14. Home Loan Services, Inc. (d/b/a First Franklin Loan Services & NationPoint Loan Services)
800-500-5022
https://www.viewmyloan.com , www.nationpoint.com
Above are the majority of major lenders we are negotiating Loan Modifications with. As more and more lenders realize that Loan Modifications are the solution to their deepening default rate, we are able to help more and more homeowners avoid foreclosure. Even if you do not see your lender’s name on this list, more than likely we have worked with them and can help you lower your monthly mortgage payment with a Loan Modification. For a FREE LOAN MODIFICATION CONSULTATION call:
HOW TO RUN A LOAN MODIFICATION BUSINESS WITH HONOR AND INTEGRITY!
This is Cody Sperber one of the managers of www.AdjustMyLoan.com. I created this post because I have had the concept of “running a loan modification business with honor and integrity” on my mind and I thought it would be a good idea to share some of the core beliefs we believe in at AdjustMyLoan.com with you (our potential client).
With the news constantly looking for a worthy story, and many fly-by-night loan modification companies popping up everywhere, I feel like we (meaning everyone who does loan modifications) get pegged into the same corner as vultures who take advantage of homeowners facing major financial difficulties. And even though there are many who do take advantage of the situation, there are a few companies like AdjustMyLoan.com that are trying to position themselves to provide a valuable service with full disclosure and a pay system that protects both the homeowners and us as businessmen. We believe we have created a check and balance system that all Loan Modification companies should mirror if they are going to do business self regulated, ethical, and legal! We have taken some of our concepts from the Better Business Bureau as well as the United States Navy (which I am proud to have served for). We have researched the most aggressive foreclosure rules and laws (which happen to be in California and Florida), and implemented them into our contracts even though the great state of Arizona does not enforce these strict policies. Below is a list of responsible and ethical practices found at AdjustMyLoan.com that we wanted to share with you:
We are not in the business of coaching homeowners. We empower them through education of their situation and possible solutions. If any of our employees gets caught coaching homeowners to not make mortgage payments etc…then we let them go immediatly. We constently have training of how to interact with homeowners and their questions.
We offer FREE LOAN MODIFICATION CONSULTATIONS and charge NO UPFRONT FEES for our Arizona Loan Modification Service. We utilize FIDELITY NATIONAL TITLE to create an escrow account and escrow the money homeowners give us until we perform the services outlined in our contract. If we fail to perform, then the money automatically gets refunded to the client with no questions asked.
Our contracts are clear and to the point. We have a 3 day right of recession policy and we clearly outline our services and explain when it is that we will earn our money.
We have a standard fee we charge for our services and do not charge a percentage of the loan balance like some companies.
We are a member of the Better Business Bureau, D&B, and have a strict privacy policy where we do not rent or share any information with third parties without full disclosure and permission. Our offices are kept secured and only files we are actively working on are taken out of their locked file drawers.
We own the building that we are in (brick and mortar) and do not go to homeowners houses to sign people up at their kitchen tables!
Our management constantly has training from our legal counsel to keep us up to date on current foreclosure rules and laws.
Our employees were recruited directly from the banks we are negotiating with and go through extensive training before working on client cases.
Lastly, we only accept clients whom we truly believe we can modify their loan(s) for. We are not a chop shop that takes on any file that comes through the door only to throw it against the wall to see what sticks. We carefully pre-qualify all potential files before acceptance into our program.
In the end, integrity is a core concept that either a business centers itself around or completely ignores. There is no middle ground or grey area in the loan modification business. The talented Arizona Loan Modification Professionals at AdjustMyLoan.com want to earn your trust as well as your business and show you what an ethical loan modification company looks like.
CALL US TODAY FOR YOUR FREE LOAN MODIFICATION CONSULTATION
AdjustMyLoan.com Specializes In Countrywide Loan Modifications! Get The Professional Help You Deserve…Call AdjustMyLoan.com Today!
Countrywide Home Loans might just be the worst servicer in America!!! YES THEY ARE DOING WORKOUTS….NO THEY ARE NOT AS EASY TO GET AS YOU MIGHT THINK! If you are struggling to make your monthly mortgage payments, and you have a Countrywide home loan, then call the Arizona Loan Modification Experts at AdjustMyLoan.com and get a Countrywide Loan Modification done today. Dealing with a large lender such as Countrywide Financial can be frustrating and time consuming. While Countrywide is offering loan work out plans to many of it’s distressed homeowners, not everyone will qualify. Take a second and educate yourself on what a lender like Countrywide is looking for and what documentation you will need when requesting a Countrywide Loan Modification.
First, realize that when you initially call your lender you are going to be speaking with an employee that has zero ability to help you in any way except regurgitate information! Stay calm no matter what they tell and keep pressing the fact that you are no longer able to make your mortgage payments and need to qualify for a workout / loan modification. Ask them to send you out the necessary documentation you will need to fill out and DO NOT GIVE THEM FINANCIALS OVER THE PHONE AT THIS TIME. You want to take some time and develop a strategy that will support your loan modification request and if you start giving them information this soon, you might shoot yourself in the foot and get denied a loan mod because you make too much money!
