Posts Tagged ‘loan modification az’
Friday, April 24th, 2009
WITH ALL THE LOAN MODIFICATION SCAMS OUT THERE, IS THERE SUCH A THING AS A REPUTABLE, HONEST LOAN MODIFICATION COMPANY?
We have all heard the news lately…”loan modification scam takes advantage of another homeowner”, or “call the lender yourself and don’t pay a third party to help you with your modification”. The news loves a bad story and makes one wonder if there are any good, honest loan modification companies out there?
THE POLITICALLY CORRECT THING TO SAY
Now, at www.adjustMYLOAN.com we absolutely think it is a good idea to be proactive when you are a homeowner facing a financial hardship and you believe you cannot make your upcoming mortgage payments. It seems like the natural thing to do (and the politically correct thing to say) and call your lender right away when you are experiencing problems paying your mortgage. The problem is that many homeowners who are not educated in the real estate / mortgage / loss mitigation world do not know what division to call, what to say, and most importantly, what financial information to disclose during those phone calls. What happens is many homeowners fall into three categories when they try and do a home loan modification themselves…”the disconnect”, the “sorry you don’t qualify”, or the worst one of them all the “here’s your crappy modification agreement”.
The “disconnect” is where you call and get transferred over and over, wait on hold forever, and eventually get disconnected. Do this a few times and the frustration is overwhelming. People already have a fear of confrontation and hate waiting on hold forever so many times this is enough to get them to quit.
The “sorry you don’t qualify”is when an uneducated homeowner calls their lender out of desperation and doesn’t understand that the lender is going to ask them for their financial information…sometimes right then and there over the phone. The poor homeowner discloses financials on-the-fly and ends up de-qualifying themselves because they don’t know what loan-to-value / debt-to-income ratio’s the banks are looking for. Again..the frustration is overwhelming because no matter if they qualify or not the fact remains they can’t afford their current payment. The loss mitigation departments at most major lenders are extremely slow and it takes the average consumer a couple of months to get any answers and by this time it might be too late! Lastly, the call centers at these banks are sometimes overseas and we all know how frustrating it can be when you get someone that barely speaks English telling you (without any feeling of empathy) that there is nothing they can do for you!
The “here’s your crappy modification agreement” is so common and it makes us nauseous. Many homeowners don’t have the time to educate themselves on the in’s and out’s of loss mitigation before attempting to modify their own home loan. They don’t understand the processes, how to get to the decision makers, or the fact that you can counter-offer and get better terms. Most wear out after talking to a un-empathetic loss mitigation negotiator at the bank and end up accepting whatever terms they can just to be done with it. Remember, the banks want to mitigate their loss…that’s why its called loss mitigation! They definitely don’t have your best interest in mind otherwise they would make it super easy to complete this process. If you don’t have a real estate / mortgage background, or you don’t have the time going back and forth with your lender(s) for months and months, contract the work out to a trained expert in loan modification negotiating.
THIS ONE IS OUR FAVORITE
How about this one…“call a HUD certified counselor and get a FREE modification”. While this advice sounds good, we all can agree that nothing good is cheap and seldom anything cheap is good! Free help from a counselor is just that…FREE help (not them actually doing it for you). Anyone can gather the necessary paperwork and submit it to the lender…what a homeowner needs is an aggressive person (or team of people) to fight for the best loan terms possible and not just a paperwork submission helper. Every “financial expert” on the news is telling homeowners to avoid paying up-front fee’s to modification companies and go to a HUD certified counselor for free help. These same people are so far removed from any financial struggles that they don’t feel the severity of the situation. It’s easy to give advice when you are not the one struggling financially, or fighting with your spouse everyday over finances. HUD counselors do not have the time to spend 40-50-60 hours fighting to get you better mortgage terms. In most cases they help you gather the necessary documents and submit them to the lender. Then whatever modification (if any) the lender gives after months and months of waiting is what you will have to accept. NOT AT ADJUSTMYLOAN.COM. We spend all the time necessary to aggressively fight to get you the best loan terms available.
