InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Should I use the services of a professional loan modifier? Posted by CC in OC on July 15, 2008 at 9:01 PM In Reply to: Advice I'd give my sister posted by Tom on July 15, 2008 at 5:28 PM The loan modifiers with whom I've spoken about their services say that the reason they charge upfront is that they have been in situations where they negotiate a satisfactory outcome for the homeowner, only to have the homeowner say, "Well, thank you very much for your assistance. I'll take it from here," and then not pay the modifier. It's not right that a third party does the work to get the loan modified and then they're not paid! A loan modification is typically pursued in lieu of a refinance because (a) the property doesn't qualify (upside down in value) or (b) the borrower doesn't qualify (ratios too high or he was a stated income borrower). With all due respect, Tom, your insight is good, but it's not completely integrated with the times. Follow Ups: ...Use the services of a professional loan modifier Rick, the Probate Guy 10:26 PM, 07/15/08 (4) As usual you just about hit the nail on the head. Tom 6:37 AM, 07/16/08 (2) Re: As usual you just about hit the nail on the head. Rick, the Probate Guy 7:31 AM, 07/16/08 (1) What makes a competent loan modifier? CC in OC 7:48 AM, 07/16/08 (0) Why should loan modifiers be "credentialed?" CC in OC 11:30 PM, 07/15/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : The loan modifiers with whom I've spoken about their services say that the reason they charge upfront is that they have been in situations where they negotiate a satisfactory outcome for the homeowner, only to have the homeowner say, "Well, thank you very much for your assistance. I'll take it from here," and then not pay the modifier. It's not right that a third party does the work to get the loan modified and then they're not paid! : A loan modification is typically pursued in lieu of a refinance because (a) the property doesn't qualify (upside down in value) or (b) the borrower doesn't qualify (ratios too high or he was a stated income borrower). : With all due respect, Tom, your insight is good, but it's not completely integrated with the times. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2008, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455