forbearance/ loan mod

Does anyone do forbearances or loan mods as part of their business. I have heard you can make $1,000 for each person you help. Is this an option for your leads that want to stay in the house or keep the house. I have seen Mike King offer training (education) on how to do this. Anybody have a comment on him or someone else to learn this from.

Unless there is some substantial occurence (death, injury etc) in their life that has caused them to fall behind on their mortgage, what would make you think that they will suddenly be able to pay you after you help them get out of forbearance?

Your not helping them get out of forbearance. You are getting paid to help them get a forbearance or loan mod done with the bank so they can keep their house. I was just asking if anyone does this or can comment on if they have taken Mike’s course(training).

I have been trying to do Loss Mit since April, working nearly full time, spending thousands of dollars in advertisements and in September I received approx, $1500.00 that represents only two people that I was able to help! I got paid less than minmum wage, there is no money in it. I probably spoke to about 50 people in all, trying to help them, spending hours upon hours on the phone using my money for postage etc. to get them the right documents etc. and then when the time comes when they need to prove to the bank that they can afford their mortgage from here on in and to send money … poof they disappear, claiming that you are a scam artist. Run away FAST. There is no money to be made in it!!! My only hope was when a couple of them couldn’t qualify and then I was able to do a short sale. That’s it.

Here is what I would do…help the homeowner negotiate a forebearance or loan modification with their lender. Give them the questions so that they can call them and do this…why charge them to do something that they can do. More often than not, they won’t be to do a forebearance cause the payments will be too high for them. A loan modification is possible. If you give them this service for FREE and it does not work out then they will use you for the Short Sale.