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Loan Mod Companies Not Allowed to Collect Unless They Perform; 105% Loan-to-Value Refi


We do not do loan modifications here, but back when we looked into the field, our attorney made it abundantly clear that people and companies that do loan modifications are not allowed to collect any money unless they actually succeed with a loan modification. We just heard from a client of ours today who attempted to get her loan modified and paid $900 up front. The company was not successful but our client cannot get her money back. So once again, nobody has any obligation to pay for a loan modification unless the company doing the modification is successful.

Fannie Mae recently came out with their “DU Refi Plus” program. This program allows people to refinance into current, competitive rates without mortgage insurance, even if their loan-to-values are as high as 105%. If you or anybody you know has been unable to refinance because of a lack of equity, you or they should contact us because it is now likely that they can refinance into a very competitive rate, irrespective of their loan-to-value.

Call Jay Voorhees at (925) 855-4491

Real Estate Broker, CA Bureau of Real Estate, BRE# 01524255, NMLS# 335646