satisfied clients.
We’re excited now.
So we had to contact them.
Turns out that this Nevada based company continues to be crazy-busy in Nevada because the Silver State doesn’t have that pesky SB94 law that California has. To them, SB 94 stands as a hindrance to loan mod companies like them helping consumers. Their helping costs consumers a whopping $3500 fee and their contract covers getting the file submitted to lender.
That large chunk of change seems to be a lot of money for people who are having trouble paying their mortgage. The company claims that 90% of their clientele has tried to obtain a loan mod on their own and failed. So what about using loan mod counselors at some of the HUD approved agencies? One of their employees claimed, “It is a complete waste of time to go to a HUD agency, and later mentioned, “They don’t have a clue as to how to get these loan mods approved.”
We’re not sure which counselors they are referring to. The counselors that we know package, submit, and negotiate for clients, and they do get loan mods approved. For free.
Sure, some loan mod companies offer legit options. And we think about the old adage that you get what you pay for but in the case with these loan mod companies that might not be true.