6 Reasons Modified Loans Are Going Bad Again

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These plans seem to focus on borrower's who let their 'dream home' get in the way of their financial bandwidth. How is bailing out a bad decision helping those who chose to buy the lesser home or not buy at all because they could not afford it? What about the borrower who has paid on their home for the last 20 years, their property value has declined too...is their interest rate and remaining balance going to be reduced? After all, it's their money that's supplying the bailout!

Paying your bill of FL 2:04PM July 01, 2009

Lawyers are able to collect the upfront payment. This is also the only way you should do a properly presented loan modification to your lender. The loan modifications that are getting turned down by the lenders is simply do to the fact that the borrower does not know the guidelines for this preparation and it is critical to present it perfectly the first time.
The loans that are being modified through the lenders and defaulting a second time around are also due to poor preparation of the initial documents and most often the lender just trying to recover some lost money on a defaulting mortgage. The best interest is not always for the borrower and borrowers are signing deals that they still cannot handle and will certainly end with a default a second time around.
The lawyers and their staff know how to present this paper work to the lenders for a successful modification to be completed.
People are saying that you can get this done for free but I have to remind our nation that everything comes with a price. You have the option to pay for your modification over the life of your loan, with a higher rate then you could get, or you can hire the lawyer and get the best modification in the beginning for the upfront fee they require saving thousands over the life of your loan and in most cases you will recover their fee for this service in under 4 months.
Yes you can work with your bank directly for your first option and if the bank tells you yes you most likely are looking at multiple and or several months before you feel any relief and at times the process could take as long as a year or even longer. Those of you experiencing this with your lenders know what I am talking about. I have experienced this myself and it took my lender over 13 months to present a loan modification at a point higher than the adjustment.
This is what has landed me in this business and the stories out there are very sad as to what the people are experiencing with their lenders. The choice is up to you as to the route you want to take to get this accomplished. A modification can be completed in 30-90 days with the lawyer as the package is perfectly submitted with your help and our guidance through the process.
The lender will get a higher rate from you if you chose the direct lender route but it is free, initially, if you can get it through their processing staff. Where you pay for the lender modification is in your payment and rate they issue as you could have done a better deal with a lawyer negotiating this for you.
You need to know the guidelines and how to prepare the financial paper work to get an approval. This is the trick. Also your lawyer’s staff has more knowledge than you as to what deals the lenders are negotiating as well.
This is a very competitive edge the professional loan modification companies have over the borrower trying to complete this very important transaction related to their homes.
866-274-3222

Kimberlyn of CA 1:12AM June 29, 2009

Are you thinking of a loan modification to reduce your payments, lower your loan balance or just need better terms. This website offers free information on how to do a loan modification and save thousands of dollars by doing it on your own. loanmodificationca.net I highly recommend it!

Mike Kench of CA 3:17PM June 25, 2009

Is there a loanmod service in Los Angeles that doesn't ask for an upfront fee? Per the California Dept. of Real Estate that's
not supposed to happen. Please direct me to an honest one!I'm in
in default as of 6/02/09,tried to talk with my lender early on and got nowhere Please I don't want to loose my house help me someone!

Jacqueline Judice of CA 2:14AM June 22, 2009

The main reason the default is happening the second time around is because the “FEARFUL” borrower is working with their lender to do a “Loan Modification” that simply put, they take out of “THIS FEAR ” of losing their home. This is not rocket science people.
The lenders at this point will tell you they are here to help. They even have a “Help for homeowners division usually”. I am here to tell you good luck with the lenders programs or their help department. They are not in your favor period. If everyone would just go out and hire a real estate lawyer to get this handled correctly the first time then the repeat delinquency would not be an epidemic in our society, and what you really need to know is the “The Deal” your lender is about to present you or “The Deal” you just signed, could have been a much better “Deal” through the representation of a simple attorney/client relationship.
Come on folks, you would hire a lawyer if someone was suing you for fraud, or an auto accident or anything else. What is not being taking into consideration is the fact that this is your home.
Please people; take out the loan documents you signed to buy or refinance your home. It is so soon forgotten that the loan origination fees were HUGE! Some loan officer made a killing on your deal and you’re not going to pay possibly less to save your home with a money back guarantee on this?
I get very passionate about this situation and have actually gone into the loan modification business over this dilemma. If people cannot see what is going on her and cannot afford to hire a lawyer to do this for them then it is possibly true that some of you could not handle the burden of your loss, the others that want to stay in and or keep your homes, give me a call. This call is free, educational and who knows possibly another home saved.
If you have signed a deal with your bank and whatever rate they gave you on a modification, you cannot do this again for a substantial amount of time. I say talk to someone who knows what is going on prior to signing anything. You could have passed up a better deal just out of fear.
866-274-3222

