California Brokers, are you looking to get started in the business of loan modification?  But you want to do it the right way incompliance with the California Department of Real Estate Standards?

Here is a loan modification startup kit to help you get started.  There are currently a handful of licensed companies in California that are licensed to perform loan modifications under the DRE.  There is a huge opportunity for early entrants in this business to (a) get a lot of loan modification business and (b) bring on some sales agents who are looking for legally compliance loan modification companies to partner with.

HERE IS WHAT I AM OFFERING YOU IN THIS EXCITING LOAN MODIFICATION STARTUP PACKAGE:

(1) a DRE approved advance fee agreement.  In California all brokers accepting an advance fee to perform loan modifications must have a DRE approved (letter of non-objection received) ADVANCE FEE AGREEMENT.  The DRE has made this requirement quite clear on its website.  Click here http://www.dre.ca.gov/ and then click on the (Mortgage loan bulletin) which discusses loan modifications.

I have personally submitted over 25 of these advance fee agreements and have 19 approvals as of January, 2009 with several more on the way.  I have a wide variety of advance fee agreements to choose from including advance fee agreeements that allow you to charge $2,995 per file or $3,495 per file, advance fee agreements that allow for Attorney outsourcing (loan audits including sending a summary of findings letter to lender), I also have a spanish advance fee agreement approved which may be the first of its kind in California.  The cornerstone of your business will be an advance fee agreement that accurately describes your services, contains all the required consumer disclosures and has the legal clauses and protections you would expect from an Attorney.  Contact us to discuss your business model and we will fit you up with the advance fee contract that's right for you.

It is common knowledge that the DRE now offers a FREE VERSION OF THE ADVANCE FEE AGREEMENT.  However, this free advance fee contract only allows you to make 25% of the amount you collect while the remaining 75% of the fee is contingent upon both (a) obtaining a loan modification and (b) your client accepting such.  If you client refuses to sign the loan modification agreement (i.e. they want to hold out for principal reduction) you only get to keep 25% of the amount you collected.  An Attorney advance fee agreement also can provide you with additional legal clauses that the DRE free version simply does not.

 (2) A DRE approved verified accounting format

In addition to submitting the advance fee agreement, brokers wishing to perform loan modifications must also submit a verified accounting format to the DRE for approval.  We include this approved accounting format with our advance fee agreement that we submit on your behalf.

When you are performing loan modification services in California you want to be in compliance, the advance fee agreement and verified accounting format allow you to get legally setup to accept an advance fee from your clients.  There are many brokers trying to avoid the AFA approach to compliance but consumers are getting educated (mainly because of loan modification scams that we are hearing about) to ask a Broker in advance if they have an approved DRE ADVANCE FEE CONTRACT in place before choosing to do business with the Broker.

 (3) A Copy of the DRE Accounting Rules and Accounting Tips Sheet

When you are accepting an advance fee in California when serving your loan modification clients, you need to place the funds you receive in a Broker trust account.  When you accept money from another person and hold it in trust (until loan modification services are performed) there are serious obligations and reponsibilities you need to be aware of.  Our tip sheet will highlight the major problems California real estate brokers face and need to be aware of in regard to the trust accounting rules of the DRE (i.e. we will inform you of the problem areas that lead to the most DRE Audits).  If you are accepting an advance fee agreement, you will want to be aware of these accounting rules and requirements.

(4) Loan Modification Forms

I will provide you with the basic tools you will need to get up and running in your California loan modification business.  If you are an Arizona Broker I can also get you setup.  My loan modification forms include

•  Client expense sheet
•  Client income sheet
•  Client hardship letter format
•  Borrower's authorization
•  Sample RESPA Section 6 Qualified Written Request
•  Sample Civil Code Section 2923.6 loan modification demand letter

These are the same forms I use as an Attorney in performing loan modification services on behalf of my clients.

Note:  If you do not need or require these forms you can deduct $350 off the price of my loan modification startup package.

(5)  Legal Side of Loan Mods Powerpoint Presentation (things we look for in a forensic loan audit)

In addition to the advance fee agreement, verfiied accounting, loan modification forms and accounting rules, I will provide you with a copy of my loan modification presentation materials.  These materials will include attorney Steve Vondran's guide to the major laws that impact the loan modification client including Truth in Lending, RESPA, HOEPA, Business and Professions Code Section 17200 and 17500, false and fraudulent disclosures, elder abuse, Civil Rights, Breach of Contract, Bad Faith Breach of Contract, Wrongful Foreclosure and More.  If you are perfoming loan modifications in California, you owe it to yourself and your client to get up to speed with the essentials of these laws (elements creating the cause of action, statute of limitations, remedies, etc.)  When working on negotiating loan modifications with the lenders, you need to know what their vulnerabilities are and use this against them.  This detailed presentation will provide you what you need to get a basic understanding of "The Legal Side of Loan Mods."  

I will also provide you with a copy of my BROKER'S 10 MINUTE LOAN AUDIT - 5 THINGS YOU SHOULD LOOK FOR IN YOUR CLIENTS LOAN FILE.  You will learn some quick tips that may help you negotiate better loan modifications on behalf of your Clients

(6) Checklist of the basic types of Loan Modifications you can seek for your Clients

Some people think there is only one or two types of loan modifications (ex. rate reduction or converting an ARM into a fixed rate).  There are many other types of modifications to your Client's existing loan that you should know about that you may use in your business to help negotiate a modification for your Clients.  If you don't know about the available options, how can you sugges them?

(7) Finally, I will provide two hours of phone consultation time for you to ask questions and get answers regarding getting your business off the ground, setting your company up properly, asking the tough loan modification questions.

THE PRICE FOR THIS STARTUP PACKAGE IS JUST $2,995 (THE PRICE OF ONE LOAN MODIFICATION FILE).  IF YOU ARE SERIOUS ABOUT GETTING YOUR LOAN MODIFICATION COMPANY UP AND RUNNING FAST AND IN A PROPER MANNER THIS IS A GREAT DEAL.  TURN AROUND TIME ON THE ADVANCE FEE AGREEMENTS WITH THE DEPARTMENT OF REAL ESTATE IS ESTIMATED TO BE 20-40 DAYS DPENDING ON DRE WORKLOAD. 

                           CONTACT US AT (877) 276-5084 - The Law Offices of Steven C. Vondran

Arizona Office: 2415 E. Camelback Road, Suite 700, Phoenix, AZ, 85016

California Office: 620 Newport Center Drive, Suite 1100, Newport Beach, CA 92660

 www.VondranLaw.com  

Optional Loan Modification & Legal Services

(1) Custom Advance Fee Agreements (See www.AdvanceFeeContract.com )

(2) DRE Broker Audits & Investigations (Contact Us)

(3) Incorporation and LLC Services (and 201 Applications - $899)

(4) Loan Modification Lawsuits (Loan Modification Scams and Fraud)

(5) Real Estate Litigation and Arbitration Services

(6) Real Estate Zoning  (Greater Phoenix Arizona Only) and Eminent Domain

(7) California Finance Lender's License ($1,200)

This is an advertisement and communication pursuant to state bar rules.  The Law Offices of Steven C. Vondran is licensed in the states of Arizona and California and only seeks to solicit clients in these states.  Nothing contained herein is legal advice or to be construed as a substitute for legal advice.  No attorney-client relationship is created by contacting our firm.