January 26, 2010

Loan Mods Getting Tougher Daily!!

By Timothy Stull (http://www.fresh-start.co)

I you received any type of loan mod in 2008 or 2009¬†~ consider yourself very lucky. All lenders are getting very tough on loan mod submissions….especially if you are more than 6 months past due. They personally feel that any client more than six months late has abused the system & expected the Obama plan to save them…..well think again….the Obama has gone down the drain!! Your home ownership rights may be going down the drain too….without proper representation. Many lenders have a variety of programs available ~ however your overall risk level may limit your options. Clients need to pushed into better¬†level programs….it is almost like we need to sell the bank on the fact that our client is worthy of a better deal. You will need aggressive representation to get any decent deal done at all. The overall business model has shifted back to the way it was 4 years ago. Clients retained powerful representation and hoped for the best. I can still hear those being preached by politicians last Spring ~ “Call your lender” ~ what a colassal mess this has turned into.

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