Posted on: 18th Nov, 2009 06:21 pm
I have been going in circles for months with Wells Fargo on a loan mod. Try #1 returned a no because I did not send in a paper on time. I live in Hawaii, takes us 10 - 12 days to get the mail, we got the request for more docs due in 10 days from date of letter on the 12th day.
Try #2 got us a 3 month forbearance, and they said to have $10 - $20K saved up to pay towards the deficiency at the end. Thus we got the $20K as a gift from mom, on the 2nd month of the forbearance program and deposited it. They asked for updated bank statements, I sent them…..then then canceled the forbearance as we had too much money in out account??? I explained but she did not care and said I had to start making old payment for 3 months then can re-submit, I think it’s a game!
Thus my question is has anyone had any experience with a 3rd party negotiator that says for a fee they will negotiate for you?
Greg
Try #2 got us a 3 month forbearance, and they said to have $10 - $20K saved up to pay towards the deficiency at the end. Thus we got the $20K as a gift from mom, on the 2nd month of the forbearance program and deposited it. They asked for updated bank statements, I sent them…..then then canceled the forbearance as we had too much money in out account??? I explained but she did not care and said I had to start making old payment for 3 months then can re-submit, I think it’s a game!
Thus my question is has anyone had any experience with a 3rd party negotiator that says for a fee they will negotiate for you?
Greg
greg, lots of people have had experience with these companies. you can read an entire litany of complaints, praise and opinion in the About Mortgage Companies forum.
i, for one, have never had experience, but i am a strong advocate for not using one of these outfits. there is too much evidence of dirty dealing, scams, poor service, etc. as it relates to them. further, i am of the opinion that paying someone a substantial sum of money before they've even begun to work on your behalf certainly decreases their incentive to work hard for you.
also, i advocate using housing counselors such as are found on the hud.gov website - trained individuals working for non-profit agencies that will not try to obtain exorbitant fees upfront for no work done.
clearly do-it-yourself didn't work for you, but i suggest you be very wary about forking over big money to a company that "guarantees" results, for example. keep in mind that there are no guarantees, and this ought to be a red flag immediately.
i, for one, have never had experience, but i am a strong advocate for not using one of these outfits. there is too much evidence of dirty dealing, scams, poor service, etc. as it relates to them. further, i am of the opinion that paying someone a substantial sum of money before they've even begun to work on your behalf certainly decreases their incentive to work hard for you.
also, i advocate using housing counselors such as are found on the hud.gov website - trained individuals working for non-profit agencies that will not try to obtain exorbitant fees upfront for no work done.
clearly do-it-yourself didn't work for you, but i suggest you be very wary about forking over big money to a company that "guarantees" results, for example. keep in mind that there are no guarantees, and this ought to be a red flag immediately.
Aloha George and thank
you for your input. I will look into the ones on HUD as you mentioned.
you for your input. I will look into the ones on HUD as you mentioned.
