The Benefit of Using a Nonprofit Loan Modification Company

There are so many Loan Modification Companies that have sprung up over the last year, it is hard to know which company is legitimate and which company is tying to cash in on a new opportunity. Every company claims to do the same thing; negotiate the current note rate and term, try to get a principal reduction for the client and ultimately put the client in a situation where they will be able to afford their housing payment.

The reality is many of the companies out there are collecting an upfront fee which is nonrefundable and when the lender denies the modification the client is out the nonrefundable deposit that they paid. Nonprofit loan modification companies do charge an underwriting fee, but only after they complete a FREE compliance review, FREE home valuation, and FREE mortgage modification consultation. During the initial review almost 50% of the homeowners that apply for a loan modification are told that do not qualify, which saves them the upfront money that they would have been charge if they used another company.