The broker I used to buy my house recently contacted me. He wants me to pay him to get the banks to modify my loan. From what I understand with these loan modifications, you have to be at least 60+ late on payments. This was his response to that question. Does this sound strange? Have any of you heard of a program where you can do loan modifications as explained below:
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60+ days delqnt….absolutely not, only because we have several mod’s already done with perfect credit.
with your file i would ask for current market value, principal reduction and a 5% 30 yr fxd. rate. this is what we have seen approved. also on the fee ($2,500), i would need as close to the full fee now and the rest over a peroid we would agree upon.
This process will take every bit of 60 days. time is of the essence
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