Heidi of CA 1:08AM May 15, 2009

If the borrower can hang onto their home at today’s rates then this is the type of modification that should be done simply put. The lawyers out there fighting for their clients are winning these deals everyday when the lenders are working STILL in their best interest not that of the homeowner. The rates were what they were a few years back so this is just what people took. Don’t forget that people had their jobs and their income to support their loans at that time. This should not be “blame” the borrower thing. It is just a depression folks and people are getting fired from their jobs.
Everyone wants to point the finger at someone else; I call this the victim game. The fact still remains that many people that are faced with taking the “DEAL” the lender gives them are the people who are just not educated to the fact that they can go out and hire an attorney to fight on their behalf and win a modification that will get them caught up, get them on tract and they keep their homes. The people, in my opinion, that are defaulting after a modification has been done are the people who are taking the modifications dished out by their banks.
My loan modification company has had great success with homeowners who have fallen behind due to the simple fact that they cannot refinance out of these loans that in the past, were easy to accomplish. If the borrower cannot spend the money to save their home then maybe the fact remains that they should not be in that home and they need to let it go.
What happens to the people that have serious hardships, don’t qualify for the government modification and still want to keep their home? If they did not lose so much value the qualifications to get a refinance would have remained? People are forgetting about this one simple fact!
Come on folks, why are the people that are established have to be so angry about other human beings losing their homes because their spouse was laid off or another hardship situation. We all know that the loans made available were a little out of control but the fact remains the same that a simple refinance would take place in a few short years. I get sad when I see people fighting with their opinions. What is wrong with this world?
I will talk to anyone who believes that if they could hang onto their home if they believe a refinance would have helped them. You can call me anytime. These negative comments from the people who have been in their homes for many years, established and not struggling to make a living are just not fair comments.
866-274-3222

Kimbelryn of CA 12:46AM May 15, 2009

why isn't anybody pointing the finger at the mortgage brokers and builder's loan officers who are partly responsible for this situation!!!!! They received hefty commissions for these loans!!!
PLEASE, look at the paper work in the pre-loan process you;ll see how insane/injustice the calculations were done!!! Shame on the people who preyed and mislead the new home buyers. The American dream can be acquired only when you have gone thru the real process...strict requirements like 20% down.....financial debt ratio of no more than 30% of your salary... hello!!!! ignorance is not bliss!!!!!
I only feel sorry for the people who had circumstances beyond their control LIKE FOR EXAMPLE; unemployed, elderly or terminally ill owners. these are the people that we should help only . The rest, well bite the bullet and be responsible for your actions and ignorance!!!!! I speak with some indifference only because i had three children and I worked very hard for five years on one pay check to save for my american dream. The red tape and paper work I had to do so I can qualify for my home! I thought that I was being investigated by the FBI, gosh!
Also i might add that not only I bought my home when prices were high but so was the interest as well ( Dec ' 1990 ) look that up!

wilma caro of NY 11:55AM April 27, 2009

I was trying to negotiate the contract with four (4) different firms, to see if I could have 'some' money refunded if the 'new' loan modification was not affordable. All of them felt that I was not in position to 'ask' and they did not agree. They 'were offended'. So my question, what should we do? can we write to our 'investors' and ask for an interview to go over our own modification?
PLease any suggestion? ???
Thank you.

gladys of FL 10:13PM April 20, 2009

i would love to modify my loan in an attempt to keep my home but the asking attorney fees are just too expensive. the attorney's fees are more than or close to the mortgage payments. Is there an attorney out there that are willing to help without asking for a high fee? Is there something that i can do to help myself?

need a helping hand of FL 6:05PM March 27, 2009

The loan modification is NOT working this will back fire later ! I really do not understand why the banks not re write a mortgage in the recent apprised property value the bank will make back the money on the 30 year fix mortgage with a low interest rate why is the real estate market been complicated and twist around instead simplified down in order to people can stay in they homes.Like this just a investors make a town of money and people with families torn apart .Also the lenders are doing the same think like before nothing has been changed on a refinance field on the interest rate is still up so its mean the banking industries are doing the same as before interest rate is low and they still selling the mortgage on they own price they want.Why the banks not willing to negotiate a better deal then modification is not a good deal if you see the future they don't loose if they re write the mortgage ! Banks are greedy and don't want give an inch to people they don't care like this everybody is loosing .
If we really thinking of are future this is a way to go.Live and Let Live

katalina of FL 8:33AM March 19, 2009