Posted on: 26th Jan, 2010 02:56 pm
Hi, has anyone ever heard of this USMAC LAW GROUP company doing restructing of your loan? They want to basically restructure my loan at current value and then the goverment will write off the differnece?? They have investors that do this and I would be paying the investor back on the new loan. Is this a scam?
Hi daisy,
If you can negotiate with your lender properly, he would be ready to accept your loan modification request. The lender would judge your financial situation. Depending upon it, he would accept your request. If your lender does a principle reduction, then there are chances that the lender would write off the difference. However, if the lender reduces your interest rate in order to lower your monthly payments, then the principle amount will not be lowered and thus you would be liable to pay off the whole amount.
Check out a discussion on USMAC Law Group from the given page:
http://www.mortgagefit.com/companies/usmac-modification.html
Thanks
If you can negotiate with your lender properly, he would be ready to accept your loan modification request. The lender would judge your financial situation. Depending upon it, he would accept your request. If your lender does a principle reduction, then there are chances that the lender would write off the difference. However, if the lender reduces your interest rate in order to lower your monthly payments, then the principle amount will not be lowered and thus you would be liable to pay off the whole amount.
Check out a discussion on USMAC Law Group from the given page:
http://www.mortgagefit.com/companies/usmac-modification.html
Thanks
Thank you James for your reply. So are you saying that I can use this USMAC LAW Group to restructure my loan? Are you saying that my current lender has to accept their request to do this??
Yes USMAC is a scam, believe me they got close to 2000.00 dollar from me and my husand. Stay away from them!!!!!!!