Paid $400 for a loan modification consultant and got zero results

This guy promised he could get my rate dropped on a complex commercial loan, but after 3 months of back and forth he just ghosted me with my money. Has anyone actually had luck with these third-party negotiators or are they all scams?

2 comments

2 Comments

samjohnson10d ago

Yeah those guys are almost always a waste of money, especially for commercial loans. The real problem is they don't have any special access or leverage that you don't already have yourself. What worked for me was calling the lender directly and asking to speak with someone in the loan workout department, then just being persistent about showing them my financials. Did you try going straight to your bank's loss mitigation team after this guy ghosted you?

dixon.spencer10d ago

Paid $400 for a loan modification consultant and that guy just ghosted you? @samjohnson called it right, those third party guys have zero pull with lenders. They literally just call the same number you could call and read a script. I tried one once for a personal loan and he just sent me a link to the bank's hardship application form I already had. You're better off saving that cash and hounding the loss mitigation team yourself with bank statements and a sob story.