How to get a Loan Modification Approved

[scamfighter100]

Feldman Law Center is a fraud!

[scamfighter100]

Hey, just a word of warning. Feldman Law Center is now on You Tube. This company is a scam. Keep your money in your pocket!

[goboy100]

Don't throw your money away to one of these modification companies. Hire an attourney who specializes in loan mods. .A competent attourney will not ask for any money unless they are sucessful in obtaining a loan mod. Anyone who ask for any money upfront I would not deal with because that is a red flag. Do your homework.

[TrustedMortgagePro]

The California DRE allows mortgage pros to charge an upfront fee if they have received a "no objection" letter from the DRE for their advanced fee agreement.

Lawyers can do loan mods only if they are already representing a client in other matters.

Many mortgage pros performed loan mods as foreclosure consultants and were paid at the end of a transaction, only they were not paid in many cases, that is why the DRE allows advanced fee agreements.

[aladamsusa]

Attorney's DO NOT take loan mod cases on contingency! No one is going to put in the hours required to do a load mod (normally 30-50 hours) unless they have been paid UPFRONT! If you hire an attorney to help you with a DUI charge is going to take your case on contingency? NO! He's also not going to offer any guarantee that he can save you from going to jail. The sames holds true with a loan mod. NO ONE can guarantee what a bank will or will not accept.

[goboy100]

You are right . Each case is different. if you lender has violated truth and lending laws then you can use that as leverage to try and get a better loan . Better as in better terms like lower interest rates which in turn will lower your payment. In some cases the lender will reduce the principal. It' all depends on each individual case.

[LouieFrias]

Great information! Thanks for helping educate people. Here's another great resource to consider. FederalHomeLoanMods(dot)com

[subprime2006]

Call your bank to find out how far do you have to go before getting help (on the verge of FORECLOSURE).

[isisqueenafrika]

Stay away from Feldman Law Center!

Stay away from Feldman Law Center!

[subprime2006]

Get around SUPER JUMBO LOAN

1st Mtg + HELOC

[jesshill7]

TrustedMortgagePro, since you're are such an expert on the subject, and boast your so called 90% success rate, you should also inform every customer that they don't have to pay a fee to negotiate with their lender. It's garbage like this, which has people believing they can get something for nothing.

[TrustedMortgagePro]

Yes, you can try negotiating with your lender, just like you can represent yourself in court. We don't discourage people who want to try it themselves. Many of our clients have tried and failed.

[subprime2006]

It is a pain in the neck process. Good luck to everyone because we all can be expert at anything that we want EVEN be a brain surgeon. Why do to doctor since we all know that take some pills, lots of water and plenty of REST.

[jesshill7]

With your swell use of grammar, I can see what makes you such an expert at communicating with the banks. If I were sick, I would go to the doctor. I would discuss my symptoms and wait for their diagnosis. I wouldn't pay someone to listen to my symptoms, manipulate them, and then go to the doctor for me.

[yoel3030]

hello could you please tell me why you made this statement i want to know before i do any type of deals with this person thank you very much.

[isisqueenafrika]

Another tip for homeowners: Stay away from Steven Craig Feldman, Feldman Law Center!!!

[subprime2006]

"Rule of thumb" about loan modification:

If you are not struggling in making your mortgage payment then the BANK will not help you. Your income is the main factor for any loan modification.

[sfc75r]

What if you are not late on your payments, mainly because you have been using credit cards to get by? Can they mod based on loss of income ($3900 per month). I am on a 10 yr fixed interest only, that I have had for the past 2 years.

[TrustedMortgagePro]

You may still qualify for a loan modification, but we would need to get more info on your monthly expenses and income. Feel free to call us @ 877-519-2885 for a no obligation prequalification.

[subprime2006]

You are not late on the mortgage payment the chance of you getting a loan modification will be very SLIM, ZIP, NADA and second to NONE. Prepare to battle and fight hard for what YOU WANTED.