NOTE: HUD Counselors do help you submit the correct financials so in that instance they are a good resource if you do insist on doing this yourself just don’t expect them to do the actual negotiations for you!
THE LOAN MODIFICATION MERRY-GO-ROUND
There was a news story about a congresswoman who tried and negotiate her own loan modification only to get the run-a-round and give up frustrated. CLICK HERE to watch the video. Yes, it is possible to get your own modification, but statistics prove that almost 40% of homeowners who achieve their own loan modification re-default within 6 months because the lender(s) put them into a half ass modification that was in the banks best interest…not the homeowners. DON’T BE A STATISTIC. There are loan modification companies out there who actually do the work they are promising to do and all it takes is some research to find the right one.
OUR SUGGESTIONS TO FINDING THE RIGHT LOAN MOD COMPANY
-
MAKE SURE THE PERSON YOU ARE DEALING WITH HAS A PHYSICAL BUSINESS ADDRESS AND BUSINESS PHONE NUMBER.
-
GET COPIES OF RECENTLY NEGOTIATED LOAN MODIFICATION AGREEMENTS TO PROVE THEY CAN DO THE JOB
-
DO NOT PAY A LARGE UPFRONT FEE…A SMALL FEE IS OKAY BUT IT SHOULD COME WITH A MONEY-BACK GUARANTEE IF THE MOD IS NOT SUCCESSFUL
-
MAKE SURE THE COMPANY YOU ARE USING HAS AN ONLINE TRACKING SYSTEM SO YOU CAN SEE THE PROGRESS OF YOUR LOAN MODIFICATION AT ALL TIMES
-
MAKE SURE YOU MEET THE COMPANY AT THEIR OFFICE AND SEE THAT THEY ARE CONDUCTING BUSINESS (GET TO KNOW THE COMPANY)
-
GET REFERRALS AND TESTIMONIALS TO VERIFY COMPANIES HISTORY
-
GET COPIES OF ALL PAPERWORK THAT OUTLINES THE BUSINESS RELATIONSHIP
WHAT MAKES ADJUSTMYLOAN.COM DIFFERENT
First and most importantly, we are a full-service (brick and mortar) loan modification company that has been negotiating loan modifications and short sales in Phoenix, Arizona for over 5 years. Our parent company is a member of the Better Business Bureau with zero complaints and can show you completed loan modification agreements between us and almost ever major lender. We are fully transparent and do not hide behind a corporate slogan…we invite you to get to know us in person or through our many videos on our website www.AdjustMyLoan.com. Our website, back-office tracking system, and negotiating processes are unique to us and designed to keep you educated and informed of your loan modifications progress from start to finish. NO OTHER LOAN MODIFICATION COMPANY HAS THE EXPERIENCE, INTEGRITY, AND PROCESSES WE HAVE HERE AT ADJUST MY LOAN. We invite you to get to know us and our professional Loan Modification staff. Lastly, we DO NOT CHARGE any expensive upfront fees for our loan mod service and always offer free consultations to see if you qualify!
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, DO-IT-YOURSELF LOAN MODIFICATION, ethical loan modification company, government loan modification, government loan modification plan, honest loan modification, LOAN MODIFICATION, loan modification az, loan modification blog, loan modification experts, loan modification help, loan modification information, loan modification service, loan modification specialists, stop foreclosure
Posted in ADJUSTMYLOAN.COM, LOAN MODIFICATION, loan modification help, loan modification information | 1 Comment »
Sunday, March 29th, 2009
Wachovia Loan Modification, Loss Mitigation Negotiation Service
FREE CONSULTATIONS AND NO UPFRONT FEE’S
AdjustMyLoan.com Has Perfected The Wachovia Loan Modification Process And Gets The Job Done
AdjustMyLoan.com, a National Loss Mitigation Company, has acquired the specific criteria and documentation to accelerate loan modification requests for mortgages serviced by Wachovia Home Loans and its subsidiaries. In an effort to stem the housing crisis, AdjustMyLoan.com is providing a specialized service to homeowners in default or facing foreclosure through Wachovia’s “Making Home Affordable Program”. Many homeowners who are struggling to pay their high monthly mortgage payment may qualify for one of Wachovia’s Loan Modification programs and lower their monthly mortgage payment dramatically!