Second, gather the following documentation you will need to support your case:
Paycheck Stubs (at least 2)
Tax Returns (2 years)
Recent Bank Statements
Write A Hardship Letter Explaining Your Situation (see link for examples)
Any Documents That Support Your Case Such As Death Certificates, Medical Bills, Lawsuit Paperwork etc.
You need the above documents to support your request and are part of a Countrywide Loan Modification package. By creating a complete professional looking proposal, you are making the home retention negotiators job easier and they will be more likely to work with you if you try and do this on your own!
Third, decide if you have the time - energy - and skill set to deal with your own Countrywide Loan Modification. If you do, fill out the forms the bank sends you and try and negotiate it yourself. But if your like most people, you will want to hire a professional representative with real negotiation experience to help you get the best loan terms possible. They layers of beurocratic bullcrap as well as the fact that Countrywide is mainly a Servicer for investors on Wallstreet make the negotiation process difficult, time consuming, and most of all…FRUSTRATING.
AdjustMyLoan.com has hired negotiators directly from Countrywide’s Loan Modification department. We figured if we wanted to get the job done right, hire directly from the lenders you are trying to negotiate with! 1,2,3,4,5,6,7…. The list keeps getting bigger of Countrywide Loan Modifications we keep getting done because we understand their process, we know what they are looking for, and yes, we DO HAVE INSIDE CONTACTS AT THE HOME RETENTION DEPARTMENT!
In Arizona, 13,000 homeowners will be receiving a letter from Countrywide offering a loan modification because our great foreclosure fighting Attorney General Terry Goddard who helped spearhead a settlement that uncovered Countrywides deceptive lending practices! If your one of the 13,000, then you should send Terry Goddard some flowers and a thank you card…if your not, you should call AdjustMyLoan.com and get some professional help.
AdjustMyLoan.com is a national loan modification company based out of Phoenix, Arizona. Our professional Countrywide Loan Modification Experts can help you audit, package, propose, and negotiate a Countrywide Loan Modification today. Call our toll free number 1-800-557-7573today and receive a FREE COUNTRYWIDE LOAN MODIFICATION CONSULTATION.
ADJUSTMYLOAN.COM EXPLAINS ARIZONA’S ANTI-DEFICIENCY LAW
Okay…first a quick disclaimer: AdjustMyLoan.com (Arizona Loan Modification Experts) is not giving you legal advice, stop foreclosure advice, or creating any type of client-Attorney relationship. This is informational only and we suggest you speak with a trained real estate / tax attorney about your specific situation and the rules / laws in Arizona as they pertain to Arizona’s Anti-Deficiency Statutes. Now, on to the good stuff.
When a homeowner purchases residential property in Arizona and defaults on their loan(s), their lender(s) have certain remedies they can pursue. They can sue the borrower directly or conduct either a Judicial or Non-Judicial foreclosure. Since Arizona is a Trust / Deed state, in most cases lender(s) file for foreclosure (sending you a Notice Of Default) and conduct a Trustee Sale (non-judicial foreclosure).
In some states, when a home is sold at a foreclosure sale and the amount it sells for is not enough to cover the underlying debt secured by the real estate, the lender can come after the homeowner for the Deficiency. Arizona has two “Anti-Deficiency” statues that will often apply to loans secured by residential real estate that can protect you from this happening! The first one applies to mortgages that are foreclosed on judicially (this practice is rarely used anymore but if you want to learn more, see A.R.S. 33-729(A)). The second Anti-Deficiency statute applies only to deeds of trust when foreclosed via a trustee sale (see A.R.S. 33-814(G)).
This is the anti-deficiency rule most homeowners care about and the one we will focus on.
In order to be protected under this statute, you must have residential property that is used for single-family or dual-family dwelling, and on 2 1/2 acres or less. (Commercial properties and Multi-Family units larger than a duplex are not protected under this statute) Next, you want to understand what kind of money you borrowed. Answer this question; Did the money you borrowed pay for all or part of the home you purchased?
PURCHASE MONEY
If all or part of the money you borrowed was used to purchase the property, NO DEFICIENCY will be available except in the case of voluntary waste (A.R.S. 33-729(A)). Voluntary Waste is when you damage the home and diminish the value (so if you are short selling your home or letting it go to foreclosure, don’t hire a salvage company to come gut the property…you can be held liable for all damages!!!) We consider money borrowed to purchase the property as “Purchase Money” because you basically went to a bank and borrowed money to buy a home and the home itself was the only security for the loan!
