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teamlend
362 Posts |
 Posted - 06/10/2008 : 3:45:02 PM
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I can't take it anymore!!!
I have been offered a job with the attorneys office that works with loansafe.org. I have heard so many different things regarding the do's and don'ts of loan modifications.
I met with the founder Moe and the forensic auditor Steve (coronasteve on the B.O)They are awsome. I look forward to updating the B.O members to my experience. Just time for something new and hopefully helpful to homeowners,brokers and realtors.
Question for the Pro's- Has anyone here done biz with loansafe?
I really like the company ,but it's so new to me.
What am I looking for in this company?
They really seem to have there act together. I checked 4 other modification/short sale offices...but they all seemed to be a bunch of hacks!!! No one knew what they were doing!!!
How many of you can use this service local to me?
Would a B2B relationship work or make sense?
Who would try this organization? or has?
Any success?
Almost sounds like an "anouncement" Sorry.
I just don't want to be here a month to find out it's not a service or legit benefit to the homeowners,realtors and brokers.
I am so worn out on the "mortgage" biz here in California after the last 9 months!..
any input is greatly appreciated-
P.S- should I sign back up as a servicer provider?
or change my name and title? i don't want to hide anything or be misleading!
you guys are the greatest and I have received so much knowledge from so many of the "posts" I have also enjoyed the "verbal beatings" that have been given here also. I have spoken with a handful of the members and made some friends. It's been an honor being a mortgage broker and I look to further business with you guys with my new venture!
Thanks again and any input is appreciated (try to keep it positive and informative) running low on time-money-and my own mistakes
Kelly Grey
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gilbert
138 Posts |
Posted - 06/10/2008 : 4:16:34 PM
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Loansafe.org has alot of great information. I think its designed to help homeowners free of charge. I believe that they make money by selling the advertising on their site.
Well Good Luck to you and let us know how it works out. |
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goodguy1
1649 Posts |
Posted - 06/10/2008 : 4:24:55 PM
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| good luck and keep us posted! |
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cspatmon
2069 Posts |
Posted - 06/10/2008 : 4:25:54 PM
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| Good Luck! |
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Hustler12
1286 Posts |
Posted - 06/10/2008 : 4:58:20 PM
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| I just started doing Loan Mods and I like it better than mortgages because I hear the relief from people when I tell them I can help |
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teamlend
362 Posts |
Posted - 06/10/2008 : 4:59:56 PM
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Thanks for the feedback.
Beau- how many people have you actually been able to help?
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PINK123
33 Posts |
Posted - 06/10/2008 : 5:37:49 PM
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BEAU, HOW DO YOU DO LOAN MOD. SEND ME AN EMAIL, I WOULD LIKE TO HELP OUT SOME OF MY CLIENTS.
SEND ME AN EMAIL TO LOANSBYANGELICA@YAHOO.COM |
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Hustler12
1286 Posts |
Posted - 06/10/2008 : 5:39:15 PM
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| Hey guys, you can email me at my work account BBarnhart@newlend.com for more info or give me a call tomorrow. Time for the Laker game! |
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khoiey
1562 Posts |
Posted - 06/10/2008 : 5:42:01 PM
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| See what he wrote. ATTORNEY OFFICE that work with loansafe. |
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Hustler12
1286 Posts |
Posted - 06/10/2008 : 5:44:59 PM
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| Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions. |
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waynepbright
3660 Posts |
Posted - 06/10/2008 : 6:09:03 PM
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Best of Luck TeamLend .. |
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velecico
3914 Posts |
Posted - 06/10/2008 : 6:25:15 PM
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How did you help them , what actually transpired that would equate to " help " ? , looks like you were in the mortgage bz , for 9 months ? what did you do before ? , how long has this compnay been around ? |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 6:44:12 PM
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You are correct Gilbert, LoanSafe.org is the free site where homeowners get free help from participants. The homeowners do everything themselves there. I contribute there frequently on a pro bono basis. We never solicit homeowners from this site. Period.
In fact, we always refer clients to this site to get a sense of who we are and what we do. They ALWAYS have the option to do it themselves. Probably 35% of people referred to this site end up using the Law Offices of Gregory A. Paiva who is the trusted attorney on the site.
This is a total softsell approach.
quote:
Originally posted by gilbert
Loansafe.org has alot of great information. I think its designed to help homeowners free of charge. I believe that they make money by selling the advertising on their site.