Following President Obama’s Homeowner Affordability and Stability Plan introduced March 4, 2009, AdjustMyLoan.com and Wachovia aim to lower monthly mortgage payments to 31-38% of a given borrower’s gross monthly income. This decrease of interest rate is only the first step and we have successfully completed Wachovia Loan Modifications with interest rate reductions, term extensions, as well as the infamous principal balance reductions many believe are impossible to achieve! The loan modification experts at Adjust MyLoan have the proof that they can and will help you with your Wachovia loan modification needs.
For Wachovia borrowers who are currently delinquent or struggling to keep current, you may be eligible for the “Home Affordable Modification” on your current loan. Additionally, Wachovia has extended the foreclosure moratorium to give at-risk customers time to explore the new solutions in the Administration’s plan.
If you have an unaffordable home loan from Wachovia (owned by Wells Fargo), then it is time to learn about your options. Wachovia Loan modifications, which typically involve an adjustment to the interest rate, principal balance, arrearages, and term of an existing mortgage loan, are the preferred method for dealing with the housing crisis. By obtaining the tools to fast-track loan modifications with Wachovia, AdjustMyLoan.com offers a comprehensive plan to help Wachovia homeowners save their homes from foreclosure, bring loans current, and insure that on-time payments will continue for the life of the loan. Further, AdjustMyLoan.com is wiping out late payments and late fees through their negotiation efforts. Imagine being 3,4,5, or even 6 months or more behind and getting the Loan Modification Help you have been searching for to save your home from foreclosure! It is possible and we can show you proof that AdjustMyLoan.com’s system is working to help those that need Wachovia mortgage help.
Homeowners Will Need To Gather The Following:
- Bank Correspondence / Foreclosure Notices
- Hardship Letter Explaining Your Circumstances And Why You Must Modify Your Loan (must be signed by borrower)
- 2 Most Recent Mortgage Statements For Each Loan
- 2 Months Bank Statements For All Borrowers (12 Months If Self Employed)
- 2 Months Pay-Stubs For All Borrowers
- 2 Years Tax Returns Including W2’s, 1099’s And All Schedules For All Borrowers
- Insurance Information (agent name, company, address, phone, email and policy number)
- Any Documents To Verify Hardship (Death Certificate, Medical Bills, Divorce Paperwork ETC)
Then You Need To:
Contact a loan modification expert at AdjustMyLoan.com to pre-qualify for one of our streamlined programs. Our qualification takes only a few minutes and once qualified, rest assured AML is going to fight relentlessly to get you the best loan terms possible.
For more comprehensive information about options available to homeowners facing financial difficulties, please visit AdjustMyLoan.com and check out the loan mod learning center and blog post. There you will find the most up-to-date information on Wachovia’s “Making Home Affordable Program”, the Homeowner Affordability and Stability Plan, and the latest financials news and tips.
CONTACT:
Adjust My Loan . com
www.adjustmyloan.com
Wachovia Loan Modification, Wachovia Loss Mitigation, Wachovia Loan Modification Service, Wachovia Loan Modification Experts, Wachovia Loan Modification Program, Wachovia Loan Mods, Loan Modification Wachovia, Mortgage Modification Wachovia, AdjustMyLoan.com Wachovia Loan Modification Service, Wachovia Home Loan Help
Tags: adjustmyloan, arizona loan mod, arizona loan modification, arizona loan modification company, government loan modification, LOAN MODIFICATION, loan modification arizona, loan modification attorney arizona, loan modification az, loan modification experts, loan modification help, loan modification information, loan modification program, loan modification service, stop foreclosure, Wachovia Loan Modification, wachovia mortgage help, wachovia mortgage modification
Posted in ADJUSTMYLOAN.COM, Wachovia Loan Modification, loan modification help | No Comments »
Monday, January 19th, 2009
BELOW IS A LIST OF FAILED BANKS COURTESY OF THE FDIC. THESE “BLACK SHEEP” LENDERS HAVE BEEN TAKEN OVER BY THE FDIC OR SOLD TO OTHER BANKS AND ARE MOTIVATED TO MODIFY THEIR LOANS TO CLEAR THEIR BOOKS!!! IF YOU EVER WANT A FREE LOAN MODIFICATION CONSULTATION, CONTACT THE ARIZONA LOAN MODIFICATION EXPERTS AT ADJUSTMYLOAN.COM OR CALL OUR TOLL FREE NUMBER 1-800-557-7573.
