Loan Modification Answers

This comment was posted the other day.

-Tony

First, let me say that if you're trying to negotiate directly with the lender, you should know that the banks aren't going to give you the loan modification you deserve voluntarily. They're in business to make money, so they'll fight you and your attorney every step of the way to keep the balance and payments as high as possible. Lenders do a great job of making you feel as if the deal they're offering is the only one on the table and if you don't take it, too bad for you.

The truth of the matter is the lender probably did no research as to the borrowers ability to repay the loan. Why spend the money doing research when they can just stall and bully you into taking whatever they want to give? That's exactly what they'll do if you don't know your rights. That's why a majority of consumers who take the lender's deal end up right back where they started. 

I don't know your attorney, but I would want to know what he was doing for the past 5 years.  How many loan modifications did he process?  I ask because most attorneys are new to loan modifications.  I remember during the refi boom, even divorce attorneys were getting into loan closings for the easy money.  The difference here is that the mistakes an attorney may make while learning the game can really hurt their clients financially.

That's a big reason you need a professional who knows the laws and the lender's games better than they do. That kind of professional doesn't need to be paid his $2500 until he delivers the results first.

The question isn't WHERE you find that kind of professional, but HOW do you find one. (Geez. I hope there's more than one.)

It comes down to being educated about what it takes to qualify for a loan modification and being realistic about your expectations. That way if you're talking to someone who is promising you the moon and stars, you'll be able to see right through them.

I asked the one man I trust to know more than me when it comes to home financing to answer your questions.

My adviser ran the largest mortgage bank in New York. He was 2005 Long Island Business Man of the Year and he even made Inc magazine's 136th fastest growing private corporation. He started the company with $5,000 and grew it to over a billion dollars a year in loans funded within 3 years.

As a banker, he has a unique perspective into a lender's business operations and tactics.  I've seen him take a lender's counter offer of $3600 a month and beat them down to $2600.  I've also seen him negotiate short sales of $300K+ down to $96K.  He achieved these results after other loan modification companies and their attorneys failed to help these clients.

He knows his business like few others I've ever met.

And I got him to spill the beans for you… for FREE.

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