Dear Readers,
For those of you who have visited our site www.QualityLoanMod.com we hope the information you found there was helpful. We know many of you who have attempted doing your own loans so difications have had mixed results and yet most of you indicated that the information you received from our site was very educational and helpful. For that we are grateful.
However, recently the strategy has changed. It has become very clear that the actual results being received from lenders for Loan Modifications are continuing to widen. While many homeowners are receiving no help at all, others who are represented by the best in the industry are not only getting principal reductions but are in some cases having loans entirely forgiven, and in some cases where blatant regulatory violations have been committed, damages are being awarded.
While this is the exception rather than the rule, once a lender knows that an independent forensic loan file audit has been done by a professional auditing/legal firm they are much more willing to negotiate than if you simply meet their own self made loan modification guidelines. Also, once you do a loan modification, which is actually a new loan, go through a short sell or actually take out a new loan the chance of you receiving any substantial benefit from finding regulatory compliance violations in your original loan become highly unlikely.
Since the refinance boom started in 2001, most lenders became lax in the underwriting procedures. Brokers would assemble deficient files and sometimes even commit fraud in attempting to “fix” or get them approved. Even “if” the banks could find these irregularities they would often overlook any discrepancies because they knew they would be selling the loan off to another bank or to Wall Street months or sometimes weeks later, thus their risk was minimal, while their gain was substantial since these mortgage pool transactions were in the tens of millions, and sometimes hundreds of millions of dollars each, and they would not allow a single loan derail these sales.
It is for this reason that we are here and this reason we now recommend that you go with the most qualified and competent, perhaps even “aggressive” loan modification firm, on your very first attempt. One who conducts a forensic loan file audit and is not only “attorney based” but one in which you get to speak with the attorney and who will negotiate tenaciously with the banks, even to the point of litigation.
Also it should be noted that a quality loan modification should be accomplished well before one considers a foreclosure or bankruptcy. It should be the first of any and all debt restructurings since it’s outcome often dictates the best total strategy.
With this in mind we just wanted to reiterate the most important points to consider when comparing loan modification companies.
1. We do a free analysis prior to the complete application process to give you a real assessment so you can know what to expect.
2. We use an independent 3rd party escrow so we cannot touch your funds until we actually get you results.
3. We provide direct access to the attorney. “Attorney Based” is not good enough for such a serious negotiation.
4. We help you with your Hardship Letter and your Qualified Written Request’s, QWR’s and other multiple and necessary communications.
5. We always provide a forensic loan file audit in search of TILA, RESPA, HOEPA, HUD and other compliance violations that would work in your favor.
6. We complete a property valuation report.
7. We complete all the banks requirements and go over them for you prior to submission to the bank. We keep you informed of the progress, and strategy.
8. We negotiate with the banks to create a workable solution so you can afford to stay in your home and be prepared to take your case to court.
As we state in our website, if you do not retain us after reading what we can do for you then you should interview at least three loan modification firms before you make your final decision. We are confident if you choose to hire someone that when you make the comparison, you will hire us.
In closing, while just last month we were actually advocating that some people attempt their own loan mods and only come to us for the difficult ones, we have changed our position. Since a loan mod is really a new loan, any benefit that you could and would receive from the findings in a forensic loan file audit that could be used as leverage in negotiations with your lender would no longer be available to you after a new loan mod has been completed. Therefore, we now feel very strongly that homeowners should attempt to get the best possible loan modification the first time around. It is our belief that when you compare and make the decision to do a loan modification you choose the very best, and we are confident that you will find that in QualityLoanMod.com.