Upside Down Mortgage

Posts Tagged ‘loan modification success bank of america’

Loan Modification Success

Question: Has anyone had any success with a loan modification?

Initially we hired a company, total rip off, got 100 percent refund after threatening legal action. Our mortgage company doesn’t seem to know what they’re doing, we get assurances over the phone but also unsigned computer general threatening letters in the mail! Does this really work? Or are we destined to lose our home?

Answer: Karen, depending on your circumstances you probably need an attorney. Yes, most of the solicitations out there are a complete rip-off. Attorneys cost money but this is your house and your credit, not to mention a possible deficiency judgment.

The banks are getting a little better (and a little less indignant over the phone) because the underlying assets (the homes) are getting harder and harder for them to dispose of. That said, they have the upper hand. You're going thru one of these. They've gone thru, and are going thru, thousands.

Spend a few bucks on a real estate attorney that knows what they're doing. The bank's attitude and level of service will literally change overnight.

Hope this helps.