It's not uncommon for borrowers with "bad loans" to get a mod that changes the terms of the loan - the whole point is to keep them from defaulting, and some lenders will do whatever they can to make that happen. None of the mods I've done so far have involved additional funds from the borrower, but that doesn't necessarily mean anything (and I've never done a mod for this company).
The fact that the borrowers have to come up with $3000 is not your concern - you have no idea what the facts are behind the transaction, nor do you need to know. We've all seen deals that make you want to grab the borrower by the ears and scream "WTF are you thinking?!?", but that's not part of the job description. Ours not to question why, etc, etc....
You might try googling that company to see if there's any info about them. The bottom line is that if you're uncomfortable with the situation for whatever reason, you should just turn down the assignment. Better to do that now than to beat yourself up later over whether or not you did the right thing, right? |
