You can make $2,000 for every mortgage modification. It isn't as much as you would make on a loan or a short-sale, but it's a lot eaiser and usually is what your client wants.
In the past year, how many people have you denied that has tried refinancing due to tougher lending guidelines and falling home value? I had to say no to dozens of clients, I had to find a way to provide them with a solution that they wanted.
Then I found Debt Advisory Alliance, a 3rd party company that I have become an affiliate of, that hires a law firm on your client's behalf and works with their lender to modify the interest rate and/or the balance of the loan. They have a 95% sucess rate and what the average response is a 30 year fixed rate at 6% and a 95% LTV. Below is a sample of a loan modification.
Life Before Modification Life After Modification
Loan Amount = 286,321 286,500
Rate = 10.00% ARM 6.00% Fixed
Behind= 3 months Forgiven
LTV= 90% 90%
Monthly Savings = $792
This is for clients that want to stay in the home that are having a hard time or have fallen behind on their payments. This is a better alternative to short-sales and foreclosure if your client wants to keep their home and at least 90% of them do. Not to mention you now have saved someone from foreclosure and they are your biggest fan!!!
The cost to the client is $3,500 that goes to the law firm. The law firm then pays you for doing work on the filde. For more information on how this process works or on how to become an affiliate please send me an email at ttaylor@amchq.com or call me (630) 368-3300 X225
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