Finally got a mod from Wells - took 8 months to accomplish.... homeowner was denied help through NACA etc..... original payment $1,120.00 - mod to $576.67 for first 5 years then $706.89 after the 8th year. Congrats Ms. McLean in Lauderdale, Fl.

Received a TN Modification approval with B of A - this is an in house modification. Original payment was 4294.95 with escrows- new payment is 2161.26 with escrows. Homeowner was past due over a year or 65k behind. Congradulations Mrs Burns in Tn. : ) Yesterdays Foreclosure Where persistence = results.

We completed a CA Mod. Payment went from 2,335.01 to 730.45 at 3% with taxes and insurance included. Borrower was over 20k delinquent on their taxes and 15k delinquent on their loan. This is a step ladder mod so the peak rate will be 6% with final payment being $1226.08 - this was a doozy but because we are persistent and insistant it all worked out. Congradulations Mr Grimes - Oakland, Ca

After a year of persistence to keep this family in their home, we finally received news from Chase that they had made this families loan permenant through the MHA program.

This family suffered what I consider a great hardship. The mother has been battling cancer for a few years and became disabled.  She is married so her husband has been taking care of all the bills. I am happy to see her and her family will get to stay in their home and at an affordable rate. Great job! Happy New Year for this family .

The Plan was approved through Chase at 2.0% interest to peak at 4.75% after 5th yr. Payment went from $2,765.91 to $1,080.87 with escrows. Nothing due upfront - mortgage was over 1 yr delinquent - all delinquent funds capitalized.

The Making Homes Affordable program since its release in March 2009 has been slow to 

There are many factors that have contributed to the delay in success of the program.   Many homeowners have contimplated even staying in their homes because of how far under water they are; many decide to just walk away. For those homeowners who were put into the trial plan - 33% of them did not return the necessary paperwork to proceed with the program.  Another contribution to its slow success is the overall process with working between the government, lender and homeowner. 

There are current 3,299,780 loans that currently qualify for this program
697,026 loans are in active trial plans
31,382 loans have become permenent modifications under the MHA program

Hoping to see a lot more completed in 2010

"Loan Modification" such a controversial term these days.

Although there are dozens of so called Loan Modification companies around now; they’re not sticking around for long. The process of doing a Loan Modification is tedious, cumbersome and the time it takes to complete one can be costly for a third party. Throwing in the towel before finishing a client’s case is not uncommon.

So then what…

Yes it's easier to hand off the burden and responsibility of one's mortgage issues to a third party but for homeowner's who consider a Loan Modification company,

1) a loan modification may charge anywhere from $ 1,500.00 to $ 3,500.00. In the end however, the lender may only save the homeowner, say $300.00 a month - that means it will take them 5 months to recover the fee and reap the savings; homeowners usually feel scammed by the third party.

2) some lenders are difficult and may take longer than usual to come to a resolution, how many companies will stand by a homeowner's side until the end?

3) in most cases the lenders will talk to the homeowner anyway; the homeowner is the final decision maker.

4) most third party companies were established because it was the “in” business at the time and don’t have the empathy or compassion to be persistent

5) many lack the knowledge, skill and overall determination it takes to complete a loan modification

Since 2004, we have helped over 1,000 homeowners obtain Mortgage Relief. Although we have performed so many loan modifications on behalf of homeowners,  we shifted our focus about six months ago.  We have been advocating to homeowners to educate themselves and handle the situation without a third party.  There is just no one else that will be more determined to get the job done as the homeowner themselves will be.   Rather than a company that processes modification requests, we support the homeowner's right to do it themselves and instead are utilized as a support system. A third party cannot “negotiate” a homeowner's mortgage; only the homeowner can. A third party merely acts as a facilitator of the homeowner's request.

Real Estate Professionals who have a wide range of homeowner clients, may want to consider our 3rd Party Advocate's Guide to Modifying Loans.  This empowers the professional with information they need to know about modifying loans.   They don't need to perform the actual modification themselves but instead offer their client the option to sit with them and educate them of the process and expectations and advocate being a support system.    Go to www.3rdpartyadvocate.com  for details regarding this product. 

For Real Estate Professionals who would be interested in offering our Consumer's Guide to Obtaining Mortgage Relief to homeowner's,  I will offer a $25.00 referral bonus (sorry, I don't sell these manuals at a high price but it does add up.  This is not for the support system, just the manual)  Go to www.optimalmitigationgroup.com   for details regarding this product.

