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Thursday, February 26, 2009
Monday, October 13, 2008
Loan Modification FAQs
Q. How much does it cost?
A. The cost to modify a standard mortgage is $1695. When there are 2 mortgages on the property the modification fee is $1995.
Q. Is the service guaranteed?
A. We guarantee the modification Attorney will work directly for you during the modification process. The modification process is changing everyday. It would be irresponsible to give a guarantee, however The Loan Modification Group will not take a client that does not qualify for a modification. This means our clients get the service that they pay for.
Q. What States are eligible?
A. All 50 States.
Q. What Lenders and Servicers work best for loan modifications?
A. All lending banks have loss mitigation departments that are modifying home loans. We have worked with most mortgage lenders in the US.
Q. What if I need help explaining the process to my borrower?
A. The Loan Modification Group will assist you with any questions the borrower might have. We can schedule a conference call with you and your client anytime to help with the sales call. We are at your service.
Q. What happens after the client agrees to modify their loan(s)?
A. After the documents are signed and faxed, the file is sent to our office for final approval. Upon completion of the fee transaction, you will be mailed a $400 check as a referral fee. Then the file is sent to the attorney's office and the client will receive a call within 24 hours from a paralegal to start the process.
Q. What kind of Borrower qualifies?
A. All Mortgage holders qualify, regardless of current LTV, credit, self-employment, and mortgage lates. When you are a client of the Loan Modification Group the Attorney’s office will put together a modification package that is right for your client. This includes Financial Statements (monthly summary), hardship letter, mortgage statements or any other documents the lending bank needs to do the loan modification.
Q. What is a good example of a modifiable loan?
A. Our "Text Book" file is a mortgage holder that has an ARM and is having trouble making payments after the adjustment or foresees a problem after the adjustment happens. With that being said we have modified loans of all types; We specialize in Adjustable Rate Mortgages, as well as neg am loans, interest only loans, investment or commercial property.
Q. What are examples of past modification results?
A. We have modified all types of loans. Some of our past results include Changing an ARM at a 9.6% to a fixed rate loan at 5.8%. We have put the Arrears (late payments) back into a loan and made the loan current. We have changed high fixed rate loans into lower interest rate loans.
More Loan Modifications Are Being Done Than Mortgages! If you have tons of clients who are unable to refinance their mortgages. You can make a ton of money! Change the terms of your clients current mortgage without closing costs, points, or appraisal fees!
http://www.LenderLister.com
A. The cost to modify a standard mortgage is $1695. When there are 2 mortgages on the property the modification fee is $1995.
Q. Is the service guaranteed?
A. We guarantee the modification Attorney will work directly for you during the modification process. The modification process is changing everyday. It would be irresponsible to give a guarantee, however The Loan Modification Group will not take a client that does not qualify for a modification. This means our clients get the service that they pay for.
Q. What States are eligible?
A. All 50 States.
Q. What Lenders and Servicers work best for loan modifications?
A. All lending banks have loss mitigation departments that are modifying home loans. We have worked with most mortgage lenders in the US.
Q. What if I need help explaining the process to my borrower?
A. The Loan Modification Group will assist you with any questions the borrower might have. We can schedule a conference call with you and your client anytime to help with the sales call. We are at your service.
Q. What happens after the client agrees to modify their loan(s)?
A. After the documents are signed and faxed, the file is sent to our office for final approval. Upon completion of the fee transaction, you will be mailed a $400 check as a referral fee. Then the file is sent to the attorney's office and the client will receive a call within 24 hours from a paralegal to start the process.
Q. What kind of Borrower qualifies?
A. All Mortgage holders qualify, regardless of current LTV, credit, self-employment, and mortgage lates. When you are a client of the Loan Modification Group the Attorney’s office will put together a modification package that is right for your client. This includes Financial Statements (monthly summary), hardship letter, mortgage statements or any other documents the lending bank needs to do the loan modification.
Q. What is a good example of a modifiable loan?
A. Our "Text Book" file is a mortgage holder that has an ARM and is having trouble making payments after the adjustment or foresees a problem after the adjustment happens. With that being said we have modified loans of all types; We specialize in Adjustable Rate Mortgages, as well as neg am loans, interest only loans, investment or commercial property.
Q. What are examples of past modification results?
A. We have modified all types of loans. Some of our past results include Changing an ARM at a 9.6% to a fixed rate loan at 5.8%. We have put the Arrears (late payments) back into a loan and made the loan current. We have changed high fixed rate loans into lower interest rate loans.
More Loan Modifications Are Being Done Than Mortgages! If you have tons of clients who are unable to refinance their mortgages. You can make a ton of money! Change the terms of your clients current mortgage without closing costs, points, or appraisal fees!
http://www.LenderLister.com
Here is a sample loan modification:
Here is a sample loan modification:
The client has an ARM with OCWEN Loan Servicing, the interest rate adjusted from 6.4% to 10.1%, increasing the clients payment $670 a month making the loan unaffordable after the adjustment.
We were able to modify the loan. The new interest rate was 6.9% fixed for the full 30 year term.
This is just one example of a textbook modification. We have had success Modifying loans with all major lenders and loan servicing companies using all loan scenarios.
