How Much Should a Loan Modification Cost?
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Experienced Negotiator
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Loan-modification services offer experienced negotiators who will reach an agreement with a mortgage company on your behalf. These fees will range from $300 to $1,500 depending on the loan and amount of time that the loan is in arrears. It is important to note that any additional fees charged by the lender for the modification, such as late charges or interest charges, will be over and above the expense of hiring the negotiator.
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Lenders Will Work With You
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Lenders will also offer you loan modifications at little to no cost. You will have to front the applicable fees the lender charges and any notary expenses of paperwork. This can range from $100 to $2,000. The cost will be dependent upon the amount in arrears as well as any late fees and interest charges.
Bottom Line
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Loan modifications are based primarily on your personal circumstances. There are available counselors through the Department of Housing and Urban Development (HUD) who can provide you with free information about an option that suits you.
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