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MOD SQUAD: How to Modify Your Mortgage
Len Harley's feature on Mod Scams is timely: I have been researching the issue and found 4 solutions that work for folks who are underwater and do not qualify for the Fannie/Freddie brand of Loan Modification.
1. The borrower negotiates directly themselves. After all your promissory note is a contractual agreement between two parties. Problem here is lenders strong-arm you and make you feel like a criminal for asking. (By the way, that's what happens if you call Hope Now the HUD hot line...they prequal and just turn you over to your lender to fend for yourself with little results to date)
2. Hire a modification specialist attorney. A real one who knows both real estate and mortgage law.... expect 6 months to a year and cost $10K or more. In really complicated cases I know it works and the results can be amazing if you have the right person actually on your team. Forget prepaid legal. They are about as skilled as the collection agencies. If there is any sniff of fraud on your loan this is the best way to go because the lender is legally responsible for underwriting your mortgage to RESPA and they are very afraid of being found in violation.
3. Find a bonafide loan modification company: ... more

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