Help,
I am two months behind on my mortgage and have been sent a default notice. I have talked to my mortgage holder and the only thing they can do is divide the months I am behind over a period. This means my payment per month is even higher. I have called the HOPE number for homeowners but have not received a return call yet. I then tried going under the hud home counseling web sites. I was directed to several counseling companies and 3 called me back. Here is my real question?? Are these companies for real? Can they really negotiate with my mortgage lender for a loan modification? These companies say they deal with banks and mortgage companies and have a 90% success rate in loan modification. I asked how it all works and they tell me that after signing to get them to help me my loan is in a "freeze" state. I don't have to pay on the loan but I do have to pay them a fee, which varied from 1300 to 2300 for their services. Please help with any information you can give.
Thanks...

I do not have any first hand experience dealing with these companies (nor do I know specifically which ones you've talked to), but I definitely think this falls under the category of "if it's too good to be true it probably is."

All mortgage companies are different. I know that some won't "deal", and others are offering incredible deals to their customers right now, and, of course, all in between.

My personal advice (based on 15 + years experience as a real estate investor and dealing with tons of mortgage companies) is to just keep pestering them. Have you made them an offer, or have you just asked them for what they can do?

What is your situation? Are you able to pay something every month, or are you not able to pay anything more at all? I've heard of quite a few situations where people get going on their payments again and the mort. co. agrees to add the delinquent amount to the balance of the loan. Otherwise you'll forever be behind. I think mostly that depends on what your payment capabilities are and will be going forward.

They don't "want" your house. So if you can eventually get ahold of the "right" person at the mortgage company I think that's your best bet.

They do nothing that you can not do on your own. If they are willing to change the terms of your loan,