"House Payment Rescue" experience?

ibetterquit · Joined: 25 Jan 2008 Posts: 5

Have anyone work with "House Payment Rescue" before? Good/Bad experience?

I have a ARM and the rate will expire soon.. they told me that they can help me to talk to the lender and "freeze" the rate for few more yrs (or even lower the rate). The cost is about one month of my mortgage.. what do you think? Does it sound like a scam?

Thanks in advance! :)

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Try calling your lender first and save your money.

ibetterquit · Joined: 25 Jan 2008 Posts: 5

Thanks...I never have experience to talk to the lender. Usually what's the chance that they can help me out on the interest rate?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

They'll do a review of your loan and determine if it makes more sense to let you go in to foreclosure, or eat the difference in rate. I can't give you a percentage, each company would be different.

Talking to the lender won't be hard. Call them up, tell them that you're uncertain about the payments after the adjustment, can they tell you what they will be (if you don't already know) and explain to them the hardship. Chances are good that they'll want to help you, especially if you are upside down in the property.

m2c · Joined: 03 Aug 2005 Posts: 937

Know nothing about this company but they have an interesting site. Love it when an ad says “no hidden fees”; typically means they’re “right there on our bill”. Also I’m trying to figure out what they mean by “95% success rate” == what’s the definition of “success”? An alarming number of their “advocates” indicate no address or just a post office box. Many operate from a cell phone and do not have a fax number indicated.

These folks could be the greatest thing since sliced bread but it could be a case of “if it walks like a MLM operation, quacks like a MLM, could be it IS multiple level marketing”.

jredz · Joined: 18 Nov 2007 Posts: 61

Before you agree to any terms, whether loan modification or refinance, make sure to check out your options with at least 1 banker, 1 broker and a loan counselor.

With mortgage rates as low as they are today it may be in your best interest to refinance into a fixed rate mortgage rather then extending your adjustable rate mortgage. If you extend your adjustable rate mortgage you will more then likely have to refinance again and pay closing cost again.

Jeremy Redlinger
Future Planning Financial