For Florida homeowners facing the possibility of a mortgage foreclosure, you are probably scrambling to find a qualified, legitimate loan modification provider who is not going to charge you a upfront fee.
There are providers out there that do not require a fee to help with the loan modification process, but let’s explain the differences between moderate, reasonable fees and loan modification scams.
Loan Modification Scams
There have been a huge number of fradulent companies who have setup their business simply on the basis of collecting fees from unsuspecting homeowners, with no plans to actually help with a loan modification. They typically charge upwards of $2,000 simply to analyze your case.
This should send huge red flags to you. To review your financial statements, and see if you qualify for a loan modification should take no more than a couple hours of work for a lawyer or skilled loan modification specialist to see if you qualify for a loan modification.
These scammers play on homeowners who have already been victimized by predatory lending, and this is just adding insult to injury.
Legitimate Loan Modification Companies
There are some steps you can take to ensure you are dealing with a legitimate loan modification company. With our firm, we don’t charge an upfront fee and all of our consultations are provided free of charge (call us at (352) 514-5927).
On the initial call, we’ll ask you a couple questions about your financial history, your current fiscal situation, and then, based on your financial profile, we will pre-qualify you for our loan modification process.
Once we have determined you are a good fit, we ask for $300-500 to cover our costs to submit your case to the bank. This $300 is used solely to pay for our costs to fight on your behalf.
If we are able to save your home from foreclosure, and get you a loan modification, then upon closing we ask for a closing fee of ~$2,000.
For some of our clients, whom we’ve been able to get $20,000 or more reduced on their principal, this $2,000 is a great investment, and for others, simply having their homes saved from foreclosure is more than worth it.
If you’d like for us to give you a free consultation, please give us a call at (352) 514-5927.
