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 Wanted - Honest Loan Modification Specialists

Created by:
Richard Park, Licensed Real Estate Agent,  Tempe,  AZ

Date: February 6, Number of Replies: 5


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Due to our current market circumstances, loan modification "specialists" are everywhere. Some are good, some not so good, and some are dishonest. Does anyone have any recommendations as to honest and reliable loan modification companies that are honest and effective, yet at a reasonable cost?

Thanks

Richard Park
John Hall & Associates
602-390-5384 (mobile)
Rick@RichardParkRealtor.com

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Robert King Licensed Real Estate Broker,  Saint Petersburg,  FL

Date: February 6

Richard Park has a great question:

"Due to our current market circumstances, loan modification "specialists" are everywhere. Some are good, some not so good, and some are dishonest. Does anyone have any recommendations as to honest and reliable loan modification companies that are honest and effective, yet at a reasonable cost"?

Trying to find an HONEST specialist to handle a "loan modification" is like trying to find an Honest Realtor, Attorney, Insurance Agent, Auto Dealer. Property Manager, Politician. Some are, some are not so good. Like you said some are just plain DISHONEST! It's tough to find honest people when everybody is nothing more than a Facilitator of some profession. You can't even find an honest traffic cpp.

Anytime you look for honesty you need to ask questions about integrity and loyalty. Unfortunately when everybody is a Facilitator and nobody is loyal to anybody you have nothing but a 3rd party can of worms to work with. Good luck you'll need it. Loan Modifiers are agents for the lender if you didn't know already. They can no more massage the numbers than the man in the moon. I bet you could do a better job than any modification specialist if you put your mind to it. It's not that difficult to modify a loan if the lender will cooperate. The problem with lenders is they don't and won't. They just want their money, and they don't care how they do it. Mosts are must morons looking for a pay check.

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Peter Miller Writing/Editing

Date: February 8

Hi --


A question has been raised regarding loan modification specialists and where to find them.

The reality is that successful loan workouts are difficult to obtain and a large percentage result in re-defaults. Refinancing toxic loans has proved to be especially difficult.

___ The FHASecure program was introduced in August 2007. Roughly 4,100 delinquent conventional borrowers were able to refinance toxic loans with FHASecure financing between September 1, 2007 and December 31, 2008 when the program ended.

___ Last summer the Hope for Homeowners bill was included in the FHA reform package. Between October 1, 2008 and January 31, 2009 HUD received 465 H4H loan applications. Not one has been endorsed according to the latest HUD statistics.

___ In contrast, RealtyTrac.com reports that foreclosure filings associated with 2.3 million homes were received in 2008 -- that's up 81 percent over 2007 and 225 percent over 2006.

If someone needs a loan modification I have an extensive column which explains that Fannie Mae borrowers are NOT required to be delinquent in order to refinance. Fannie Mae has some 18 million loans. The column also explains why loan modifications are extremely difficult to get at this time and offers guidance for troubled borrowers.

The column provides sources and links for modification resources. For specifics, please press here.

In the next few days you are likely to hear about new federal efforts to modify loans held by banks. However, most loans are not owned by banks, they have been sold in the secondary market. There is a looming court case where a major lender is being sued for starting loan modifications which an investor says have not been authorized. The lender (servicer) says it has the right to make modifications under pooling and servicing agreements while the investor says such claims are nonsense. This is a big case -- some 400,000 potential loan modifications could be impacted.

All the best,


Peter G. Miller
Syndicated Columnist







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Eileen Landau, Licensed Real Estate Broker,  Naperville-Downers Grove,  IL

Date: February 8

In the next few days you are likely to hear about new federal efforts to modify loans held by banks. However, most loans are not owned by banks, they have been sold in the secondary market. There is a looming court case where a major lender is being sued for starting loan modifications which an investor says have not been authorized. The lender (servicer) says it has the right to make modifications under pooling and servicing agreements while the investor says such claims are nonsense. This is a big case -- some 400,000 potential loan modifications could be impacted.

Thanks Peter. Will you keep us informed as to the outcome of this case?

Cordially,
Eileen Landau, BA, MA, OTD, e-Pro Internet Certified, REBA, RERA, SRES
Over 800 Homes Sold!
Realty Executives, Pro/Team
Serving Naperville, Downers Grove
and Woodridge
630-961-2600 Direct
630-515-9500 Office

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Peter Miller Writing/Editing

Date: February 9

Hi --


Eileen asks if I will keep folks up-to-date concerning the pending loan modification case which touches on some 400,000 loans.

Sure.

Actually the case touches on a far larger number of loans.

Last October, the Bank of America announced "the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide."

A Connecticut firm, Greenwich Financial Services, says it's the owner of some of those loans and that BOA/Countrywide does not have the authority to make the announced modifications. Countrywide says it has the right to make the changes it's proposing under pooling and servicing agreements.

There are huge implications in this case which could impact many loan servicers and mortgage investors so it will be interesting to see what happens.

All the best,


Peter G. Miller








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J. matthew Hamilton,  Austin,  TX

Date: February 20

 

Rick,
 
I am one. I am Matthew Hamilton in Austin, TX. I am a Commercial Real Estate Broker/Mortgage Broker/Commercial Loan Modification Advocate and an attorney affiliated Loan Modification Specialist. The attorney is my partner.
 
What you need to know, whether you do business with us or someone else is that the Loan Mod Company MUST have onsite Attorney's (not loan processors, former loan officers, etc.) Now, they can have paralegals but those paralegals MUST be overseen (and I mean really managed) by a Real Estate Attorney that specializes in Loan Mod, Debt Settlement, Credit Restoration, and in the worst case Bankruptcy. My Partner has been in that field of law for years and is a specialist. If you had a disease you would see a medical specialist. For loan mod you need a legal specialist.
 
Keep in mind, if you are working with a bonafide company with bonafide legal staff, there will be fees/retainer. What you want is a 100% money back guarantee. I can tell you that not all 100% money back guarantees are the same. The firm escrows the funds/retainer and the loan mod must completely satisfy the homeowner or they get their money back. No questions asked!
 
Also, no retainer should be charged until a forensic audit is performed, including TILA Violations. If the audit shows the loan can be modified then the attorney should be retained, but not until then. The funds MUST be ESCROWED until the optimum performance is reached and the client is satisfied. What we try and accomplish is; not only does the homeowner keep his home but can we improve upon the loan long term via interest reduction, abatement, principle reduction, and other vehicles.
 
Here are the approximate percentages to know:
Homeowner's attempting to modify their loans fail approximately 87% of the time and takes a long time to complete. For the 13% that are successful 50% of those still end up in default because the homeowner did not get a good enough deal.
 
Attorneys average a 97% success rate with Banks on getting MODIFIABLE loans modified (not all loans can be modified or it doesn't make sense for one reason or another). Perhaps debt settlement will solve their problem best.
 
 
If you want to know more, call me.
 
Sincerely,
 
Matthew Hamilton, CHB, MBA
Hotel Broker One
phone: 512.246.9195
fax: 512.727.7007
cell: 512.633.0228
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