Comments on: Loan Modification Firms Stimulating the Economy?

By: Loan Modification California

Loan Modification California — Thu, 11 Jun 2009 11:01:48 +0000

I like the blog, it conveys right solution for the debt troubled people.I have also seen desertmortgagerelief.com to be quite promising on providing sensible loan modification in California information.

By: Captain Obvious

Captain Obvious — Sat, 16 May 2009 18:53:22 +0000

You said “loan modification firms may not be able to compete with large banks doing the job of loan modification firm’s internally.” that is nonsense; obviously the necessity of the modification industry is misunderstood. This has nothing to do with “competition”, if you are considering a modification you need an attorney assisted firm to represent your best interests. Your lender has the stockholders best interest in mind, not yours. If you sought a divorce would you share an attorney with your ex? No, because it is a clear conflict of interest. If you attempt a modification yourself, you are likely to be mislead, rejected altogether, or best case scenario, given a minimal forbearance/modification that may even place you in a worse situation than you were before. This is true for many of the 3000 plus clients we have successfully helped with our 66% success rate. We have many testimonials on our website
There is new legislation under way that will try and stop loan modifications companies altogether. Everyone should contact their senator today to stop this. Loan modification companies stimulate the economy. We should go after the scammer’s and leave the good guys alone. Thanks again to the television media for oversimplifying the issues, polarizing people and then leaving us to clean up the mess. “Anyone who hires themselves as an attorney has a fool for a client.”

By: Matthew at Preferred Financial

Matthew at Preferred Financial — Tue, 12 May 2009 21:54:41 +0000

I highly recommend you do a forensic audit on your loan and then call your lender to modify it. 85% of home loans that have ocurred in the past 5 years have a mistake on the documents. This means that if there is a mistake (and odds are that there is) that you can use that as leverage to get an even better loan modification from your lender. Maybe as low as 3%.

By: isam

isam — Thu, 07 May 2009 17:28:34 +0000

MY HOUSE NEED TO BE SAVED, SO IAM GONA TRY TO DO ALL THE CALLS, AND DO ALL THE WORK TO KEEP MY HOUSE FOR THE SAKE OF MY WIFE AND KIDS, IF I CANT DO IT , THEN I WILL LOOK FOR A COMPANY TO DO MY LOAN MOD.
WISH LUCK TO EACH ONE OF US. I HOPE WE ALL BE SAVED.AND OUR ECONOMY GETS BETTER HERE AND ALL OVER THE WORLD, PEACE ON EARTH WILL BE VERY MUCH NEEDED ,FOR ALL WE NEED TO UNITE WITH OUR PRAYERS . THANK YOU

By: Brandon

Brandon — Sat, 25 Apr 2009 16:54:37 +0000

OK people, stop Barking !!! Marcela you all right…. According to new Obama’s Plan signed March 4, 2009 almost everyone qualify for a Loan Mod, as long you do have a Job!!!!
As a Mortgage Broker Loan Mod Firm we get paid for this service. The Obama’s Law is FREE but you have to do it yourself.
If you willing to contact your Lender and stay on the phone for 8 hours a day for few days Back and forth from Pakistan to India Customer Service Reps ?…. Good Luck…. If you decide to hire a Reputable Mortgage Broker/Attorneys you will need to paid…..

By: Shashi Singh

Shashi Singh — Thu, 23 Apr 2009 12:28:51 +0000

Homeowners just don’t have that kind of time!!! It’s like ordering a meal and paying extra to have it delivered. If you had the time, you’d hop into the car and pick it up, or better yet, cook it yourself.

By: Marcela Abal

Marcela Abal — Wed, 22 Apr 2009 21:28:56 +0000

It is not a matter of success rate for ALL loan modifications. Every Tom, Dick, and Harry wants a handout. Loan Modifications are a last resort, and not everyone is ‘entitled’ to one. We pre-qualify every individual (at NO COST) and turn away a lot of them. I am not sure where you got your figure of 9%. I don’t know of any bank that publishes their turn down rate. My company has actually earned a wonderful rating with the Better Business Bureau for what we have done.

By: Anonymous

Anonymous — Wed, 22 Apr 2009 00:06:49 +0000

Marcela,
Your obviously employed by a loan modification service. Why don’t you share with the public the actual success rate of current loan modifications… Less than 9% and that includes those mods done through litigation. Let’s also not forget that Mod companies are in business to make profit, not charity, a person’s terms could actually be less if done directly through the lender. However,
with most of the ARMs the only way to get satisfaction is through litigation.

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Tue, 21 Apr 2009 08:09:11 +0000

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By: Nina

Nina — Tue, 21 Apr 2009 01:35:14 +0000

Finally an intelligent point-of-view on loan modification firms. I applaud you Marcela, like you I feel that the companies that actually do the work and get results are an important component in a successful work-out program for homeowners. How many times have we been left on hold waiting to talk to someone and when finally reaching someone being transfered to someone else? Homeowners just don’t have that kind of time!!! It’s like ordering a meal and paying extra to have it delivered. If you had the time, you’d hop into the car and pick it up, or better yet, cook it yourself. The truth of the matter is, time and knowledge have worth, and a legal/mortgage professional that knows the in-and-outs of the lender’s programs has earns his/her worth.