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- Nathan Wolf, "natewolf"
- Contributions:1825
A client just did this on his own. You really have to "speak their language" and if you don't, you might phrase things incorrectly and get turned down for a silly reason.
There are free services available to you. It depends on your county and who underwrites your loan. The free counsellors will go over your budget, and then help you make the phone calls to the lender to seek a modification. If you need more information on a free housing foundation counsellor in your area, you need to post your city/county/state. Then we can help you by posting some services in your area.
There are free services available to you. It depends on your county and who underwrites your loan. The free counsellors will go over your budget, and then help you make the phone calls to the lender to seek a modification. If you need more information on a free housing foundation counsellor in your area, you need to post your city/county/state. Then we can help you by posting some services in your area.
- Jay Armbruster, "JAYS1"
- Contributions:40
Good luck on trying to do your own Loan Modification. You can represent yourself in a court of law but a Lawyer will get you a better deal.
We have an Attorney backed Loan Modification Team. We have saved our Customers thousands of dollars.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Let the slime trail begin.........
Does it bother anyone that the people who are trying to profit from modification ASSistance are the same ones who profited by putting you in this situation?
It's like a doctor charging you for a disease then offering to cure you for anothe fee!
Does it bother anyone that the people who are trying to profit from modification ASSistance are the same ones who profited by putting you in this situation?
It's like a doctor charging you for a disease then offering to cure you for anothe fee!
- Andrew Adams, "203K Specialist"
- Contributions:9349
Do not pay anyone a dime....
Start here
- Jay Armbruster, "JAYS1"
- Contributions:40
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I am copying Gregorio's post from another thread:
Heads up everyone, the scammers will be out in force! The MOST important part of the plan is:
Beware of Foreclosure Rescue Scams - Help Is Free!
- There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
- Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
- Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
- Never make your mortgage payments to anyone other than your mortgage company without their approval.
Need urgent help? Contact the Homeowner's HOPE™ Hotline: (888) 995-HOPE
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Link to gov't website
- Terry Stewart, "terrystewart"
- Contributions:387
Here is the link to the HUD approved housing counselors that may be able to offer you assistance.
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
- Jay Armbruster, "JAYS1"
- Contributions:40
Terry, Larry or Andrew.
I'm issuing a challenge. Please try and do this on your own. Let me know how it works out for you. BTW we do offer a money back guarantee. Although none of our customers have asked for ANY money back.
Use the link you have provided.
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
http://www.financialstability.gov/makinghomeaffordable/index.html
- Rob Robertson, "Mortgage Broker"
- Contributions:169
You can do this now, by yourself:
http://www.financialstability.gov/
Good luck.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Jay,
These guidelines came out today....If I were you I would move onto your next scam...
I have actually helped clients obtain loan modification in the last 30 days. So I have done it before....I did it to help the client....I did not get paid....The way they are paying me back is by referring their friends and family to me, when they are looking for mortgages. That is all I ever ask in return for my services...a referral. If I am able to provide a mortgage for the folks that get referred to me I get paid when the loan closes...that is the only monetary compensation I get and it is only paid when the loan closes!
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I have helped several people with loan modifications already, without charging a fee!!!!!
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Jay my question for you is does your company know they are in violation of their FHA sponsorship by having you employed?
According to section 2-9 G of the FHA Title II rules, your company is in violation. You cannot have outside employment at another mortgage, real estate, or a related field. So you are in violation and so is your company so stop takign money from those that can least afford it and focus on your own compliance.
According to section 2-9 G of the FHA Title II rules, your company is in violation. You cannot have outside employment at another mortgage, real estate, or a related field. So you are in violation and so is your company so stop takign money from those that can least afford it and focus on your own compliance.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Well?
- Andrew Adams, "203K Specialist"
- Contributions:9349
His silence speaks volumes.....
I am guessing he is trying to figure out what FHA sponsorship is and or tying to remove his post....
I am guessing he is trying to figure out what FHA sponsorship is and or tying to remove his post....
