Mr Mortgage on Mortgage Modifications - You Can Qualify!

[macguire1968]

If you need help contact us for a free evaluation we are a Green Credit Affliate.

619-704-8259

[bbevis1978]

"This is a "Top-Down" problem... not a mortgage broker problem". Classic line.

Mr. Mortgage, don't you think it's reasonable to expect a Mortgagor to only borrow what he/she can AFFORD to repay??!!!!!!! PEOPLE were greedy and they all lived above their means! (Wall Street simply provided them with the means (products) that they wanted). This economic disaster was created by stupid individuals ... Liars should reap what they sew!

[jzepeda41]

Does Mr. Mortgage work for Green Credit?  I think he missed a disclosure. lol.

[saveurhomeplease]

We Can Help You Save Your Home From Foreclosure Go To homesaver(DOT)tk

[TWA717]

How much does Green Credit Charge (for example, is it based on savings) and is that an upfront fee?? Thanks for any info!

[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."

[loanmod101]

Good job! Mr. Mortgage

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!

[TrEo2322]

Loan Mod don't work  for the sub prime because there people income is not high, the only thing that can save you is ?????? go to my page and I tell you.

[agntagnt]

This guy seems shady

[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..

[freddytuber]

We don't have a housing crisis, we have an income crisis! After you finally get that, you know that modifications don't work in many cases. Property taxes and insurance costs together are more than you can rent a place for here in Florida! Add costs for repairs and maintenance and it gets worse! I am at the point, even if they give me the house, I DON'T WANT IT ANY MORE. Why would I buy something that is depreciating for many years to come and I have to pay for upkeep? My suggestion WALK AWAY!

[ludel]

Hi, I received an EASY MOD with INDYMAC this week. They sent me a ltter saying it was approved and I sent the paper work back. Is there still a chance it wont go through?

[OHGORSH]

If everyone walked out of their homes with candles at night and everyone could be seen that lost their homes it would remind of Hilter leading people on the trains , only difference is they are in the streets.

[OHGORSH]

Litton company doesnt help anyone because they claim they are not a mortgage dealer and have screwed up thousands of folks ,not to mention the folks who never missed a payment. Unfortunately I have the same mess. Only diff is my kids are all raised to leaving the home behind is not so bad.least I am going to phsch myself out to think that its not beings they sucked all the equity out for our neighborhood

[dosschung]

Superb Dude!

[kirkbride369]

what do i do with a 2nd trust of $750,000, 90% ltv behind afirst trust of $1,300,000. the home is worth ~1,600,000 in this market. the second has charged off on my credit report.

[REOGURU]

In order to obtain a loan modification the mortgagor has to show a hardship or need exists. They're not listening to folks who are current on their loans, because they're too busy with the folks who are months in arrears. In order to be eligible you have to be 30-90 days late on your payment w/a verifiable hardship to support your request. Plus a modification DOES NOT mean debt forgiveness! A bank will forgive debt when there's a suspicion of fraud on their part and it will save them court time.

[kuwatsinango]

my 2nd loan is $112,000 monthly amor.839.01 and my 1st laon is $448,000 monthly amortization is $2,193.33 nohting goes to principal now i owe wht the house it worth i submitted my hardship letters 3 times already 3 deffirent negotaitor but they they dont have a program to help me now i'm 2 months behind i've been paying since 2006 my loan used to be from ALLINACE BANCORP and sold us right away amonth after from CW and SLS. where the help nothing like HOPE they should call HOPE FOR NOTHING.

[kuwatsinango]

i dont think so man i have 2 loans from countrywide $448,000 interest only 5.875% it may change every 6 months LIBOR INDEX month amor.$2,193.33 2nd loan from specialized loan servicing $112,000 fixed conventional 8.000%monthly amor. $8,39.01 i only get piad $2,000 a month i could afford both loan i've been payiung since 2006 i just behind for 2 months now i'm asking for help from my lenders 3 times already they dont want to help me.

[CMONTHETON]

Mr Mortgage, Do i detect a grey hair on top?

[notsofastfriend]

I don't see the benefit of doing a loan modification unless the end result is a mortgage payment comparable to local rents. What if prices drop further (negative equity)? ... continue to modify till the bottom is hit. Money is lost on stocks every day but no one has ever offers to mitigate those losses, so a moral hazard does exist here. People will not be left homeless, way too many vacant houses out there. I say let the market do it's thing, the sooner the better. Keep up the good work!