| |
FDIC FAILED BANK LIST
|
| The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.This list includes banks which have failed since October 1, 2000. |
|
| Bank Name |
Closing Date |
Updated Date |
| Bank of Clark County, Vancouver, WA |
January 16, 2009 |
January 16, 2009 |
| National Bank of Commerce, Berkeley, IL |
January 16, 2009 |
January 16, 2009 |
Sanderson State Bank, Sanderson, TX
En Español |
December 12, 2008 |
December 12, 2008 |
| Haven Trust Bank, Duluth, GA |
December 12, 2008 |
December 12, 2008 |
| First Georgia Community Bank, Jackson, GA |
December 5, 2008 |
December 5, 2008 |
| PFF Bank and Trust, Pomona, CA |
November 21, 2008 |
November 21, 2008 |
| Downey Savings and Loan, Newport Beach, CA |
November 21, 2008 |
January 13, 2009 |
| The Community Bank, Loganville, GA |
November 21, 2008 |
November 21, 2008 |
| Security Pacific Bank, Los Angeles, CA |
November 7, 2008 |
November 7, 2008 |
| Franklin Bank, SSB, Houston, TX |
November 7, 2008 |
November 7, 2008 |
| Freedom Bank, Bradenton, FL |
October 31, 2008 |
October 31, 2008 |
| Alpha Bank & Trust, Alpharetta, GA |
October 24, 2008 |
October 24, 2008 |
| Meridian Bank, Eldred, IL |
October 10, 2008 |
October 10, 2008 |
| Main Street Bank, Northville, MI |
October 10, 2008 |
October 10, 2008 |
| Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT |
September 25, 2008 |
January 13, 2009 |
| Ameribank, Northfork, WV |
September 19, 2008 |
October 20, 2008 |
Silver State Bank, Henderson, NV
En Español |
September 5, 2008 |
October 20, 2008 |
| Integrity Bank, Alpharetta, GA |
August 29, 2008 |
December 23, 2008 |
| The Columbian Bank and Trust, Topeka, KS |
August 22, 2008 |
October 20, 2008 |
| First Priority Bank, Bradenton, FL |
August 1, 2008 |
October 27, 2008 |
| First Heritage Bank, NA, Newport Beach, CA |
July 25, 2008 |
October 20, 2008 |
| First National Bank of Nevada, Reno, NV |
July 25, 2008 |
December 9, 2008 |
| IndyMac Bank, Pasadena, CA |
July 11, 2008 |
January 16, 2009 |
| First Integrity Bank, NA, Staples, MN |
May 30, 2008 |
October 20, 2008 |
| ANB Financial, NA, Bentonville, AR |
May 9, 2008 |
October 27, 2008 |
| Hume Bank, Hume, MO |
March 7, 2008 |
October 27, 2008 |
| Douglass National Bank, Kansas City, MO |
January 25, 2008 |
October 20, 2008 |
| Miami Valley Bank, Lakeview, OH |
October 4, 2007 |
October 20, 2008 |
| NetBank, Alpharetta, GA |
September 28, 2007 |
December 23, 2008 |
| Metropolitan Savings Bank, Pittsburgh, PA |
February 2, 2007 |
October 20, 2008 |
| Bank of Ephraim, Ephraim, UT |
June 25, 2004 |
April 9, 2008 |
| Reliance Bank, White Plains, NY |
March 19, 2004 |
April 9, 2008 |
| Guaranty National Bank of Tallahassee, Tallahassee, FL |
March 12, 2004 |
October 20, 2008 |
| Dollar Savings Bank, Newark, NJ |
February 14, 2004 |
April 9, 2008 |
| Pulaski Savings Bank, Philadelphia, PA |
November 14, 2003 |
July 22, 2005 |
The First National Bank of Blanchardville,
Blanchardville, WI |
May 9, 2003 |
October 20, 2008 |
| Southern Pacific Bank, Torrance, CA |
February 7, 2003 |
October 20, 2008 |
| The Farmers Bank of Cheneyville, Cheneyville, LA |
December 17, 2002 |
October 20, 2004 |
| The Bank of Alamo, Alamo, TN |
November 8, 2002 |
March 18, 2005 |