Refinance loans also fall under this protection as long as you did not get a “Cash Out Refi”. The law is a little unclear if a lender can actually come after you if you did a “Cash Out Refi” because the Anti-Deficiency protection under A.R.S. 33-729 (A) applies to loans used for payment of all “or part” of the purchase price! (See Bank One v. Beauvais, 188 Ariz. 245, 937 P. 2d 809 (App. 1997)) So if you did a “Cash Out Refi” and you are being sued for a deficiency, you may have a chance….but probably not!
NON PURCHASE MONEY
If the money you borrowed was not used to purchase the property “Non-Purchase Money“, then you might have a problem (Home Equity Lines of Credit fall under this type of money). Your lender can choose to either sue you directly on the note and waive security of the mortgage or deed of trust, file a Judicial Foreclosure and after the sale sue you for any deficiencies, or just continue with a Trustee Sale. If they just continue on with the Trustee Sale, then you are in the clear and should be protected against further judgements (See A.R.S. 33-814 (G)). If the lender decides to file a Judicial Foreclosure they will file a lawsuit and seek a judgement foreclosure on the mortgage or deed of trust. This process is expensive and time consuming (sometimes lasting up to 12 months). If this happens, the homeowner will have up to 6 months from the date of the filing to bring the loan current, but if they fail to do so, the property will be sold at a sheriff’s sale and the lender will have up to 3 months to sue for the deficiency. The amount of deficiency is typically limited to the difference between the total amount owed and the fair market value of the property (not necessarily the auction price). Lastly, the lender can just sue on the note, forgoing any security in the property. They would do this if you have little or no equity, have other collectible assets, and they do not want to wait up to a year for a Judicial Foreclosure to work its way through the system. THIS IS THE ONE YOU NEED TO BE WORRIED ABOUT AND IF YOU DO GET SUED…HIRE AN ATTORNEY IMMEDIATLY!
FHA, VA, AND HUD LOANS
These type of loans have different collection rules and can result in action against the person. If you have these type of loans, we suggest you get real proactive real quick when working with the lender(s) and if you do get in trouble, hire an attorney to represent you!
SUMMARY OF ALL THIS LEGAL MUMBO JUMBO
Arizona is a Trust / Deed state meaning we use Deeds of Trust to secure residential real estate. If you have a single family or duplex home on 2 1/2 acres or less, and your loan is “Purchase Money”, you are protectedfrom deficiency regardless if the lender uses a trustee sale or judicial foreclosure.
If your loan is NOT “Purchase Money” you may be liable for any deficiency if your lender uses a Judicial Foreclosure, or waives the deed of trust and sues directly on the note. If your lender decides to do the traditional Trustee Sale, you are protected from further deficiency judgements!
CAN AN ARIZONA LOAN MODIFICATION GIVE ME DEFICIENCY PROBLEMS?
No, an Arizona Loan Modification will not trigger a deficiency judgement because you are not selling the property, you are just recasting the mortgage. AdjustMyLoan.com helps homeowners audit, package, propose, and negotiate loan modifications on their behalf. In every loan modification proposal we build, we ask for a reduction in the principal amount owed (Principal Balance Reduction). Many homeowners are “upside down” in their mortgage(s) and owe as much or more than their home is currently worth so we attempt to reduce the amount owed to reset the loan back to current market values. If approved by your lender(s), this Principal Balance Reduction can trigger a tax event and the lender could issue a 1099(c) in the amount that was written off, BUT WILL NOT AFFECT OR CAUSE A DEFICIENCY EVENT! We ask all lender(s) to waive their right to 1099(c) our clients as part of the acceptance of our proposals…in most instances this works and the lender absorbs the tax ramifications as part of the deal!
ADJUSTMYLOAN.COM “ARIZONA LOAN MODFICATION EXPERTS” WANTS TO EARN YOUR BUSINESS!
AdjustMyLoan.com is a national loan modification company based out of Phoenix, Arizona. Our Loan Modification Experts want to educate homeowners on any “Stop Foreclosure” options available to them and teach them how a loan modification can help them avoid foreclosure, lower their monthly mortgage payment, and maintain their credit. We are a member of the Better Business Bureau and have many referrals and testimonials to prove our business ethics. We offer FREE LOAN MODIFICATION CONSULTATIONS to see if you qualify for any Arizona Loan Modification Programs and have a tracking system so you can follow your loan modification progress from start to finish. If you are interested in learning how a loan modification can help you and your family, call the phone number below today!
Below are a few advantages of a Loan Modification, as well as general qualifications to get accepted in a Loan Modification Program. We put this list of Loan Modification Informationtogether to help you understand what most banks are looking for before they choose to proceed with a work-out plan! If you are considering conducting a Loan Modification, www.AdjustMyLoan.com would love to earn your business. We offer FREE LOAN MODIFICATION CONSULTATIONS and can let you know quickly if we think their is a solution to your housing problem. Call our toll free phone number 1-800-557-7573 today and get the professional help you deserve.
AdjustMyLoan.com Comments On Whether Bankruptcy Judges Should Be Allowed To Force Lenders To Do Loan Modifications?
