Comments on: Tips to Get You a Loan Modification http://loanworkout.org/2007/10/tips-to-get-you-a-loan-modification/ - Free Mortgage, Auto and Student loan Calculators by LoanWorkout.org Tue, 18 Oct 2011 02:57:27 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: cindy mcguffie http://loanworkout.org/2007/10/tips-to-get-you-a-loan-modification/#comment-1045 cindy mcguffie Thu, 13 Mar 2008 18:02:32 +0000 http://loanworkout.org/2007/10/18/tips-to-get-you-a-loan-modification/#comment-1045 I'm glad to see some regulations on the mortgage brokers & fraud issues are being put in place. I pray that it makes a difference! I have been in the real estate & mortgage business for over 35 years. I'm not sure why the entire market is blamed on the sub prime business. It seems they did a very low percentage of the total mortgage volume. Historically we have had inflated values that fell & caused massive foreclosures such as the New England market in the 90's. Something more is happening here & I fear the inaccuracy & fear tactics of the news media is partly to blame. Also, the big shots that made millions at their way of "pricing" loans are to blame. They wrote loose guidelines & forced underwriters to approve these loans so they could get rich. The sales teams have too much power & their managers do too. They will get underwriters fired or get authority to approve loans denied by underwriters. I have been laid off from Countrywide & 2 lenders since and have never had a job problem in my career! I have been chased after by companies wanting me and always worked hard. This is very complex & the falling values combined with not being able to sell at any price practically has moved me to borrow funds to live on. I truly hope this market & industry is saved soon! It is the backbone of the economy & we have a responsibility to stop fear tactics and give the consumer confidence again. Thank You! I’m glad to see some regulations on the mortgage brokers & fraud issues are being put in place. I pray that it makes a difference! I have been in the real estate & mortgage business for over 35 years. I’m not sure why the entire market is blamed on the sub prime business. It seems they did a very low percentage of the total mortgage volume. Historically we have had inflated values that fell & caused massive foreclosures such as the New England market in the 90′s. Something more is happening here & I fear the inaccuracy & fear tactics of the news media is partly to blame. Also, the big shots that made millions at their way of “pricing” loans are to blame. They wrote loose guidelines & forced underwriters to approve these loans so they could get rich. The sales teams have too much power & their managers do too. They will get underwriters fired or get authority to approve loans denied by underwriters. I have been laid off from Countrywide & 2 lenders since and have never had a job problem in my career! I have been chased after by companies wanting me and always worked hard. This is very complex & the falling values combined with not being able to sell at any price practically has moved me to borrow funds to live on. I truly hope this market & industry is saved soon! It is the backbone of the economy & we have a responsibility to stop fear tactics and give the consumer confidence again.

Thank You!

]]> By: svirtokilo blog http://loanworkout.org/2007/10/tips-to-get-you-a-loan-modification/#comment-1044 svirtokilo blog Mon, 29 Oct 2007 03:09:31 +0000 http://loanworkout.org/2007/10/18/tips-to-get-you-a-loan-modification/#comment-1044 <strong>svirtokilo 97 post</strong> all about svirtokilo and top news svirtokilo 97 post

all about svirtokilo and top news

]]> By: Moe http://loanworkout.org/2007/10/tips-to-get-you-a-loan-modification/#comment-6860 Moe Sat, 20 Oct 2007 00:49:15 +0000 http://loanworkout.org/2007/10/18/tips-to-get-you-a-loan-modification/#comment-6860 April,<BR><BR>Thanks as always for your comments! I would love to see you come on as a guest author and write some good posts for LoanWorkout.org. What do you think? April,

Thanks as always for your comments! I would love to see you come on as a guest author and write some good posts for LoanWorkout.org. What do you think?

]]> By: april http://loanworkout.org/2007/10/tips-to-get-you-a-loan-modification/#comment-6859 april Fri, 19 Oct 2007 01:38:54 +0000 http://loanworkout.org/2007/10/18/tips-to-get-you-a-loan-modification/#comment-6859 1. Without first gaining access to a life of loan history, then the homeowner is operating from the stance of powerless consumer victim.<br /><br />2. Loss mitigation is the mitigation of the mortgage owner/servicers losses.<br /><br />3. Beware that a loan modification outside of a court case can be characterized as a refinance for purposes of the Truth In Lending Act.<br /><br />4. Most mortgage owners/servicers operate debt collection processes, including workouts, loss mitigation and loan restructuring using computer software and prompts that are structured to require specific responses.<br /><br />5. At this point in time, it is exceptionally difficult work even for a hard working lawyer to gain real relief in a loan workout and so I question whether leaving the consumer to fend for themselves as being good advice when there are many consumer attorneys available for at least consultation. There is a directory of consumer attorneys at <a href="http://www.naca.net" rel="nofollow">www.naca.net</a> and of consumer bankruptcy attorneys at <a href="http://www.nacba.com" rel="nofollow">www.nacba.com</a>.<br /><br />6. There are serious tax/1099 and credit reporting issues that have to be resolved in the context of a loan restructuring that cannot be ignored.<br /><br />7. Best advice is to fight for your right to a lawyer's advice and assistance unless you want to continue to be a victimized consumer.<br /><br />8. The servicing of a home loan is a consumer product and we consumers are entitled to a great product. We should insist. 1. Without first gaining access to a life of loan history, then the homeowner is operating from the stance of powerless consumer victim.

2. Loss mitigation is the mitigation of the mortgage owner/servicers losses.

3. Beware that a loan modification outside of a court case can be characterized as a refinance for purposes of the Truth In Lending Act.

4. Most mortgage owners/servicers operate debt collection processes, including workouts, loss mitigation and loan restructuring using computer software and prompts that are structured to require specific responses.

5. At this point in time, it is exceptionally difficult work even for a hard working lawyer to gain real relief in a loan workout and so I question whether leaving the consumer to fend for themselves as being good advice when there are many consumer attorneys available for at least consultation. There is a directory of consumer attorneys at http://www.naca.net and of consumer bankruptcy attorneys at http://www.nacba.com.

6. There are serious tax/1099 and credit reporting issues that have to be resolved in the context of a loan restructuring that cannot be ignored.

7. Best advice is to fight for your right to a lawyer’s advice and assistance unless you want to continue to be a victimized consumer.

8. The servicing of a home loan is a consumer product and we consumers are entitled to a great product. We should insist.

]]>