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How to get a Loan Modification Approved
Posted under: Loans
Tips for how to get your loan modification approved. What you need to know before calling for a loan modification or a Rate Freeze from your current lender. Please turn on annotations for important updates.
Video Rating: 3 / 5
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25 Responses to “How to get a Loan Modification Approved”
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Feldman Law Center is a fraud!
Hey, just a word of warning. Feldman Law Center is now on You Tube. This company is a scam. Keep your money in your pocket!
You are right . Each case is different. if you lender has violated truth and lending laws then you can use that as leverage to try and get a better loan . Better as in better terms like lower interest rates which in turn will lower your payment. In some cases the lender will reduce the principal. It’ all depends on each individual case.
Attorney’s DO NOT take loan mod cases on contingency! No one is going to put in the hours required to do a load mod (normally 30-50 hours) unless they have been paid UPFRONT! If you hire an attorney to help you with a DUI charge is going to take your case on contingency? NO! He’s also not going to offer any guarantee that he can save you from going to jail. The sames holds true with a loan mod. NO ONE can guarantee what a bank will or will not accept.
The California DRE allows mortgage pros to charge an upfront fee if they have received a “no objection” letter from the DRE for their advanced fee agreement.
Lawyers can do loan mods only if they are already representing a client in other matters.
Many mortgage pros performed loan mods as foreclosure consultants and were paid at the end of a transaction, only they were not paid in many cases, that is why the DRE allows advanced fee agreements.
Don’t throw your money away to one of these modification companies. Hire an attourney who specializes in loan mods. .A competent attourney will not ask for any money unless they are sucessful in obtaining a loan mod. Anyone who ask for any money upfront I would not deal with because that is a red flag. Do your homework.
you stay classy subprime2006. nice work on telling someone you don’t know anything about to get a real job. this is helpful. thanks for showing so much class on the matter.
With your swell use of grammar, I can see what makes you such an expert at communicating with the banks. If I were sick, I would go to the doctor. I would discuss my symptoms and wait for their diagnosis. I wouldn’t pay someone to listen to my symptoms, manipulate them, and then go to the doctor for me.
Yeah, cause nothing says “real job” like profiting on hardship and distress.
hello could you please tell me why you made this statement i want to know before i do any type of deals with this person thank you very much.
Call your bank to find out how far do you have to go before getting help (on the verge of FORECLOSURE).
Great information! Thanks for helping educate people. Here’s another great resource to consider. FederalHomeLoanMods(dot)com
Get around SUPER JUMBO LOAN
1st Mtg + HELOC
Stay away from Feldman Law Center!
Stay away from Feldman Law Center!
It is a pain in the neck process. Good luck to everyone because we all can be expert at anything that we want EVEN be a brain surgeon. Why do to doctor since we all know that take some pills, lots of water and plenty of REST.
This has not been our experience. You must have a hardship, but you do not have to be late on your mortgage to get a loan modification in all cases. Each case is different.
Yes, you can try negotiating with your lender, just like you can represent yourself in court. We don’t discourage people who want to try it themselves. Many of our clients have tried and failed.
TrustedMortgagePro, since you’re are such an expert on the subject, and boast your so called 90% success rate, you should also inform every customer that they don’t have to pay a fee to negotiate with their lender. It’s garbage like this, which has people believing they can get something for nothing.
You are not late on the mortgage payment the chance of you getting a loan modification will be very SLIM, ZIP, NADA and second to NONE. Prepare to battle and fight hard for what YOU WANTED.
“Rule of thumb” about loan modification:
If you are not struggling in making your mortgage payment then the BANK will not help you. Your income is the main factor for any loan modification.
Another tip for homeowners: Stay away from Steven Craig Feldman, Feldman Law Center!!!
You may still qualify for a loan modification, but we would need to get more info on your monthly expenses and income. Feel free to call us @ 877-519-2885 for a no obligation prequalification.
What if you are not late on your payments, mainly because you have been using credit cards to get by? Can they mod based on loss of income ($3900 per month). I am on a 10 yr fixed interest only, that I have had for the past 2 years.
Hi Felix,
Please give us a call to discuss your situation. 877-519-2885. Thanks
Very informative video. I took some notes on the video and how it was done. I gave it 5 stars. Check out our vids and tell me what you think? We have some good stuff also.