This post is a result of Citigroup announcing ( http://www.usatoday.com/money/economy/housing/2009-01-08-citi-mortgages_N.htm) its support of a “controversial bill in Congress to let bankruptcy judges reduce what debtors owe on home mortgages in an effort to stem the USA’s rising tide of foreclosures.” On the surface, the Professional Loan Modification Experts at AdjustMyLoan.com support this bill, but we do want to take a look at both the positive and negative affects it could have if passed! On the positive side, homeowners that are falling behind on more than just their mortgage payments and have to file bankruptcy, would have a real solution to clearing their debt, lowering their monthly mortgage payment, and saving their home from foreclosure! Also, it could cause other forms of loan modification programs to come to existence as a direct result of the bill being passed. Any movement towards Principal Balance Reductions on the amounts homeowners owe on their mortgages is a good move for everyone!
On the negative side, it may force many homeowners who just have a “housing problem” and not problems with their other bills to file bankruptcy just to qualify for some relief. Also, it could cause prices of mortgages to increase for everyone due to the lenders risk. What about the contracts between lenders who are acting as servicing agents and the Wall Street investors who purchased Mortgage Backed Securities? Would these “forced loan modifications” violate their rights? Lastly, is giving one person the power to decide how much, if any mortgage help necessarily a good idea? I guess we will have to wait and see what the pre-qualifications are outlined in the bill. With an estimated 8.1 million homeowners risking foreclosure, it could revamp the appraisal industry if every home within these programs had to have a certified independent appraisal!!!
Below is the article from USA Today about Citigroup’s backing of this bill:
By Julie Schmit and Stephanie Armour, USA TODAY
Lending giant Citigroup (C) on Thursday threw its support behind a controversial bill in Congress to let bankruptcy judges reduce what debtors owe on home mortgages in an effort to stem the USA’s rising tide of foreclosures.
The proposal, pushed by Democratic lawmakers, could be included in economic stimulus legislation.
The banking industry has long fought such “cramdown” legislation, saying that it would raise costs for other mortgage borrowers.
But Citigroup’s backing - after winning some concessions on the proposal’s terms - may persuade other banks to do the same and encourage the passage of legislation, supporters say.
”This would help hundreds of thousands of people quickly reach loan modifications,” says Kathleen Day of the Center for Responsible Lending, which supports the measure. “If you can keep people in their homes, everybody wins.”
An estimated 8.1 million U.S. homeowners are at risk of foreclosure.
The compromise was struck between Citigroup and top lawmakers, including Sen. Richard Durbin, D-Ill., and Sen. Charles Schumer, D-N.Y. Schumer said several banks have expressed interest.
Citigroup, in a letter to lawmakers Thursday, said the change would be an additional tool to help troubled homeowners and “represent an important step forward.”
But the Mortgage Bankers Association said in a statement it remained opposed to cramdown legislation because it would destabilize an already turbulent mortgage market.
Under the bill, only loans originated before the measure’s enactment could be altered. Lawmakers had sought the change for all loans. Also, borrowers would have to show that they attempted to contact their lenders to modify the loans before they filed for bankruptcy.
Judges could lower mortgage principal, change interest rates or extend terms.
Currently, bankruptcy judges can alter loan terms for vacation homes and other debt, but not mortgages on primary residences. Giving judges that power would not only help troubled homeowners, but prod banks to do more loan modifications before homeowners go to bankruptcy court, supporters say. So far, banks’ voluntary programs have had only minimal success.
“Whatever (lenders) were doing was working really badly,” says Patrick Newport, an IHS Global Insight economist.
If you are interested in learning how a LOAN MODIFICATION can help you lower your monthly mortgage payment, avoid foreclosure, and stay in your home, or you just want to educate yourself on the qualifications needed to apply for a LOAN MODIFICATION, contact the LOAN MODIFICATION experts at AdjustMyLoan.com.
CLICK ON THE VIDEO TO SEE ADJUSTMYLOAN.COM ON THE NEWS TALKING ABOUT THIS TOPIC!
ADJUSTMYLOAN.COM EXPLAINS THE IMPORTANCE OF A WELL WRITTEN LOAN MODIFICATION HARDSHIP LETTER!
When requesting a Loan Modification from your lender(s) be prepared to create a loan modification hardship letter explaining your circumstances. This explanation is one of the most important parts of a loan modification proposal and is one of the first things your lender looks at. You only have one shot at convincing the bank that your situation warrants a loan modification so take time when creating your hardship letter. Have your Loan Modification Hardship Letter clear and to the point. No more than 1-2 pages, and handwritten is best. Tell them what was causing you to struggle, what you are doing or did to overcome the problem, and exactly what you want them to do for you. Below are two examples of Loan Modification Hardship Letters that should help you get an idea of what most banks are looking for:
Loan Modification Hardship Letter #1
August 10th, 20__
Regarding
Borrower: John and Rebecca Smith
Subject Property: 555 N. Baseline Rd. Mesa, Arizona 85202
1st TD With Countrywide Loan Number: ##########
2nd TD With National City Mortgage Loan Number: ##########
Dear Lender / Servicer:
I am writing this letter to explain our family’s unfortunate situation that has caused us to become delinquent on our mortgage. We have tried everything in our power to keep current on our payments but unfortunately since our interest rate adjusted, we have fallen behind and would like you to consider working with us to reduce our monthly payments.
