Loan Modification Fees

This number seems to vary by company to company. I’ve seen as low as $300 and as high as $3500.

If the company is legit and they can help the person stay in and/or keep their home, the price is really pennies on the dollar as far as savings, so the cost isn’t, to me, as important as can they even get it done.

Many companies are nothing more than fee collectors and sometimes the only way to find out is the hard way. It’s best to do as much research on a company as possible in regard to their ability to even perform the modification, than worry about cost.

Many states are also cracking down on the upfront fee arrangements as the number of fees collected to mods given is very high and fly by night outfits have been srpouting like weeds honing in on distressed hoemowners looking for those last pennies.

I would first have the borrower make the effort themselves, very few lenders are not working with people in need nowadays and most won’t have to pay anything. There are also non-profits set up to help these people or they can go to hud.gov and get a list of organizations that will help them.