What is the name of your state (only U.S. law)?
California
I heard ad on radio about loan modification. called Priority Lending. Talked to a liasion he told me I am a good candidate for loan modification based on hardships. Basically Priority hooks me up with Lawyers to make a case for a loan modification. It will cost me $3500 for the lawyers. I was told that is all that I will pay. Priority will not get any of the money they are just banking on me coming to them next time I refi or buy a new home. Basically what I do is collect all the bills I have car bill, insurance, pge, cable, credit cards, mortgage, ect.... I was told if all my expenses add up to more than 55% of my income I will probably be able to get my interest rate lowered and pay $500 - $900 lees on my current monthly payment. I also have to prove a hardship. I own the condo with my wife and my brother we each own 1/3. I recently lost my second job as a distributer and aquired $5000 debit in the process buying products that didn't sell. My brother is also now on unemployment as he is a sesonal worker. My wife and I are also getting divorced and we can't afford for one of us to move out right now because our mortgage payment is so high. My question is if anyone has experiance with this type of loan modification? Is $3500 a fair price for the lawyers? Is it a good risk to take? any input would be apreciated. Thanks!!
California
I heard ad on radio about loan modification. called Priority Lending. Talked to a liasion he told me I am a good candidate for loan modification based on hardships. Basically Priority hooks me up with Lawyers to make a case for a loan modification. It will cost me $3500 for the lawyers. I was told that is all that I will pay. Priority will not get any of the money they are just banking on me coming to them next time I refi or buy a new home. Basically what I do is collect all the bills I have car bill, insurance, pge, cable, credit cards, mortgage, ect.... I was told if all my expenses add up to more than 55% of my income I will probably be able to get my interest rate lowered and pay $500 - $900 lees on my current monthly payment. I also have to prove a hardship. I own the condo with my wife and my brother we each own 1/3. I recently lost my second job as a distributer and aquired $5000 debit in the process buying products that didn't sell. My brother is also now on unemployment as he is a sesonal worker. My wife and I are also getting divorced and we can't afford for one of us to move out right now because our mortgage payment is so high. My question is if anyone has experiance with this type of loan modification? Is $3500 a fair price for the lawyers? Is it a good risk to take? any input would be apreciated. Thanks!!