The main reasons that caused us to become late are a decrease in our income, increase in our monthly obligations, current market conditions, our adjustable rate mortgage, and our inability to refinance.
I work as a waitress and my husband works at a marketing manager for a local screen printing company. Most of my income has been generated by tips and has decreased dramatically due to the unfortunate economic situation. My husband job is secure and he has been with the same company for 2 years. We have a 3 year old son and cannot afford daycare in order to get a second job.
For the past several months we have been cutting back on our misc. expenses. We no longer have premium cable, go on vacations, or eat out. Our credit cards are getting maxed out due to us paying our mortgage on them and can no longer keep that up. We have currently missed 2 payments and wish to work out a payment plan with you after you reduce our rates to something we can afford.
My husband and I consulted mortgage professionals regarding a refinance but due to our lack of equity, the falling home prices in our community, and our lack of assets we were denied.
I have no other choice but to ask you to please consider my request for a loan modification. My family and I would really be grateful if you can help us work out a payment schedule we could afford. We do not want to lose our home. We wish to continue making mortgage payments on time for the remainder of our loan.
Sincerely and Respectfully,
Rebbecca Smith
Loan Modification Hardship Letter #2
Date
Lender name
Lender address
Attn: Loss Mitigation Department
RE: Borrower name, Loan number
To Whom It May Concern:
We are writing to you to explain our current financial situation that has caused us to default on our loan agreement. We don’t want to lose our home and will anything we can to work with you to remedy the situation and find a solution that will benefit us both. We first became delinquent on our mortgage payments due to [INSERT YOUR REASON HERE BRIEFLY]. We’ve tried to bring the account current, but haven’t been able to catch up by paying the full amount due. The trouble started approximately [INSERT DATE HERE] and we believe that this is a [TEMPORARY or PERMANENT] hardship.
We are now in a better position and would like to work out a plan to begin making payments again and stay in our home. We are hard working, responsible individuals willing to work to keep our home. We would appreciate it if you would consider a modification to our existing loan terms in order to lower the monthly payment and include some or all of the past due amount. We’ve created and implemented a new budget for our family and we are confident that we would be able to meet the new, lower monthly payment every month without fail. We’d appreciate any help or suggestions you could give to us regarding this matter. It’s an extremely difficult time for our family and we’d really like to get the issue resolved as soon as possible.
We hope these examples help you create a well written Loan Modification Hardship Letter that gets you the loan modification you deserve. If you need help with your Loan Modification, AdjustMyLoan.com is a national Loan Modification Company based out of Phoenix, Arizona that can help you audit, package, propose, and negotiatiate a Loan Modification on your behalf. Visit our website www.AdjustMyLoan.com or call our toll free phone number 1-800-557-7573 today.
Negotiating 101 – Tips For Negotiating Your Own Loan Modification!Dealing With Objection
This section is dedicated to the psychology of negotiating LOAN MODIFICATIONS. In most instances, when you first call your lender, they will be helpful…then something happens! They switch from customer service role, to debt collector role and things become interesting. Obviously the main key is to always stay calm and remember that they did not put you in this position. Also remember that they are overwhelmed with cases, get yelled at all day long, and do not get paid very much money. Below are some tips and tricks that we have found useful when dealing with loss mitigation.
Building Trust, Rapport, And Satisfaction
If you are entering into a negotiation, you will be in a much stronger position if you can convince the other side of your qualifications. This is why we spend so much time doing our research with the INCOME / EXPENSE WORKSHEET and running COMPS. Your first priority is to convince the decision makers that you can do what you propose. The whole point of this is to build trust! Next, spend some time building a rapport with the negotiator. Ask about where they are located, how busy they must be, ask them about their background and experience, even talk about your family. The more of a real person they view you as, and greater the chances they will go to bat for you when you need them to. Lastly, get ready for some flexibility. You don’t want to be thought of as a deal breaker, but a deal maker who understands that you must create a mutually beneficial relationship that both you and the bank are okay with!
Dumb Is Smart
Remember, things are not always what they seem! Sometimes it is a good idea to play “dumb” to gain more information from the other side that they might not volunteer if you are a Mr. Know-It-All! Listening is the key to this concept, so even if you have a razor sharp mind, play “dumb” and gain the strategic advantage.
You Have Got To Do Better Than That
If in your negotiation you reach a gap that you are not sure how to bridge, a simple statement “you have got to do better than that” can work wonders. The point of this is to get them to the point where they say “this is the best that we can do for you”. This does not cost you anything and is a good way to push the envelope without causing a fight.
