This in effect wipes out help for 80% of those applying for loan modification, since no commercial operation can afford to provide free services, and is higher on sub-prime loans. This means that those who are borderline on being approved and may only qualify with professional help may not find a professional willing to take the gamble. Unfortunately this means those that need help the most will now have no where to turn except a non-profit that may or may not be any more help than asking the loan servicing company for help.
Currently there is one company that I know of that has a very high success rate so can afford to take a chance on riskier loan modifications in California.
While you do read headlines or hear about loan modification scams and criminals posing as loan modification professionals ripping off homeowners in the news, legitimate hardship loan modification companies. are and have been getting mortgages modified for clients. I would not be surprised to learn that more than half the modifications reported as completed by banks were negotiated by legitimate loan modification companies.
They work for the homeowner and are effective when dealing with mortgage lenders. Yes you can call your lender and let their home loss mitigation employees do your mortgage modification for you but do think they are looking out for your best interests?
See these articles on what you are really up against when dealing with your mortgage servicer:
My point is not to scare you but to show that when dealing with your loan servicer or lender do not assume you are being helped no matter what you are told the modification you are offered is often arbitrary and wrong.
If you can afford your home at a reasonable payment and interest rate then fight for it and get real help if you need it.
The Real Target Of Bank Financed Media And Political Attacks
Mortgage loan modification professionals are not easily bluffed, confused or intimidated by the tactics banks use to scare homeowners into bad loan modifications that do not work.
These very professionals where the true target of the bank financed media and political campaigns to legislate and regulate legitimate loan modification companies out of business.
Banks would rather work directly with the homeowner who has never modified a loan before and has no idea of what his options are, what he can negotiate or what can be worked out to save his home. The next best thing is a volunteer working for a non-profit that may have only watched some government webinars and little if any on the job training or quality control.
(OK, so that was my rant. Here is what really happens, the "volunteer" working for the non-profit is actually well paid if under trained or qualified. He usually makes $100 - $300 for every loan modification submitted and $400 - $700 for every loan modification that is approved. The non-profit gets what the government pays above that amount. They are usually only concerned with getting as many modifications submitted as possible and some will be approved. Yes that is your government stimulus money at work.)
{note: The above was true when I first wrote this but now even the non-profits like NACA are trying to phase out submitting loan modification requests and only paying there workers $35 per submission with no bonus for successful modifications. To earn $3000/month a counselor would have to submit 4 complete loan modification requests a day. That does not sound like much but when you consider all the documents that have to be collected up and the follow up phone calls, 10 hours per submission is not enough time to submit the application and follow up the bank to push the modification through to completion. Doing a half the job helping someone would require putting in 40 hour days. All that happens is submitting the application as fast as possible and hope you won't call back.}
No-Upfront Fee Hardship Loan Modification There Is No Fee If There Is No Result
Only pay when there is a completed hardship loan modification with a positive result.
There are No-Upfront Fees & No Advance Fees for Hardship Loan Modification until services have been completed. Client will be invoiced once any of the following modifications have been approved and agreed to by the client: Mortgage Re-payment Plan, Forbearance, Trial Loan Modification, Permanent Mortgage Loan Modification, Step Rate Modification or Forbearance.
The Dodd-Frank Act requires that the client is satisfied with the modification or can not be charged for the service. Yes it really is that strict.
No-Upfront Fee Hardship Loan Modification Companies California
No-Upfront Fee Hardship Loan modification
(1st Mortgage only or stand alone 2nd Mortgage)
Mortgage Loan Audit Analysis
Financial Worksheet Analysis
Identify Investor/Servicer/Lender Criteria
Obtain Investor/Servicer/Lender Specific Authorization/Forms
Prepare Budget Analysis
Perform Market Analysis on Subject Property
Identify Homeowner's Hardship?Mitigation Factors Analyze Hardship Letter
Prepare Investor/Lender Work Out Package
Pre-Underwrite to Investor Guidelines
Submit Completed Mortgage Loan Modification Package To Investor/Servicer/Lender As Required
Negotiate With Investors/Servicer/Lender To Obtain Best Possible Resolution
Communicate All Actions & Communications To Homeowner & Corespondent
Obtain Trial Modification, Re-Payment, Forbearance, Permanent Loan Modification, Workout Plan
No-Upfront Fee Hardship Loan Modification On 2nd Mortgage
(Must Be Combined With A 1st Mortgage Hardship Loan Modification Submission)
Update Budget Analysis
Update Financial Work Out Package
Provide 3st Mortgage Documents To 2nd Mortgage Lender
Prepare Investor/Lender Work Out Package
Pre-Underwrite To Investor Guidelines
Submit Completed Hardship Loan Modification Package To Investor/Servicer/Lender As Required
Negotiate With Investor/Servicer/Lender To Obtain Best Possible Resolution
Communicate All Actions & Communications To Homeowner & Correspondent
First complete the short Financial Hardship Application. I or one of my consultants (Art or Antonio) will call you with a no-obligation consultation. If it is determine you are a good candidate for hardship loan modification, you may then be asked to complete a more detailed application.
