The Loan Modification Department at the Bank is not on your side

by Dan Havey on August 23, 2011

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Part 5
Michael: Welcome back to the velocity of money I am Michael J Barnes the president of velocity financial and I am also the founder of ModificationHotline.com the phone number to reach us with any of your questions is 1-888-MOD-INFO.Welcome back once again my guest Brett Fallon,

Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.

Brett: I am glad to be back especially when we are talking about such and important topic.

Michael: It is nice to have the financial advisors perspective on some of these things so many people don’t have a financial advisor so for thousands and thousands of people listening right now you are there only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?

Brett: Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all assets understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency the retirement accounts and investments accounts and all the other stuff has to work in concert so I am happy to weigh in with information and give you my viewpoints and my perspective.*

Michael: We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that but from their servicers saying if you need help with your mortgage help is here give us a call. I am certainly not going to tell everyone in the world that they can not do their own loan modification because some people are qualified to negotiate on their own behalf though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.*

Brett: It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints some pressure whatever the source of pain is for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is so who should and who should not do a loan modification, let’s start with that.

Michael: I’ll tell you and let’s start with people who shouldn’t do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth feels that they are entitled to a loan modification is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices if you will that were happening within the mortgage industry over the last several years. With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didn’t call them that then when the consumer calls me up and says I want that 1% loan that’s going to be my ticket. Unfortunately people took theses loans but what they did not realize is that someday this loan with the ridiculously loan interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.

Brett: So someone who simply finds themselves upside down on their home owing more on the house than the actual value of the house does not necessarily need to consider a loan modification.

Michael: No they may not qualify on those merits alone in most cases, go ahead.*

Brett: I just want to make a point I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish.
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