Google Loan Modification and see how many sites pop up-amazing! It seems Loan Modification Companies are the new cottage industry-more & more are popping up everyday. And just who are these companies owned & staffed by? Some of these offer the services of Attorneys who will negotiate directly with the lender on the borrowers behalf. That sounds like it could be an effective method-but the fees are expensive-with no guarantee of a positive outcome for the borrower.
Most of the Loan Modification companies are owned & staffed by former Mortgage Brokers & loan officers who now find themselves out of a job. So with little to no experience, they collect upfront fees from desperate borrowers who are trying to stay in their home. What's wrong with this picture? Borrowers need to have a source of information to educate themselves about Loan Modifications prior to engaging the services of a company charging up to $10,000 (that's not a typo!) for something they could possibly do themselves.
Lenders are becoming more & more open to Loan Workouts. Most have increased their Loss Mitigation staff to handle the high volume of requests coming in. I think we all realize that Loan Modification is a very beneficial solution for everyone involved-the lenders avoid the high cost of foreclosure, borrowers stay in their homes, neighborhoods maintain their integrity and values stabilize.
Now we just have to find the best way for a borrower to obtain a beneficial Loan Modification without exhorbitant fees, delays or worse. There have been several Loan Modification companies investigated and ordered to issue refunds to borrowers for taking the money up front and then never making contact with the borrower or the lender again. I am doing a lot of research to find a solution to this situation. I do not want to see any homeowner lose their home when a Loan Modification might have helped their family stay in their home.
I have written a Do It Yourself Loan Modification Guide to help educate homeowners so they can present an effective package to their lender. I am utilizing my 20 years of finance experience to give step by step instructions, provide the necessary forms and give very detailed tips on what the lenders need to see in order to approve the Loan Modification submission. I want homeowners to save their hard earned money, avoid foreclosure, and stay in their home, and have an affordable home loan payment.
The Complete Loan Modification Guide is available to help homeowners find an affordable option to fix their loan and save their home. Borrowers will learn the 7 steps to a successful loan modification. This easy to follow and easy to understand guide provides all the information a homeowner needs to negotiate with their lender or to assure that a modification company is providing them with the best options.
If you would like more information about home loan modifications, please visit us at:
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Troy Trumm
Vickie, Welcome to Active Rain and congratulations on you first blog post. Good luck and happy blogging.
Hey Vickie - Welcome to Active Rain. I am new myself and have enjoyed it so far. Good luck with the growth of your business!
Welcome to Active Rain! I hope you find this site as informative and entertaining as I have!
Vickie,
Welcome to Active Rain. You'll find this is a great place to learn, share ideas, and most important, build your business! Best wishes on your future blogging. By the way, if you ever have a question on a VA Loan, or an FHA Loan feel free to contact me.
Ron Brown
FHA & VA Loan Specialist
First Mortgage Company of Washington
Puyallup, WA
Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points
Happy blogging and good luck!
Thank you to everyone for welcoming me to Active Rain. My first blog sounded a little bit like a rant -sorry-but I had just finished speaking with a client who had been taken advantage of by a loan modification company. It is frustrating to see a repeat of the opportunists who ruined the Mortgage Broker business now jumping to Loan Mods. I know there are some ethical companies who are truly trying to help homeowners stay in their homes. I hope that there are some regulations put in place soon to monitor this new industry.
I am compiling some very helpful information for my clients that includes explaining exactly what a Loan Workout is-including Loan Modifications for different types of loans (VA,FHA, Conventional)Forebearance, and other options.
I am deeply concerned about families losing their homes, not only for the families themselves, but for our economy and the long range impact this housing meltdown will cause our country.
I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.
Welcome to ActiveRain. Congratulations on your first post. Get around and check out the community, you'll quickly figure out how to supercharge your blogging skills.
Read this blog post: http://www.activerain.com/blogsview/535552/Three-Mistakes-Newbies-to
Speaking of loan mod companies, I recently came across one that operates out of an attorneys office here in Los Angeles. They ask for fees ranging from $2,500- $5,000 on the first phone call WITHOUT seeing any financials/docs or talking to the client's lender. There was no clear refund policy as well, only in the event the loan mod is not successful, the firm would offer to handle the bankruptcy or short sale for an additional retainer fee. They also informed their phone agents that even those homeowners without a job can still qaulify. Against the law? or just plain unethical?