Need Help Right Now? See How To Upgrade Your Application To Rush Status For Free
This $445 service fee is only waived for Mortgage-Modification-Answers.com readers! See Instructions Below
Your case will be reviewed to see if it is a candidate for modification and will only be accepted if the home loss mitigation expert has a high certainty that a modification can be negotiated with your lender.
Not all cases will be accepted since there is no payment if a modification is not successfully negotiated. Sorry that we can not take on all cases as we would go out of business if we took on cases that we worked on for months and ultimately were not paid for our work.
*The lenders have the final say in determining the outcome of your loan modification*
*I am not an attorney and the information provided is not legal advice. You can ask for an attorney referral and should consult an attorney if you are seeking legal advice*
*We do not guarantee that a foreclosure can be stopped or give advice on how to prevent foreclosure. We work with a third party who will arrange and negotiate a loan modification in your behalf. We are not offering tax or legal advice in any way. We advise clients to consult their local tax attorney or professional outside or within our solution network. Ultimately your lender makes the final decision on whether your loan modification is approved or not.
*It is not necessary to pay a third party to arrange loan modification or any other form of forbearance from your mortgage or service lender. You may call your lender directly to ask for change of terms. Non profit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of non-profit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting www.hud.gov. Report Mortgage Loan Modification Scams
Free Upgrade To Rush Service ($445 fee waived) 1. Submit the Financial Hardship Application 2. Follow Directions On Thank You Page (no extra charge) Consultants on duty: 9am-6pm PST Mom-Fri
Leave message after hours for Free RUSH service upgrade
Don't Forget Free Upgrade To Rush Service 1. Submit the Financial Hardship Application 2. Follow Directions On Thank You Page
$445 fee waived for Mortgage-Modification-Answers.com readers
Consultants on duty: 9am-6pm PST Mom-Fri
Leave message after hours for FREE RUSH service upgrade
DIY Loan Modification Kit Are you looking for a DIY Loan Modification Kit that will walk you through the entire process of modifying you loan? Then read on.
Mortgage Modification Myths Exposed There are many Modification myths floating around. Get the facts. More homeowners qualify than lenders are letting on. Are you one of them?
What Is Mortgage Modification? Find out what Mortgage Modification is, what it can do, how it can benefit you, what happens when it does not and what to do, plus how to modify a loan from a position of power. There is Hope for Homeowners. Something can be done about it!
How Does Mortgage Modification Work? Part 1 Modifying a mortgage is simple, but you need to understand what it is and how it works so you are in better control of the outcome. How do you know if your lender is pulling the wool over your eyes?
Don't miss the conclusion in Part 2 In Part 2 we go into examples of how a loan is modified, covering what your lender looks at before modifying your mortgage as well as what your lender requires to modify a loan.
Ask General Loan Modification Questions - Get Answers Get answers to your own Mortgage Loan Modification questions. See what other visitors have asked and their answers. What do you want to know or need help with? Got a situation you need help with? Just Ask.
Ask Wells Fargo Mortgage Loan Modification Questions Get answers to your own Wells Fargo Mortgage Loan Modification questions, tell us your Wells Fargo horror story or just see what other visitors have asked and their answers. What do you want to know or need help with? Got a situation you need help with? Just Ask.
The Upside Down Mortgage Loan Modification Blog The Mortgage Loan Modification Blog - Find out what's new on the site, stay up to date with the latest developments in Residential and Commercial Modifications as well as Government Mortgage Assistance.
Mortgage Modification Answers Home Page Get real answers to the real questions on mortgage loan modification, government mortgage assistance, government help to stop foreclosure and other loan modification and foreclosure questions. Do I qualify for a loan modification? Can I save my home?
New! Comments
Have your say about what you just read! Leave me a comment in the box below.
Don't know where to start but want to modify your loan yourself? Don't blow your chance. Get the help you need to do it yourself the right way. Submit and negotiate like a PRO - now with insider advice on how to negotiate a better modification
Facing foreclosure? No worries, make it stop now! If you don't know your rights you can't know your options! Armed with the proper information you can fight back and put lenders on the run or stop collectors dead in their tracks with a nearly 100% success rate. Want to see how?
What happens if you stop paying your mortgage? The Strategic Mortgage Default System is here to Help with everything you need to know BEFORE You stop Paying Your Mortgage
with audio and video training. Automate the credit repair process to remove negative items even after loan modification, foreclosure, bankruptcy and late or missed payments.
AdChoices
New! Comments
Have your say about what you just read! Leave me a comment in the box below.