Well Good Luck to you and let us know how it works out.
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Hustler12
1286 Posts |
Posted - 06/10/2008 : 6:50:05 PM
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| Velecio - is your post to me? I'm confused as to who you are asking the questions to. |
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velecico
3914 Posts |
Posted - 06/10/2008 : 6:59:44 PM
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I thought he was the attorney |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 7:04:07 PM
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LoanSafe Solutions does not offer any refund. The reason is actually pretty clear. We are a processing company for doing loan audits and loan modifications. The providers who order our services know how to qualify a homeowner as a candidate for a loan modification, OR advise them of the other solutions that may be appropriate.
The homeowner is advised by their attorney or other provider, that a mod is not a guarantee. However, a resolution to their current situation will be achieved. That resolution might be, mod, BK, deed in lieu, allow the foreclosure, short sale, short refi, walk-away program or others.
A strong advocate for the homeowner will recognize that the homeowners SAY they want a modification, and they truly might want one. However, MOST of the people want a RESOLUTION to whatever their problem is. The attorney has the ability to give proper legal advice for all of these situations. At that point 95% of the guessing, wondering, worrying, uncertainty, nervousness has been relieved.
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Here is our bottem line: There is a TON of business out there for companies or individuals that are operating legally in California. We will support any affiliate of ours operating in a legit manner. We definitely do not have a need to take on bad or risky business. I/We have been approached by all manner of reps or former loan reps wanting to get in on this. We have turned down more than 75%. We want the business, we want to grow, but we will not compromise our livelyhoods or families to that end.
quote:
Originally posted by Hustler12
Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions.
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 7:05:33 PM
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Who's on 1st, what's on 2nd, quote:
Originally posted by velecico
I thought he was the attorney
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ppulatie
2257 Posts |
Posted - 06/10/2008 : 7:28:57 PM
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They turned me down, though I am working with attorneys up here in Northern Ca, doing what they are doing, and so much more. I wanted to build an organization up here for them. And I wanted to operate within their system.
Only difference is that I wanted to do the audits for anyone I brought in, I guess that had something to do with it.
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velecico
3914 Posts |
Posted - 06/10/2008 : 8:23:43 PM
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sounds like another scam |
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Scrooge McDuck
8716 Posts |
Posted - 06/10/2008 : 8:24:14 PM
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muddy waters
steve, is this a new venture? how long you been up to all this? |
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Scrooge McDuck
8716 Posts |
Posted - 06/10/2008 : 8:31:52 PM
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quote:
Originally posted by Coronasteve
LoanSafe Solutions does not offer any refund. The reason is actually pretty clear. We are a processing company for doing loan audits and loan modifications. The providers who order our services know how to qualify a homeowner as a candidate for a loan modification, OR advise them of the other solutions that may be appropriate.
The homeowner is advised by their attorney or other provider, that a mod is not a guarantee. However, a resolution to their current situation will be achieved. That resolution might be, mod, BK, deed in lieu, allow the foreclosure, short sale, short refi, walk-away program or others.
A strong advocate for the homeowner will recognize that the homeowners SAY they want a modification, and they truly might want one. However, MOST of the people want a RESOLUTION to whatever their problem is. The attorney has the ability to give proper legal advice for all of these situations. At that point 95% of the guessing, wondering, worrying, uncertainty, nervousness has been relieved.
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Here is our bottem line: There is a TON of business out there for companies or individuals that are operating legally in California. We will support any affiliate of ours operating in a legit manner. We definitely do not have a need to take on bad or risky business. I/We have been approached by all manner of reps or former loan reps wanting to get in on this. We have turned down more than 75%. We want the business, we want to grow, but we will not compromise our livelyhoods or families to that end.
quote:
Originally posted by Hustler12
Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions.
how often is "allow the foreclosure" the path that is taken?
i want to collect some fees and have this be an option. |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 8:44:13 PM
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What exactly makes you say this?
In order to offer an opinion like this, that is is "a scam" you must have some basis for this right? I'll be the readers on the BO would love to hear your opinion on this.
quote:
Originally posted by velecico
sounds like another scam
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 8:51:39 PM
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Pat, you are a great guy on this subjust, no doubt about it. And please, we did not turn "you" down. Nothing at all like that.
This was purely a decision of focusing 90% of our resources on the SoCal. As you know, we are in Corona, right in the heart of the meltdown. We have identified about 8 verticals that we are just hammering away at down here.
