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limit on how many loan modifications you can get
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9/28/2010 4:42 PM (PST)

Is there a limit on how many times you can get a loan modification say per year??

thanks

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9/29/2010 10:21 AM (PST)

Hi Sandy,

I guess it would depend on how permanent your last loan modification was. If you got a rate that is fixed for 30 years you are probably bound to that. If you received a modification before and it was only temporary (ex. 2 Yr ARM, 5 YR ARM), I really can't say for sure.

I suggest calling a HUD-approved nonprofit housing counselor. You can speak with a certified counselor by calling 888-995-4673. They can evaluate your housing options, open lines of communication with mortgage lenders, negotiate a loan modification, and help you with household budgeting, all at no cost.

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9/29/2010 10:46 AM (PST)

Thanks!!!!!

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9/30/2010 3:33 PM (PST)

Hi Ron,

I am not able to find a BBB report on the business, but I did Google them and all the results I came up with were dated late September. This tells me that the company is brand new, which would explain why we don't have a report. This also raises some red flags for us- When a company is so new they haven't had a chance to establish any sort of track record or reputable business practices. The biggest thing that stands out in your question is the upfront fee, though- It has been illegal within the state of California to charge an upfront fee for a loan modification since 2009. You will not see that money or get a modification.

I suggest calling a HUD-approved nonprofit housing counselor. You can speak with a certified counselor by calling 888-995-4673. They can evaluate your housing options, open lines of communication with mortgage lenders, negotiate a loan modification, and help you with household budgeting, all at no cost.

also preventloanscams.org

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