what is the average loan modification fee to pay to the lender?
I am doing myself. Is now mandatory to tell It on writing before sign it?
fee charged by the lender
Loan Modification Help
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The simple answer is that, while fees can range anywhere from $0 to $10,000 or more, most reputable companies tend to charge somewhere between $1250 and $2500. $2000 is a good target, depending on home values in your area.
Doing it yourself is not a smart idea. Are you familiar with loss mitigation? if you were in trouble and had to go to court, would you represent yourself or hire an attorney ? I was in the same situation and found one of the top loss mitagation firms in the country, saved my home and lowered my rate lower than my mtg company had offered. All with a moderate price, email me if you would like some more info
Yeah, doing it yourself is risky.
reputable companies with an attorney will get it done right for $2,000 to $3,000..
What if you have errors again on your loan documents from the lender, will you know OR would a real estate attorney know?
Although, saving some bucks is a good idea in this economy but the legal advise is sometimes priceless & they may negotiate a better deal for you.
IF your lender is not giving you 3% or less, I’d suggest you to go to an experienced attorney in loss mitigation. I am in the middle of one myself and like some of the professionalism while I can concentrate on my job and not deal with those numskull lenders. …;-)
Hi Fast Pace;
I paid $500. That was for document preparation.
Your lender will be very clear about the costs involved if any. DO NOT pay any money to anyone other than your mortgage company or bank!
Good luck;
Max