Lest anyone think otherwise, Pat is a very knowledgable and straight up guy on this loan audit biz and mod biz. There is no doubt in my mind that he can get it done.
quote:
Originally posted by ppulatie
They turned me down, though I am working with attorneys up here in Northern Ca, doing what they are doing, and so much more. I wanted to build an organization up here for them. And I wanted to operate within their system.
Only difference is that I wanted to do the audits for anyone I brought in, I guess that had something to do with it.
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 8:54:27 PM
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LoanSafe.org has been available to help homeowners since summer 2007.
I was involved in the loss mit biz on the Lender's side before I got involved with this end of it on the borrowers side.
Trust me, this is much more fulfilling.
quote:
Originally posted by Scrooge McDuck
muddy waters
steve, is this a new venture? how long you been up to all this?
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crankyusi
658 Posts |
Posted - 06/10/2008 : 9:17:15 PM
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quote:
Originally posted by Coronasteve
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Can you elaborate on this, and assume the homeowner is in foreclosure. If Loansafe doesn't work directly with the homeowner, who does Loansafe work with and who works directly with the homeowner? And only the attorney (and not Loansafe) negotiates with the lender? Thanks Steve. |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 9:24:54 PM
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No problem. LoanSafe Solutions is contracted by attorneys to process loan audits and loan modifications. Once the attorney reviews our audit, consults with his client, then we process the loan mod if that is the recommended next action.
As directed by the attorney, we will interview the homeowner during the course of the loan audit. We are not selling or recommending or advising, we are strictly fact-finding/investigating the origination process of the subject loans.
Does this answer?
quote:
Originally posted by crankyusi
quote:
Originally posted by Coronasteve
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Can you elaborate on this, and assume the homeowner is in foreclosure. If Loansafe doesn't work directly with the homeowner, who does Loansafe work with and who works directly with the homeowner? And only the attorney (and not Loansafe) negotiates with the lender? Thanks Steve.
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Hustler12
1286 Posts |
Posted - 06/10/2008 : 9:31:43 PM
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I've been watching 1twoknow's post all night. You might get penalized for excessive use of exclamation points!!!!!!!!!!!!!
I have no idea what you are talking about with the AC/DC comment |
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crankyusi
658 Posts |
Posted - 06/10/2008 : 9:32:00 PM
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| Thanks for the quick response Steve. Still a bit unclear about who actually negotiates the modification\etc with the lender, is it actually LoanSafe personnel acting under the instruction of the Attorney? Thanks again. |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 9:38:05 PM
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Yes, it is LoanSafe personnel working directly with the lender. We have contacts in the mod departments of all hte major lenders/servicers. In fact, with one of our major lenders, all that is necessary is a phone call sometimes with the file to follow up as confirmation.
quote:
Originally posted by crankyusi
Thanks for the quick response Steve. Still a bit unclear about who actually negotiates the modification\etc with the lender, is it actually LoanSafe personnel acting under the instruction of the Attorney? Thanks again.
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crankyusi
658 Posts |
Posted - 06/10/2008 : 9:49:30 PM
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Thanks again Steve. One question I had, and I even called the DRE and of course got different answers from different deputy commissioners, but, are additional disclosures required when a mod is done? In other words, does doing a mod open up a whole new round of disclosure requirements, similar to the disclosure requirements that were needed in the original loan? I found a copy of a loan mod involving Option One (think it is one, I've never done one before) and it looks like a boiler-plate doc.
http://www.afscanhelp.com/uploads/option-one-loan-modificatiopn-chris-1173991524684.pdf |
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Coronasteve
1494 Posts |
Posted - 06/10/2008 : 10:04:54 PM
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You have actually hit the $64,000 question.
We have been trying to get rulings on that ourselves for about 6 months. You would think that there would be a new TILA disclosure because the interest rate and the term have been changed. Therefore, the total amount financed would change. Most likely the APR will change too. The lenders are the ones exposed here for ANOTHER round of mods if some hot shot attorney wants to take on Countrywide, et al.
