Pay to prepare your loan mod package

Fee for 'expert' help can streamline process, hasten a decision

Editor's note: This is the third in a three-part series. Read Part 1 and Part 2.Some borrowers, following the guidance provided in last month's article, "6 tips for a successful loan mod," can handle the modification process entirely by themselves. Other borrowers need help. Unfortunately, as with all disasters, scamsters have emerged to feed on the afflicted by collecting fees for services they promise but don't deliver. You are safe from scamsters if you follow my cardinal rule: Select your service provider; don't allow a service provider to select you. This article is about the options from which you can make a selection. Representation by for-profit companies Borrowers who are overwhelmed by the process may want someone to "take over" for them, staying with it until a conclusion. Representation, as distinguished from counseling, is expensive. Fees vary but most are in the $2,500 to $4,000 range. This segment of the market is also where the scamst...