Loan modification pitfalls when dealing directly with the bank

by Dan Havey on August 23, 2011

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So I have seen all kinds of things on the internet about how you can pay $495 and you can learn how to be a loan modification expert overnight

Well I can tell you after having worked with attorneys for 20 years that you are not going to know the laws, like the attorneys do, you are not going to have the negotiating skills like the attorneys do, just by reading a book and filling out a couple of pieces of paper

That does not make you a loan modification expert

And then the important thing to point out here is even though we joke around here, Dan Arizona is known as the wild, wild, west there is no restriction in this state, at this time, for the loan modification industry

For people that are jumping in, for people who are trying to do it on their own in their spare bedroom or their old office in their homes and nothing could be the scariest thing for a human being

You need legal representation; you do not want to pay anyone who is not a licensed entity or a member of the bar

That is what we do, we work with a national network of attorneys that work in all 50 states, they are experts and have done thousands of these over the last 16 years and that is why we aligned ourselves with them and why you and I came up with the loan modification hotline

Well part of the reason why I would not do this any other way is well several reasons, one is that you do not learn how to do this by reading a book and the other thing is when I was working with people in foreclosure I would have somebody call me the night before their foreclosure sale and say, “Hey I have been working with my lender trying to get a forbearance agreement” which is not the same as a loan modification even though a lot of people confuse them, but that is what a bank will give you if you call them directly is a forbearance agreement

We are talking about something different but they would say, “I have been working with my bank for the last 3,4 months and trying to do this forbearance agreement and finally they did not want to work with me anymore, they disapproved it and they are done.” So I have to ask them the story, what happened? They would say,” I started the process four months ago and I sent them all the paperwork.” And then what happened? “Well they lost it all.” Great, so what did you have to do? “I sent it all back in again.” Then what happened? “Well they lost it all again.” I can not tell you how many times I had clients tell me the exact same story that every time they sent in the paperwork, it got lost

And then it comes down to the last two or three days prior to the foreclosure sale and the bank would say, we tried really hard to get that forbearance done but I am sorry we are not going to be able to give it to you

And it just barely gives the people time to inmost cases what I would advise them to do, and I am not an attorney in any way, but when someone is calling you at 9pm the night before their foreclosure sale, I would say this is what you want to do, go get in line tomorrow morning at the bankruptcy court, file a bankruptcy yourself, and then here is a phone number of an attorney to call immediately afterward, retain him to represent you in the bankruptcy and also by the way have him call the lender to make sure that they do not go through with the foreclosure sale tomorrow because that is even harder if you have to unwind that thing

This is what happens to so many people, I understand people wanting to do these loan modifications themselves, and I appreciate that we are a do-it-

yourself kind of a society, like hey I can figure out how to do this

But the truth is you are dealing with a monstrous corporation, you could be talking to somebody in Bangladesh, or in Ireland, or in some other country, who knows where they might be

They do not know you and they certainly do not care about you

Well the other thing too is they work for the loss mitigation department and the loss mitigation department that you are calling, by the way, that is not the door we are going through

The important thing to point out about that is the loss mitigation department is there to mitigate the loss for the bank; the representative’s job is to protect the bank at all costs

You need someone to stand on your side and protect you at all costs, and that is one of the things that we do

We are going to talk a little bit deeper about this when we come back, if you want more information you can call (480) Velocity and Dan what is the website? The best website regarding loan modifications would be modifcationhotline.com or you can always call us at 888-Mod-Info So that is 888-Mod-Info or you can always call Velocity Financial at (480) Velocity and we will be back with you in just a few moments
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