Help homeowner's obtain Mortgage Relief.

Our 3rd Party Advocate's Guide to Modifying Loans blows away every other "how to" manual available.

Tailored for use by Mortgage Brokers, Attorneys and other Real Estate professionals, you will learn how to process a successful loan modification request from the very people who have years of hands on experience with the lenders.

This is not only a step by step how to manual, it is also a manual that will teach you how to overcome homeowner and lender challenges. You will gain knowledge as to how the loan modification process actually works in "a to z" detail.


The 3rd Party Advocate's Guide to Modifying Loans is not an e-book. You will receive the manual via mail.

3rd Party Advocate PRO MOD Tool Box Our PRO MOD Tool Box includes everything you need to develop your own processing department. Perfect for Mortgage Broker Shops and Law Firms. It includes the 3rd Party Advocate's Guide to Modifying Loans, Over 25 lender specific forms and packets plus lender contact spreadsheet and NPV spreadsheet. You also receive on-line access to our Advocate Self Help Center and Advocate Support for up to 30 days of purchase.

BONUS, you also receive the Big Secret Behind making money doing Loan Mods even in states that don't allow "upfront fees." It's simple and it's totally legal!


Visit us at www.3rdpartyadvocate.com for additional details.

MHA stats..... There are currently 487,081 active trial modifications for the Making Homes Affordable Program. Chase (including WAMU, EMC) leading with 117,196 of them. In all stats show that 3,100,305 loans are eligible for the plan -  where do you think mortgages are going with this plan being the leader of all modifications.

Our 3rd Party Advocate's Guide to Modifying Loans blows away every other "Do It Yourself" manual available on the web. Learn how to process a successful loan modification request from the very people who have years of hands on experience with the lenders.

OMG's new 3rd Party Advocates Guide to Modifying Loans will be available for purchase October 30th.

The guide covers the in's and out's of processing a successful Loan Modification request. Including:

* Pre-qualifying a prospective client on the ...spot

* How to specifically deal with the banks

* The Making Homes Affordable program; using it to your advantage

* How to properly fill out a financial statement

* When to have a Forensic Loan Audit completed

* Processing a self-employed homeowner

* Which lenders require what

AND MORE Click the above facebook link to reserve a copy.

Why should real estate professionals work with short sales?     First and foremost, agents should put working with short sales in their repertoire because it allows them to really help people out of an emotionally stressed situation.  They are providing a much needed service, while at the same time, helping their own econmy and the economy at large.  The more properties sell, the more people work, it's that simple.  Revenue and business is generated.  The real estate agent works, the mortgage lender, the title rep, the processing agent, the administrators, home improvement and inspection professionals etc.  Second, it is a good way to pick up a few extra salable listings., build an investor pipeline maybe and avoid REO baby sitting hassles.  Truly, though, there is nothing quite like helping a client who feels overwhelmed and distraught find their way out of a bad position. After all - isn't helping people what we are all here to do?  Though short sales are tedious, time consuming and a sure pain in the ?BEEP? it is our duty as professionals of real estate to step up and help homeowners through this epidemic. 

At the end of the month, Fannie Mae will adopt higher minimum down payments and credit scores for borrowers with a past foreclosure.

The government-sponsored enterprise already has boosted the time period for these borrowers to re-establish their credit to five years from four years.

While exceptions could be made for borrowers in hardship situations, Marianne Sullivan, senior vice president of single-family credit policy and risk management at Fannie Mae, says those who had the ability to pay but walked away from their homes should be treated differently than those who met their payment obligations.

Additionally, Sullivan says Fannie Mae will make it more difficult for borrowers to transform their current residences into rentals and purchase new homes to discourage them from walking away from the existing home after the transaction closes.

Fannie Mae is making these changes as Congress considers passing legislation that would allow struggling borrowers to refinance into FHA loans after their lenders write down a portion of their mortgages, and the mortgage industry is pushing for speculators to be barred from the program.

Former Mortgage Bankers Association chair Regina Lowrie asks, "Why should a servicer take a haircut or have a cram-down for any borrower that truly has the ability to pay?"

Source: American Banker, Kate Berry (04/22/08)