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Expert Financial Services is Asking Me to Pay $1995 for a Loan Modification. – Patti

“Dear Steve,

I was contacted by Expert Financial Services to help me restructure my home loan. I lost my job in April, 2009, however, my husband is working so we have been able to keep up our payments. In March, 2011, my fixed rate home loan at 6% goes to a balloon payment. Expert Financial is asking for $1995 fee up front and have told me that they should be able to reduce my monthly payment from $1400 to approx. $840 and reduce my rate from 6% to 2-4%. They told me that it takes 45 – 60 days to complete a restructure and once it takes place, I won’t have a mortgage payment for the first month, saving us $1400 and with the reduction of the mortgage payment to $840, we should save $560 a month going forward, thereby recouping most of the fee in the first 2 months.

Thanks…Patti”

Dear Patti,

There have just been way too many stories of companies making similar claims yet providing little to no relief. My suggestion is that before you consider this offer that you contact a free HUD Housing Counselor and ask for a review of your situation.

The big issue seems to be that you are not currently having a financial hardship and you are making all the payments. It appears it is the pending loan refinance that is worrying you and I really don’t see how the typical loan modification process is going to address that problem.

Have you talked to a local loan broker about possibly refinancing into a lower fixed rate? That might be a good avenue to explore as well.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Do not use EXPERT FINANCIAL SERICES THEY ARE A COMPLETE SCAM. Just GOOGLE THERE NAME AND CHECK OUT THE SCAM TOPICS YOU WILL NEVER SEE THIS MONEY AND YOUR LOAN WILL NOT GET MODIFIED.

  • About Consumer Resource Group

    Consumer Resource Group is a financial consultation firm that educates and mentors consumers who are committed to living debt free. Recognizing that the path to financial freedom is not necessarily the same for everyone, Consumer Resource Group works with clients to find the debt service platform best suited to their individual circumstances. In this way, Consumer Resource Group helps its clients find the path to financial freedom. (no upfront fee’s and a free consultation) direct email, [email protected]

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