There's alot of people, and Professionals that are trying to tap into the Loan Modification business, but WAIT! Are these people really out there trying to help Home owners, or are they trying to capitalize off of peoples hopes, and dreams of getting their Homes saved.
I can't speak for the majority, however I will voice my opinion of this subject matter. I had clients with horror stories of companies promising them to do a Loan Modification, and to fork over One month of their monthly Mortgage payment which will go towards processing, and some other fancy terms to make the Home Owner think their homes will be saved.
Three months Later, the clients received a Notice of Trustee Sale, and Called the Loan Modification, which they haven't heard from since the time of the Loan Modification Presentation. After talking with the clients, I saw the potential, and a Realistic solution. I explained the Short Sales Process, and immediately they signed a Listing Agreement, within 5 Days I received a Reasonable Cash offer from an Investor, I submitted to the Bank Immediately, trying to slow down the Trustee Sale. The Trustee Sale had taken place the day before, and was sold to another Bank. My clients were satisfied with the Marketing outcome, and my performance.
However the Loan Modification company didn't have the compassion,or cared about what that Home Owner was going through, and the Life Changes involved when you lose your home. They received their Payment, and on to the next Home Owners.
For Real Estate Agents, if your persuaded to do Loan Modification, Remember in the End, it's your Real Estate License on the Line (YOUR LIVELY HOOD.) Times are tough, but do everything on an Ethical Basis, and you will be come successful. I tough Markets such as this, get good at getting Better. Take on Short Sales, REO's, BPO's, Buyer's, Investor's. Get a Mortgage Rep to assist you with Marketing to Buyer's, Create Flyer's Brochures, etc. With Rent Vs. Buying information. Hold a 1st time Buyer's Seminar, if your shy, that's fine. Call upon your Mortgage Rep to give a short 5min presentation to your Audience, invite a Title Rep to give information of Title Insurance, Invite a Home Inspector to give advise on Home Inspections, all you have to do is introduce each of these vendors to the audience, and you get the credit of having the Home Buyer's Seminar. Created Literature to hand out to all the guest with all your Information, and in the End you may end up with A Few buyer's or so. good luck, and best wishes. See you at The Top.
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