Cost of Loan Modifications
One of the most common questions we are asked is “How much will a Loan Modification cost”? The answer depends on various factors, including many standard costs, which may include bank fees depending upon the policies of your lending institution, any required document stamps, filing fees, county/city/state recording fees, and service charges from providers. Depending upon your situation, a few, many, all, or none may apply. One thing is certain, it will probably not be absolutely FREE. Harken back to the everyday sayings…..”Very few things in life are free, and you get what you pay for.”
That being said, there is NO CHARGE at all for completing the “Eligibility Questionnaire” information on our site (see form on right). Normally, within 24 hours, we have evaluated your information and referred your case to a Loan Modification Specialist, a paralegal, or perhaps even an attorney or law firm if we deem it essential to your situation. In any case, the person contacting you will be a Certified Specialist in the area of Loan Modification and who is legally approved to operate in your State,. They will perform a telephone consultation with you, and there is NO CHARGE for this consultation. Your options will be explored and explained to you, and your questions and concerns will be addressed at that time. During this consultation, any fees or charges that you might expect along the way will be brought to your attention. Remember, other than attorneys and law firms, it is against the law to receive upfront fees for Loan Modification assistance, so you should expect that no payments would be made on your part right away, even if there are some eventual charges or fees associated with your case, unless you are dealing with a bona fide law firm requiring a retainer.
One the variable factors which usually effect the costs involved in obtaining a satisfactory loan modification include urgency. Are you in foreclosure now? Is the foreclosure auction scheduled for next week? Or are you current in your payments but expecting to fall behind soon. As you might imagine, the need to act immediately and place your situation above all others would probably be more expensive.
All of this is just common sense, and all of these factors are the same in any type of transaction, loan modification or something as basic as getting a good seat at a restaurant. If you tip the maitre’d, you’ll be able to jump in front of all the others waiting outside the restaurant for a seat!
When you fill out our form, you will usually be called by one of our Representatives within 24 hours. Based on the criteria you provide in the form, we attempt to match you up with the best choice of representatives based on your lending institution, your location, and your urgency. Urgent situations are escalated immediately to an attorney. Other more slowly paced needs may be referred to a Loan Modification Specialist, a paralegal, or a junior attorney.
During this consultation, your situation will be discussed and evaluated. Your potential options will be explained to you, and you will be informed of how long the procedure might take, whether or not an impending foreclosure can be halted for the duration of the application, your odds of success, and any other questions you might have will be discussed.
If there are charges involved, they will be set forth to you, as well as a timeline of what needs to be paid at which certain action events. If, at the end of the the consultation, you choose not to continue the course of action laid out for you, there is no charge at all for completing the web site form, or the initial consultation. If you decide to follow the recommendations of the specialist you will be working with, then charges about fees will be discussed and agreed upon at that time.
In general, depending upon the various variables that make up your particular situation, costs of a Loan Modification may run from $400 to $2000 dollars.