Do you need a "Lawyer" in order to get your loan modified? The answer is NO! California Law which is the only state I can cite requires "licensed" real estate professionals to have a DRE (Department of Real Estate) approved contract in order to charge upfront fees. If you are unlicensed, which you don not need to be in order to perform loan modifications, this does not apply.
Do you know who can charge upfront fees? Lawyers, they are called retainer fees and it's a loop hole allowing "lawyers" to charge upfront fees for loan modifications. "Lawyers" do nothing more than any other person licensed could or not could do for you. They do not tear through loan documents looking for discrepancies saving you from foreclosure. They give it to the same minimum wage employee to make the calls, fax the paperwork and oversee the process that anyone else performing loan modifications does. They do however charge more for the service and always, no one can guarantee results, not even a "Lawyer."
My recommendation is to either do it yourself or find someone cheaper... No one, including yourself, works for free so you will be charged. Having said that, try it yourself first, I offer a good program here on my blog that will walk you through it, step by step. You do not need to pay a "Lawyer" 1000's upon 1000's of dollars for something you can do on your own or find someone reputable that can perform the service at a fraction of the cost.
I hope this clarified the loan modification process a bit more and look form more ideas, tutorials and information in future blogs and videos.
Thursday, July 2, 2009
Wednesday, July 1, 2009
Which Lenders Do What For Whom
Which Lenders Do What For Whom is the best question you could ask... With the merging of many of the bigger banks there are only so many "servicers" you will be dealing with now. For instance Wamu is now Chase, Countrywide is now B of A, so who is the best and who is the worst.
1st, the process, what is it? You are 3 or more payments behind on your payments and you may have received a notice of default, either way these are the amount of payments the lenders want you to behind on your payments. You contact the lender(s) or someone contacts them on your behalf. They will request "X" mount of information; bank statements, pay stubs, etc. These documents are sent in are taken in by what is usually a less than educated employee who has no idea about real estate, mortgages or just about anything for that matter. If they manage not to lose half of the paperwork you so diligently sent in it can take anywhere from 30 to 180 days for the process to go through. Mind you, I did not say that the loan modification was approved this just the time it can take for them to tell you YES or No. I will go more into the process later in my blog posts and videos.
So who is doing what??? BofA/Countrywide seem to be working better and better with their customers. Quicker notifications on whether your loan modification has been approved as well the terms of the modification itself, if approved.
WaMu/Chase, not as good... They are slower, the "case worker" is impossible to reach and again they are uneducated about loans, modifications or the job they were hired for in the 1st place.
Litton Loan Servicing are one the best for accepting loan modification and the terms. They shave loan amounts and lower interest rates to truly make it affordable for the clients. Sadly, the "caseworkers" are still uneducated and barely hireable, but overall the clients results are better.
As I said before I will break down the process in greater detail for you, but I just wanted to get started.
1st, the process, what is it? You are 3 or more payments behind on your payments and you may have received a notice of default, either way these are the amount of payments the lenders want you to behind on your payments. You contact the lender(s) or someone contacts them on your behalf. They will request "X" mount of information; bank statements, pay stubs, etc. These documents are sent in are taken in by what is usually a less than educated employee who has no idea about real estate, mortgages or just about anything for that matter. If they manage not to lose half of the paperwork you so diligently sent in it can take anywhere from 30 to 180 days for the process to go through. Mind you, I did not say that the loan modification was approved this just the time it can take for them to tell you YES or No. I will go more into the process later in my blog posts and videos.
So who is doing what??? BofA/Countrywide seem to be working better and better with their customers. Quicker notifications on whether your loan modification has been approved as well the terms of the modification itself, if approved.
WaMu/Chase, not as good... They are slower, the "case worker" is impossible to reach and again they are uneducated about loans, modifications or the job they were hired for in the 1st place.
Litton Loan Servicing are one the best for accepting loan modification and the terms. They shave loan amounts and lower interest rates to truly make it affordable for the clients. Sadly, the "caseworkers" are still uneducated and barely hireable, but overall the clients results are better.
As I said before I will break down the process in greater detail for you, but I just wanted to get started.
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