Why You MUST Do Your Loan
Modification Yourself

Don't be fooled! Before I decided to do my loan modification myself, I almost hired a so-called “loan mod consultant", but thank goodness, I learned the truth first!

Here are the scary facts of loan mod firms:

• Many loan modification firms were started by subprime mortgage brokers who were out of work.
  
  These hucksters know very well that they've only got 6-12 months before banks stop accepting loan modification requests, so their goal is to get as many customers (and as much money) as they can right now.
  
  They'll often charge a ridiculous $3,500-4,500, and once they've got your money, their focus is on getting more customers, not servicing their existing ones.




• On the rare occasion when a loan modification firm is successful, they almost always accept the first offer the bank "suggests" this is crazy! The bank's first offer is almost never their best offer, so even if you do get your loan modified, you could still be getting screwed long-term.




• Loan modification firms use cookie-cutter template letters and legal speak that sends up red flags at many banks. Remember, your lender is under tremendous pressure from the government and the media to help individuals like you, not fast-talking lawyers or consultants.




• In California, there are currently only 14 certified loan modification consultants yet over 1,000 companies offering loan modification services-do the math. Most firms are operating illegally in California, and the same is true in every other state as well.