Hi Richard,
I will keep the information handy about remod. In case I get into a situation like
that and if I know of any one that I can be of help to. Your lessons and info has reduced a lot of strain and stress on my family as well as other families. We thank you so much.
Sincerely,
Matthew Angelias

Hi Richard I have been lintening and watching your videos on this mortgage mods and I have been speaking to EMC who has sent me a letter that they would do a mod but I dont make enough money to pay back the loan based on thier requirements which I dont know what that is. Anyway I need to make an additional $2000.00 a month for them to reconsider my request for a mod. I have a 1st and a 2nd which I am behind by 8 months due to job lost. The prob lem is that I make enough to make the payments but not enough to pat the additional bills like electric and food etc. As you mentioned a short sell might be the way to go but I am trying to keep my house and have been fighting this for two years now and seem to be getting further behind then ahead. Any suggestions you might have would be appreciated. Thank you Richard! Larry Swinton

Hi Larry, thanks for your post on the blog. It does sound like good sense to consider a short sale. There is no sense fighting something that is inevitable anyway.

There are so many good deals out there that if you short sale your house, why not take advantage of the very same falling market? You could probably buy something with no down payment and without signing personally. If you want to buy something else. I rent right now and am very satisfied with renting while the market continues to fall.

warmly

–Richard

Richard i'm a loan officer would love to help people with thier mortgage, with the loan modification,what i'm asking is where do i play apart in this,meaning do the consumer has to refinance to get the loan modification?

No the loan mod only requires the lender to change the terms. Maybe forever. Maybe for a period of years. It could be a lower interest rate. Taking the late arrears and tacking them onto the balance. Occasionally extending the term of the loan.

You can do this for homeowners and do really well at it and help people at the same time. Take a look at how to modify mortgage loans for others and make a profit

warmly

–Richard

Hello,RICHARD I have got this same problem with CITI-FINANCIAL,I HAVE FILED ACOMPLAINT WITH THE FTC AND STILL NO RESULTS,THE ATTORNEY'S GENERALS OFFICES ALSO HAS BEEN NOTIFIED ABOUT THIS PROBLEM.THE ACCOUNT WAS PAID IN FULL BUT HAS MORE THAN $6,800-IN OTHER FEES.WE HAVE ASK FOR AN EXPLANATION AND WAS TOLD THAT WE WAS LATE EVERY MONTH AND THAT IS THE REASON FOR THE FEE'S.AND WHEN WAS LATE WE PAID A LATE FEE.I HAVE ASK A LAWYER FOR HELP AND HE STATES THAT NO-ONE CAN WIN THIS BECAUSE IT WILL COST TOO MUCH TO FIGHT.WHAT DO YOU THINK I SHOULD DO.

Hi, Richard, I'm a Loan Officer in Atlanta where it's the short sale capital of the world!!! I really would like to help a lot of Investors that own multiple rental properties here who are at the brink of forclosure with their Primary & Investment Properties. If I get into the modification business, will I be able to help Investors with loan modifications with your course? Several, Investors have told me they have tried to get their Lenders to do loan modifications and the Lender are stating that they only allow modifications for Homeowners and not Investors.

Hi Dexter, does Atlanta  hold a candle to Southern California or South Florida when it comes to short sales? Oh boy.

Investors hvae been told "no" all the time by lenders but there are several things that are changing and I think this is a biggie. For the life of me, if I invest in real estate and I am upside down, I want to think short sale, not loan mod. But for investors thinking loan mod, I see things getting easier with the lenders.

warmly

–Richard

I have a rental in Las Vegas that is now, verifibly, worth one quarter of its current value. Can this be modified or short sold? I would like to keep the property. My friends in CA need help with an LM. If I bought the program do I have to register with their state DRE to offer them help or other Californians? Amy

No reason why a loan mod can't be done. If you are doing loan mods in California you would need to comply with California law. You can also work through an attorney in California and you do the work, the attorney supervises and her name is on the documents, and this is quite good because you don't have to worry about licensing requirements. It is quite easy to find an attorney to work with, in my experience.

warmly

–Richard

Please send me info on loan modification..I'm an investor.

