OK so I am pretty new here, but I will do my best and see where this takes me. As a disclaimer I have to tell you all that I am no expert in grammatical syntax, nor am I great at editorials and proof reading. With that said, lets dive right in and talk about the train wreck we all know as Loan Modifications.
For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end have cost them more money. Now I'm OK with a bank losing money but here is where the problem truly lies. When the banks that are "too big to fail" loose their money, we as the tax payers almost always are called upon to come to the rescue. Not all bail outs are necessarily a bad thing, and I believe that some of the steps taken were much needed. So what is my problem you ask? The problem is this, while we cumulatively have stepped up and propped up the banks we did this under the understanding that it would spur lending. The problem is that for all the billions of dollars spent, we have no more lending today then we did a year ago or even 2 years ago. What we do have though is new regulations that are supposed to help protect consumers. So do you feel protected? I didn't think so! The problem is that all we have truly done is make it more difficult for most consumers to seek out help. I know there have been all kinds of horror stories about loan modification companies taking money from distressed home owners and not performing the services. These criminals should be punished to full extent of the law. Unfortunately because of these criminals the laws have significantly changed, and you now can not charge a client any up front fees unless you are an attorney or work directly under an attorney. There lies the next problem, it seems that many of the loan modification companies have now partnered with attorneys and therefore are getting away with charging large up front fees. Now there is nothing wrong with earning what you are worth, but many times over I find myself sitting with a client who has paid some so called attorney representing loan modifications thousands of dollars only to find out the firm did nothing to help them. Some of the worst ones have even told the clients to not pay their mortgage only making their situation worse.
After months of work, and analysis we have come up with a system designed to help borrowers do their own loan modifications using software similar to what the banks themselves are using. You can find it at http://www.myloanmodificaitonstation.com. The Loan Modification Station is designed to let a borrower log into the system enter all their personal data and get a complete loan modification package that is complete and professionally prepared, ready to send to their bank. The best part is that we have made the system affordable for almost everybody. The pricing is set at only $119.00 for a complete DIY scenario, and $295.00 with full support. While we do not negotiate on the borrowers behalf we do offer full support with regard to negotiation tactics, responses, and procedures. We understand that many distressed home owners are already under enough pressure and when we designed the system it was designed with the thought that it had to be affordable. The last thing we wanted to do was put an undo burden on someone who is already in distress financially.
The Loan Modification Station will also give the client a complete proposal, financial statements, hardhip letters, a hardship affidavit and even a complete risk analysis showing the lender their potential loss vs the benefit of modifying the loan. Please visit http://www.myloanmodificationstation.com for complete details and information. The system is designed to be easy to use, and consumer friendly. Please also remember that you do not have to be currently in default to be eligible to modify your mortgage. You do however have to be in imminent danger of default. This means that if you have found yourself in situation where your income no longer covers your expenses you qualify under President's Mortgage Modification Program. The same applies if you have exhausted most of your savings to just cover your expenses. Remember that the consumer can do their own Loan Modification but a complete and professional package from http://www.myloanmodificationstation.com will help make sure you get the best terms possible from your lender.
We are also working on a version of the software that will apply the same principals to short sales, and allow someone to enter the same data and get a complete short sale package with risk analysis, proposal, hardship letters and any other related documents that may be required. Stay tuned for more information. When that launches, it will have a small monthly access fee which will allow agents to use the system as frequently as they need it for a small monthly access fee. If you need any additional information or support please contact me at 727-946-0904
Steve Fingerman
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