Heard of US Loan Assistance Center?? for loan modification?

[flower04]

On the advice of our attorney, we are trying to see what we can do to lower our housing expense to make our 13 budget work with some wiggle room. Our mortgages are killing us, yet we want to stay in the home for the kids stability, etc.

We've looked into stripping our second but after several appraisals by realtors, we are conviced that our home is worth about $15K more than our first mortgage, so that isn't an option. However, we are still upside down on the home.

US Loan Assistance Center is telling us that we can reduce our 2nd by cutting teh interest rate from 7.5% to 3.5-4%, cutting the monthlyl payment from about $675 to about $325. All this for $1500. We don't have $1500, hello, we are filing bk!!, LOL! This rate would stay at 3.5-4% for about 5 years and then the terms are up to the lender (Countrywide).

I'm not sure if it is worth waiting to see if we can do this or just move forward with teh 13, everything else is ready and waiting.

ANy opinion or suggestions?

[relief13035]

Have you called Countrywide direct to inquire about a loan mod?

I'm currently working with CitiMortgage on loan modifications on both my 1st and 2nd.

[albacore44]

On the advice of our attorney, we are trying to see what we can do to lower our housing expense to make our 13 budget work with some wiggle room. Our mortgages are killing us, yet we want to stay in the home for the kids stability, etc.

We've looked into stripping our second but after several appraisals by realtors, we are conviced that our home is worth about $15K more than our first mortgage, so that isn't an option. However, we are still upside down on the home.

US Loan Assistance Center is telling us that we can reduce our 2nd by cutting teh interest rate from 7.5% to 3.5-4%, cutting the monthlyl payment from about $675 to about $325. All this for $1500. We don't have $1500, hello, we are filing bk!!, LOL! This rate would stay at 3.5-4% for about 5 years and then the terms are up to the lender (Countrywide).

I'm not sure if it is worth waiting to see if we can do this or just move forward with teh 13, everything else is ready and waiting.

ANy opinion or suggestions?

Be very careful......with the economy being what it is there a lot of carpet baggers out there preying on desperate people

[relief13035]

There's even moth eaters out there. ;)

[Flamingo]

First, in order to do anything financially related to your house during your 13, you need trustee permission. This place asking for $1500 up front is a warning sign. Read up on all the mortgage and foreclosure scams out there right now. The best thing to do is work through your lender. Also you would need to obtain an appraisal on the home to get its exact value. In your situation, I would contact your attorney about your concerns because any move you make would need trustee approval at this time.

[flower04]

We have contacted our attorney about it and received a breif email stating that we would have a better chance at modifying things with the judge after he looks at our budget and to keep trying with Country wide. NOT to go thorugh this other agency...and she can make a strong case about us needing to modify it because I work from home and have a medical hardship, etc. So, we are going aahead and finally filling in two weeks! What a mess but grateful to be going in the right direction and get this behind us.

[johnpip]

Up front fees

It seems worth the money to pay a small fee of $1500 to save ones home. The suggestion to work with the bank directly would lead me to believe that one would also be at the banks control. I certainty wouldnt want to defend my self in court, so why would you represent yourself with the banks?

They only are going to offer deals that would benefit the bank and not the homeowner.

Some States have laws about upfront fees. CA and FL require all upfront fees to be deposited into a trust account and the Loan Modification company only gets paid as the work is done. Other states have similar laws MO, MD and NV.

When you retain an attorney to represent you in court, would you tell them that you are only going to pay them at the end of the trial? No, you wouldn't find an attorney to do that. Yes, there was a time of just ramped scams out there, but now with customer awareness of what was happening, you dont hear to much about that anymore.

Before you send your money to anyone, you need to do your due diligence and check the company out. Remember that a loan modification does happen overnight. It can take months! So, if you read a complaint about a company and it reads something like "they did nothing for me 2 months I waited and nothing happened. I ask for my money back and I got nothing" If the loan mod company performs work in good faith and then you want to cancel just because its taking too long then guess what? You are not going to get anything back.

Point being, do your homework and be patient.