Very astute observation. Not many folks would have even thought of that.
quote:
Originally posted by crankyusi
Thanks again Steve. One question I had, and I even called the DRE and of course got different answers from different deputy commissioners, but, are additional disclosures required when a mod is done? In other words, does doing a mod open up a whole new round of disclosure requirements, similar to the disclosure requirements that were needed in the original loan? I found a copy of a loan mod involving Option One (think it is one, I've never done one before) and it looks like a boiler-plate doc.
http://www.afscanhelp.com/uploads/option-one-loan-modificatiopn-chris-1173991524684.pdf
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 05:49:34 AM
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Ah, therein lies the problem. Sometimes the homeowners are just sick to death of everything, have an "F.U." attitude, problems are never their fault, etc. On top of that, they have no money. In that situation, when they are unwilling to try to help us, help themselves, sometimes ya just gotta know when to fold 'em and let them go.
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by Coronasteve
LoanSafe Solutions does not offer any refund. The reason is actually pretty clear. We are a processing company for doing loan audits and loan modifications. The providers who order our services know how to qualify a homeowner as a candidate for a loan modification, OR advise them of the other solutions that may be appropriate.
The homeowner is advised by their attorney or other provider, that a mod is not a guarantee. However, a resolution to their current situation will be achieved. That resolution might be, mod, BK, deed in lieu, allow the foreclosure, short sale, short refi, walk-away program or others.
A strong advocate for the homeowner will recognize that the homeowners SAY they want a modification, and they truly might want one. However, MOST of the people want a RESOLUTION to whatever their problem is. The attorney has the ability to give proper legal advice for all of these situations. At that point 95% of the guessing, wondering, worrying, uncertainty, nervousness has been relieved.
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Here is our bottem line: There is a TON of business out there for companies or individuals that are operating legally in California. We will support any affiliate of ours operating in a legit manner. We definitely do not have a need to take on bad or risky business. I/We have been approached by all manner of reps or former loan reps wanting to get in on this. We have turned down more than 75%. We want the business, we want to grow, but we will not compromise our livelyhoods or families to that end.
quote:
Originally posted by Hustler12
Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions.
how often is "allow the foreclosure" the path that is taken?
i want to collect some fees and have this be an option.
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dealmakerz
143 Posts |
Posted - 06/11/2008 : 08:09:20 AM
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quote:
Originally posted by Coronasteve
Ah, therein lies the problem. Sometimes the homeowners are just sick to death of everything, have an "F.U." attitude, problems are never their fault, etc. On top of that, they have no money. In that situation, when they are unwilling to try to help us, help themselves, sometimes ya just gotta know when to fold 'em and let them go.
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by Coronasteve
LoanSafe Solutions does not offer any refund. The reason is actually pretty clear. We are a processing company for doing loan audits and loan modifications. The providers who order our services know how to qualify a homeowner as a candidate for a loan modification, OR advise them of the other solutions that may be appropriate.
The homeowner is advised by their attorney or other provider, that a mod is not a guarantee. However, a resolution to their current situation will be achieved. That resolution might be, mod, BK, deed in lieu, allow the foreclosure, short sale, short refi, walk-away program or others.
A strong advocate for the homeowner will recognize that the homeowners SAY they want a modification, and they truly might want one. However, MOST of the people want a RESOLUTION to whatever their problem is. The attorney has the ability to give proper legal advice for all of these situations. At that point 95% of the guessing, wondering, worrying, uncertainty, nervousness has been relieved.
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Here is our bottem line: There is a TON of business out there for companies or individuals that are operating legally in California. We will support any affiliate of ours operating in a legit manner. We definitely do not have a need to take on bad or risky business. I/We have been approached by all manner of reps or former loan reps wanting to get in on this. We have turned down more than 75%. We want the business, we want to grow, but we will not compromise our livelyhoods or families to that end.
quote:
Originally posted by Hustler12
Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions.
how often is "allow the foreclosure" the path that is taken?
i want to collect some fees and have this be an option.
But not before you made a few bucks on them!
Sorry, not a few bucks, $2,995 with no refunds! |
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crankyusi
658 Posts |
Posted - 06/11/2008 : 08:15:57 AM
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quote:
Originally posted by Coronasteve
You would think that there would be a new TILA disclosure because the interest rate and the term have been changed. Therefore, the total amount financed would change. Most likely the APR will change too. The lenders are the ones exposed here for ANOTHER round of mods..
If I may say though, wouldn't those helping the homeowner obtain the mod also be exposed in addition to the lender? In other words, isn't the party working for the homeowner to negotiate the mod also responsible for providing proper disclosure to the homeowner? I compare this to the original situation where the mortgage broker may have done something improper with a disclosure, and then the mortgage broker is also named as a wrongdoer which is referenced in the audit. Maybe its different when an attorney is representing the homeowner in a hostile situation (there's clear violations) and thus an acceptable mod may be considered an "award" (and not a typical loan that is subject to the usual disclosures). Thanks for your feedback, and candor! |
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 08:17:52 AM
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No, Mr. Dealmaker, that is definitely not the case.
