Congressman Barney Frank wants to restructure the loan servicing business

by Dan Havey on August 23, 2011

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Michael: well, in the past we have talked a lot about loan modifications and since the first time we started talking about loan modifications the whole space has changed. Everything about loan modifications since our very first broadcast talking about it, we don’t talk about it every week, but we do talk about it allot.

It has changed so much, when we started anybody who had a significant hardship or financial hardship or had one of these toxic mortgages that had adjusted would be able to qualify for a loan modification. These things have changed all of a sudden and not all across the board,

Brett you made a comment earlier that people are concerned that once these servicers do these modifications they could be subject to lawsuits right?

Brett: Yes, it is amazing how quickly things have changed over the course of the last couple of weeks, it seems this information and this news is changing almost hour by hour at this point one of the things that came out regarding this mortgage modification program is from Barney Frank,” Congress should act to restructure the servicing of home mortgages.”

So the idea is that they are catching on to something that you and your team at velocity financial were ahead of the curve on in terms of loan modifications. Knowing that those rules for a hardship and why you are entitled to one have definitely changed.

Now it is more of a situation where in order to stop foreclosure to stop the problems associated with this mass foreclosure market place. Modifications are being talked about amongst the banks now. Barney Franks comments today he stressed how these voluntary inducements to get theses private entities to protect homeowners form The government has fallen short and Hank Paulson has fallen short of putting their weight behind this concept.

Although I personally believe that is the next evolution of this. Loan Modifications are a critical step for people who are feeling this economic crisis and for people who want to stay in a home, for people who need this type of assistance.

The idea is you have a short window of opportunity here before something else significant changes were you may no longer be entitled to you heard a group, you know this we talked about it, Citigroup came out and made the announcement that they were going to suspend their pursuit of foreclosures in certain areas of the country that have the highest unemployment rate that was the caveat.

We will see how big the scope of that gets but the whole idea is for you as a mortgage owner as a home owner with a mortgage If you need to establish a modification to an existing loan in order to have more favorable terms in interest, a more favorable monthly payment, a way to keep that home, you have to look at this option.

Michael: Yes, and I appreciate you saying that one of the things that Citigroup announced they were going to be doing was giving people teaser rates of 1%. Look anybody with a brain can realize that, that is ludicrous.

What got us into this situation in the first place was huge banks just like that one giving people toxic mortgages with fake interest rates and pick your own payment do whatever the heck you want to, is exactly what they are trying to do again. Essentially what they are talking about is giving people a short window of a very low interest rate but they are going to be back in the same situation in the future.

That’s why the loan modifications that we do that we hire on your behalf the national network of attorney’s that we use. We go for the throat we are not looking to get you a 1% interest rate for the next 12 months We are looking to get you a lifelong or for the term of the loan if possible the very lowest interest rate available and fix it or extend the term so you can actually sustain that payment well beyond the short term if you should happen to be one of those people falling prey to all of the economic woes.

I want to real quick give the information out the website is ModificationHotline.com and a toll free number which is 1-888-Mod-Info, 1-888-663-4636 One thing I want to point out before we have to go to a break if you know of anyone out there, that has a GMAC mortgage whether it be a GMAC first mortgage or second mortgage you have got to tune in to the second segment you are not going to believe this scam that’s out there gong against people with these loans so stay turned to the velocity of money and KFNX
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