- Larry Jacobson, "Clearpoint"
- Contributions:1214
I think he is at his other job. Charging people for Government Cheese!
- Terry Stewart, "terrystewart"
- Contributions:387
I am a realtor and have assisted several customers in obtaining modifications (free of charge, of course) and depending on the lender, it can be challanging or in one case a nightmare. Just saying this so that the public doesn't think it is easy. I am hoping with the new gov backed modifications, the process will become more streamlined. I was approached by one company that charges $4000 and was offered a $1500 referral fee to send them my clients as was several lenders offered the same thing that I work with. We all agreed that was way out of line. I don't have a problem with someone charging to assist in obtaining a modification if the fee was REASONABLE, the client was not capable of handling it themselves and the person doing the modification actually new what they were doing. Problem is that there are sooooo many fly by nights out there now, consumers are bound to get stung. I think I heard 3 commercials for companies just this morning. Figure the informercials should start anytime. I am advising customers to talk to an attorney if they are already in foreclosure.
- Jay Armbruster, "JAYS1"
- Contributions:40
I'm sorry I couldn't reply. Very busy.
A Congresswoman couldn't get a Loan Mod done. I highly doubt you guys helped your customers get theres done. If you did, good Carma for you. I provide a service to keep Familys in there homes and lower there payments.
Take a look at this link.
http://abcnews.go.com/video/playerIndex?id=6704983
Do you guys honestly think it takes a couple of phone calls to get a Loan Modified? The average time is around 30-45 days. Do you think the Government can handle this?????
A Congresswoman couldn't get a Loan Mod done. I highly doubt you guys helped your customers get theres done. If you did, good Carma for you. I provide a service to keep Familys in there homes and lower there payments.
Take a look at this link.
http://abcnews.go.com/video/playerIndex?id=6704983
Do you guys honestly think it takes a couple of phone calls to get a Loan Modified? The average time is around 30-45 days. Do you think the Government can handle this?????
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Actually Jay, yes, a couple 3 phone calls to the loan mitigation department will get a loan modified. I have known many a client who has done it-successfully I might ad.
- Larry Jacobson, "Clearpoint"
- Contributions:1214
- Tammy Stockdale, "Colorado Mtg Broker"
- Contributions:6995
Smelly, it's called a TYPO...
- Andrew Adams, "203K Specialist"
- Contributions:9349
1st Jay who said it only took a few phone calls?
2nd did you read the guidelines?
If you had you would know that the servicers will be required to offer the modification if the NPV test generates a positive result...Prior they were not required to do anything!
3rd I am curious as to the answer to Larry's Question...
2nd did you read the guidelines?
If you had you would know that the servicers will be required to offer the modification if the NPV test generates a positive result...Prior they were not required to do anything!
3rd I am curious as to the answer to Larry's Question...
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Still waiting Jay. I guess you don't care how you make a commission as long as you make it regardless if it's legas or not huh?
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Still waiting
- richp123
- Contributions:1
Confused about something with the new modification program...
To qualify for modification, you must provide an affidavid of financial hardship. One of those hardships can be significant loss of income. I recently lost my job and my only income at the present time is unemployment insurance. How does the program work in my scenario? Will my loan be modified to 2%, extended to 40 years and principal forbeared to get my payment down to 31% of my unemployment income (which would reduce my payment from $3000/mo to about $300/mo)? This doesn't seem right; how is this situation handled?
Thanks in advance for any insights!
- Larry Jacobson, "Clearpoint"
- Contributions:1214
Not going to happen. To qualify for the modification the lender must first apply a net present value test to your situation. In your scenario they would have a higher NPV if they foreclosed on you versus modification.
That doesn't mean you should not talk to the lender and explain your situation. Citi is lowering monthly payments for a short period of time for homeonwers that have lost their job to $500 a month for I believe 90 days which could be extended on a case by case basis until a new job is found.
