Home Rescue LLC: Forget It! No Need to Fork Out $3K-$4k
We reported earlier on Home Rescue LLC's loan modification mail offer and its Web site. We finally reached a real human being at this company on April 15 at about 2:15 p.m. EST. The bottom line: They want $4,000 for a "loan modification," $2K up front and $2K 30 days later. See what the Nevada State Consumer Affairs Division has to say about paying advance fees to loan modification companies. The state of California, too. And read about the FTC's crackdown a couple of weeks ago on two bogus "loan modification consultants."
Basically, you can do loan modifications yourself if you have patience and willingness to do paperwork. You could also work through a non-profit loan modification service in your area, but you don't need to fork out $4K in attorney's fees to some company you haven't heard of, just because they send you an official looking letter with lots of bogus seals. More on those in a minute.
Comments
I actually did a modification through them and saved $825/mo. on my payment. My lender was forced to put a hold on my account for the duration on negotiations so paying the fee actually saved me money over the 90 days. Saved me from foreclosure too and having to try to work with the lender on my own. Have you tried doing a modification on your own? I was on the phone for 4 straight days with them and got nowhere....there are some scam companies out there granted, but the good ones serve a much needed purpose right now. The more foreclosures there are the more it hurts everyone in this country. You may want to get all the facts before you write things like that.
Good luck with your local non-profits, tried them before Home Rescue and they do not have the resources or expertise to get things done unfortunately.
Jake
Posted by: Jake Wilson | May 27, 2009 04:59 PM