[TrustedMortgagePro]

This has not been our experience. You must have a hardship, but you do not have to be late on your mortgage to get a loan modification in all cases. Each case is different.

[DrewDownsManagement]

Very informative video. I took some notes on the video and how it was done. I gave it 5 stars. Check out our vids and tell me what you think? We have some good stuff also.

[felixthecash]

A spinal core injuries due to my Jag. accident hardship (3 mo. behnd no NOD yet) need of Loan Mod in Corona, Ca. Your advise -appreciated. Situation: SFR I owed $520k=1st CW$320k+SLS$200k. Bank BPO $333k. Approved short-2nd agreed to accept $3,000 CASH plus $10k note as PAID-IN-FULL WITH THE REST IN IRS 1099-C via a short-sale and NOT LOAN Modification. How could I turn this into a FHA Loan Modification?

[TrustedMortgagePro]

Hi Felix,

Please give us a call to discuss your situation. 877-519-2885. Thanks

[subprime2006]

Beware of "official" notification from your banks (Wells Fargo, Bank of America, WaMu or Credit Unions). They are phishing for your information.

[sickwiththetruth]

California's Mortgage Foreclosure Consultant Act at Civil Code 2945.4(a): "It shall be a violation for a foreclosure consultant to:

(a) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that he or she would perform."

[msusms2006]

Ok, what are you doing to get your video watched to much! Wow you have a ton of hits! great Job. Did you hear about the Reg Z disclosures and how they are helping in the Modification Process....it kicks. If you would like I will keep you posted!

Sharon

[subprime2006]

Wachovia (own by WellsFargo) is really bad because they used the reason of bad credit for declined borrower loan mod. It sound easy but when it come to fighting the mortgage companies you need BRAIN to do it. Not everyone can do it yourself because BANKS will try to walk all over you if you are NAIVE!

[subprime2006]

Beware of scammers out there who are collecting $2,500-$3,500 upfront and never do anything on your case. Everyone need to aks for two installment payments of $1000 and $1500. Also ask for 50% of the money back (guarantee in writing) after 90 days so the worst case scenario it only costed your $500 for the services of 2-3 months extention.

[subprime2006]

A good loan modifier never need a FULL payment upfront because they know sooner or later they will get pay when the loan is modified. After getting the verbal commitment from the BANK the client need to make the 2nd installment of $!500. There are clients (homeowners) out there who would just not paying you for your 2nd installment of $1500. I am dealing with subprime borrowers.

[subprime2006]

Everyone who is not in the mortgage business need to hire a professional to do it but at a reasonable price and DO NOT pay all money upfront. Many clients deal with banks themselves and at the end they got a FAT declined so it is not easy like most people think. The process is anywhere between 1-3 months. Persistence is the key (callings...and more callings on the weekly basis).

If I got pay $2500 or $3000 UPFRONT then why would I need to work on your case which costs lot of times?

[records1990]

I just got off the phone w/ countrywide. Im in process of doing a loan mod. and they told me to call "springboard" which is a nonprofit HUD approved company. they say its free to me. but they will charge countrywide a small fee. will i have to pay countrywide or springboard a fee at the end of the loan mod process?

[sickwiththetruth]

50% WTF? They should give all the money back to the struggling homeowner. See, this is just another scam brokers are using now to get paid. They screwed the market over with all the Subprime BS now that the market is soft, they are doing loan modifications. Ripping people off.

[subprime2006]

30 yr FIXED rate = 4.375% (cost 1 point either to the BROKER or the BANK).

[subprime2006]

sickwiththetruth: needs to get a real job!!!!!!!!!!!!

[jesshill7]

Yeah, cause nothing says "real job" like profiting on hardship and distress.

[miktimrob]

you stay classy subprime2006. nice work on telling someone you don't know anything about to get a real job. this is helpful. thanks for showing so much class on the matter.

[tuchmynuts]

what about Indymac bank,I've been having trouble with them,they're not helping me at all.