[markmti]

Notso - many times you can get that. They get 40 cents on the dollar by foreclosing on you. They can FOREGIVE plenty.

[Benzini9]

Ive been watching you for a month now. Awesome advice. But I pressured Wells, I threatened to walk away from my 2-2 146k now worth 80k condo. 5/1 5.5 first and variable Heloc. It was an 80/20 job, 100% loan. Both interest only. I am completely in the hole, and my arm is coming up in 2010. Wells said there was nothing they could do because I was not late on my mortg! AHH! I filled the app at Green Credit, on my trust in you Mark. Dont let me down!

[markmti]

just dont go with Green Credit if they don't tell you you have a solid chance of getting one. Actually email me and tell me what they tell you and I will give you my honest opinion.

[melanieross4644]

what happened with this?? i am having an ap sent to me today...im not sure ifi trust green credit b/c the chick was working from home and wanted to pull credit today...i told her i wanted to look over the ap first...plus its like $2500 wheather or not we get the loan mod!!!!!!!

[jvent68]

other companies will mod the loan for 1 mortgage payment total fees.....green credit scares me

[chunkypunki]

So it's been awhile, did green credit work for You?

[Benzini9]

They wanted 4 grand to help... way too much. With no guarantee. I cant make my mortgage payment let alone pay 4g's for help. It should work that they seek help for you first, if they save you money, then you pay. If nothing can be done no cost. Plus they call me daily to ask me if I changed my mind. Very annoying. Im sure they can help if you can afford it.

[chuock]

We can do it for alot less. Green Credit is a good company, but they are expensive. I've been to there place in Irvine, nice place, but thats why they are so pricey.

[Benzini9]

How can I get in touch with you to discuss

[sickwiththetruth]

You shouldn't be charging up front fees. You will eventually get sued.

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."

[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."

[sickwiththetruth]

3 people in the state of Nevada were just busted for doing bogus loan modifications. They took people's money and didn't provide ANY service. 2 have been arrested, the other person fled to the Philippines. So sad how people take advantage of desperate homeowners.

[repo4sale]

Mark, what your doing is "GREAT" for the people under water! Too bad they move slow or are so depressed they will not act. I'm one of the few, about 5% that sold the "whole portfolio" from 2001 to 2006! I'm looking at 2012 to 2015 as the bottom bounce if at all. Till then it's GRIN, TRAVEL, TRADE WITH CNBC & live DEBT Free! When the bottom hits, I'll buy 400 properties in 5-8 years.

[markmti]

In 2015, I will be right behind you.

[markmti]

Mortgage Mod's Part 2 just posted on my site for all the non-believers. You have it wrong.

[markmti]

NON-PROFIT HELP

Hope Now has help for this and say they 'helped' 1.5 million people. I called them to test it out. They told me...

-make a budget

-cut down on spending money for things that are not essential for living

-take shorter showers

-keep the AC/heater off unless it is unsfae to do so

-take public transportation

THIS IS THE HELP NON-PROFITS GIVE.

[THolleyH46]

You'll get no argument from me on the effectiveness of that organization.

[markmti]

NON-PROFIT HELP

Hope Now has help for this and say they 'helped' 1.5 million people. I called them to test it out. They told me...

-make a budget

-cut down on spending money for things that are not essential for living

-take shorter showers

-keep the AC/heater off unless it is unsfae to do so

-take public transportation

THIS IS THE 'HELP' NON-PROFITS GIVE.

[markmti]

BEING FORWARD THINKING CONT

These people will end up being bailed out in the future no doubt - everyone will. But at the expense of the tax payer. The liars and theives can go to FHA or deal with the new Govt bailout and split their upside for all I care again at the tax payers expense.

[markmti]

BEING FORWARD THINKING CONT...

The banks and IB's messed up badly by getting greedy and and made bad loans to bad borrowers. Good borrowers who put 20% down went full doc and make their payments every month are being destroyed. This is who I am trying to help. Right now they are on their own. The banks should compensate these people, especially if it was because a borrower who never should have been there inthe first place losing their home next door.

[markmti]

BEING FORWARD THINKING

There are millions of people who are perfect borrowers, have never missed a payment, are in a negative equity position and who will default or walk away in the future due to it. Due to the new Gov't bailout for the bad borrowers, these borrowers will lose their home to either the bank or the Gov't. That isn't right.

