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Can
I do this on my own?
Of course you can, in this document we will provide
you with the steps and helpful tips necessary
to possibly obtain a Loan Modification from your
lender.
Remember until just recently major lenders were
very reluctant to even talk to you about such
things. Their business is making money off of
the money that you borrowed from them. So, reducing
that amount or lowering the interest rate once
it was set or even forgiving part of your loan,
was quite simply not even in their playbook.
Due to the massive number of Americans that find
themselves in desperate financial trouble and
even staring into the ugly face of FORECLOSURE,
these very same institutions are now realizing
that they would be better off and on a firmer
financial footing if they indeed agree to a Loss
Mitigation.
The brutal facts are that when a property goes
into a Foreclosure this is what the Bank is facing:
1. Banks are
in the Money business NOT the Real Estate business.
2. When a home
goes into Foreclosure it typically is not well
cared for or even vandalized, leaving it difficult
to sell.
3.
The market value is declining daily and therefore
they must face the fact that they are losing money
by the minute.
4.
Federal, State and Local Governments are placing,
ever growing pressure on the lenders to seek Loss
Mitigation rather than cause additional foreclosures.
A lot of you may have special Legal, Accounting
or Mortgage industry training that will certainly
help you through this very cumbersome process.
Keep in mind the institutions and the people working
in them do not necessarily have your best interests
in mind, (they are in a low paying high turnover
industry) rather they have been trained to put
the institution first and the borrower must comply
with their wishes. The resulting effect is a rather
dehumanizing process, where you are never sure
if the person you are talking to truly has your
best interests at heart or is just trying to move
you quickly down the line to someone else, to
keep their call times short and their quotas high.
The secret to successfully obtaining a Loss Mitigation
is meticulously preparing your case, digging until
you reach an employee that is willing to help.
Persistence is the key here; this is by no means
a one, two or even 10 call process, simply keep
digging until you get the best result possible.
Unfortunately only about 20% of folks that attempt
this alone are successful. |
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"Call
Before its Too Late"
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