Anyone do Loan Modifications?

Any of you guys do loan modifications? I was going to refer these out, but may have the resources to do them myself.

I understand the homeowner needs to provide a hardship letter and also proof that they will be able to pay the monthly mortgage amount if brought current. What are some other requirements necessary for a homeowner to be eligible for a loan mod?

Also, once it’s determined a homeowner is indeed eligible, what are the next steps and how long does it take to hear back from the lender to see if it’s been accepted.

Any info on this is appreciated.


I’ll take your Loan Mod referrals. If you have over 25 a month we can work out a wholesale deal with you. Let me know.

is there really in money in doing loan modifications?

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Like LendingHand, I work with attorneys who do the loan mods. I can do them myself but the attorneys have more “clout” with the lenders. There is money in loan mods but you need to know what you are doing, be honest and professional. The lenders are looking after their own interests, not the borrowers. Its not for everyone and we make no guarantees. Pay only after case is accepted. Full refund if unsuccessful.

On the previous page of this forum I saw a signature of Linley, one of the members (not sure if its his nickname, or real name). His website is called Maybe he could help you.

You have to do your research on these loan modcompanies with the “too good to be true” claims. Alot of them are frauds/scams and nummber of them are actually under federal investingation for fraud. I looked into signing up with one as a lead generator but I could never get them to answer any emails with questions. I even took part in one of their webinars be never got an answer to the many questions I submitted. About a week after that seminar I fould out they were on the “federal radar” as a possible scam. Not saying that all loan mod companies are bad…just saying do your research!! Some of these companies are the same “investors and loan officers” (leaches if you ask me) that were sticking people with the investments that caused this same mess to begin with.


We did our own through our existing lender. We got our paperwork together including current payroll info, recent comps that sold in the area to show what the value of our property is compared to what we paid. We were asking for a fixed rate instead of the ARM we originally obtained. It took about three weeks from the time we started the process to hav ethe new paperwork signed. do your homework, don’t pay for services if you don’t have to.

How much did you reduce your principal mortgage and payment by? What lender? Some do not want to deal with typical homeowners.

I was offered a loan mod through my lender. It was very unclear as to what the terms really were. They basically dropped my payment by 40%. However they also said that the payment may or may not include escrow of taxes and insurance which could be up to $300. There was no mention of principal reduction, but they said that my overdue payments and the difference in monthly payment “could” be added to principle. So basically if you add the $300 to the 40% drop in payment, my payment was reduced 25%. However that reduction could be added to principle so it would be like a huge neg-am loan in my eyes.