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Old 12-16-2008, 03:03 PM
 
26 posts, read 110,141 times
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Are the 2 words interchangeable? Or are they something completely different?

<mod cut- keep the self-promoting websites out of your posts>

Last edited by BobKovacs; 12-17-2008 at 05:48 AM..
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Old 12-16-2008, 08:30 PM
 
Location: NW Las Vegas - Lone Mountain
15,756 posts, read 34,864,141 times
Reputation: 2661
Quote:
Originally Posted by sideshow bob View Post
Are the 2 words interchangeable? Or are they something completely different?

LasVegasLoanMods.com
Loss mitigation is a bank department concerned with minimizing losses. Loan modification is some modification to a loan to change it terms. The term, interest rate and princple would be the common ones though principle midification appears to be quite rare.

Interesting discussion on KNPR this morining about all of the people climbing out of vasrious holes to offer to do loan modifications for the unwary...

Anyone who is interested it will play again tonight between 7 and 9.

You couldn't be in the loan modification business could you?
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Old 12-16-2008, 11:26 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,391,839 times
Reputation: 958
Quote:
Originally Posted by olecapt View Post
Loss mitigation is a bank department concerned with minimizing losses. Loan modification is some modification to a loan to change it terms. The term, interest rate and princple would be the common ones though principle midification appears to be quite rare.

Interesting discussion on KNPR this morining about all of the people climbing out of vasrious holes to offer to do loan modifications for the unwary...

Anyone who is interested it will play again tonight between 7 and 9.

You couldn't be in the loan modification business could you?



mod cut:

On another, more relavent note I heard today that FL is passing some serious legislation regarding anyone other than an attorney (particularly mortgage brokers and LO's) taking any upfront or referral fees for loan modification or loss mitigation (potato or potatoe?) work. I imagine that other states will soon follow.

Last edited by scirocco22; 12-17-2008 at 01:34 PM.. Reason: please use "report this post" feature or DM a moderator of your suspicions. Thanks!
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Old 12-18-2008, 11:01 AM
 
4 posts, read 15,315 times
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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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Old 12-18-2008, 03:03 PM
 
Location: New York
2,251 posts, read 4,529,464 times
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Quote:
Originally Posted by tiffrosales View Post
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!
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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Old 04-06-2009, 08:02 PM
 
Location: Orange County, CA
35 posts, read 173,959 times
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You must protect yourself against all the scammers out there who are looking to take advantage of distressed homeowners.

http://www.ehow.com/how_4889750_your...ion-scams.html
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Old 04-06-2009, 11:15 PM
 
706 posts, read 3,547,146 times
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I saw a Loan Modification application that looked damn simple to me.

Why would anyone hire an agent to fill out a simple form?
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Old 09-03-2010, 09:30 AM
 
2 posts, read 9,776 times
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Yeah I am in a situation right now where I hired an attorney to help me with my loan modification. I want to add I never dealt with a lawyer only to find out it was mortgage brokers with expired and a denied license. So you gotta even be careful even with a law firm. These people are charging 2500.00 to something you can do for free and work directly with your mortgage comany. I also found out by my mortgage company all they do it fax papers and charge you 2500.00. In the contract that was signed it said that all communication be made with the law firm. Well when they gave me a hard time I finally decided to do some research, but I found out alot of things they weren't suppose to be doing. Yes there was a law that passed Jan.1, 2010 that no one other than a lawyer can collect up front fees but for a lawyer to collect that here are specific criterias. By Florida law, attorneys may collect up-front payments for mortgage modifications from existing clients. But the only way an attorney can modify a home loan is if the person is an existing client, said Flora Beal, a spokeswoman for the Office of Financial Regulation.

If someone comes to an attorney’s office for help with a divorce case, and later seeks help with a loan modification, the attorney can act in that capacity, Beal said.

“The Florida Bar has very specific criteria they have given the attorneys in Florida that they cannot recruit new clients for loan modifications,” Beal said. “They cannot recruit new clients and charge a fee to do a loan modification.”

Moderator cut: Copyright violation -- please post a link and a "snippet" only

Last edited by Green Irish Eyes; 09-03-2010 at 11:46 AM.. Reason: Copyright violation
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Old 09-04-2010, 09:05 AM
 
5,033 posts, read 4,710,931 times
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Not all lawyers just are paper pushers. I hired a lawyer to do my modification and she has been wonderful. She advises me, she gets on the phone with the bank and lets me know what is going on. Modifications are a complete hassle but hopefully if it goes thru, it will be worth it. I am finding that the banks are horrendous to deal with ; The lawyer has had to fax the paperwork in at least three times,only for the bank to come around and say they need more or that 90 days has expired since the last paperwork was recieved. Or that benefits must show that I would be getting benefits for 3 years ; ;again not true ; one cannot collect unemployment benefits for 3 years.

In my mind the lawyer is a good thing and worth every penny
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Old 09-08-2010, 06:18 PM
 
2 posts, read 9,776 times
Reputation: 10
Default Anyone heard of Thomas J Sherwood in FL

The reason for this post is to see if anyone has had trouble with this law firm as well??? Please let me know your story either through here or feel free to contact me through email jerzgal85@yahoo.com
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