Did you notice that I wrote that the homeowners didn't have any money? It is easy to determine who really wants to get it done and those who do not.
What you are either not understanding before busting my ballz or you didn't take the time to read, is that WE DO NOT WORK DIRECTLY WITH THE HOMEOWNERS.
You, their Attorney, their CPA, etc. has all ready qualified (or not) that they want to get this done. The homeowners DO NOT PAY US A PENNY!. Why is this so hard for you guys to understand? Some other person or entity is determining whether or not they should use LoanSafe Solutions for a loan modification.
We are not the friggin' bad guys here.
quote:
Originally posted by dealmakerz
quote:
Originally posted by Coronasteve
Ah, therein lies the problem. Sometimes the homeowners are just sick to death of everything, have an "F.U." attitude, problems are never their fault, etc. On top of that, they have no money. In that situation, when they are unwilling to try to help us, help themselves, sometimes ya just gotta know when to fold 'em and let them go.
quote:
Originally posted by Scrooge McDuck
quote:
Originally posted by Coronasteve
LoanSafe Solutions does not offer any refund. The reason is actually pretty clear. We are a processing company for doing loan audits and loan modifications. The providers who order our services know how to qualify a homeowner as a candidate for a loan modification, OR advise them of the other solutions that may be appropriate.
The homeowner is advised by their attorney or other provider, that a mod is not a guarantee. However, a resolution to their current situation will be achieved. That resolution might be, mod, BK, deed in lieu, allow the foreclosure, short sale, short refi, walk-away program or others.
A strong advocate for the homeowner will recognize that the homeowners SAY they want a modification, and they truly might want one. However, MOST of the people want a RESOLUTION to whatever their problem is. The attorney has the ability to give proper legal advice for all of these situations. At that point 95% of the guessing, wondering, worrying, uncertainty, nervousness has been relieved.
We never run afoul of the California Foreclosure Consultants Act because we do not have contact with the homeowner and we do not offer advice or consult with them. We advise our non-attorney affiliates how to keep themselves clear of problems too.
If a homeowner does happen to call us directly, we refer them to an attorney.
Here is our bottem line: There is a TON of business out there for companies or individuals that are operating legally in California. We will support any affiliate of ours operating in a legit manner. We definitely do not have a need to take on bad or risky business. I/We have been approached by all manner of reps or former loan reps wanting to get in on this. We have turned down more than 75%. We want the business, we want to grow, but we will not compromise our livelyhoods or families to that end.
quote:
Originally posted by Hustler12
Kel - I have been able to help about 12 people. I can assess if they qualify with some basic questions. We offer a 50% money back guarantee if we can't adjust(it's only 50% because the lawyer fee is non-refundable, it's a retainer). We also accept credit cards. Feel free to contact me directly if you have any questions.
how often is "allow the foreclosure" the path that is taken?
i want to collect some fees and have this be an option.
But not before you made a few bucks on them!
Sorry, not a few bucks, $2,995 with no refunds!
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ppulatie
2257 Posts |
Posted - 06/11/2008 : 08:19:38 AM
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Steve,
I apologize then. Maybe I am too sensitive, but I sure felt rejected.
BTW, for Moe wanting to go nationwide, I think that one has to open up the major markets quickly. Otherwise others will step in and fill the woid, like I am doing up here.
quote:
Originally posted by Coronasteve
Pat, you are a great guy on this subjust, no doubt about it. And please, we did not turn "you" down. Nothing at all like that.
This was purely a decision of focusing 90% of our resources on the SoCal. As you know, we are in Corona, right in the heart of the meltdown. We have identified about 8 verticals that we are just hammering away at down here.
Lest anyone think otherwise, Pat is a very knowledgable and straight up guy on this loan audit biz and mod biz. There is no doubt in my mind that he can get it done.
quote:
Originally posted by ppulatie
They turned me down, though I am working with attorneys up here in Northern Ca, doing what they are doing, and so much more. I wanted to build an organization up here for them. And I wanted to operate within their system.
Only difference is that I wanted to do the audits for anyone I brought in, I guess that had something to do with it.
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 08:29:33 AM
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Again, a very valid question. Thank you.
