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Review 5/14/2010
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Our experience with PLS was pleasant at first, the people were friendly and we thought we were doing the right thing by getting a loan mod. The $3000 upfront fee sounded rather high, but we were desperate and in need of a lower mortgage payment. Three months later, we entered the "trial period" where we paid the mortgage company a semi-reduced payment each month to prove that we were capable of making regular payments. After the trial period was up (3 months), we sent in new paperwork to secure a new lower fixed payment (which was still not as low as we were promised by PLS). Somehow, and I do not know whether or not this is PLS' fault, but the mortgage company said that the paperwork they received was not signed. I have no idea how this is possible, since we hired a notary to watch over us as we filled out the paperwork in full. Anyway, the mortgage company ultimately denied our loan mod because of incomplete paperwork. Essentially, we are out $3000 and are now dealing solely with the mortgage company.
My point is:
If at all possible, please talk to your mortgage company FIRST before talking to any kind of loan mod company that wants an upfront fee. Granted, the mortgage company isn't always pleasant to work with, but at least it's FREE. After all of this, we are two months behind on our mortgage, and are close to foreclosure. I hope that more people will read these reviews before getting themselves into the same situation that we are in!!
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