AmTrade International Bank of Georgia, Atlanta, GA
En Español |
September 30, 2002 |
September 11, 2006 |
| Universal Federal Savings Bank, Chicago, IL |
June 27, 2002 |
April 9, 2008 |
| Connecticut Bank of Commerce, Stamford, CT |
June 26, 2002 |
October 20, 2008 |
| New Century Bank, Shelby Township, MI |
March 28, 2002 |
March 18, 2005 |
| Net 1st National Bank, Boca Raton, FL |
March 1, 2002 |
April 9, 2008 |
| NextBank, N.A., Phoenix, AZ |
February 7, 2002 |
October 20, 2008 |
| Oakwood Deposit Bank Company, Oakwood, OH |
February 1, 2002 |
October 20, 2008 |
| Bank of Sierra Blanca, Sierra Blanca, TX |
January 18, 2002 |
November 6, 2003 |
Hamilton Bank, N.A., Miami, FL
En Español |
January 11, 2002 |
October 20, 2008 |
| Sinclair National Bank, Gravette, AR |
September 7, 2001 |
February 10, 2004 |
| Superior Bank, FSB, Hinsdale, IL |
July 27, 2001 |
October 20, 2008 |
| The Malta National Bank, Malta, OH |
May 3, 2001 |
November 18, 2002 |
| First Alliance Bank & Trust Company, Manchester, NH |
February 2, 2001 |
February 18, 2003 |
| National State Bank of Metropolis, Metropolis, IL |
December 14, 2000 |
March 17, 2005 |
| Bank of Honolulu, Honolulu, HI |
October 13, 2000 |
March 17, 2005 |
|
|
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, LOAN MODIFICATION, loan modification az, loan modification experts, loan modification help, loan modification information, loan modification service, loan modification specialists, stop foreclosure
Posted in ADJUSTMYLOAN.COM, LOAN MODIFICATION, loan modification information | 1 Comment »
Sunday, January 4th, 2009
ARIZONA LOAN MODIFICATION COMPANY WWW.ADJUSTMYLOAN.COM RANKS #1 ON GOOGLE!
Okay…we know this post is mainly for bragging rights, but how could we resist letting the world know that www.AdjustMyLoan.com is ranked #1 on Google for “Arizona Loan Modification Company”, “Phoenix Loan Modification”, “Arizona Loan Mods”, “Arizona Loan Modification Experts”, “Arizona Loan Modification”, and “Attorney Based Loan Modification Company”!
We are not some “Fly-By-Night” company that charges HUGE upfront fee’s and takes advantage of homeowners in distress. Instead, we are a Professional Loan Modification Company based in Phoenix, Arizona that CHARGES NO UPFRONT FEE’S for our Arizona Loan Modification Service. We invite you to challenge us and see if our reputation stands up to your standards. We want to earn your business and our integrity / business ethics will make you feel comfortable from the first phone call you make to us.
SO WHERE DO WE GO FROM HERE?
Qualifying for one of our Loan Modification Programs is easy. Just call one of our customer relationship managers and get pre-qualified. The process takes a few minutes and is absolutely free. Once pre-qualified, we will help you gather the necessary documentation needed to build a professional Arizona Loan Modification Proposal. Then we will package and propose your Arizona Loan Modification and begin negotiating on your behalf. At the same time, our affiliated real estate Attorney will conduct Forensic Loan Audit on your original loan paperwork to uncover any Predatory Lending Violations that may have occurred. We will use any violations found as our negotiation “trump card” and get you the best loan terms possible.