[subprime2006]

IndyMac Bank? I am getting paper from one of my client who is currently has the loan with them. IndyMac should be OK since the "Federal" is in charge. The trick is to know how to answer question because of you spill the guts with either CSR, Loss Mitigation 'Loan Counseling", Home Retention people then they will use the same information to turn you down.

I just got another one with SunTrust Mtg (nice people there!).

[subprime2006]

Anyone who has second mortgage need to understand that they are in the driver seat since 2nd Mtg has very little option with you. You can start paying late to them skip every other three month or rolling 120 days. 2nd mtg will not see a "DIME" if they foreclose your home. No 2nd mtg company would be dump enough to pay $10-$20K for the process of foreclosing and getting nothing in the end.

[subprime2006]

I have two clients with Wachovia who are currently 120 days on the mortgage payment. I negotiated for only paying 1 months and have the other 3 months rolling into the loan. The loan modification can only begin when the account is current. Reducing interest rate to 4% FIXED for the next 5 years. Each loan modification is case by case. There is NO GUARANTEE!!!!!!!!

[sickwiththetruth]

The No Guarantee is what scares me. Most places interested in helping with a loan modification wants to charge a big fee. I hear on the news all the time to not do that. Do not give money up front if the service hasn't been provided. Now who can you really trust?

[subprime2006]

There are few reasons that IndyMac may have used to turn you down. Your expenses may be TOO MUCH ($3 to $4 per month compares to $10/month last year). your financial situation may be TOO HEALTHY.

[jummy010]

habla español?

como se contacta? estoy en Utah esta licensiado para este estado?

[subprime2006]

I just modified two loans (two clients) with Wachovia. 1 with CHL, 1 with SunTrust Mtg. Aurora Loan Services is the pain in the neck.

[ciro9]

The newly elected President Barack Obama could enact(once he takes office)to federally mandate long term loan modification's (interest) on behalf of all Americans with ARM Negative (sub-prime/ deferred interest) mortgage loans (the main reason for foreclosures) at a low interest rate (fixed by the Federal Reserve Bank) for 40 & 50 year's, depending on income. Leaving it up to the bank's to do this is akin to putting the fox in the hen house to protect them.

[CarlosMacMartin]

While I believe Alex's intentions are genuine

I've read that there loan originators & many

lenders team up with lawyers & charging fees

for services that HUD and the banks are doing

for free.Anyone care to comment?

[subprime2006]

HUD and banks doing for free? We are fighting with banks for reduction in rate and principle reduction. Why would the banks looking out for the interest of the consumers by lowering its profit? Customer service is trained to turn client away from doing a loan modification. If you spill your guts to them they will use it against you. We all should be a surgeon for our own surgery. You will get for what you paid for.

[subprime2006]

Anyone who is using a loan broker, loan originator or an attorney for the loan modification needs to follow up with the process because there are people just get your money and do nothing. Negotiate for two payments in $1000 and $1500 so in case the loan modification did not go through then you just lost ONLY $1000.

[CarlosMacMartin]

Loo here,I've contacted HUD and a lawyer group here in my area.There are a list of LO's who are allowed to collect fees up front for this process.Second,HUD employs counselors who are paid to help homeowners start this process for FREE.Third,there is a question of ethics when a lawyers will split a fee with a non-lawyer for services.I'm looking at both avenues and have heard of many predators taking peoples money and doing nothing but give the homeowner the run around.

[subprime2006]

There is different between "public defender" and hired attorney. I have been a mortgage originator for the last 8 years and I am currently doing loan modification for most of my former clients. The clients are updated at least twice a week and they are the one who fax "require documents" to the banks. My clients and I are involving in each step of the process so it is hard to scam your client for LIFE.

[subprime2006]

I want clients for life so why would anyone cut the hand that feed you?

[loanmod101]

Good job!

As a mortgage industry veteran, I saw so many borrowers been taken advantage of by lenders when they show little knowledge of how things work in mortgage world. If you are one of the borrowers in deep debt and want to consider loan modification as an option, please email my gmail account loanmod101. I offer free consultation regarding mortgage modification. Thank you!