Submit a loan modification.
http://www.lenderlister.com
The client has an ARM with OCWEN Loan Servicing, the interest rate adjusted from 6.4% to 10.1%, increasing the clients payment $670 a month making the loan unaffordable after the adjustment.
We were able to modify the loan. The new interest rate was 6.9% fixed for the full 30 year term.
This is just one example of a textbook modification. We have had success Modifying loans with all major lenders and loan servicing companies using all loan scenarios.
Submit a loan modification.
http://www.lenderlister.com
The Cost:
Cost:
The Loan Modification Group charges, in most cases, $1695.00, of which $400.00 shall be paid as commission to the broker. All the broker is responsible for is making sure the customer accurately fills out the initial documents and assures communication has been established between the law firm and customer. Each loan scenario is different and each lender has different guidelines in which they follow. Accordingly, we offer no guarantees; however, if a careful application is taken, we are confident that the Loan Modification Group and their dealings with over 150 lenders can easily identify files that are candidates for a modification.
PRE-QUALIFY YOUR LOAN MODIFICATIONS FOR FREE & EARN $400
The Loan Modification Group charges, in most cases, $1695.00, of which $400.00 shall be paid as commission to the broker. All the broker is responsible for is making sure the customer accurately fills out the initial documents and assures communication has been established between the law firm and customer. Each loan scenario is different and each lender has different guidelines in which they follow. Accordingly, we offer no guarantees; however, if a careful application is taken, we are confident that the Loan Modification Group and their dealings with over 150 lenders can easily identify files that are candidates for a modification.
PRE-QUALIFY YOUR LOAN MODIFICATIONS FOR FREE & EARN $400
The Loan Modification Process:
Loan Modification Process:
We are pleased to inform you of our recent affiliation with The Loan Modification Group, Inc., a national Loan Modification Company forging the gap between Lenders and Borrowers. As a user of http://www.LenderLister.com , you are now able to easily submit unlimited requests for Loan Modifications and receive fast and reliable responses from The Loan Modification Group as to whether your customer can qualify for various workout initiatives most lenders are providing.
Step 1- Fill out the Loan Modification Pre-Qual Request Form
Step 2- Within (24) Hours, or the next business day, a licensed attorney will contact you to discuss all options that may be available to your customer.
Step 3- Once a borrower qualifies, a sales representative from The Loan Modification Group will contact you and provide the initial documents for you to provide to your customer to get the process started.
Step 4- Immediately upon receipt of the forms completed by the customer, the customer will be contacted directly by the attorney or paralegal assigned to their file within (24) to (48) hours, or the next (2) business days, and the process will formally begin. At this point all contact should be had directly between the customer and the law firm. The process is generally taking 30-60 days. The attorney and staff are always available to assist with the prequalification process and to speak with potential customers about more complex issues, such as foreclosure and debt collection practices.
http://www.lenderlister.com/mod/
We are pleased to inform you of our recent affiliation with The Loan Modification Group, Inc., a national Loan Modification Company forging the gap between Lenders and Borrowers. As a user of http://www.LenderLister.com , you are now able to easily submit unlimited requests for Loan Modifications and receive fast and reliable responses from The Loan Modification Group as to whether your customer can qualify for various workout initiatives most lenders are providing.
Step 1- Fill out the Loan Modification Pre-Qual Request Form
Step 2- Within (24) Hours, or the next business day, a licensed attorney will contact you to discuss all options that may be available to your customer.
Step 3- Once a borrower qualifies, a sales representative from The Loan Modification Group will contact you and provide the initial documents for you to provide to your customer to get the process started.
Step 4- Immediately upon receipt of the forms completed by the customer, the customer will be contacted directly by the attorney or paralegal assigned to their file within (24) to (48) hours, or the next (2) business days, and the process will formally begin. At this point all contact should be had directly between the customer and the law firm. The process is generally taking 30-60 days. The attorney and staff are always available to assist with the prequalification process and to speak with potential customers about more complex issues, such as foreclosure and debt collection practices.
http://www.lenderlister.com/mod/
How Loan Modification works
How Loan Modification Works?
A loan modification is a change in the loan contract terms, such as the loan amount, interest rate, or overall terms of the loan that is agreed to by the lender and the borrower. The most common modification right now is a borrower with a high Adjustable Rate Mortgage or a high Fixed interest rate. Modifications are made when borrowers are having difficulty or can no longer meet the financial requirements to make their monthly mortgage payments. Lenders look at loan modifications on a case-by-case basis. The Loan Modification Groups Attorney's are able to renegotiate the terms of the existing loan with the existing lender.
Our goal is to change the terms of the client's loan without charging Closing Costs, Points or Appraisal fees.
http://www.lenderlister.com/mod/
A loan modification is a change in the loan contract terms, such as the loan amount, interest rate, or overall terms of the loan that is agreed to by the lender and the borrower. The most common modification right now is a borrower with a high Adjustable Rate Mortgage or a high Fixed interest rate. Modifications are made when borrowers are having difficulty or can no longer meet the financial requirements to make their monthly mortgage payments. Lenders look at loan modifications on a case-by-case basis. The Loan Modification Groups Attorney's are able to renegotiate the terms of the existing loan with the existing lender.
Our goal is to change the terms of the client's loan without charging Closing Costs, Points or Appraisal fees.
http://www.lenderlister.com/mod/
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