March 18, 2014

Do you have what it takes to battle through the loan modification process?

By Timothy Stull (

After reviewing a recent article from fellow financial blogger –, I felt the need to dive deeper into real issues that need to be discussed.  Don’t get me wrong, I totally respect Mandelman and think his articles are great.  However, this on does not address the most important question ~ Do you have what it takes to battle through the loan modification process?  For 99% of the general public, the answer is NO.  Mortgage servicers and banks do not want to complete loan modifications ~ regardless of what the banks, mortgage servicers, government, consumer help lines or your Uncle Bob has to say about the issue.  You see, mortgage loans are simply very large debts that contains collateral as security (the home).  These debts were not originated based the concept that they would default and need to be modified.  Essentially, when you fall behind on any debt payments….aggressive collection activity kicks in.  There is no exception to mortgage debt on this matter.  You are battling the bill collector on any loan modification case.  You are asking the lender to restructure hundreds of thousands of dollars and forgo repossession of collateral.  There is very little incentive for the mortgage servicer to do this.  Moreover, even less incentive if the debt servicing rights have been sold at a steep discount.  Negotiating with any bill collector can be a very daunting task…..and when that task involves big money and the roof over your head, it can be a serious nightmare.  You have to ask yourself many questions before taking on the task of a loan modification challenge.  Do you have the time to handle it?  Hours of phone calls & paperwork are typically the last thing you want to do when you get home from work….especially you have a family.  Do you have the wherewithal to argue with the bill collectors?  The lenders will shift the case from collector to collector…making it a very emotionally draining process.  Do you have the knowledge to review and answer legal demands sent to you?  Once your case hits the legal stage the notices that are sent by the opposing counsel can be very complex?  Do you have the case strategy to implement if you are denied?  It will happen….you need to be able to counter attack quickly.  Unless you have serious experience working high end loss mitigation cases, handling this solo is a huge mistake.  You need to choose someone with a track record of success and can refer you to at least 5 satisfied clients.  I can refer you to hundreds of satisfied clients.  I have 25 years’ experience counseling clients with serious credit / foreclosure issues.  I have worked on both sides of the fence ~ 13 years in legal collections and 12 years in loss mitigation.  I have a serious track record of success and unparalleled experience in the loss mitigation arena.  Feel free to call my office at 877.297.7011 with any questions

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