10/7/2009 8:44 AM (PST)

Gerald, You should consider reviewing the BBB Reliability Report on the company at http://www.labbb.org/BusinessReport.aspx?CompanyID=100081819. Some customers report that Prodigy fails to obtain the promised modification and that the company over states their ability to perform.

You should consider contacting your mortgage company's loss mitigation department and then seek the advice of a HUD certified counselor. For more information, you can visit www.995hope.org.

10/7/2009 10:55 AM (PST)

Gerald,
To find out what homeowners can really expect from a loan modification request, we asked one of the country’s largest HUD approved nonprofit housing counselors. This organization handles thousands of modification requests with all manner of lenders. Here’s what they told us:

• If you aren’t delinquent on your mortgage but expect a future hardship, you may still be eligible for a loan modification. Be prepared to demonstrate the reasons you cannot remain current on your mortgage. The process takes time, so be patient.

• Be prepared to provide the following: a letter explaining the reasons for your mortgage default or financial hardship, proof of your current income, itemized monthly expenses, tax returns for the past two years, a copy of a recent utility bil, and proof of paid property taxes and homeowners insurance.

• The Making Home Affordable loan modification program (MHA) is trying to help save homes, but it’s a complicated process. If your lender or servicer is a participant, they will try to restructure the loan so that your front end housing expenses are within 31% of your gross income. These expenses include principal, interest, taxes, insurance and association dues. They accomplish this by: reducing your interest rate, extending the term of the loan, or by permitting a small forbearance of principal (which will then added on to the back end of your loan, usually as a balloon payment). Permanent loan principal reductions are rare, and in most cases, interest reductions last only for a few years. Don’t believe promises of large permanent principal reductions or interest rate reductions.

• If you get approved for a loan modification, it will be a “trial modification” for a three months. After that, your situation will be re-evaluated. To qualify for the permanent modification, you must not default on the trial program. See http://www.makinghomeaffordable.gov/borrower-faqs.html#b1 for more info.

Be wary of paying money upfront for loan modification or foreclosure rescue. Many homeowners have been victimized by companies promising loan modification and the consequences can extend beyond losing the upfront fees.

Consider dealing with 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.

11/23/2009 5:43 AM (PST)

RUN RUN FAR AWAY I'M A CURRENT CLIENT LOST ALL PAPER WORK NUMBERS OF TIME ALWAYS SOME ONE NEW ON YOUR CASE WHO HAS NO IDEA WHAT WAS DONE AND HAS NO IDEA WHAT THEY ARE DOING. GOOD LUCK GETTING A HOLD OF SOMEONE MOST OF THE TIME YOU WILL GET VOICE MAILS DONT WAIT FOR THE BACK BECAUSE ITS NOT COMING. DEALING WITH FOR SIX MONTHS AND STILL ASKING ME TO GIVE THEM PAPER WORK THAT I HAVE ALREADY DONE 5 OR 6 TIMES I AM OPENING COMPLAINTS, CLAIMS WHATEVER IT TAKES TODAY. I REALLY NEEDED A LAWYER I HAVE BAD LOAN DOCS. AND I HAD ALREADY HAD A LOAN MOD I GOT ON MY OWN. NOW NO LOAN MOD. DONT THINK I CAN REAPPLY FOR A YEAR 6 MONTHS WITH A JOKE AS A LAW FIRM. IF I LOSE MY HOUSE I LOSE EVERYTHING THIS IS ALL I HAVE.MY HUSBAND, MYSELF, AND OUR 4 KIDS WILL HAVE NO PLACE TO GO AND IT WILL BE PRODIGYS FAULT OR MINE FOR HIRING THEM. THEY ARE WONDERFUL TELL THEY CASH YOUR CHECK. THANK GOD FOR ONE THING I HAVE NOT PAID IN FULL

10/21/2010 11:17 PM (PST)

This supposed firm is a scam, the problem is that no one has been prosecuted. It was a loan mod center started by former loan officers who got rich starting the mess we are all in. Stay far away because this was never a legit business. How do I know? I worked there!