Quote:
Originally Posted by tiffrosales
It's unfortunate that their are Loan Modification Companies that are just taking advantage of desperate homeowner's. I was in a similar predicament a few months back. After doing some research and interviewing both Attorney's and non-Attorney loan mod company. They do the exact same work. The only difference are the fees charged which is more exhorbant for the Attorney's. I actually found an Attorney that outsources their work to another Mod company. It's quite ridicolous if you ask me. Just a way for them to make a quick buck and over charge their fees due to their ESQ title. No thanks!
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Above is a very one sided view of thinking......
I speak to homeowners across America everyday. Everybody's situation is different.
It is the job of the agent to structure a modification to show the client is facing hardship through the mortgage.
There is a big difference using an Attorney Base Modification/Mitigation company vs a home owner doing a modification on their own.
If a person works directly with their lender, it expected modification is benefiting the mortgage company. If an Attorney firm modify's the loan, the expectation is to benefit the homeowner. Yes it might cost a few dollars up front, but you need to look at the lifetime savings in the loan.
I spoke with one lady in New Jersey behind on her payments - who had Option One as a lender, she was working part time with three children. Her lender "Yelled" at her - telling to put the kids in daycare and go out and get a full-time job. Her husband and retired father was both working full time. She was crying as she told me her story.
Another lady in California - proved she was a victim of fraud and predatory lending. We negotiated her loan down to 2.5% with her lender.
A man in Texas I spoke to last night - was in a blanket loan with four investment property's attached to his primary. He was late on the on his rentals and did not want to lose the home where he lived.
Again - every modification is different, no two home owners have the exact same situation.
Many are in upside down loans, recently in a few states it is mandatory for a lender to reduce the principle to 90% of the new value. If a principle reduction is awarded, there are many conditions attached to the modified loan. Such as the homeowner cannot sell the property for 5 years, after which the homeowner will have to split 50/50 any profit in equity with the government.
For states where principle reductions are not yet in affect, it is possible to negotiate a lower principle through a short sale and the homeowner keeps his property.
Point - yes there are dis-honest companies out there, this hurts the good companies that are helping homeowners. As for the Attorney fee, we understand people don't have money (or they would be in the position they are in), will work out monthly installment payments. The actually total fee, is determined on the size of the modification balance. Additionally, the agent and the actual litigation agent is it touch with the homeowner. Our goal is for the homeowner to keep their homes with the lowest possible payment.
Family - should be a person's first priority, next is their home. Their home is probably one of the biggest investments they make in their lives. Do they know - what there is to know about making the right choices to get the right outcome. Do they have years of experience in financing and dealing with mortgages?
Our would they choose to work with an experienced person that has many years of helping people make the make choices........
My 2 cents
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Anyone heard of Thomas J Sherwood in FL