Take It Or Leave It
If your lender tells you that this is the deal “take it or leave it”, you do have some options. Obviously, you could take or leave the deal depending on your situation. Before you do, first try and change the parameters of the discussion by offering an agreement with an alternative. Let’s say you are trying to get a 3 month forbearance, a principal balance reduction of $50,000, and an interest rate adjustment from 7% to 6%, and they say we will reduce your interest rate and that is it…”take it or leave it”. A good response could be “okay, I might accept the lower interest rate if you can give me a 6 month forbearance on my payments to help me cover the lost benefits of the principal balance reduction.” Now you have taken back control and changed the pace of the negotiation.
The Two Dreaded Personalities
1. Mr. Intimidator
Here is a quick story. We were once negotiating a short sale with a loss mitigator from one of the nation’s largest banks. We sent in the short sale packet and made our initial phone call. The loss mitigator claimed that she never received the packet and asked us what the offer was for. We told her and she immediately yelled “this is an insult….do not call me back until you have a higher offer” and then hung up. She did not even see the paperwork, the statistics, or the offer yet! We knew instantly we were dealing with a Mrs. Intimidator. We tried calling back and every time she would not even let us speak more than a few sentences and then she would cut us off and say “I told you to get me a higher offer…you are wasting my time so don’t call me back again until you get something higher.” This posed a huge problem because the offer was actually a really good offer…she was in Ohio and we were in Arizona, so she had no Idea what market values were or were doing (declining). Everytime we called her we stayed calm even when she yelled at us.Finally, we called back about 2 weeks later and as fast as we could talk (before she hung up on us), we told her how hard we were working, everything we could about the family losing their house, how market values had declined, regurgitated market statistics such as foreclosure rates and short sales in the neighborhood, and told her that if she does not take a second look at the numbers we were going to let the house foreclose. She said she did not care and hung up. We waited and the next day she called us back and apologized for her attitude. She claimed she thought long and hard about this family’s situation and from that point on was our best friend. Literally overnight the whole tone and pace of the negotiation changed for the better. We had the auction postponed, got an acceptance for our short sale, and completed the transaction. She realized that bullying us around was not the answer and changed up her strategy!
2. Mr. Know‐It‐All
This is the most difficult personality type to deal with. These are the people that you cannot tell anything to. They can be in another country and claim to know exactly what is happening here in Arizona. They have done this a thousand times and you are just another file they have to get finished before the end of the day! Flattery with the know-it-all can get you anywhere you want to go. Once the know-it-all is convinced of their superiority, their guard goes down. The key here is to give minimal information and many “you know” statements. For example, say something like, “with the declining housing market and my loss of all my equity, I cannot afford my new interest rate. You know what is typical since you have done this a thousand times. Let me send you a proposal that you are familiar with and we can use that.” Also, do not challenge them directly, this will only infuriate them. Instead stroke their ego!
Last Piece Of Advice
If you come to a standstill with your assigned home retention mitigator, you can always attempt to move it up the chain of command and speak with their supervisor. In most cases, your negotiator will not volunteer their contact info so you may have to call customer service and ask for the manager of _____________ (your negotiator). It may be a good idea to ask for the name of your negotiator’s manager’s phone number on your initial contact for your file.
CONTACT ADJUSTMYLOAN.COM IF YOU GET STUCK
If you still stuck, AdjustMyLoan.com is a national LOAN MODIFICATION COMPANY based out of Phoenix, Arizona. The Loss Mitigation Experts, professional LOAN MODIFICATION NEGOTIATORS, and affiliated Forensic Loan Auditing Attorney’s at AdjustMyLoan.com are always here to help if you get to a point where you cannot handle the LOAN MODIFICATION yourself. We have years of loss mitigation experience and can help you audit, package, propose, and negotiate your LOAN MODIFICATION. We are also a member of the Better Business Bureau, have a log-in system so you can see your LOAN MODIFICATIONS progress, charge NO UPFRONT FEE’S, have a MONEY BACK GUARANTEE, and have many happy client referrals for you to review. We understand that the hardest part for a homeowner to do is remove all emotions fromt he negotiation. If you need us, just give us a call at 1-800-557-7573 and WE CAN STEP IN AND GET THE JOB DONE!
WHAT IS A LOAN MODIFICATION AND WHY WOULD A BANK ACCEPT A LOAN MODIFICATION?
LOAN MODIFICATION DEFINED!
An ARIZONA LOAN MODIFICATION in its simplest form is the alteration of your current loan terms in order to lower your monthly payment and keep you out of foreclosure. Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a reduction in the principal amount you owe, or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default, and/or the borrower owe more than the property is worth.
