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Real Estate & Mortgage Forum > Mortgage Questions & Answers > Ask anything mortgage (Moderator: Ann) > 

Loan Modifications

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Author Topic: Loan Modifications  (Read 334 times)
johnnyloans
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« on: April 19, 2009, 05:12:27 AM »
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Anybody involved in loan modifications?
imza
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Ann
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« Reply #1 on: April 19, 2009, 07:18:00 AM »
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I don't do loan modifications, but from what I've read it works on the same principles as short sales. I am sure it's just a matter of calling the lender and working out the deal. It amazes me that people are charging $2500 for that.
johnnyloans
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« Reply #2 on: April 19, 2009, 04:06:35 PM »
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One big difference the loan moad the home owner is keeping the house and modifiying the terms of the mortgage with the short sales the only adjustment is the amount the lender is receiving is short of the full amount of the loan balance.
imza
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tomasloans
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« Reply #3 on: April 20, 2009, 11:48:30 AM »
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Hi, I think what Ann is trying to say is that like a short sale. All you have to do is call the lender and negotiate with them. Often time they will be willing to work out a deal rather then deal with a foreclosure. It's like a win-win situation. If you want to jump in on the loan mod business, I would recommend doing 1 or 2 as a test run. Tell the clients that you won't charge them unless it's approve. Once you got them done, you can ask for referrals and/or testimoniols. <--sp (sorry not a good speller). This would be good for adding to your site, too. Smiley

Here's a good loan

http://ezinearticles.com/?Top-10-Questions-About-Loan-Modifications&id=1511730
imza
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johnnyloans
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« Reply #4 on: April 20, 2009, 07:36:17 PM »
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Your spelling is fine as long as we can get the message. The whole loan modification business is interesting. I had a call a few weeks ago and a homeowner who was unemployed decided they were getting into the loan modification business. They had no experience but they had did there own and figured they could charge $2500 a pop to help other people.
imza
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Ann
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« Reply #5 on: April 21, 2009, 12:13:35 PM »
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check out this loan mod article in our mortgage article thread 
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http://mortgagehelpforum.com/index.php?topic=100.0


Government resource site for loan modification
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http://www.makinghomeaffordable.gov/
admin
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« Reply #6 on: May 06, 2009, 01:52:40 AM »
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check this out. Find out if your mortgage contains violations and use it as leverage.

Obtain your Forensic Loan Audit today and find out if your loan contains VIOLATIONS!

NFCE's forensic loan audit is the most comprehensive analysis in the industry. We search all documents and correspondence for constructive fraud, fraud and negligent misrepresentation, excessive fees, breach of contract and more. Applying the law and regulations at the time the mortgage was signed, we verify compliance with:

* Truth in Lending Act (TILA)
* Real Estate Settlement Procedures Act (RESPA)
* Equal Credit Opportunity Act (ECOA)
* Home Ownership Equity Protection Act (HOEPA)
* and more...

You may be a victim of Predatory Lending. An NFCE Forensic Loan Audit is a basis of gaining valuable leverage in a Mortgage Modification negotiation with your lender. Your audit may reveal various Federal and State violations or errors in your original loan documents. ANY violation may allow you to lower your mortgage payment!

For more information on how to obtain your Forensic Loan Audit, call NFCE at 866-826-7334 or visit us at
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http://www.forensicloandocaudit.com
givankumar
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« Reply #7 on: May 11, 2009, 01:54:57 AM »
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Well, i think that it's just a matter of calling the lender and working out the deal. and modifiying the terms of the mortgage with the short sales the only adjustment is the amount the lender is receiving is short of the full amount of the loan balance.
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