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Loan modification
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4/9/2010 9:13 AM (PST)

Hello,
Can anybody tell me if H&R FINANCIAL SERVICES, FROM ONTARIO, CALIFORNIA is a legitimate loan modification business? I am at the end of the line financially and to come up with 2,000.00 for a loan modification out here in Pennsylvania Is scary? Does anyone know this company?
Frank

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4/9/2010 10:16 AM (PST)

Hi Frank, H&R Financial Servives is not an Accredited Business with the BBB, has no complaints within the past 36 months and has a C+ rating. The full report can be accessed by clicking the link provided: http://www.la.bbb.org/Business-Report/H-and-R-Financial-Services-Inc-100089948

Warning- Effective October, 2009 in California, it is illegal to collect any fees, regardless of the form, for negotiating or attempting to negotiate a loan modification for a residential mortgage. All modification services must be fully completed before any money can be collected. It is also illegal to divide fees or services into components for the purpose of avoiding this law.

You can visit the BBB's website to research loan modification companies, read consumer reviews on such companies as well as helpful tips in our news section. Good luck!

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4/9/2010 10:33 AM (PST)

Hello,
Thank you, I did see the BBB report [ H&R directed me there] and did, find out that they are not suppose to collect money up front.The company is calling saying they are legit,with no complaints.The company also says they can collect money for out of state modifications?
Frank

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4/9/2010 11:23 AM (PST)

Frank, don't pay upfront fees to anybody. We generally recommend that homeowners start their loan mod journey by calling a HUD-approved nonprofit housing counselor (the nat’l hotline is 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.

If you've read other loan mod questions in this forum, you'll know that state regulators and the FTC recommend that homeowners should never pay any up-front fees and be on the lookout for high-pressure sales tactics.
For more info on loan modification, check out the LABBB's Facebook page at:

http://www.facebook.com/pages/BBB-of-the-Southland/117568537756?v=app_2347471856

Specifically, check out the "Notes" on various loan mod topics and info that can apply to homeowners anywhere.

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4/10/2010 11:18 AM (PST)

,Hi Sam,
I called on Friday. I will be looking forward to talking with you.
Frank,

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4/12/2010 6:24 AM (PST)

You can give Springboard Non Profit Consumer Credit Counseling a call and speak with a HUD certified counselor for Foreclosure Prevention counseling as well as credit and debt counseling. Springboard is part of the Homeowners Hope Hotline.

There are many programs available for families to keep their home, Springboard will partnership with you to get an understanding of your current situation and gather information about your living situation. Gathering this information will help in finding solutions and resources that can benefit you and help with getting a resolution for you with your lender.

Ultimately, the goal is to help you create a realistic financial situation where you will be able to maintain your home long term. If appropriate, we will also facilitate a 3 way call with you and your lender to discuss the loss mitigation options that may be available for you.

State regulators, the FTC, and other federal regulators recommend that homeowners should never pay any up-front fees and be on the lookout for high-pressure sales tactics. Effective October, 2009 in California, it is illegal to collect any fees, regardless of the form, for negotiating or attempting to negotiate a loan modification for a residential mortgage. All modification services must be fully completed before any money can be collected. It is also illegal to divide fees or services into components for the purpose of avoiding this law. HUD approved housing counseling agencies are exempt from this law and since I work for one of these, I of course recommend that homeowners start their loan mod journey by calling us first (our nat’l hotline is (800) 449-9392

If you've read other loan mod questions in this forum, you'll know that state regulators and the FTC recommend that homeowners should never pay any up-front fees and be wary of high-pressure sales tactics.

The first thing you should know is that no one and no company can guarantee that you'll get a modification. Second, not all lenders have signed on to the government plan to encourage modifications.

The lending industry is in a state of flux because of all the applications for modifications. The policies at the different lenders vary, sometimes from representative to representative. The whole thing is very unpredictable. Don't believe anyone or any company that tells you that they have an inside track into getting a modification.

Call 800-449-9392 and let your counselor know you heard about them from TrustLink.

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