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Loan Mods

This topic contains 15 replies, has 0 voices, and was last updated by Avatar of williamgoff williamgoff 10 years, 6 months ago.

Viewing 15 posts - 1 through 15 (of 17 total)
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  • #5706
    Avatar of williamgoff
    williamgoff
    Member

    Does anybody know the contact for the Nars recommended loan modification help?

    #29626
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    @WilliamGoff wrote:

    Does anybody know the contact for the Nars recommended loan modification help?

    There is NO Official Loan Mod organization recommended by NARS per se. I have recommended a few over the last year or so and have been GREATLY DISSAPOINTED in the personnel, service and results.

    I would recommend a LOCAL Attorney specializing in Loan Audits and Modifications. Just make sure they DO NOT charge ANY upfront fees of any kind and are LICENSED to do Loan Mods in that State.

    Also, there are many totally free and good services available but I would start by having the borrower call the lender themselves.

    #29627
    Avatar of homesavers
    NULL
    Member

    @WilliamGoff wrote:

    Does anybody know the contact for the Nars recommended loan modification help?

    I have not seen too much evidence that loan modifications are benefiting the homeowner. Maybe a few here and there but it is like betting in Vegas. It is a house game. So I would take Scott advice. Do not pay any upfront fees.
    Also be prepared to go all the way to foreclosure if you cannot sell it short.

    My Attorney does loan modifications and Short sales he is licensed in California. If you want a referral let me know. I do not make anything from referring you.

    #29628
    Avatar of rick
    rick
    Participant

    Homesavers,

    does your Attorney charge a fee upfront for the loan modification?

    #29629
    Avatar of homesavers
    NULL
    Member

    Rick,
    Yes, he charges up front. It would be hard to get an Attorney to work on contingency for a loan modification. I asked him to send me proof of some of his cases and he did.

    #29630
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Federal Law prohibits charging upfront for a Loan Mod.

    #29631
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Scott, it may be possible lawyers are exempt from the charging up front scenario on loan mods? It’s my belief system that lawyers can charge up front for whatever they want that relates to laws in their state of licensing???
    Perhaps you could cite the rhyme and verse.?
    I hate to challenge you on this one, however maybe The Doctor can
    hep us out here.

    cork horner
    San Diego
    Transaction Engineering&Coordinating

    #29632
    Avatar of rick
    rick
    Participant

    In the state of California you can collect an upfront fee if you have filed an Advance Fee Agreement Listing with the Dept of Real Estate.

    Here is the info: http://www.dre.ca.gov/cons_adv_fees_alert.html

    Note: Licensed real estate brokers who provide loan modification or similar services without collecting fees in advance are not required to receive the Department of Real Estate???s permission as long as their services are fully completed before you pay them.

    Attorney’s have you pay upfront because they need to run their business and want to get paid. It is no different with a reputable loan modification company. You just have to know who they are or find one.

    We need Attorney’s and other professionals in the private sector to help with this mess that we are in. Do you really want the Gov. and lenders to take control of this?

    Don’t listen to all the hype that the lenders and Gov. are putting out there that you should go directly back to them to do the modification. They want to steer you into doing what is best for them, not you.

    My dad used to tell me:

    If you fool me once, shame on you
    If you fool me twice, shame on me

    My 2 cents

    #29633
    Avatar of scott_l._moyes
    scott_l._moyes
    Participant

    Thanks for some clarification Rick.

    #29634
    Avatar of rick
    rick
    Participant

    Here is some additional information Scott.

    Starting in July you will have to registered with the California Department of Justice, Attorney General’s Office, and post a bond of $100,000.

    That along with banks cutting off merchant accounts for loan modification companies will probably shut many of them down.

    Here is the info: http://ag.ca.gov/consumers/general/foreclosure_reg.php

    #29635
    Avatar of corkhorner_2
    corkhorner_2
    Member

    that link to the new law has a pdf 12 pages long so i got tired of waiting.
    Do you interpret this to include Foreclosure Consultants to include loan mods?

    I am wondering about this approach: have a lawyer on the loan mod team as a ‘front office’ with the loan mod negotiating performed by a licensed re broker.

    Does the new ‘FC’ include a discussion relating to loan modification?

    In my mind, there could be a separation between Foreclosure Consulting and Loan Mod?

    What’s your view on this new jul 1 09 law and loan mod?

    c h

    #29636
    Avatar of rick
    rick
    Participant

    Cork, all inquiring parties are encouraged to seek independent legal advice on the subject.

    With that being said, IMO I don’t think the ’09 law has anything to do with loan mods.

    I think the next 8 weeks are prime for the NARS trust and I am going to make several offers. If I need to do a loan mod I will do it myself, with the permission of the DRE.

    #29637
    Avatar of corkhorner_2
    corkhorner_2
    Member

    Well said, Rick.
    If I may paraphrase: if ya throw enough dung at the wall, some of it has to stick? :)
    At any rate, that is what I do, to keep stuff in the pipeline.

    After all, there are only 6 million house transactions per year, in the U.S.

    c h

    #29638
    Avatar of homesavers
    NULL
    Member

    @Scott_L._Moyes wrote:

    Federal Law prohibits charging upfront for a Loan Mod.

    Unless of course you are the one that wrote the Federal Law. Lawyers almost always make themselves exempt from most laws.

    #29639
    Avatar of homesavers
    NULL
    Member

    @CorkHorner wrote:

    After all, there are only 6 million house transactions per year, in the U.S.

    c h

    6 Million transactions and 12 Million Realtors. How many of these are transactions that do not fit within the guidelines of agency law? Or list and sell with new loan or cash deals? We can still do conventional deals but need to add the Trust in there somehow. Since the NARS Trust or EHT (which is a misnomer in this market-Equity Holding there is no equity) The Trust is the hub from which we build our wheel from. Once you get all the spokes in place off that “hub” then you can “roll” yourself to a fortune.

    Other than Scott and Dave is anyone having a problem getting a Deed transfer sold?

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