[acondessa]

Great video Alex. I'm going to suggest people check it out . It's clear concise and true from my experience doing loan mods.

[TrustedMortgagePro]

Youtube has a bug that will not allow us to post replies. Please call us toll free @ 877-519-2885. Thanks

Trusted Mortgage Pro

[manderik2000]

I owe $310K between my 1st and 2nd. Only owe $145 on my 1st, 2nd is a credit line with Washington Mutual. The house is valued around $200-$220k, how realistic is a $100k principal reduction with WAMU? I'm in California.

[tiffaniewashington]

I have a 1st and 2nd mortgage (HELOC)both interest only. We have not been late on payments but I am diagnosed with Leukemia and now need a bone marrow transplant and I am on social security. My husband is the sole provider for our family. Do you think we would qualify for this? Does it affect your credit score?

[Tellingulikeitis]

But they don't really want to work with you. They tell you to keep up your monthly payments while they work on a loan modification. If you could do this, why would you need a modification. Also, after you go through the whole thing, your mortgage company turns around and tells you that you don't qualify? It is best to let the pro's handle it for you.

[subprime2006]

Loan Modification people should charge $500 up front and collect the rest after the loan is modified. Some people want all money up front because they know there is a 50/50 chance you would qualify.

p.s What is the incentive for getting the loan modified if I already got ALL your money up front?

[Tellingulikeitis]

I contacted my lender directly and faxed over a hardship letter and all the documentation they asked for. They SAID they would try to work it out without a 3rd party. But I am with AHMSI which used to be Option one and they are shady. I have read all kinds of bad things about them on the internet. We shall see what they do.

[Tjapukai]

Going to the the lender directly, especially AHMSI, you probably will get denied on your request. They will go through the process, but they will turn you down because of how you went about it.

[Tellingulikeitis]

But they are charging anywhere from $1,400 to $4,000. Call some of those loan modification infomercial #'s. See how much they charge. They give you a great sales pitch. If you had that type of money, you wouldn't be behind in your mortgage.

[acondessa]

I hear ya. However, my friend used to do mods with no money upfront and she got burned most of the time. She'd get the mod, client accepted and then wouldn't pay her. It was so bad she had to stop doing them. I am an attorney (my friend is not) and I won't do them without payment upfront. I've been burned and I learned my lesson.  People need to spend more time researching companies or going to lawyers to do their mods then they wouldn't have to worry about being scammed.

[Tellingulikeitis]

I agree with going to an attorney over going to a broker at a mortgage company. You pay the attorney, you pretty much know he will be able to modify. Lenders seem to be afraid of being sued. But I still disagree with brokers charging up to $4,000 to do a loan modification. If you had this type of money lying around, you wouldn't need a loan modification. So sad that people are taking advantage of those who are struggling to make it.

[acondessa]

I agree with you about the $4000 charges. It's a tough situation. I typically charge $1000-$2500 depending on the person's circumstances. Unfortunately, my time is my only source of income. Every minute I am working for one client it means I'm not making money from another client so I have to be compensated. If a client doesn't pay me I've actually lost money for work I've done and I was prevented from making money from a different paying client.

[Tellingulikeitis]

I totally understand. Everyone has to make an income and not getting paid for work is unfair to you. But it is a scary thing because there are people out there to just take your money and not do anything for you. Especially when you are dealing with brokers out of state. The paperwork states that they are only licensed to work in Ca. If you don't live in CA, then who's to say you wont get scammed.

[acondessa]

Unfortunately, there's no 100% guarantee for not getting scammed -- in any business transaction. That's where consumers have to do their homework and spend some time researching, getting referrals, etc. I've come to find that the harder someone tries to sell me on something (going overboard to tell me how great they are) the less I trust them. ;0)

[Tellingulikeitis]

Exactly.

[Tellingulikeitis]

why do companies who do Loan modifications want $1400 to $2500 up front?

