The Loan Modification Advisor

Current lender is no help whatsoever on assistance or loan mod. More red tape and runaround than I have ever experienced. I know I screwed up, but I am current on my payments. Would it help to get a loan from family to pay off my home-equity loan? Would that improve my credit score? Then could I refinance? A: It's doubtful that you'll be able to refinance as long as you owe more than your manse is worth -- unless paying off your home-equity loan will bring you back into the 80% loan-to-value range. However, to pay off your second lien, you indicate you'd have to borrow money from a family member. That counts as debt -- unless (pssst) it is a "silent," hand-shake type of loan that is not recorded and no one knows about save you and your benevolent relative. (You didn't hear that last part here, by the way.) But let's say you can't refi. That leaves you in the unfortunate position of having to deal with your current lender, a lender which you say is not responding to your pleas for help. Yes, there are a few legitimate loan-modification companies, but they are hard to find. So I'd start by going to a local credit- or housing-counseling agency in your area. These nonprofits don't charge much, if anything at all, and they often can provide the same services as a loan-mod firm that wants a couple of grand. To find a legit counseling agency, go to the Department of Housing and Urban Development Web site (www.hud.gov) or the National Foundation for Credit Counseling (www.nfcc.org). To find a loan mod company that's on the up-and-up:

Stay away from mail, email and telephone solicitors. Ask around for recommendations. Though people don't like to talk about their difficulties, surely you have a friend or love one who is, or has been, in a similar situation. Also ask your favorite real estate agent for a referral. And above all, ask for references who you can speak with about their experiences.
Pay nothing up front. Don't pay until your loan modification papers are signed, sealed and delivered. And then, ask that the fees be wrapped into your new loan amount.
Pay absolutely no attention to money-back guarantees. Not only are they a worthless come-on, they're a pretty good sign that the outfit offering them is a fake.

Just the other day, a federal court temporarily shuttered two allegedly bogus mortgage-modification operations in New Jersey at the request of the Federal Trade Commission. According to the FTC complaints, the two shysters -- New Hope Property LLC of Mount Laurel and Hope Now Modifications LLC of Cherry Hill -- falsely advertised themselves as part of Hope Now, a public-private coalition formed to stem the flow of foreclosures. The consumer watchdog agency charged that the companies promised to modify mortgages or give their clients refunds. But after charging a fee equal to one month's house payment, the FTC said, the supposed loan-mod experts failed to make even one phone call on their clients' behalf and refused to give refunds when nothing happened. This is the type of thing that is going on nationwide, so borrower beware!

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