U.S. Loan Modification - Loan Review Dept Informative - Thinking of Applying for a Home Loan Modification?
Heard about these loan modification companies that for a pretty steep upfront fee, around $2-3,000, you can have your monthly mortgage payment greatly reduced? There's been a few reviews here lately about one called Home Relief Services.
Today, I received a solicitation from U.S. Loan Modification. Right away there were red flags:
1. My name is spelled wrong.
2. The original loan amount is incorrect.
3. Information was obtained from public records and there is a note that no information was obtained from the bank that owns my mortgage.
4. Based on my credit rating I qualify for a guaranteed fixed interest rate of 3.25%.
I then went to this company's web page, which I had to search for as it's not listed on the letter. Sure enough in the FAQ's, you do pay a fee upfront, calculated based on your current mortgage monthly payment amount and the complexity and urgency of your situation (foreclosure status). In other words, I'd have to already be in foreclosure with my credit rating already shot, but b/c I have such a high credit rating I am guaranteed a fixed 3.25% interest rate? hmmmmmmm
There is NO contact information or company information listed anywhere that I could find. There's a toll free number to call and apply or you can apply online (giving them all your information of course) and someone will call you.
There are type-o's on their website as well, seems insignificant, but a reputable company would have professionals reviewing and editing/correcting any errors.
If you get one of these solicitations or are actively looking to modify your home loan, make sure you research thoroughly. The letter looks very credible upon first glance, but don't be blinded by the promises of a really low interest rate and guarantees of a full refund if not approved.