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On the rare occasion when a loan modification firm is successful , they almost always accept the first offer the bank suggests this is crazy! The bank s first offer is almost never their best offer, so even if you do get your loan modified, you could stil....

Here s just a couple places where the money is coming from: Dec 26, 2008: Hope Now (a lender alliance) announces its plans to double the number of loan modifications granted in 2009 and save 2.2 million homes from foreclosure with as much as $300 billion in government subsidies Oct 31, 2008: Chase announces plans to modify $110 billion in home loans Oct 6, 2008: Bank of America (who took over Countrywide) announced it ll dish out $8.4 billion in interest rate and principal reduction for homeowners And those are just a few BIG examples loan modifications are being approved right now by every single mortgage lender nationwide so the questions is, do you want to participate or not? Here s the way I see it: Wall Street already got their bailout (to the tune of $2 trillion!), and loan modifications are now bailing out average people like you and me on Main Street - but it s not going to last forever! Why You MUST Do Your Loan Modification Yourself Most Lawyers and Loan Modification Firms are a Scam Don t be fooled! Before I decided to do my loan modification myself, I almost hired a so-called loan mod consultant but thank goodness, I learned the truth first! Here are the scary facts of loan mod firms: Many loan modification firms were started by subprime mortgage brokers who were out of work.

They ll often charge a ridiculous $3,500-4,500 , and once they ve got your money, their focus is on getting more customers, not servicing their existing ones.

These hucksters know very well that they ve only got 6-12 months before banks stop accepting loan modification requests, so their goal is to get as many customers (and as much money) as they can right now.