Are mortgages co. allowed to charge a payment for a loan modification application?
Answers:
I believe that is an unfortunate truth
Upfront charges are not allowed by directive for mortgage loan modification applications. Payment or service charge is made when the loan modification application has already been approved by the lender. This is the most permitted payment time. How much payment and jargon will depend upon the applicant and the loan mod company. Source(s): http://www.loan--modifications.com
I would expect that would be the case
The mortgage company has to pay cheque people to review your application.
I would say that it is equal for them to recover their costs.
However I would say that a tax in excess of their costs is not appropriate.
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