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Anyone do mortgage modifications?

2K views 33 replies 15 participants last post by  BigTyme 
#1 ·
I'm curious as to what is required to setup your own modification biz?
 
#3 ·
knowledge and Lots and LOTS of patience dealing with the lenders.... its a tough gig! Been doing them for about 2 years now. Have about 20 submitted right now.


GOOD luck...... It looked like a great biz, if I would have known the amount of time per file it takes to complete. I would have focused my time in another direction.
 
#6 ·
Considering the volatility and ever-changing face of the foreclosure front right now, as Tobtek alluded to, probably a waste of time and energy if you’re not already established in the biz.

It’s a “smash and grab” type business right now. Just as quickly as it became popular, it will end.

The startup investment companies buying up discounted bad loans – that seems to be the flavor of the week. Those companies and the bad loans they purchase are outside the scope of the ever-changing guidelines and laws.

Or you can stick to sure-fire things like MonaVie. :D
 
#7 ·
The startup investment companies buying up discounted bad loans – that seems to be the flavor of the week. Those companies and the bad loans they purchase are outside the scope of the ever-changing guidelines and laws.


Agreed. This is going to be the next big thing to get into and then burst down the line. Just talking to other bankers about this yesterday.

Or you can stick to sure-fire things like MonaVie. :D


LMAO
 
#11 ·
And as a heads up - there is also another cottage niche popping up -
attorneys pursuing loan mod companies that didn't deliver the goods.
I thought about that angle too. :D

I know the FTC threw the smack down on a couple of companies in OC a few weeks back. You know, the typical "feel good" enforcement actions meant to disuade people trying to make a quick buck.
 
#16 ·
My business partner and I are doing Loan Modifications
We have teamed up with a real estate attorney
There are no secrets here, the process is pretty simple
Feel free to give us a call on Monday after 10am 805-273-4580
Most of our clients have tried doing the mods on their own with zero success
A good attorney can get it done for you
Most of our clients have 700 plus Fico's, own a business, have rental properties, nice cars, boats, etc. These are the clients least likely to get any help directly from the banks.
 
#21 ·
As a related sidenote:

Rosa Conrado, Alejandrina Maldonado and Martin Jesus Flores Plead Guilty to Loan Modification Fraud Against Hundreds of Desperate California Homeowners

Mar 9th, 2009
Attorney General Edmund G. Brown Jr. announced that three individuals have pled guilty to loan modification fraud against hundreds of “desperate California homeowners” and were sentenced to as much as 6 years of prison.
“While doing nothing to help and pocketing all the money, these individuals ripped off desperate California homeowners who paid thousands of dollars to stop the foreclosure of their homes,” Attorney General Brown said.
The defendants sentenced were part of a foreclosure scam engineered by the First Gov company, which was based in San Bernardino, Calif.
• Rosa Conrado, 51, of San Bernardino, was sentenced today to six years, four months of prison for 6 counts of grand theft.
• Alejandrina Maldonado, 33, of St. Lucie, Fla., was sentenced on February 26, 2009, to a three year prison term for one count of grand theft.
• Martin Jesus Flores, 33, of Baldwin Park, was given three years of probation today based on his limited participation in the scheme.
• David Giron, 44, of Ontario, and Saul Amador, 23, of West Covina are scheduled for a preliminary hearing on March 19, 2009, for theft, money laundering, and conspiracy.
• Three other members of the ring — Juan Jose Perez, 48, Isuara Hernandez, 33, of La Habra, and Antonia Gonzalez, 66, of San Bernardino – are believed to have fled the jurisdiction and may be out of the country.
In November 2008, Attorney General Brown announced the break up of the First Gov scam ring. First Gov, — which also operated under such misleading names such as Foreclosure Prevention Services; Resolution Department; Reinstatement Department; and Reinstatement Processing — solicited hundreds of homeowners, offering to help them stop the foreclosure of their homes.
Ring members promised victims they would renegotiate their mortgages and reduce monthly payments. They demanded an up-front fee, ranging from $1,500 to $5,000, to participate in the loan-modification program.
Victims were told to stop making mortgage payments and communicating with their lender because this would interfere with the loan modification process. After collecting their fee, ring members pocketed the money and did nothing to help victims.
The action today is part of Attorney General Brown’s campaign to fight predatory lending and loan modification scams.
• In March 2008, the Attorney General’s office arrested members of Lifetime Financial Corporation for perpetrating a similar mortgage-modification scam that cheated hundreds of California homeowners out of hundreds of thousands of dollars.
• In October 2008, the Attorney General secured $8.6 billion in loan relief for eligible homeowners in a landmark settlement with Countrywide Financial Corporation for engaging in deceptive and predatory lending practices.
The Attorney General has also issued a Consumer Alert regarding foreclosure scam rings and tax reassessment scams. Homeowners should be on high alert when approached by companies offering ways to save your home or lower your property taxes.
 
#23 ·
There really is NOTHING that a modification company can do that anyone can't do on their own. In 90% of the cases, the lender won't "negotiate" with a company, they review the package submitted (the same one that anyone, including the borrower themself can send them, not just mod co's) and decide on that. I've seen folks who've paid as high as $14k for a loan mod. and got zilch. Just look on the BBB sites and local small claims Court dockets for the stacking complaints against these dudes.

There are SOME attorney's and Mod. Companies who know what they're doing, but they're few and far between. Again, with a bit of patience the borrower can do the same for themselves and save the cash. I am a real estate fraud investigator for a So. Cal. District Attorney's office, and based on the criminal complaints coming into our office IMO this is the biggest consumer scam since Bernie Madoff started his $50B Ponzi.
 
#28 ·
There really is NOTHING that a modification company can do that anyone can't do on their own. In 90% of the cases, the lender won't "negotiate" with a company, they review the package submitted (the same one that anyone, including the borrower themself can send them, not just mod co's) and decide on that. I've seen folks who've paid as high as $14k for a loan mod. and got zilch. Just look on the BBB sites and local small claims Court dockets for the stacking complaints against these dudes.

There are SOME attorney's and Mod. Companies who know what they're doing, but they're few and far between. Again, with a bit of patience the borrower can do the same for themselves and save the cash. I am a real estate fraud investigator for a So. Cal. District Attorney's office, and based on the criminal complaints coming into our office IMO this is the biggest consumer scam since Bernie Madoff started his $50B Ponzi.



1st statement is true, 2nd is WAY OFF. The banks would much rather speak to a professional loan modification company or attorney that does this day in and day out. We know what the lenders are looking for, the RATIO's they must have...and know the do's and don't.
People will be AMAZED when they start they process on the level of person on the other side of the phone. Bunch of 10.00 employee's that dont give a rat's you know what about you and your payment !
 
#25 ·
If someone want to see if they can help me with my loan, I am all ears. I went to my lender and they weren't willing to modify my loan. I want a lower monthly payment.
Stop paying the mortgage and credit cards. Then they'll be more willing to talk. Doesn't always work though, it's a roll of the dice.
 
#33 ·
We do have a discloser in our Mod pkg regarding credit. BUT, if you continue to pay your bill son time...your credit will not be effected, you are just changing some of the terms on your current loan. If your late on your mortgage and other bills....then of course your credit is being effected.
 
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