Loan Modification Costs

Services for Real Estate Pros with Real Estate Consultants

If you are considering applying for a loan modification you may be wondering how much it may cost you.  Actually a loan modification can cost you thousands of dollars all the way down to absolutely nothing if you negotiate your own loan modification

There are many loan modification companies who will offer to negotiate a loan modification for you.  As loan modifications have become more prevalent, so have loan modification services.  The companies offering these services range from experienced professionals all the way down to scam artists, so you will need to do some upfront research before hiring a company to represent you.  Loan modification services are fairly new so many of these companies will not have a lot of experience.  Many mortgage brokers and realtors are getting into the business of loan modifications, so you will need to check their credentials and their experience with loan modifications.  Many of these services charge an upfront fee with no guarantee that your loan modification will be approved.  A legitimate company will not guarantee a loan modification and will not charge the entire fee upfront.  The fee is often several thousand dollars.

There are also attorneys who can represent you in a loan modification negotiation, but they tend to be even more expensive than the loan modification companies.  The cost for these services could be $5000 or more Hiring an attorney is usually not necessary for most loan modifications.  However, if you feel there was any fraudulent activity during your loan origination process an attorney may be able to help you.

For borrowers short on funds or who just want to save money, a do it yourself loan modification is very possible.  Thousands of borrowers have successfully negotiated their own loan modifications by contacting their lenders directly.  There are loan modification kits and manuals for sale that you can buy to help you become familiar with the loan modification process.  The cost ranges from $50 to $200 dollars.  Or borrowers can just learn everything they can on their own without the aid of a kit or manual.

No matter how you decide to approach a loan modification, you need to become familiar with how the loan modification process works and do research on any company or service that you are considering to represent you.  You will also want to become familiar with your lender's eligibility requirements and what documentation you will need in order to submit an accurate and complete loan modification application.  A loan modification can save your home from foreclosure and save you thousands of dollars on your mortgage, so it pays to look into all your options and choose the one that gives you the best chance of negotiating a successful loan modification.

Comments (1)

rick whipple
Loan Restructuring Solutions - Chandler, AZ
Why Loan Restructuring Solutions????

1. Wholesale Pricing -- At $600 per file for the first mortgage and $300 for the second mortgage our fee is second to none in the industry.  You will be hard pressed to find any other wholesale modification company to offer the same expertise and customer service level that we offer.  Because we focus only on processing loan modifications and not selling them, your files will always receive the personal attention that they deserve.

2. State-of-the-Art Web Based Portal -- We have spared no expense in creating a secure and easy to use affiliate portal from the ground up.  From inside our portal you will be able to pre-qualify, upload documents, print out real time reports, receive automatic email notifications, and track your customer files in real time.  You can also start a dialogue with our team of negotiators and processors on each of your clients files so you are never left in the dark.

3. Top Notch Negotiators & Processors -- At Loan Restructuring Solutions our team of negotiators are hand picked right out of some the largest bank workout departments. Who better to process and negotiate your clients loan modification than actual former negotiators from the bank workout departments, these are the same people who you would need to talk to at the bank in order to get a loan successful modification, now they work for us.  We do not use attorneys, or ex-collectors, who we feel in fact does not help your clients chances of getting a successful modification. Why would you want to put the banks on the defensive when asking them to help your clients?

4. Money-back Guarantee -- At Loan Restructuring Solutions we offer a 100% money-back guarantee in writing.  Therefore it is in our best interest to get a successful modification for your client, if not, we do not get paid one cent. So you can rest assured that if we guarantee a file it has a excellent chance of approval. Presently we have a 98% success rate on files that we guarantee. Hey! No one is perfect! But we are trying!

5. Customer Service -- From the first day that you become one of our affiliates we will roll out the red carpet for you.  You will be assigned your own personal Account Executive to handle any and all questions you may have.  If by chance you are unable to reach your account executive immediately, your call will automatically rolled over to one of our Sales Managers who can also help you with any questions and concern that you may have. When you call you will always be able to speak with a live person not just an answering machine, at Loan Restructuring Solutions apart from getting successful modifications for your clients, customer service is one of our top priorities,

If you would like any further information about our service please call or email me back at the number and email address below.  We look forward to doing business with you in the near future

Rick Whipple
Account Executive
1175 W. Ray Road, Suite #8
Chandler, AZ
Office -
Fax - 
Jul 01, 2009 01:02 PM