Most borrowers, following the steps in The A, B, Cs of Getting Your Mortgage Modified, can handle the modification process themselves. If they have questions as they proceed, they can get answers without charge by calling 1-888-995-HOPE, or from a HUD counselor at http://www.hud.gov/local/index.cfm. For residents of California and others looking to do business with California-based loan modification companies, the state Department of Real Estate has a web site (www.dre.ca.gov) that allows them, among other things, to check whether a company is licensed, and whether or not it has been the subject of a disciplinary action by the Department.
But some borrowers, for a variety of reasons, prefer to be represented, not just counseled. They want someone to "take over" the process for them and follow it to a conclusion. Such borrowers can’t depend on counselors to do this, their job is to counsel, not to act as the borrower’s agent in dealing with the servicer.
Because there is a demand for representation (as distinguished from counseling) services, an industry has arisen to meet it. For a fee payable in advance, these modification specialists will (or claim to) represent borrowers in dealing with servicers. Fees vary but most are in the $2500 - $4,000 range.
Some of these firms may perform a decent (if over-priced) service, but many are scamsters who collect fees and do little else. There is no way for borrowers to tell the difference. I strongly advise borrowers not to respond to their solicitations.
My problem is that I have not had an acceptable alternative to recommend to borrowers who clearly need a representation service. To meet this need, I have decided to compile a list of those doing modifications who meet the following specifications:
*Their fee structures are clear and explicit.
*They charge a total fee that does not exceed $1500.
At this point, I can’t certify the quality of service these firms provide, but I expect to monitor them and report results when they become available. For this purpose, I need your email address at the time that you contact one or more of the firms.
I am not compensated by any of these firms.
Firm:
Christopher G. Blood
Straight Arrow Real Estate Consulting
4809 Clairemont Drive #286
San Diego, CA 92117
(619)
www.straightarrowservices.com
Real Estate Broker/Attorney
CA
CA Bar License No. 215036
Prices
Fee Paid in Advance
$750
Non-refundable: $150
Fee for Preliminary review: $225
Time-based charges:$125 an hour to a maximum of
$375
Additional Fee For Successful Mod of
First Lien: $375
Additional Fee For Successful Mod of
Second Lien: $275
Maximum Fee: $1400
Rebate: Up to $600 on termination of the
agreement by either party prior to preliminary review, up to $375 on
termination after preliminary review but prior to other time-based
charges.
Coverage
All states
Firm:
Law Office of H.N. Williams and
Associates
7545 Irvine Center Drive, Suite 200
Irvine,
Phone:
hnwilliams@cox.net
Prices
Fee Paid in Advance:
$950
Non-refundable: $50
Maximum Fee: $950
Rebate: $900 “in the event a loan
modification solution is not reached.”
Coverage