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Old 11-25-2008, 11:22 AM
1 posts, read 4,020 times
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As far as my lender is concerned, what is the most acceptable rate of reduction in my monthly payment when asking for a loan modification?
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Old 11-25-2008, 12:21 PM
Location: MA
8 posts, read 23,678 times
Reputation: 11
Default Seek after your own

Remember that you are asking for a loan modification in order for your loan to become more affordable to you so that you can still pay your lender. Never be afraid to push for what you actually need. Most lenders today are so desperate to collect payments that they are willing to accept any amount you can give them.
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Old 11-25-2008, 01:27 PM
1,176 posts, read 4,043,653 times
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That is just not true. Lenders are having to be pushed kicking and screaming to accept modifications and even then the end result in over half of the cases is a forclosure further down the road.
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Old 11-25-2008, 01:47 PM
Location: Just south of Denver since 1989
10,913 posts, read 29,415,494 times
Reputation: 7144
Do not pay anyone any money to help you with a loan mod in Colorado.

In CO you must be licensed as a mortgage broker. There are exceptions, the lender (yours) does not need to have a license nor does the non-profit housing counselors.

Colorado Foreclosure Hotline or 1-877-601-HOPE (4673)

Last edited by 2bindenver; 11-25-2008 at 02:05 PM..
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Old 11-25-2008, 02:00 PM
Location: Portland, Oregon
7,090 posts, read 10,764,650 times
Reputation: 4109
Ask The Consumerists: Where Do I Turn For Help With My Mortgage? (http://consumerist.com/5098764/where-do-i-turn-for-help-with-my-mortgage - broken link)

Good general advice on help for your mortgage.

Housing Crisis: Top 3 Foreclosure Scams To Avoid (http://consumerist.com/5098773/top-3-foreclosure-scams-to-avoid - broken link)

Top 3 things to avoid in scams
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Old 12-11-2008, 06:22 PM
2 posts, read 7,598 times
Reputation: 11
Words from an Opinionated California LawyerIn California, the Department of Real Estate website (Department of Real Estate Home Page) lists the companies that have DRE "permission" to modify loans... add to this list any licensed California attorney, and that is where you should begin your due diligence when you seek help in California. Other states probably have similar laws, so check with your own state DRE.My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors... DON’T BE A VICTIM TWICE!Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” These scammers are popping up like dandelions on a freshly mowed lawn. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere. Make no mistake, in many cases, these are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications.In California, with very few exceptions (and attorneys are one exception), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law.Of course, this is one lawyer's biased opinion, but one based on many distressing calls to my office every day. And, yes, my firm does take cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.- Paul J. Molinaro, Esq.
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Old 12-12-2008, 08:55 AM
Location: Just south of Denver since 1989
10,913 posts, read 29,415,494 times
Reputation: 7144
The Colorado Division of Real Estate’s new Position Statement MB1.5 which among other things reiterated the requirement that an individual negotiating a loan modification must be licensed as a mortgage broker under C.R.S. 12-61-901 et. seq. Given the confusion and concerns among REALTORS® relating to handling short sales, CAR has discussed the Position Statement with the Division of Real Estate and obtained a clarification.

The clarification is that the Position Statement does not pertain to real estate brokers working for a seller in a short sale situation even when the real estate broker communicates with the mortgage lender in efforts to extinguish the loan. The rationale is that in a short sale the real estate broker is working with the seller to help that seller exit the home, not modify the loan so that the seller can stay in the home. Also, in a successful short sale, the original loan is usually extinguished and there is not a modification to the mortgage. CAR anticipates that the Division of Real Estate will issue a clarification in the next few days.

REALTORS® are reminded that the real estate broker short sale exclusion from mortgage brokerage licensing does not apply if a homeowner engages a real estate broker to seek a loan modification, as opposed to a sale of the home. Also, a REALTOR® not licensed as a mortgage broker should never seek or receive compensation from an owner for obtaining a loan modification. In a short sale the REALTOR'S® compensation should be the real estate commission earned and paid at closing.
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