I was in San Diego this past weekend for a seminar. We have a little (under 1,000 sq.ft) home there with a beautiful view of the San Diego bay and it's "get-away" time when we go there. We don't cook, we go out to eat and we don't even make coffee in the morning, we go down to our favorite little place and catch up with the owners over breakfast.
This is a place where the 2nd time you go in they remember you and ask if you want whatever you had the first time. And since I'm a creature of habit they have my coffee and bagel ready by time I get to the cash register even if there's a line in front of me!
So we were talking the last time I was there about loan modifications and they were in the process of getting one...but they said it had been 3 months and nothing had happened. When they called the bank they said someone contacted them 3 months ago and said they were working on behalf of our friends, but they never contacted the bank again.
Now they paid $3,000 up-front for this help. NEVER do that! Anyway I got an update and now they were getting nasty letters from the bank. I called the Ed, the guy I know who I refer people to for loan modifications (unfortunately we hadn't seen our friends since before the holdiays) and asked him if he'd check on what was going on for them.
His e-mail to me started with "they are in so much trouble!" Seems it was a real estate agent who took their money and said they'd handle the loan mod for them, then they did nothing. So our friends haven't made a payment since October and now the bank just notified them they are starting foreclosure.
He and his firm have great contacts, but even so this is going to be a squeeker as to whether he can stop the foreclosure.
Now Ed also went to law school, so he told them they should file a complaint with the Real Estate board and consider small claims court to get their money back. The point in all of this is that there are a lot of people taking advantage of people who are in trouble with their mortgages and they are easy "prey." Please, if you need information on home loan modifications go to the website I created with lots of information and referrals to two reputable companies (and I recommend you compare at least two companies whenever you buy anything!) and Ed's firm is one of them.
And just as I found out with my friends at the coffee shop, you never know when someone you know might be in need of good, reliable, honest information on home loan modifications, so please pass along the website at www.loanmodifications4help.homestead.com to people you know. They may not need it, but might know someone who does. There are way too many unethical companies out there taking advantage of people.
Showing posts with label loan mods. Show all posts
Showing posts with label loan mods. Show all posts
1/31/2009
Home Loan Modifications
You may be aware of "home loan modifications" being talked about in the news, but do you understand the who, what, when, where, and why of them?
I created a website to answer those questions, hopefully in a clear manner. Check it out at: http://loanmodifications4help.homestead.com/ The most important reason I did this was because scams and rip-off's are all over the place preying on people who really need a loan modification - it's easy money for the scam artists. I have a friend who may have fallen for the "give me $3,000 and I'll get you a loan mod." It's been 3 months and I'm afraid she's not only lost her money but also just wasted 3 precious months.
Biggest, most important piece of information is DO NOT PAY ANYONE UP FRONT. The best loan modification companies will give you a free consultation and if they think they can help you, charge you an "application fee" to cover their costs of filing the paperwork and negotiating on your behalf. that usually is about $500. They will only charge you the balance of their fee upon a successful agreement.
And you can request one for yourself. Individuals who are financially savy and who understand how to negotiate with a bank negotiator can be successful without paying a loan modification company. Like with everything there are pro's and con's to both ways.
It's going to cost you about $3,000 to have a loan modification company do it for you. But the good ones have connections to the decision-makers and know how to negotiate with them. Most individuals are going to deal with much lower-level staff who have limited ability to negotiate the terms they can offer. Remember, there are thousands and thousands of people asking for loan mods and the staff the banks and mortgage companies have put in place to handle all of these requests are following strict guidelines and have limited authority.
I happen to personally know a guy that was a mortgage broker who helped me re-finance a house a couple of years ago. He and a partner have started a Loan Modification company and I can recommend him confidently. He's honest and ethical and will do right by you. And he and his partner have superb connections in the banking and mortgage community. He told me just the other day that even if someone was a week away from foreclosure they could possibly still help them. So if you want more information on loan mods go to the website I created at http://loanmodifications4help.homestead.com/ and pass the information along to others.
We're all in this rotten economy together...let's help each other whenever we can.
I created a website to answer those questions, hopefully in a clear manner. Check it out at: http://loanmodifications4help.homestead.com/ The most important reason I did this was because scams and rip-off's are all over the place preying on people who really need a loan modification - it's easy money for the scam artists. I have a friend who may have fallen for the "give me $3,000 and I'll get you a loan mod." It's been 3 months and I'm afraid she's not only lost her money but also just wasted 3 precious months.
Biggest, most important piece of information is DO NOT PAY ANYONE UP FRONT. The best loan modification companies will give you a free consultation and if they think they can help you, charge you an "application fee" to cover their costs of filing the paperwork and negotiating on your behalf. that usually is about $500. They will only charge you the balance of their fee upon a successful agreement.
And you can request one for yourself. Individuals who are financially savy and who understand how to negotiate with a bank negotiator can be successful without paying a loan modification company. Like with everything there are pro's and con's to both ways.
It's going to cost you about $3,000 to have a loan modification company do it for you. But the good ones have connections to the decision-makers and know how to negotiate with them. Most individuals are going to deal with much lower-level staff who have limited ability to negotiate the terms they can offer. Remember, there are thousands and thousands of people asking for loan mods and the staff the banks and mortgage companies have put in place to handle all of these requests are following strict guidelines and have limited authority.
I happen to personally know a guy that was a mortgage broker who helped me re-finance a house a couple of years ago. He and a partner have started a Loan Modification company and I can recommend him confidently. He's honest and ethical and will do right by you. And he and his partner have superb connections in the banking and mortgage community. He told me just the other day that even if someone was a week away from foreclosure they could possibly still help them. So if you want more information on loan mods go to the website I created at http://loanmodifications4help.homestead.com/ and pass the information along to others.
We're all in this rotten economy together...let's help each other whenever we can.
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