Hi Richard!
Thanks for the great article. I am in the midle of the Loan Mod for myself.
From the vedeo for me not cleare in what stage I have to submit written request
to the lender. When they give to me proposal or after Loan Mod is done?
So far I have big issue with WaMu. I start my loan m 02/06/2009. They do not
provide my payment option for mortgage in the loan mod process. When I
went to pay my mortgage on March,16 at the local bank they can't to process the payment because the account was freez. I have all my payment current until this point. When I call them to the next day - Custumer service of Debit collector. I got the unsver about my payment - I might pay if I wish and they tell me adress.
It is wasn't like I must to pay. Then I call again latter - and the person tell me
I do not have to pay until I will get new terms of my loan m. So, I call next day
again and this person answer to me I have to pay my mortgage. By this time I was skip my mach, april and may payments. So, I decided to pay anyway even
I getting not clear instruction. On May,28 I call again and I got the answer I could
pay or not to pay my mortgage until new terms start. I payed anyway for Mach
and April. On the June,10 I got the package from WaMu they requesting again to submit aplicastion with prof of income and expences, in the pakage also was letter which was stated I am in the default on my mortgage and they reported Credit Baure. Next day I call them and I got the answer they sending this letter everybody hwo is current on payments and hwo is in default. I come down. I pay
also my mortgage on June,25 for May. So, I was only one month behined when
I start getting the letters from different credit cards which telling me they cancel
or reduce my line for exemple from 15,000 to 400.00. When I call to the costumer service agein it was beginning of July they confirm I am on the default. But when I try to talk and explain this is a mistake the do not listen to me, I was keep trying and ask to speek to the manager they daid no or somebody call me back but it is never happen. And I have before scores 735 never late and line
of credit on cards 100,000 or more. I do not know what to do I feel my self unprotected and helpless.
a

I had hired a company called 5 Star to do a loan mod for me back in March 2009.They insisted on the $2,000 fee upfront. When I tried to stop a check to them, it had already gone through & now they want another $50 for that check. In the beginning you heard very little from them. Later the bank refused to call them regarding this whole thing & would just call me. At this point I have redone the modification papers & sent them back in, but do not feel it will be approved as things have changed after so many months. How do I get my money back from 5 Star?? I am 71 & just wanted originally to change the ARM (which is good for another 5 yrs) to a decent rate before this ARM changes.

Hey Richard,

A house with an Equity Loan @70k(as the 1st)-no other liens- payments current, but the banks are Shorting/Reo for less than 20k -next door- an all through the neighborhood. The owner wants to know how to reduce the principle balance, since the value is no longer there to support the 70k payment without just walking away to buy another home Bigger and Better for much less!

I want to thank you for your book, Mortgage Relief Formula. How to slash your bills. stop foreclosure, and restore your credit.

Now I need to lower my principal on my home. I received a packet from BOA/countywide loan and they said that I have been conditionally approved for a modification with a principal reduction. All I want is to lower my principal. I am upside down $100,000 dollars and I do not want to short sale my house. Please help me come up with a plan to stay in my home. I love my home and would not want to lose it.

YES! I and my husband feel YOUR PAIN AS WELL with citifinancial. We took the loan out in 1996 with associates mortgage then in 2001 citi bought out the loan but in 2001 we only owed $21,000 setting our payoff date to be April 2011. With citi they state that we owe about 29,000 now and here it is 2012! We have also been told that it was because of our being late! Wrong! We done research at our local tax office and register of deeds and found that they have been lying to us! WHERE IS OUR MONEY???!!!!!! So i suggest to go check your local tax and register of deeds office for paper work that will be needed in going up against these GIANT money grubers!!!!!