i have checked into this program through first alliance lending and they say i qualify for this probram but that they need $950.00 to start the paperwork. is this company legit and is this fee a fair one? $350.00 for appraisel and the rest for paper work and if not qualified the rest is refunded. i am currentley in bankruptcy and have gotten 2 payments behind on mortgage. my intrest rate is 14% interest only @ $2111.87 a month. coming due in 7 months for a payoff of $179,000.00

if anyone can suggest anything it would be appreceiated.

I spoke with a loan modification company about the Hope 4 Homeowners program and asked him why is has such a low success rate--they've only helped 25 people so far. He indicated the banks do not want to lower principal balances and aren't required to, and this is why the success rate is so low. Even with Obama's plan, only a bankruptcy judge can do a "cram down" and lower the principal, and that's after you've stopped paying and destroyed your credit. You may want to contact a loan modification company but make sure attorneys will be handling your case--in other words, make sure they're backed by a real estate law firm and have an excellent rating with the BBB. The company I'm using is Activus and you can go to their website on line for contact info. They're charging me $2300 total, and that's cheaper than the other companies I contacted. Now, I'm just waiting for the results, which will take about 60 days they said. I'll let the board know the outcome, but they sounded very positive and specifically stated, "We don't take your money unless we're confident we can do what we tell you we'll do." According to them, my interest rates will be cut so my payments can be brought down to a more affordable amount. That's all I'm asking for anyway. Good luck in your situation.

I didn't realize you were filing bankruptcy. At this point, I would suggest you get an attorney to help you with your situation as you're going to need one, especially if you want the bank to do a cram-down. Bankruptcy judges are the only ones who can order that at this time. Good luck.

If you are only 2 months behind ask your bank to take partial payments till you are caught up. They should do that; I know Chase was doing that. Then stay current for at lest 2 months; then get into credit repair bring your scores to 620 or better, and then start applying for a refinance.