Do I have to send them the down payment before I get the loan modification... I don't trust them.

Im in the same situation, they want 3,700. to mod, thats all of my savings.Im afraid that if I send them this they will renig on the terms, which by the way the wont provide any paper work on what weve talked about except the 3,700 dollars. Im worried.

I have been working with a loan mod company on trying to rework my interest only 9% ARM. They want a down payment of almost $12,000 to reduce the payment from $5500 to $4500 on a house that is now worth only $600K. Having read this, I am afraid to send them the $12,000 to rework the loan.

Why hasn't someone from AFS chimed in on this thread???

We were only one month behind on our adjustable rate payment when I tried to get them to modify our loan and all they did was give me the run-around! I couldn’t believe it when the guy on the phone (he was a big jerk!) actually said that my family shouldn’t eat so much because then we would spend less on groceries and would have more money to make our mortgage payment! He also said we should get a cheaper car and a bunch of other stuff that was really rude. This whole thing was keeping me up at night worrying about what was going to happen to us. I told my friend at work about this and she said I should call the loan modification company that got her loan modified down to 3.25% fixed interest rate! I finally decided to call them, and in about 45 days they got my interest rate down to 3.85% on a fixed rate too! The company is American Foreclosure Specialists and we are really happy with what they did for us. The website is afscanhelp.com. We chose them because they didn’t make a bunch of promises like some of the other companies and they had a 100% money back guarantee. I hope this helps some other people fighting with their loan company!

We are facing foreclosure on our home. Every time I call HomEq to get info on our options, I am told something different each time. One said they would work a modification without a down payment. Another said there was a sale date on our home which nearly (literally) gave my 65 year old husband a heart attack. Still another rep says we need to come up with $6500 before they will talk to us.

I am going to start emailing the senators and representatives to let them know their bailouts are not working for the average person.

Last Year They denied my loan modification , they told me the same " please make you kids and the adults eat 1 meal a day starve"
and many many other silly suggestions. I contacted HUD , they could not do anything , our government faild us I am from Chicago Obama Town , I had so much High hopes in his administration he failed us too. Just Talk!!!
Daniel

I have heard that people who have sent in their down payment and have not got the loan modification messed up or lied when they gave their financial info over the phone. If you give the correct info off of your paystubs and financial paperwork you should be good. However dont expect to get a loan mod on false pretenses. Also if someone told you no down payment you could have been in a lower department cuz when your loan gets to foreclosure you are required to pay one.