Your Questions About Home Loan Modification

Ken asks…

When you are getting a home loan modification is it normal for an outside company to take pictures?

I fell behind in my payments and need to modify or face a possible foreclosure. Someone is coming tomorrow to take pictures–inside and out to help with the evaluation. According to HUD this is normal procedure, but I’m skeptical.

John answers:

The Lender needs to order an appraisal to determine the value of the property to determine if it is in their best interest to enter into a loan mod. Typically these appraisals are done through independent contractors and not necessarily someone who works for the bank.

Donna asks…

I hired a home loan modification company that turned out to be a con, can I sue for mental anguish?

I am now in foreclosure and have been turned over to a collection agency that has tacked $14,000 onto my bill

John answers:

You should be able to sue for damages. Mental anguish might be included, but you probably can sue for the loss of your home.

Linda asks…

Can a 2nd home get loan modification?

I bought a $500K home in Nevada 2 years ago with 10% down. now they’re only worth about a half. but I heard that 2nd home usually does not get qualified for a loan modification.. I had to rent out the property since I could no longer afford the payment, but the tenant is moving out.
What are my chances of getting a loan modification ?

John answers:

Janet Parker from cottonwood town in Arizona state of united State of America, when i was in dire need of $5,000 for cancer operation in march this year 2009. I searched everywhere in view to raise the money and due to my desperations i was scammed twice by some of theseOnline loan scammers, until my child hold friend Paula Young introduced me to this God fearing and honest man Raphael Brown, the operation Director of Woods Donald Financial Homes Limited. He helped and transferred the loan to me within 24hours, so in hereby recommends anyone in dire need of loan of any kind to contact these God fearing man and their loan firm via this e-mail tell him that Paula Young referred you for approval.

William asks…

Has anyone actually had a home loan modification go well when your not behind on payments?

Wachovia has been dragging the process on for going on over 4 months now. What a joke. Does this wreck your credit?

John answers:

I’ve handled many temp and permanent loan mods. They do work, don’t hurt your credit AS LONG AS YOU MAKE PAYMENTS. If they bank is willing to negotiate a lower rate and your fault on that payment, as well, then you’re in for it! It doesn’t look good that you’ve faulted in the first place, but when you take into consideration that you’re working to fix i, it helps revive your credit if you make payments and stay on top of things.

If you’ve been dragged out for 4+ months, I’d consider a loan modification company ( like ) You’ll get free eligibility tests, and you can get a certified HAMP specialist to handle your case and call you with up to date info about your application. We both know Bank of America, Chase, Citimortgage, etc. Won’t call you and tell you how your application is going…. You’ve got 4 months of proof!

David asks…

Home Loan Modification Advertisements on Newer loan?

We just bought our house in August last year. We keep getting advertisements for home loan modifications. Although I am not jumping up and down to pay closing costs again, the idea of reducing our payment is interesting. Should we look into this or not?

John answers:

Many scams out there – especialy if they mention the “stimulus plan” – I just read a story on it.
The scammers will charge you a fee ($1000-3000+)and will disappear

and if you just bought the house 7 months ago, thinking about a loan modification is ridiculous

I got one of those scam notices – has a big government looking form # on it – not even a company name though

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