I’ve been contacted by Apex Members to do a loan modification on our mortgage. Sounds great. They can get us t least 4%, possibly lower, but I can’t find anything to validate the company online. They said that William D Goodrich is the lawyer that does their work, and I did email him. The problem is that they need $990 upfront before they can begin the process. He said that their company can get us the modification, and if we go to our loan company, they probably won’t give it to us.
How can we find out if this company is honest?
Also, we’ve been in this house for 6 years, but have refinanced 2 x. For the Federal Loan Modification, It states loans before 2009. Our original loan on this house was before 2009, but we’ve refinanced since then. Would that disqualify us for the modification?
When it comes to paying for loan modifications I always like to error on the side of caution. I’ve just seen so many people burned by scammers in this area.
The decision to modify your mortgage is ultimately up to the mortgage company themselves. There is no requirement that they modify any mortgage if they don’t want to.
Just initially looking at Apex Members website there is a red flag for me that makes me cautious. Any time someone has to say something like “Apex Solutions is the industry leader in providing innovative products to fulfill personal financial needs,” (source) it makes me worry. If they have to lead with unsubstantiated puffery and hyperbole then what are we to believe about anything else on the site?
I totally get the concept of hiring someone to assist you with a task that you may not want to complete. And ultimately that is what you might elect to do. But I think it would be prudent, before you start spending money you can’t afford, to contact your lender directly and talk to them about modification qualifications and the process. Also I would suggest you talk to a local HUD Housing Counselor, that is free, about what options are available. Both approaches are free to pursue first and seem to make good logical sense.
What do you think?
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