Loan Modification & Foreclosure Prevention (You DONT Need to Pay)

[1lonelyhmoobFl]

Don't try...... it's a scam. The banks, the lawyers and all the politiciens are in on it. Been there, done that. IT doe not work. There is no such thing.  It's just a scam.

[GThomason]

The BIG banks are committing Foreclosure Fraud, throwing people out of their homes by forging the documents. DEMAND that your bank produce YOUR ORIGINAL mortgage note with your "wet ink" signature (a copy is insufficient, just like a copy of a dollar bill is not a dollar). If the bank cannot produce YOUR original signed note, they can be sued for the mortgage amount +3 times the amt. They may just "give" you the house rather than pay 4X that amt. Do not refinance - They get a new signature.

[tbursee]

banks dont modift loans, they foreclose on people. I dare you to show me one person that has modified their loan.

[wayneo169]

I've had 2 major emergency surgeries, applied for a loan modification hardship, was denied, applied for a loan modification was denied, hired an attorney and was still denied, loan mod's are a joke if your middleclass - it's a scam for more properties to become available for more low income families that don't qualify for a loan- Gov offers more programs for non qualifing minorities.. they are stealing our homes and giving them away

[reversefound]

great vids

[careymahoney1974]

NACA is for the Hail Mary pass if you want to save your home, although I don't like them either.

Better yet, if your house is worth shit, then walk away from it and rent.

The worst thing to do is get attached to a material thing like a home and go broke.

Cash is King. The banks are liars, and you don't need them.

[1888junkteam]

excellent work!

[blueshooligan]

Thats what you get for having a country that is run by the banks

[scamfighter100]

No matter what you do, stay away for Feldman Law Center! Scam and rip-off is what you will encounter. These are real white collar crooks.  Steven Craig Feldman lies and cheats. Check him out with the Bar. His records speaks for itself.

[scamfighter100]

Feldman Law Center being a fraudulent loan modification company.

Steven Craig Feldman is a thief in a suite, aand a dead beat dad.

State Bar of California

Steven Craig Feldman - #103676

Administrative Actions

8/16/2007 Admin Inactive/MCLE noncompliance Not Eligible To Practice Law

9/27/1999 Suspended, failed to pay Bar membr. fees Not Eligible To Practice Law

8/23/1999 Suspended/Child & Fam Supp noncompliance Not Eligible To Practice Law

Bar Number 103676

[fernfeyes]

The same people who got paid commissions to get you into your mess and the same people who now offer the "solution"...and get a commission again. The only way to get housing prices down to realistic levels is to WALK AWAY!

[5yearplan1]

fernfeyes

I agree. I paid a law firm $3000 up front, gave them all of the paperwork they asked for (3 times) and they kept assigning new people to my account. They sent a letter to my lender telling them to stop calling me. Then I find out today that my house is in default and they intend to foreclose. I called the law firm, they asked for the same paperwork I supplied them with 3 times already. I am ready to walk away, but I want my money back!

[wayneo169]

I've been dealing with the same thing for 11 months good luck, we got denied 4 times so far, had to borrow enough funds to get out of foreclosure and pay fees and still got denied.. loan mod's for the middleclass are a scam .. I've had 2 major emergency surgeries and still got denied with them saying I have no hardship

[kantceeme]

Don't go with the HOPE program! You can't modify your loan for 5 yrs. and any equity has to be split with the Government! You can try to modify on your own with your lender BUT think of who you are working with, your sleeping with the enemy! Look for a company who's no b.s. and will negotiate for you! They will charge a fee, they are a business, plus think of how much you'll be saving!

[MiCasaMiDinero]

Jason,

FYI this event was done with the help of HUD approved counselors and non-profit organizations. It was not done with loan modification companies since the majority of them are operating illegally by charging fees upfront.

The Housing Dept in the City of San Jose is already working on a second event just like the one you saw on this video. And it will take place sometime in the beginning of 2009.

[jasoncbrothers]

Why is it that unemployed loan officers think that anyone needs modification companies? Why would anyone GIVE money to these scumbags? They stole your money the first time, and now they are stealing it again.

[sickwiththetruth]

And the sad part is, they don't tell the homeowner that not every lender will grant the loan modification. Also, the people you are paying the money up front to do a loan modification will only give you a portion of your money back. If they can't do the loan, they will keep at least $500.00 to $1,000 of your money. All of them charge a different fee to the homeowner. They go by what your monthly mortgage payment is. They are scumbags.

[MiCasaMiDinero]

There are some (emphasize the word some) brokers who are doing loan modifications successfully and legally BUT there are far more brokers and companies charging upfront fees illegally.

I know in California and many other states, it is illegal to charge fees upfront for a loan modification unless the Department or Real Estate or another State authority has reviewed their contracts and provided them an official "no objection" letter.

[sickwiththetruth]

Why is it that lenders try to discourage borrowers from trying to get a loan modification. Some of the things they tell us are that they don't have to work with loan modification companies and they they do it as a courtesy but they have the power to say no. Lenders can be so cruel.

[MiCasaMiDinero]

The people on the lender's side that discourage borrowers from getting a loan modification are inept and inexperienced. In certain cases it is much beneficial for the lender to do a loan mod.

While it is true that lenders do not need to accept loan modification programs, many lenders are getting smarter and negotiating a win-win situation for both parties. However, it is the lender's ultimate decision to accept or reject the loan modification proposal.

[sickwiththetruth]

And be honest, you know a lot of lenders will NOT DO A LOAN MODIFICATION no matter who the homeowner gets to represent them. Ultimately the homeowner is out of money. They may not be out of all the money they gave to the broker for the loan modification, but the broker will keep $500 to $1,000 of their money. Is that fair to the struggling homeowner, NO IT ISN'T.

[MiCasaMiDinero]

Honestly speaking, there are successful loan modifications done. However, as I mentioned it on the article titled "What is a Loan Modification" (find it in my site SCCRealEstateUNCENSORED dotcom), the borrower does need to qualify for the loan modification.

Now if you have a borrower who does not have a job or only makes about $1,000/month and expects a loan modification for a $800,000 loan, then yeah....that would most likely not work and the loan modification would be denied.

[sickwiththetruth]

That is just one case scenario. Not everyone has a house that is that expensive. But if your lender says no, then it is no. They don't have to grant anyone a modification and if they don't, the homeowner is out of at least $500. Because that is what the broker will want for the work he/she did or did not do. Unfair either way you look at it.