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Can't find the Answer you were looking for?
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5725 page views
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I got approved for a loan modification thru a 3rd party company. What if I dont take it?
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4/15/2010 12:42 PM (PST)
I have a question I hope someone can help me with. I recently did a loan modification with a company called Quest Financial Solutions in Santa Ana, Ca., and they got my loan approved for a payment reduction. But now looking at the approval, I dont think its worth accepting it. My payment only goes down a few hundred bucks, and I have to pay Quest $2500 if I take it. I didnt pay Quest anything yet, and their contract says I only have to pay if I am approved and accept the new terms. Is this true, Or can they still come after me for a fee for using them? Also,if I dont take the new loan, does it hurt me in anyway with my loan I currently have? I am not behind on payments or anything, and don't want to end up in a mess. Quest is telling me nothing will happen, but I need a solid answer, and i dont trust anything American Home Motgage tells me.
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4/15/2010 1:42 PM (PST)
If your contract says you only owe them a fee if you accept the modification terms, then you won’t owe them anything if you reject the proposal. Also, if you reject the offer, it won’t affect your current loan.
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4/15/2010 5:00 PM (PST)
Thank you D for your input. Ive talked with some friends of mine too, and I'm still on the fence about accepting it, over time it may make sense. But your reply helped as well:). I'm confused about Sam S. post? I have a loan modification approved and have paid nothing so far. I don't know if you're fishing for business without reading the posts, or if just can't read?
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4/17/2010 4:53 AM (PST)
sam replied the exact same way to my question, he is just fishing for business.
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