For borrowers who can prove their ability to consistently repay a modified loan, the bank will allow certain changes to their loan terms. Sometimes the changes can be temporary, such as an interest rate freeze for a period of a few years, or more permanent such as stretching out the length of the term from 20 to 30 or even 40 years. Anything is possible…from interest rate reductions, stretching out amortization, reducing the principal balance, to adding an interest only feature are all commonly asked for modifications.
At the end of the day, the whole goal behind an ARIZONA LOAN MODIFICATION is to negotiate an affordable and sustainable monthly payment that suits your income level. Banks do not want to revisit your file and typically will not give you another chance so make sure you create, and acquire the appropriate modification terms. Also, keep in mind that your banks loss mitigation department will take into account your entire monthly budget (income and expenses) so do not over estimate what you can afford for housing. If requested, your lender should send out an INCOME /EXPENSE form for you to fill out. Be honest about your total monthly expenses and income. Use the form to determine what you can afford for a new mortgage payment…and since it will be based on your specific situation and backed up by your bank statements / paycheck stubs, you will have the negotiating power to ask for that specific amount. (Compared to you just pulling a monthly payment from the air and proposing that to the bank)
WHY WOULD A BANK MODIFY A LOAN?
The general perception by many troubled homeowners in today’s market is that banks do not want to foreclosure on their home. This thought is not necessarily true. No bank wants to foreclose on a property in a declining market, but their decision to foreclose or LOAN MODIFY is based simply on the numbers. What we mean by this is that your lender(s) truly only care about one thing…which solution is going to net them the most money! As long as you are paying on time, your bank has a valuable income producing asset that gets sold and resold as a mortgage backed security on Wall Street. When you stop making your mortgage payments, your loan gets transferred to the loss mitigation department. From this point forward your bank is losing money. The following is a general scenario to help you understand the expenses a bank incurs once you stop making your payments.
Let’s say you owe $350,000 on your house and it is currently worth $305,000. You have an interest only loan that is set to adjust the beginning of next year. You can no longer afford your payments for whatever reason so you stop making them.
Balance Owed: $350,000
Today’s Market Value: $305,000
Interest Rate: 6%
Amortization: 30 years
Interest Only Payment: $1750 / month
Cause Of Loss To The Bank
Approx. Amount Of Loss ($)
Missed Interest Only Payments (8 Months = Avg. AZ Foreclosure Process)
$14,000
Total House Depreciation
$45,000
Attorneys Fees And Trustee Paperwork Costs
$1,500
Holding Costs Once They Become The Owner (4 Month Avg. Time To Sell)
$7,000
Selling And Closing Costs To Sell An REO (Real Estate Owned). Remember that most properties are selling at a 5% discount from market value plus the Realtor and closing costs involved with selling real estate…estimated 10%.
$30,500
Total Estimated Loss
$ 98,000
Now we know that this scenario is a general estimate of expenses, but we believe that this information should help you build the foundation of your loan modification proposal. BANKS DO NOT WANT TO BECOME HOMEOWNERS AND WANT TO MINIMIZE THEIR LOSS! As you can see, the bank stands to lose almost $100,000 on a $300,000 house…if your scenario for a LOAN MODIFICATION is better, and you can prove it through documentation, then you stand a great chance of a successful LOAN MODIFICATION.
WHY CHOOSE ADJUSTMYLOAN.COM TO CONDUCT MY LOAN MODIFICATION?
There are many so called “LOAN MODIFICATION” companies out there that are simply NOT QUALIFIED to help you re-negotiate your current loan terms with your lender(s). Most are simply loan officers and brokers that can no longer do loans due to the current credit crisis so they began marketing themselves as “LOAN MODIFICATION EXPERTS“. Anyone can package and propose a LOAN MODIFICATION to a bank , even you…but do you really think the bank is just going to give you the best deal right away? Absolutely not…what you need is the professional negotiating experience found in the AdjustMyLoan.com LOAN MODIFICATION TEAM.
Do not allow just any ARIZONA LOAN MODIFICATION COMPANY “look-a-like” to conduct your LOAN MODIFICATION. Imagine the difference a few interest percentage (%) points can make on your monthly payment! Imagine being able to wipe out that negative equity you have and obtain a PRINCIPAL BALANCE REDUCTION on the principal amount you owe! WWW.ADJUSTMYLOAN.COM is an ATTORNEY BASED LOAN MODIFICATION COMPANY where your LOAN MODIFICATION is audited, packaged, proposed, and negotiated by a staff of PROFESSIONALLOSS MITIGATION EXPERTS that specialize in LOAN MODIFICATIONS and utilize the findings of a FORENSIC LOAN AUDIT by a trained real estate Attorney to get the job done.
WHY IS IT IMPORTANT TO HAVE A FORENSIC LOAN AUDIT DONE?