FREE LOAN MODIFICATION CONSULTATIONS - WE WANT TO EARN YOUR BUSINESS!
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, arizona stop foreclosure, az loan mod, loan modification arizona, loan modification arizona company, loan modification attorney arizona, loan modification az, phoenix loan modification
Posted in ADJUSTMYLOAN.COM, LOAN MODIFICATION | No Comments »
Monday, December 29th, 2008
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!
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, DO-IT-YOURSELF LOAN MODIFICATION, loan modification advice, loan modification arizona, loan modification attorney, loan modification az, loan modification experts, loan modification help, loan modification information, loan modification specialists, stop foreclosure
Posted in ADJUSTMYLOAN.COM, DO-IT-YOURSELF LOAN MODIFICATION, loan modification help | 1 Comment »
Saturday, December 20th, 2008
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 PROFESSIONAL LOSS 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.
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, how to stop foreclosure, loan modification advice, loan modification arizona, loan modification attorney, loan modification az, loan modification information, loan modification service, loan modification specialists, phoenix loan modification
Posted in ADJUSTMYLOAN.COM, DO-IT-YOURSELF LOAN MODIFICATION, loan modification information | No Comments »
Thursday, December 11th, 2008
A DECEMBER 10TH, 2008 CNNMONEY.COM ARTICLE ON A CONTROVERSIAL FDIC LOAN MODIFICATION BILL GIVES OVER 1.5 MILLION HOMEOWNERS HOPE!
WOW, it’s about time the government started taking measures to ensure LOAN MODIFICTION PROGRAMS. A recent CNNMoney.com article talks about how FDIC chairwoman Sheila Blair’s LOAN MODIFICATION PLAN is getting some support from Democratic lawmakers. Even though the Bush administration is refusing to enact the bill, once the new Congress takes office next year, the bill should gain momentum! AdjustMyLoan.com obviously has been BIG proponents of government ensured LOAN MODIFICATION PROGRAMS because we believe the biggest hang up when negotiating LOAN MODIFICATIONS has always been the bottleneck that occurs when loan service providers have to ask investors (those that actually own the notes) permission to modify terms. In most instances your mortgage company doesn’t even own the loan they are servicing. Instead, your loan was packaged and sold on Wall Street as a Mortgage Backed Security. The problem occurs when you begin to default on your loan, need a LOAN MODIFICATION, and call your lender for help. They send you out some paperwork, and you fill it out immediately and send it back in. As the months pass you by, you become frustrated at how slow the process is and the lack of organization your lender displays. What you don’t know is that your lender has to ask the investor permission for the modification, and this is actually stalling the process. The investor has little incentive to modify the loan and would rather foreclose to write the bad loan off their books. With government backing, LOAN MODIFICATIONS should be an easier / faster decision, and many more homes can be saved. This is just the incentive the investor would need to choose LOAN MODIFICATION over FORECLOSURE! Below is some experts from the article that you should read:
Bair’s guarantee plan
With Treasury Secretary Henry Paulson giving little more than lip service to Bair’s plan, the chairman unveiled its details last month.
First, housing payments for delinquent borrowers two months or more late would be reduced to 31% of gross monthly income. To get there, mortgage rates could be set as low as 3% for five years, before increasing at an annual rate of 1 percentage point until they hit the prevailing market rate. Loan terms could be extended to as long as 40 years.
Each loan will be tested to see whether it is more beneficial to modify or to foreclose.
Second, to encourage servicers and investors to participate, the government would share up to 50% of the losses if a borrower who had been helped ended up in default anyway. The risk of re-default had been one obstacle to getting lenders on board with systematic modification plans. This guarantee takes the program a step further than what’s currently being done.
In addition, the FDIC would pay servicers who process mortgages $1,000 for each re-worked loan.
At a national housing forum this week, Bair reiterated how important it is to step up the pace of loan modifications. There are likely to be 2.25 million foreclosures by year’s end, Bair said, citing statistics from Federal Reserve Chairman Ben Bernanke. Usually, there are only 800,000 to one million.