- James Tily, "homeaffordplan"
- Contributions:6
I spent a lot of time developing a script according to the detailed guidelines of this plan. Currently, it provides more info than the Treasury eligibility calculator. Treasury's calculator, among other things has bugs and doesn't highlight some of the major incentives to borrowers under the mod and refi plans.
Please feel free to compare and contrast. I believe my eligibility results are more specific than Treasury's on:
www.homeaffordplan.com
I welcome any questions or criticism of my calculator and also hope it is useful to people here. Most of the questions I see here could be answered by plugging a few numbers into the eligibility calculator I've developed.
Good luck out there.
Please feel free to compare and contrast. I believe my eligibility results are more specific than Treasury's on:
www.homeaffordplan.com
I welcome any questions or criticism of my calculator and also hope it is useful to people here. Most of the questions I see here could be answered by plugging a few numbers into the eligibility calculator I've developed.
Good luck out there.
- Oceangirl214
- Contributions:35
You have many options.
- Do it yourself.. must be persistent, call regularly, always keep a record of who you talked to, what day, and what they told you. Fax documents right away when asked, and be prepared to be denied a time or two before an approval.
- Go to HUD.. no charge for assistance. Do not have the manpower to give them constant attention.. but the price is right. Will not allow you to reapply for 6 months if you're declined
- Attorney or Lender - if they try to charge up front RUN! A new law was passed which requires them to obtain a modification first. There are good and shady ones in both fields. Just because someone is licensed in law or real estate doesn't mean they're ethical. I have heard of attorneys advising clients to "go late" on their payments (not a guaranty and will ruin your credit) and also that quit-claiming off a property will relieve them of responsibility for the debt (not true - it only takes away your right to ownership). I've heard lenders equally shady things come from lenders. Do your homework and remember that usually the happy customers don't post reviews. For every 1 person who's angry, there are usually 50-100 success stories.
Hope this is helpful.
- Do it yourself.. must be persistent, call regularly, always keep a record of who you talked to, what day, and what they told you. Fax documents right away when asked, and be prepared to be denied a time or two before an approval.
- Go to HUD.. no charge for assistance. Do not have the manpower to give them constant attention.. but the price is right. Will not allow you to reapply for 6 months if you're declined
- Attorney or Lender - if they try to charge up front RUN! A new law was passed which requires them to obtain a modification first. There are good and shady ones in both fields. Just because someone is licensed in law or real estate doesn't mean they're ethical. I have heard of attorneys advising clients to "go late" on their payments (not a guaranty and will ruin your credit) and also that quit-claiming off a property will relieve them of responsibility for the debt (not true - it only takes away your right to ownership). I've heard lenders equally shady things come from lenders. Do your homework and remember that usually the happy customers don't post reviews. For every 1 person who's angry, there are usually 50-100 success stories.
Hope this is helpful.
- foremanp
- Contributions:3
I just tried applying for a loan modification with my current lender (Wells Fargo). They first told me I qualified for a "loan modification" which turned out to be a "refinance". I paid for an appraisal ($385) which came in $15,000 less than what I currently owe on my mortgage. Then there are closing costs of $7,000, plus I have to pay out of pocket another $2,700 for taxes which are due November 1st (even though I paid my taxes through escrow for this year). They use your escrow money to pay down your original loan. Then they turn around and offer to add your escrow amount on to the new loan (as principal) which means your now paying interest on your own money...what a rip off! President Obama is wondering why people aren't taking advantage of the HARP Program...well here's you answer Mr. President!
- sunnyview
- Contributions:25139
I agree with you. I have talked to a lot of people who are in worse financial shape after their loan mod offer than they were before.
Yes, those owners do have a lower payment for while, but the additional principal and the looming interest readjust is just an ugly chicken that will come home to roost and demolish their finances down the line.
That is why many people choose to walk and take their lumps up front. It is a bad situation any way you go.
Yes, those owners do have a lower payment for while, but the additional principal and the looming interest readjust is just an ugly chicken that will come home to roost and demolish their finances down the line.
That is why many people choose to walk and take their lumps up front. It is a bad situation any way you go.
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