A FORENSIC LOAN AUDIT is considered by many to be the “secret” to obtaining a loan modification with your lender(s). Sometimes called a FORENSIC LOAN DOCUMENT REVIEW or MORTGAGE AUDIT, the main purpose is to determine if there are violations of federal law! Almost 70% of loans conducted in the last 7 years, and almost 95% of all sub-prime loans have major RESPA (Real Estate Settlement & Procedures Act) and TILA(Truth In Lending) violations. The only way to find these violations is to conduct a FORENSIC LOAN AUDIT by a qualified person…in most instances a trained Attorney! If found, through an Attorney ran negotiation process, most lenders choose to renegotiate the terms of the loan to something more affordable to avoid litigation! The whole goal here is to uncover any predatory loan practices and push for a favorable LOAN MODIFICATION. If you are researching different companies to conduct your LOAN MOD, please take into consideration whether or not they are performing a detailed loan review by an Attorney! Don’t be fooled by loan/mortgage companies that jumped into the LOSS MITIGATION BUSINESS yesterday…hire a company that has real experience negotiating LOAN MODIFICATIONS and can fight for you.
ADJUSTMYLOAN.COM is a NATIONAL LOSS MITIGATION COMPANY that specializes in ATTORNEY BASED LOAN MODIFICATIONS. Our team of LOAN MODIFICATION SPECIALISTS is comprised of Attorneys, processors, professional negotiators, short sale and foreclosure experts, loan officers, Realtors, and financial advisors. Our state of the art facilities are located in downtown Phoenix, Arizona. We believe that our experience and relationships with most major lenders, as well as the fact that we conduct FORENSIC LOAN AUDITS on every file by a qualified Attorney gives us a strategic advantage over our competition! We are members of the BBB, have many referrals and testimonials to prove our business ethics, and a proven track record that produces real results! Plus, our pricing is so competitive we wouldn’t understand why you would want to go anywhere else!
Disclaimer: We are not giving you legal advice…please contact a qualified real estate attorney for specific legal questions you may have about your situation.
WOW, First off, we want to say it is amazing at the number of “Fly by Night” Loan Modification Companies we are seeing popping up everywhere! It is sad that homeowners are going to be bombarded with “Foreclosure Consulting” companies who promise to “Modify” their note for an upfront fee. BEWARE OF ANY LOAN MODIFICATION COMPANY TRYING TO CHARGE YOU A LARGE UPFRONT FEE FOR THEIR SERVICES! AdjustMyLoan.com offers FREE LOAN MODIFICATION CONSULTATIONS AND DOES NOT CHARGE ANY UPFRONT FEE’S.
So, how can you tell the reputable Loan Modification Companies from the bad Loan Modification Companies? Research! Any reputable Loan Mod Company should give you easy access to learn about their company, employees, and background. Many of these “Knock-Off” Loan Mod Agencies are nothing more than loan officers and brokers that couldn’t hack it in the loan industry any more and are jumping over to the loan modification industry so they can make a quick buck. These are the same people that put you in the loan that got you in trouble…why would anyone want to go back to these same people for help???
At AdjustMyLoan.com, we believe in transparency. Any potential client of ours gets a “Worry-Free Guarantee” when dealing with us. First, we have an amazing staff of highly educated and skilled employees that consist of a Paralegal that manages our Loan Mod Negotiation department, highly trained Loan Modification Negotiators, Loan Modification Processors, customer relationship agents, a compliance officers who double checks all of our paperwork, and a trained real estate Attorney who conducts Forensic Loan Audits to uncover any Predatory Lending Violations that may have occured durring loan origination! Second, WE CHARGE NO UPFRONT FEES, offer a Money-Back Guarantee, and only get paid if we complete a Loan Modification on your behalf. Third, we have an on-line database system that allows you to log in and see the status / notes on your loan modification file. Fourth, we are brick and mortar…located in downtown Phoenix, Arizona in a building we own (were not going anywhere). Fifth, we are members of the Better Business Bureau, D&B, and Privacy Guard so you can verify our business ethics. Lastly, we have many testimonials and referrals for you to verify our ability to get the job done.
Oh, and we also put everything we say we are going to do in writing, have a 3 day rescission period just in case you change your mind (you get all your money and paperwork back), and offer free advice how to handle your own loan modification on our website.
OUR FREE LOAN MODIFICATION CONSULTATION TAKES ABOUT 15 MINUTES AND COULD CHANGE YOUR LIFE! Imagine lowering your monthly mortgage payments and freeing up cash flow to pay off your other bills. Once you get pre-qualified with us, we will help you complete a full application, gather the necessary documentation your lender(s) will require, then we take over from there. We do all the work, and you enjoy all the benefits!
LOAN MODIFICATION PROGRAMS, SERVICE, AND ADVICE- That is what AdjustMyLoan.com offers our clients! If you are interested in learning more, please visit our Loan Modification Website or call us today!
We believe that our experience and relationships with most major lenders, as well as the fact that we conduct Forensic Loan Audits on every qualified file by a trained real estate Attorney gives us a strategic advantage over our competition! Call us today and take advantage of our FREE LOAN MODIFICATION CONSULTATION!