[TrustedMortgagePro]

Hi, please call us @ 877-519-2885. Thanks

[byowner1]

Do you hire afiliates? I'm in PA.

7 years in mtg business......let me know.

Thanks

[gamblingbob99]

Dear Alex and Mary Ann I have a negative arm and will adjust in the near future. I have not ben late on my payments but once it adjusts I will be unable to pay. I have spoken to several companys they say they can help with a loan modification and want a midigation fee of $400.00 up front and then $2,000.00 is this legal to charge up front or in california do they have to wait until the loan has been modified unless they are an attorney thanks

[TrustedMortgagePro]

Hi Bob,

Thanks for your question, we've spoken but I am going to post this for others.

Attorneys can charge up front. Others cannot in California unless they have an advanced fee agreement on file with the Department of Real Estate.

[homes95124]

What is a "Chief Mortgage Advisor"?  Good info!

[chamo97]

hi alex..we just got the paperwork to modify our loan do the banks want to see less monthly expenses or more to qualify?

[reelmothboy]

Can you get loan modifications on both your 1st mortgage, and your 2nd (a HELOC), if you are unable to afford the payments?

[TrustedMortgagePro]

Yes, it depends on your rate for the Heloc, though.

[Suckerpunchu]

This vid is 100% accurate. I stop paying on one of my properties in July. Would only answer there calls maybe once a month. Then got the foreclosure letter and called them up. Poor mouthed them about the cost of gas. Told them I lived in the prop and wanted to keep it. Asked if there was anything they could do. 1st time the ran the numbers I had to much debt. Next time mitigator helped me get the numbers right. went from 3 ARM @ 6% to 40 year fixed @ 4%.& didn't have to make up payments.

[smafi2000]

Dear Mr. Ramirez,

Would loan modifications heart my credit score?

Thank you

[Suckerpunchu]

Who cares you planning on by something in the near future say at most 12 months. IF not you'll be fine. That's if you do like I did it. Doing it prior to falling behind should have no impact.

[TrustedMortgagePro]

No. If anything they will help, especially if you are behind and are able to get back to regular payments.

[TrustedMortgagePro]

Don't know of them.

[adrianis777]

HI Alex i forgot to ask you... my friend is trying to get a loan modification with Brokaw Capital Mortgage... how trusted is this company???

[adrianis777]

Hi Alex.. i know a friend tha is 8 months late on their mortgage payments.... and their are putting their house in auction .. i'm not sure how does this work??? how can they get helped??

[TrustedMortgagePro]

It depends on how near they are to their sale date. There are ways to stop the process. Have them call us.

[taysirk]

The people need to put Banners on their properties quoting, "THIS PROPERTY IS IN A LOAN MODIFICATION", (attorney details). To stop the harassment of thieves knocking on your door to see if they can steal your property away from you..

[TrustedMortgagePro]

Hi Sal, please call us at 877-519-2885.

Thank you.

[josenrikex]

California's Mortgage Foreclosure Consultant Act at Civil Code 2945.4(a): "It shall be a violation for a foreclosure consultant to:

(a) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented that he or she would perform."

[TrustedMortgagePro]

Thank you for your comment.

That is correct. In the State of California, Foreclosure Consultants must collect for the negotiation of a loan modification at the end of the process, unless they are an attorney. Attorneys can collect at the beginning of the process.

[TrustedMortgagePro]

Alex and I do not know the folks who are posting here offering to help clients with a loan modification. We have combined over 20 years experience in real estate and are dedicated to serving you first and foremost. Thanks for watching!- Mary Anne at TrustedMortgagePro

[AtlantisFinancial]

Yes we can assist clients in all states.

[msusms2006]

Alex good job, I know you are out to help the home owners. Have you checked out my new video?

Sharon

[pwinters1]

Alex- Can you assist a client in Texas?

[LoanModificationHelp]

I am also a professional working with a group of a attorneys that will assist you step by step through the loan modification process of course its a no obligation, free consultation.

Call me on my personal phone

Vlad: 917-299-6492