“We are falling behind the curve,” Bair said. “We are way above where we need to be. There are a lot of unnecessary foreclosures going on that can be prevented through more aggressive loan modifications.”
Currently, we have been getting two type of modifications for our clients. Temporary LOAN MODIFICATIONS, and permanent LOAN MODIFICATIONS. Our temporary LOAN MODIFICATIONS typically place any arrears the homeowner has (missed payments and late fees) on the back side of the loan. A temporary interest rate of 2-3% is implemented for a period of 1-5 years. Our permanent LOAN MODIFICATIONS also place any arrears on the back side of the loan and the homeowner receives a permanent interest rate of 5-5.5%. We have also been extending out the length of the loans as long as 40 years and getting PRINCIPAL BALANCE REDUCTIONS for those that have large second liens or PREDATORY LENDING VIOLATIONS on their loans. We have seen monthly payments drop anywhere from a few hundred dollars a month to over $1700 a month.
These are typical LOAN MODIFICATIONS we have done and are not guaranteed…(nor is there a promise to stop your foreclosure). Each homeowners situation is unique and our FREE LOAN MODIFICATION CONSULTATION reveal if you pre-qualify for any of our programs. DON’T WAIT UNTIL IT IS TOO LATE! DON’T WAIT FOR YOUR LENDER TO REACH OUT TO YOU. DON’T LET YOUR LENDER DICTATE THE TYPE OF MODIFICATION YOU RECIEVE. WE FIGHT FOR YOUR MODIFCATION AND GET YOU THE BEST LOAN MODIFCATION TERMS POSSIBLE! Our professional LOAN MODIFICATION NEGOTIATORS will audit, package, propose, and negotiate a LOAN MODIFICATION on your behalf. Visit our LOAN MODIFICATION WEBSITE or call us today.
Tags: adjustmyloan, arizona loan modification, arizona loan modification company, loan modification advice, loan modification attorney, loan modification az, loan modification experts, loan modification help, loan modification information, LOAN MODIFICATION NEWS, loan modification program, stop foreclosure
Posted in ADJUSTMYLOAN.COM, LOAN MODIFICATION, LOAN MODIFICATION NEWS | No Comments »
Friday, November 14th, 2008
WE DO ARIZONA LOAN MODIFICATIONS - LOWER YOUR MONTHLY PAYMENTS - WERE LOCAL!
WHAT IS AN ARIZONA LOAN MODIFICATION?
Basically, an ARIZONA LOAN MODIFICATION is a way to renegotiate your current mortgage and monthly payments allowing you to avoid foreclosure and maintain your credit. Many aspects of your mortgage can be changed to your benefit, including the term of the loan, interest rate, balance of principle, and monthly payments. It’s even possible to have late fees waived. There are many opportunities opened through LOAN MODIFICATION ARIZONA and each home owner’s situation is unique. A large number of homeowners will use LOAN MODIFICATION to prevent foreclosure on their home. For anyone who is unable to make their monthly payments, or is in danger of being buried under a past-due balance, a LOAN MODIFICATION is the perfect solution to stopping foreclosure and keeping your home!
WHAT DO WE MEAN BY AN ATTORNEY-BASED LOAN MODIFICATION?
We use Attorneys to conduct and interpret a FORENSIC LOAN AUDIT of your original loan paperwork so that our professional Loan Modification Negotiators can use this information when negotiating with your lenders. We also consult our company attorney to make sure we are adhearing to both State and Federal foreclosure laws in the areas that we take on clients. As an Attorney-Based Loan Modification Company we take the extra steps necessary to ensure our clients are dealing with a group of professionals. WE ARE NOT A LAW FIRM and do not charge you an expensive retainer fee for our service!
Instead, at www.AdjustMyLoan.com, we specialize in ARIZONA LOAN MODIFICATIONS and our LOAN MODIFICATION SERVICE guarantees you the professional support needed to negotiate a complete loan modification from start to finish. By now you have probably shopped a few other companies. We invite you to challenge us and see if our reputation stands up to the test. We are a nationwide loss mitigation company based out of Phoenix, Arizona. We are a member of the Better Business Bureau and we have hundreds of happy clients and testimonials. In addition, we offer ongoing training for our professional staff, a tracking system so you can follow your ARIZONA LOAN MODIFICATIONS progress, and most importantly, WE CHARGE NO UP-FRONT FEE FOR OUR LOAN MODIFICATION PROGRAM!
