Remodification Loans

[michael banks]

Guys,

I was wondering if any of you have any experience with modifying your home loans? What brought up this question is the niebhor who lives next to the house I rent paid a company over $2000 to help him save his house. Well guess what they took his money and have not done a thing to modify his home loan. He called his mortage company to see if they had contacted them about his loan. They had no record of said company trying communicate with them. Now he is trying to get his money back and they are just giving him the run around.
plus I just had someone from Phoenix wanting to know if I was interested in modifying my home loans. I just told him to give me his number and that I would contact him when and if I need his services.
Beginning to think that the people who got all these people into these bad home loans have found another sham to rip off these same people again.
Has anyone had a positive outcome from these home modifications loans?

Mike

 

[Trucker51]

I don't know who owns you mortgage or how much that you owe, but my home loan is through US Bank and they usually hold their own mortgages instead of farming them out. And they were willing to re-finance me at a fixed-rate when interest rates dropped to 5.5% not quite 3 years ago, and I kept the same term with credit for the number of payments that I had already made. (So my new loan was for 307 payments instead of 360, but they will do a re-fi either way. In fact, they just offered me a 4.875% fixed re-fi with 360 payments that would have dropped my mortgage by $200/month, but right now I only have 267 payments to go on their accelerated payment schedule, and will have my loan paid-off in about 16 years at this schedule).

US Bank is in a much stronger place financially than are some of the other banks right now too, and I highly recommend them.

I would try to stay away from these "miracle" loan shysters just like the 3rd-party auto-warranty scam that they have here.

Mark

 

[Trucker51]

I found this on MSN Money which might be helpful to you. Plus I heard this last weekend that my ex-wife went through something similar getting her mortgage modified, which took lots of her time and some upfront cash, and right after her her bank agreed to modify their loan, her bank instead sold her mortgage to another lender with the original terms in it, and now she is out the upfront money and all of her time and effort is now wasted. My guess is that most of these mortgage modification people are just getting rich at the expense of the people that need the help.

https://articles.moneycentral.msn.com/Investing/StockInvestingTrading/beware-foreclosure-scams-on-the-rise.aspx

Mark

 

[FormerTexan]

I'm avoiding those like the plague. With the remainder I have on the mortgage right now, it would not be worth even a re-fi. And those home equity offers? *shred, rip, tear,*

 

[Trucker51]

Michael:

I just saw this story on MSNBC today and it reminded me of your topic from last month. I hope that your friend didn't get scammed trying to re-fi his mortgage. It seems like there is a lot of that going on these days.

https://www.msnbc.msn.com/id/30070957

Mark

 

[michael banks]

Mark,

i know of a couple of guys that have fallen for the loan mod scham. Each has put up $2500 to $3500 to save their hames or lower their payment. No results as of yet as I have seen. Why do the mortage companies need to help out hurting homeowners when they have already taken their bailout money from the government.

Mike

 

[Trucker51]

There is some legitimate refinancing going on out there, I mentioned US Bank as one possibility that is doing just that. But every day I get recordings on my phone telling me that so and so can lower my interest rate on my mortgage or my credit cards. One time I even talked to a guy who spoke poor English about lowering my credit card interest rates and I asked him which credit cards he could lower my interest rates on. He didn't even know which credit cards that I had, and he said that he couldn't beat my 8.9% rate on my Chase card nor my 10.9% rate on my Citibank card. And then I told his supervisor that I wasn't about to give them my account numbers if they didn't already know them.

There do seem to be an inordinate number of scams out there these days. Just don't tell them anything that they don't already know. And tell your friends about US Bank, as they still have a chance there.

Mark

 

[michael banks]

Mark,

Will do thanks for the info on US bank.
I too get constatly phone calls at nite from sales people telling me the can lower this interest or that one for me.
Got to the popint as soon as I know what it is they are pushing I just hang up.

Mike