[Ambiepants08]

Mark - just wondering why you are in favor (?) of the irresponsible homeowners having the actual principal of their loan reduced in addition to the interest kept at a lower rate. I can understand the interest rate being frozen - it seems fair enough. But to actually shave dollars off the principal?? They can claim ignorance of the loan product but not of the actual selling price of the home they bought. Doesn't seem right at all.

[markmti]

i wish none of this had happened but I know one thing. That is if this $300 bb bailout goes through everyone will get their mod plus a crappy FHA loan + have to split their upside in the prop with the Gov't. That is what will happen.

[THolleyH46]

Normally like your videos, but mortgage brokers aren't all upstanding and there's no reason to pay someone to do something you can do yourself. Be truthful and represent your scenario to the lender, for free.

[markmti]

I said there are some scummy mortgage brokers out there. I also said you can do it yourself if you know what you are talking about, understand finance, debt ratios and banks thresholds.

Yes you can do it yourself but I would be willing to bet anything that a company that does 1000 of these per month can get a much better deal than someone on their own and when dealing with a $500k mortgage that can means $10s to $100k's easy.

[markmti]

Also THolley, the average person does not know how to qaulify themselves, has no budget and does not understand rates. 62% of all subprime loans now in foreclosure are there post-workout. A workout done by themselves or a hack.

[Ambiepants08]

I appreciate the video but only rated it 4 stars this time. I was hoping you would tell us if this info changes your advice for potential buyers waiting it out on the sidelines. It doesn't sound like this news will fare well for those of us waiting to buy. If homeowners are more likely to keep their homes this is reducing the number of distressed properties then this should firm up pricing, no? What's your advice to us on the sidelines now? Could you do a little sequel in the next video? Thanks!

[markmti]

This will do two things. Drive prices down but also help to stop foreclosures, which is a stabalizing factor. Prices will fall much further but anything that can be done to keep people from losing their homes and getting right-side up again I am for. May I have that last star now please.

[markmti]

I agree. Its all fu**ed up. But those that acted the worse get treated the best. That's what this $300 bil bailout is about too.

[stinkypoon]

It is so immoral for them to selectively modify loans based on how stupid their customer base is. All of my friends that bought at the market peak are going to see their neighbors get sweet principle reductions and super-low rates.

[rcmtgs]

Yeah Mark, in fact I think I should be paid at this point for NOT SELLING THOSE CRAZY EXOTIC LOANS, that's right top down, pass that big bonus back down, where's the awards for protecting the consumer and clients? Fortunately, I think I did such a great job my customers are set for life at 4.75...lol. Are you going into politics by chance?

[markmti]

You are right man. You stuck all your friends, family and clients into nice 30-yr fixed at 5% and 7/1's or 10/1's at 4.5% and nobody could use your services anymore. You did just a good job, you screwed yourself. All good mortgage brokers did that. Thats why is 2005 when the biz fell apart as rates rose they had to pump helocs and pay options so hard. Guess what though, I bet many went out and did a helec and totally to 90-100% and totally messed themselves up.

[markmti]

You are not one of those that put all your clients into great loans and took out a pay option arm because you thought you could refi if anything got bad? I know so many that did that and got stuck.

[rcmtgs]

That was 4.75 30Yr Fxd & just closed my brother at 5.5 30Y but 2 days later could have had 5.375+.50, WHEN THEY WANT TO KNOW THE TRUE 0PT PRICE I DON'T LIE I SHOW'M THE RATE SHEET! Thanks Taylor Bean, and when i sold one of my properties, it closed the beautiful Savings of America employee pay option arm that never went over 7%---to this day I still say, anything below 7% is a good loan for 30YFxd. But that was my first loan ever, Savings hired me the day I closed on their loan... smart huh

[WaveCycles]

Just tell me that these people are not being given better loans that I have. I didn't get in over my head, but I can't stand to think that someone who did is going to end up with a better mortgage that I did cause they got suckered into an ARM or some other crazy home loan.. It's not fair if these people end up with 4% when I can't even get that..

[markmti]

Yes Wave - many are. Thats what sucks about it. It will also lead to borrowers who did nothing wrong ending up in a negative equity position and at-risk of default. Then guess what, you get free money too!

[markmti]

borrowers are having 2nds foregiven by 75-80% in some cases if they are refinancing. The loan is unsecured in most cases so they let them off the hook.

[amjohnstone]

Some good advice. It will be interesting to see if the banks will let a borrower do a 2nd loan modification a few years from now after real estate has dropped another 40%. They will not have a choice by then either!