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Holden Lewis
Past posts from Holden Lewis's Web log about mortgages and real estate, and how they are affected by the economy.
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Mortgage mods for profit

Monday, July 20
Written 10:45 a.m. EDT
RATES: Mortgage rates have held fairly steady since the middle of last week. The tendency is upward, though. I tweet occasionally about mortgage rate changes. You can follow me on Twitter at twitter.com/HoldenL.

PROFIT AND LOSS: The New York Times's Peter S. Goodman writes about ex-subprime mortgage brokers who are now in the business of negotiating mortgage modifications for people who are about to lose their homes. "We just changed the script and changed the product we were selling," one former broker says.

These for-profit debt negotiators want money upfront, and I think most of them are unreliable. There are HUD-certified nonprofits that will help you negotiate a mortgage modification, charging little or nothing.

HUD lists its approved housing counseling agencies.

-- Posted: Jul. 20, 2009

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