Has anyone had postive results getting banks to do loan modifications?
Do most banks offer this as a way to help homeowners if they qualify?
I can tell you we do about 160 loan modifications per month. The success rate is about 85% and it depends on how we can show your type of financial hardship. Typically, if you are upside down with your mortgage, you are late 30-60-90+ or you are in an adjustable mortgage we can get it done. The banks don’t want your foreclosed property. However, if you are making enough money and you are just really bad with your spending habits our negotiation becomes difficult. Keep in mind that when we work with your lender, we have to show proof of your financial hardship.
All Day, All Night.
Put a decent package together and you have very good success.
A loan modification should be the first choice to examine of all the options . . . but it’s important to note that for a loan mod to be effective, the hardship that put the homeowner in default needs to be temporary.
For those experiencing a hardship that is permanent, other solutions need to be explored.
Where could I learn how to do loan modifications? Do I need extensive mortgage background to understand the process? Does anyone have any “low-cost” options for getting educated on this topic? I would like to offer this option to homeowners but I need to understand how to do them correctly first, so that I can help the homeowner out without setting them up for failure based on something [i]I[i] did.
Thanks guys, I appreciate all your advice you offer here on the forum. Keep up the good work.