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Old 08-19-2008, 12:36 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249

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I know what loan modification is. But does anyone have any experience with this? I am looking to find out any info on this. Again, I am not looking for hearsay.

I've been hearing a lot of references to loan modification and see many people mentioning it here on the forums.

What I would like to know is, is this an internal service offered within banks or if this is a new group of company's trying to assist people with there own financial backing?

And either way, does anyone how they help/assist? How long it is for? If there are caps?

Thanks,
Dave
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Old 08-19-2008, 04:15 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,097,622 times
Reputation: 1008
You should visit the brokeroutpost or brokeruniverse for industry related questions.
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Old 08-19-2008, 04:49 PM
 
Location: Cary, NC
1,036 posts, read 3,628,214 times
Reputation: 503
Quote:
Originally Posted by brokerdave View Post
my typical fee is $4k-$8k and i earn it. if you have read any of my posts, i have a lot of experience and i really do cater to my client on a financial level.
Ummmm.... so that is how much experience (on the financial level) you get for $4-$8k. I don't want to be mean, but if you are asking basic questions then its not good to boast about how much of an expert you are or what you "earn" off clients.

We all need to learn about new products and terms, myself included, so I applaud your asking the questions. But this isn't really the place for those in the industry to learn from others, there are plenty of places for that as renriq mentioned.... and the best place is usualy to ask your sales or branch manager.

I always say value (education/ service/ experience/ honesty) is more important than price.... but when people start to boast about being experts and justifying their fees the red flags start popping up.
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Old 08-19-2008, 05:33 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249
thanks
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Old 08-19-2008, 05:55 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249
Quote:
Originally Posted by rcarrillo View Post
Ummmm.... so that is how much experience (on the financial level) you get for $4-$8k. I don't want to be mean, but if you are asking basic questions then its not good to boast about how much of an expert you are or what you "earn" off clients.

We all need to learn about new products and terms, myself included, so I applaud your asking the questions. But this isn't really the place for those in the industry to learn from others, there are plenty of places for that as renriq mentioned.... and the best place is usualy to ask your sales or branch manager.

I always say value (education/ service/ experience/ honesty) is more important than price.... but when people start to boast about being experts and justifying their fees the red flags start popping up.
i wasn't boasting about anything. that is a normal fee. is that not a normal fee in your experience? that was in reference to being able to charge my fee and still be able to out-price retail banks in pricing, both in rates and closing costs. i feel like you are trying to take this out of context.

i am not looking to learn about new products, for me to sell. i am employed at a national lender that offers wholesale as well, like yourself.

i was wanted to know if this term is being thrown around from refinancing/restructuring loans. if this is a service i can refer people to that are in need, it would be nice to know that it is available. a lot of companies are popping up to "help" people. i am just trying to figure out if this is a term being used by them or just another fancy way to say refinance.

as you know, terminology varies between regions and states. i am just trying to get to the bottom of it. i just simply do not have the time to keep up with all the new assistance for others.

Well since i've seen people post numerous times about this, i actually thought someone might be know or could at least elaborate on their experience. but i guess i am not the only one here.

I have asked those above me, but the term is just as new to them as it is to me.

Last edited by brokerdave; 08-19-2008 at 06:09 PM..
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Old 08-19-2008, 06:45 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,098,953 times
Reputation: 952
I don't necessarily agree that this is an inappropriate question, although I do feel that an industry professional should always be armed with as much information as possible and if this question is for business purposes than it should be asked on the appropriate business oriented forums. However, I'm sure much of the general public are curious about loan mods, and I personally feel that this is public information that many of the folks here could benefit from so I will answer it to the best of my ability.

A loan modification is exactly what it sounds like. It is a modification to the note of a mortgage. It is not a refi. Sometimes loan servicers voluntarily modify a note, sometimes a modification company will negotiate on the borrower's behalf. Sometimes the rate, the term, the principal balance, or any combination of the three will be modified. Loan modification companies are popping up all over the place right now, and that in and of itself should be a red flag. Many are trying to cash in on the next big thing, although there are a few that are truly interested in helping folks out the right way. As with anything it is the client's responsibility to do their due diligence to make sure that the company is reputable.

Last edited by Daddys///M3; 08-19-2008 at 07:50 PM..
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Old 08-19-2008, 07:22 PM
 
Location: Fort Myers, FL
1,286 posts, read 2,595,258 times
Reputation: 249
Quote:
Originally Posted by Daddys///M3 View Post
I don't necessarily agree that this is an inappropriate question, although I do feel that an industry professional should always be armed with as much information as possible and if this question is for business purposes than it should be asked on the appropriate business oriented forums. However, I'm sure much of the general public are curious about loan mods, and I personally feel that this is public imformation that much of the folks here could benefit from so I will answer it to the best of my ability.

A loan modification is exactly what it sounds like. It is a modification to the note of a mortgage. It is not a refi. Sometimes loan servicers voluntarily modify a note, sometimes a modification company will negotiate on the borrower's behalf. Sometimes the rate, the term, the principal balance, or any combination of the three will be modified. Loan modification companies are popping up all over the place right now, and that in and of itself should be a red flag. Many are trying to cash in on the next big thing, although there are a few that are truly interested in helping folks out the right way. As with anything it is the client's responsibility to do their due diligence to make sure that the company is reputable.
that was what i thought, i asked this questions because this is what i wanted to know for sure. thank you.
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Old 09-03-2008, 11:59 AM
 
Location: Las Vegas
6 posts, read 11,648 times
Reputation: 10
This is a great and very relevant question. With our struggling economy and failing housing market the last thing lenders want is another foreclosure in their portfolio. For borrowers who cannot qualify to refinance into a new loan but have the ability to make a suitable payment on their loan with some lenience, a loan modification is the best way to go.

The problem is that borrowers are hard working everyday people that are not completely educated on how financial companies work or tenacious enough to deal with the lending companies run-around.

THEY NEED PROFESSIONAL REPRESENTATION.

It is an upcoming trend in the finance industry for more professionals to focus on learning how to negotiate with the lending institution to modify a borrowers loan.

I will be spending a lot of time and research for this forum focusing mainly on this topic. You can expect to see advice and tips for professionals even the best routes to find the people that qualify, what to do if they don't qualify, and who to have in your referral network. Also advice for consumers who need help in their current situation.
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Old 09-28-2008, 05:43 PM
 
3 posts, read 6,963 times
Reputation: 10
Default Loan Modification Experts ( Be Real or Be Gone )

IMHO it takes alot of time and effort to claim expertise in this field.

Just because someone was a loan officer / mortgage consultant that doesn't qualify them to work in the best interest of borrowers. It may be exactly the opposite.

Many predators have emerged to take advantage of folks who are in the position of possibly losing their homes.

I have seen many loan mod companies out there who charge clients a large upfront fee and never work on the file. This is the worst kind of predator, selling hope and letting people down is a crime and the perps should be wearing orange jump suits and handcuffs.

Those of you who actually have the homeowners best interest at heart and truly work your tails off to help should be commended and rewarded.

Working hard on behalf of a borrower and arranging a principal or rate reduction that lowers a payment to something affordable can make differences in the lives of people that will change their future for the better.

There is nothing more satisfying than seeing the face of someone who was on the verge of losing everything when they find out their mortgage payment has been substantially reduced and they can finally stop worrying and sleep at night.

Here's to the Real loan mod folks out there who really are helping!

Moderator cut: spam

Last edited by jco; 09-28-2008 at 10:34 PM.. Reason: spamming
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Old 09-28-2008, 10:25 PM
 
82 posts, read 281,834 times
Reputation: 14
it's better than having to pay closing costs...
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