I'm curious as to what is required to setup your own modification biz?
The startup investment companies buying up discounted bad loans – that seems to be the flavor of the week. Those companies and the bad loans they purchase are outside the scope of the ever-changing guidelines and laws.
Or you can stick to sure-fire things like MonaVie.
There really is NOTHING that a modification company can do that anyone can't do on their own. In 90% of the cases, the lender won't "negotiate" with a company, they review the package submitted (the same one that anyone, including the borrower themself can send them, not just mod co's) and decide on that. I've seen folks who've paid as high as $14k for a loan mod. and got zilch. Just look on the BBB sites and local small claims Court dockets for the stacking complaints against these dudes.
There are SOME attorney's and Mod. Companies who know what they're doing, but they're few and far between. Again, with a bit of patience the borrower can do the same for themselves and save the cash. I am a real estate fraud investigator for a So. Cal. District Attorney's office, and based on the criminal complaints coming into our office IMO this is the biggest consumer scam since Bernie Madoff started his $50B Ponzi.
Stop paying the mortgage and credit cards. Then they'll be more willing to talk. Doesn't always work though, it's a roll of the dice.If someone want to see if they can help me with my loan, I am all ears. I went to my lender and they weren't willing to modify my loan. I want a lower monthly payment.