Re: Cost of a Loan Mod
Most loan mod companies will charge a flat rate, then a rate after they complete your loan mod. This is called a success fee. The success fee ussually depends on how much they saved you or they will calculate the amount based upon your homes value. To anser your question directly it ussually xosts anywhere from $1500 to up to $5000 dollars. If you do decide to hire a loan mod service, remeber thier is nothing they can do that you cant do yourself. Consider them as a service like a housecleaner, it really just saves you time.Sure they may have more knowledge than you might have, but anyone can earn how to do a loan modificaton o ntier own, with a little research. (Check my signature for a link to my free DIY loan mod kit..) In fact I have heard that some banks are trying to get rid of loan mod companies by sending the final paperwork directly to the homeowners so they wont have to pay the loan mod company the "success fee". Hope this helps and good luck!
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