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Modification Company

How does this program help me?

The first thing you must realize is that a modification company will not do anything that you could not do yourself. The other thing to realize is that many of the horrible lenders that gave bad loans are now in the loan modification business. Proceed with extreme caution!

What you are paying for is someone that has the patience to make the calls (and wait on hold) for you. You are also paying for someone that has processed these before (hopefully) and has a little more insight as to what the lenders are looking for in terms of packaging a modification request. What that is worth is up to you.

Who should I contact?

There is no shortage of advertisements for these types of firms. We recommend that if you pursue this avenue you seek out a company that is run by a legal firm. At least you will have recourse against an unscrupulous loan modifier through the State Bar Association. Also, as attorneys, a loan modification company can look at your original loan paperwork to see if there were any State or Federal law violations commited. As always, friends, family and co-workers that have been through the process with a modification company are good recommendations.

What should I expect?

You will need to have patience. It is a complicated, hands on process. This will usually take 90 to 120 days. You will have to sign a contract with the modification company and turn your personal financial documents over to them. Be sure to check out our resources section for a list of documents to get together.