do anyone have successful business doing forbearance and loan modification.
A guy i work with just did a forbarance with chase bank
he said they gave him 3 months NO PAYMENTS and they are modifying the 2nd on his loans
From what I understand the 3 months of intrest they are adding to the back of the loan. as far as the modification, I don’t know all the details my understanding is they are basically extending the arm on the loan.
We have a VERY SUCESSFUL business in doing this…i.e. loan modifications, forbearances, repayment plans, foreclosure postponements, doing BPO’s (that’s a new one) and of course short sales. We are a 4 women power take no stuff team (all different real estate professionals), and we don’t take no for an answer, unless the LM or workout worker is just NOT HAVING A GOOD DAY! What is good is that what one LM tell one of us vs. my other partners vary :banghead by day and by time of day :deal. If you have specific questions let me know, and I will help you the best way I can.
We started marketing for forbearance and loan modifications about 8 months ago and were finding that the response was great. The only problem we encountered was that most of the people in real need of our service did not have enough money to pay us. After doing this for about three months stopped marketing for this product and went back to our normal foreclosure marketing program. We still offer this a an option in our marketing letters but have ceased putting an emphasis on on it.
Many people have been very successful in loan modification and forbearance and it gives you a terrific in with pre-foreclosures. Considering that over 75% of all forbearance agreements are never completed, if you stay in touch with your clients it should give you a really good in to purchase some foreclosure properties.
Good luck.