OfflineWe bought couple rental properties on the peak of the cycle 3 years ago long before we start with Dean’s coaching. Right now the houses went down in value and the ARM mortages are about to adjust. Does any one have been successful with those companies that negotiate with the bank for you? If so could you please send us a PM and let us know who did you use?
thanks a lot!!
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I can help you, please email me as it's easier than writing a PM. My contact info is on my profile.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
mrgyk04, Listen, you can negotiate this Loan Mod yourself!, So, before you go paying a company to do it for you, just call your lenders "LOSS MITIGATION DEPT" and tell them your situation and what your options are, what your willing to do(what you can afford), and i'm sure they'll work with you, SULLY
YOUR HERO, SULLY
he gave me the same advice 2 months ago and I did what he said and have gotten a loan mod. that went from 11 3/4% to 6.5%.
If you have no luck with your bank you can send me an email. I work for "One of those Companies" that negotiates loan mods now.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
Before logging in today I was thinking the same thing. Why not doing it ourselves ? I just got off the phone with several companies and they charge from 1,500 to 3,600 per loan and I have 4 loans plus the second on each. We will follow your advice. If some one has gone through this process can you give us a hand of how should we proceed? I know that we need to put the finances together and see how much are we spending and how much is coming in plus a hardship letter . Do we need to be behind payments to be helped by the bank?
Thanks again!!
janeth & Chris
Hello janeth & Chris,
yes you have to be behind on your mortgage to get a modification. and it helps if your credit it not great too believe it or not. I have just gone through this process 3 months ago. My new loan mod. began on Nov. 1st.
I would suggest that you contact your Mortgage co. first and attempt to get a mod. Ask to speak to someone in the modification dept. directly. Explain your situation. They will ask you a few questions so they can fill out their standard mod. forms. Then they WILL tell you that you DO NOT qualify because you do not meet "LENDER GUIDELINES". That's a bunch of crock!If this is an FHA loan the government trumps the lender!AND THE GOVERNMENT SAYS YES!
Don't stop there. Ask to speak to a supervisor. Go through the process again. He may also tell you that you do not qualify. Again CROCK! Ask them what they base their qualification on. get his name and employee # for future references. then wait a few days and call back. Do it again!
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
I will give it a try ..how long did it take you to get the modification?
Is that for each loan? That's outrageous, what a rip off!! The information I give is FREE, I don't charge for it... LOL! You DON'T need to hire anyone to do this for you, YOU can do it if done correctly. In my experience calling them gets you NOWHERE! I have been trying to call my lender's loss mitigation department since last year with NO success! I just kept talking to a different csr each time having to explain over and over what I was trying to accomplish, getting the run around and a lot of mixed information. Sound familiar? Well, after a year of this and a much research I finally found the answer to getting them to respond quickly. So if you're interested, contact me directly. All my info's in my profile. Again, you do NOT need to pay anyone to do this!
Best of luck,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
It took me about 3 weeks to get a modification.
Some mortgage companies just won't budge.Especially if you have allot of equity. Elena is right you do not have to pay anyone to do what you can do. It's the things that you can't do that you sometimes have to pay for. There are homeowners who try for several months to get a loan mod. and meanwhile they are getting closer and closer to foreclosure on their home. their banks continue to say "they do not qualify" They are the ones that I wanted to help. So I became a loan officer at a local mortgage co. that specializes in mods. I learned all that I could and am now helping people save their homes. Our company charges aprox. $500.00 to do a mod. If we are not successful we refund the money.
There are companies that have taken advantage of the current situation and charge outrageous fees to do loan mods. Sadly they have given people like myself who do it to help others a bad name.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
ihave apply for a loan mod.over 9 mo. ago had one response which was outragesous due to it was higher than what the orignal loan is . so i did not accept it . and i reapplied. what would be the next steps. remind you i haven't made a payment in 9 mo. is this safe? i call the bank they say its in review(boa)how can i get this process to speed up ? i'm worried don't want to lose my home please help !