WHY IS A FORENSIC LOAN AUDIT IMPORTANT?
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 subprime 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, 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 ARIZONA LOSS MITIGATION COMPANY that specializes in ATTORNEY BASED LOAN MODIFICATIONS. Our team of ARIZONA LOAN MODIFICATION SPECIALISTS is comprised of professional LOAN MODIFICATION NEGOTIATORS, short sale and foreclosure experts, loan officers, realtors, processors, and customer relationship managers. We utilize a trained real estate Attorney to conduct FORENSIC LOAN AUDITS on qualified files to uncover any PREDATORY LENDING VIOLATIONS that may have occured durring loan origination. 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! IF YOUR INTERESTED IN A LOAN MODIFICATION ARIZONA, CALL US TODAY.
CALL 480-968-5626TODAY! CALL 480-968-LOAN TODAY! CALL 480-968-5626 TODAY!
As a consequence we are able to serve Arizona Loan Modification clients in the following Arizona cities:
Tucson Loan Modification Show Low Loan Modification
Mesa Loan Modification Winslow Loan Modification
Glendale Loan Modification Somerton Loan Modification
Chandler Loan Modification Safford Loan Modification
Scottsdale Loan Modification Coolidge Loan Modification
Gilbert Loan Modification Globe Loan Modification
Tempe Loan Modification Page Loan Modification
Peoria Loan Modification Bisbee Loan Modification
Yuma Loan Modification Tolleson Loan Modification
Surprise Loan Modification Youngtown Loan Modification
Avondale Loan Modification Wickenburg Loan Modification
Flagstaff Loan Modification South Tucson Loan Modification
Lake Havasu City Loan Modification Guadalupe Loan Modification
Goodyear Loan Modification Holbrook Loan Modification
Sierra Vista Loan Modification Snowflake Loan Modification
Prescott Loan Modification Cave Creek Loan Modification
Oro Valley Loan Modification Benson Loan Modification
Bullhead City Loan Modification Eagar Loan Modification
Apache Junction Loan Modification Pinetop-Lakeside Loan Modification
Prescott Valley Loan Modification Taylor Loan Modification
Casa Grande Loan Modification Colorado City Loan Modification
El Mirage Loan Modification Dewey-Humboldt Loan Modification
Marana Loan Modification Willcox Loan Modification
Kingman Loan Modification St. Johns Loan Modification
Buckeye Loan Modification Carefree Loan Modification
Fountain Hills Loan Modification Clarkdale Loan Modification
San Luis Loan Modification Quartzsite Loan Modification
Nogales Loan Modification Parker Loan Modification
Florence Loan Modification Superior Loan Modification
Douglas Loan Modification Williams Loan Modification
Queen Creek Loan Modification Clifton Loan Modification
Maricopa Loan Modification Kear Loan Modification
Payson Loan Modification Pima Loan Modification
Sahuarita Loan Modification Springerville Loan Modification
Paradise Valley Loan Modification Star Valley Loan Modification
Chino Valley Loan Modification Gila Bend Loan Modification
Eloy Loan Modification Wellton Loan Modification
Sedona Loan Modification Miami Loan Modification
Cottonwood Loan Modification Huachuca City Loan Modification
Camp Verde Loan Modification Mammoth Loan Modification
Tombstone Loan Modification Jerome Loan Modification
Fredonia Loan Modification Winkelman Loan Modification
Patagoni Loan Modification Dunca Loan Modification
Hayden Loan Modification
Tags: adjustmyloan, arizona loan mod, arizona loan modification, arizona loan modification company, az loan mod, loan modification advice, loan modification arizona, loan modification arizona company, loan modification attorney arizona, loan modification az, phoenix loan modification
Posted in ADJUSTMYLOAN.COM, LOAN MODIFICATION, loan modification help | No Comments »
|
|
