No Free Lunch when it comes to Loan ModificationsPosted by Ben Nicolas on
A lot of Direct Lenders, Banks, Government Agencies and Non-profit organizations are inundating homeowners with messages that Third Party Loan Modification Companies are "scammers" and that borrowers should use extreme caution when doing business with these companies. They tell homeowners that they will do their loan modification for free. !FREE Loan Mod! That sounds great! I'll take it!
Unfortunately as the old saying goes, there is no free lunch...especially when it comes to loan modifications.
I'll give you an example of what I mean. I just called Chase Bank to check status of a Loan Modification sent in on 5/18/09. The first representative told me I needed to wait 6 weeks before I could confirm receipt of the package. I knew that had to be…
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