Retail Mod Services Sprouting Up

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MORTGAGE EXPERT
10 · 07 · 09

As up-front fees become more difficult to collect on loan modifications, fewer new modification firms are emerging. But a cottage industry of free and paid services is emerging to help borrowers complete modifications themselves.

Borrowers can use FreeLoanWorkout.com Inc. to get educated about completing the loan modification process, a news release said. The service, which went live Saturday, “is free of charge to homeowners and participating financial institutions.”

Tax attorney Roni Deutch said in a September statement that she will use her experience taking on the Internal Revenue Service to take on servicers on California loan modifications.

Great Northern Mortgage Corp. president and New York attorney Igor Noble issued an August 24 announcement indicating he is now offering loan modification services.

California-based Feldman Law Center issued a Sept. 29 statement supporting the state’s crackdown on loan modification firms and touting its own “highest ethical standards.”

Los Angeles-based Home Ownership Protection Experts Inc. — or, as it calls itself, H.O.P.E. — announced on Oct. 1 that it won’t collect any fees for its modification services until an agreement has been reached with the borrower’s servicer.

US Loan Mod LLC is promoting a step-by-step modification workbook.

Also jumping on the retail bandwagon was ForeclosureU.com, which in August announced software for borrowers to help them create their own modification proposal.

ModTutor.com is offering free advice on its site.

ModTrainer.com offers a free educational system with a “forensic mortgage audit report.”

And M3 Strategy launched a new Web site that it says helps borrowers deal with mitigation options — including loan modifications.

Loan Modifications Exposed has been published to inform borrowers about the modification process.


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Mortgage Daily Staff

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