Consumer Watch: Loan Modification Program Revealed

By Amanda Taylor, NEWS 9

OKLAHOMA CITY -- Who doesn't want a lower house payment? But before you jump at the offer of a loan modification company, you’ll want to hear what our Consumer Watch Team found.

We met Marilyn Glover, who lived in Edmond. When her husband lost his job, she turned to a loan modification company for help.

Here's how many of them work: They'll tell you to stop paying your mortgage. The theory behind it is you stop paying your loan and it'll look like you need more help from the lender. The more delinquent you are, the more willing they may be to lower your loan amount. But it doesn't always work, and what happens to the "fees" you pay to the loan modification company?

Tonight on NEWS 9 at 10, we'll show you what happened in Marilyn's case, and where you can turn for help paying your mortgage.