The modification offer comes directly from the lender. The determination of how or whether a loan modification will be granted by the lender, is at their sole discretion. They set the fees(if any), the rates, terms, everything.
It is not like we send an offer to Countrywide proposing a 3.2% fully amortizing rate for 5 years, then adjusting to 6.5% for the remaining term of the 30 year loan. It doesn't work that way.
LoanSafe Solutions presents a valid, justifiable, and motivating, REASON to the lender as to why they need to modify the loan. This is supported by several different pieces of documentation, and is prepared specifically for whatever lender we are submitting it to.
The modification the homeowners get is 100% proffered by the lender/servicer.
quote:
Originally posted by crankyusi
quote:
Originally posted by Coronasteve
You would think that there would be a new TILA disclosure because the interest rate and the term have been changed. Therefore, the total amount financed would change. Most likely the APR will change too. The lenders are the ones exposed here for ANOTHER round of mods..
If I may say though, wouldn't those helping the homeowner obtain the mod also be exposed in addition to the lender? In other words, isn't the party working for the homeowner to negotiate the mod also responsible for providing proper disclosure to the homeowner? I compare this to the original situation where the mortgage broker may have done something improper with a disclosure, and then the mortgage broker is also named as a wrongdoer which is referenced in the audit. Maybe its different when an attorney is representing the homeowner in a hostile situation (there's clear violations) and thus an acceptable mod may be considered an "award" (and not a typical loan that is subject to the usual disclosures). Thanks for your feedback, and candor!
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ppulatie
2257 Posts |
Posted - 06/11/2008 : 08:30:59 AM
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The question of whether a person can get a mod or can even afford the home is one I deal with every day.
I don't just automatically do an audit, or refer to an attorney or mod company. I try to determine whether it makes financial sense for the person to keep the home, or try to keep it, or even if they have the ability to keep it even if a mod can be worked out.
Why should a person get a mod when they will likely lose the home 6 months or a year later? It is easy to determine whether they will make it or fail and that must be taken into the equation.
If a person is underwater $150k or more, does it make sense to hold on? What are their reasons? Are they valid? Is it financial or emotional?
If a rescission or lawsuit is required, does the person have the fortitude and the "killer instinct" to go all the way? Or will they fold after one minor setback?
If the mod does not work, are there other options available?
There is so much to this side of the business, it is just unreal. It cannot be just a venture to make money, it must also be about caring and doing the "right thing" for the client.
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Scrooge McDuck
8716 Posts |
Posted - 06/11/2008 : 08:33:09 AM
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| maybe im nuts, but america'a servicing company did my mod for me and i didnt even ask for it. i get the same payment for the next 5 years on my 3/27 IO on a 3 family i own, making it a 8/22. gotta love that. |
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jeff4567
1538 Posts |
Posted - 06/11/2008 : 08:33:10 AM
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quote:
Originally posted by teamlend
I can't take it anymore!!!
I have been offered a job with the attorneys office that works with loansafe.org. I have heard so many different things regarding the do's and don'ts of loan modifications.
I met with the founder Moe and the forensic auditor Steve (coronasteve on the B.O)They are awsome. I look forward to updating the B.O members to my experience. Just time for something new and hopefully helpful to homeowners,brokers and realtors.
Kelly Grey
If you can, update this post in a month, so we can see how things are going.
Good Luck! |
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 08:35:44 AM
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Hey Pat,
No need to apologize! We just wanted to be 100% sure we were not going to get into any legal hot water with our business model. We have been working with some legal folks on this and now have a much clearer idea of how to proceed.
I'll share that with you in the next few days to see if it would fit anything you are doing up there. I think it would be a great solution for many people. By the way, I think you know Bruce and Allen up your way?
quote:
Originally posted by ppulatie
Steve,
I apologize then. Maybe I am too sensitive, but I sure felt rejected.
BTW, for Moe wanting to go nationwide, I think that one has to open up the major markets quickly. Otherwise others will step in and fill the woid, like I am doing up here.
quote:
Originally posted by Coronasteve
Pat, you are a great guy on this subjust, no doubt about it. And please, we did not turn "you" down. Nothing at all like that.
This was purely a decision of focusing 90% of our resources on the SoCal. As you know, we are in Corona, right in the heart of the meltdown. We have identified about 8 verticals that we are just hammering away at down here.
Lest anyone think otherwise, Pat is a very knowledgable and straight up guy on this loan audit biz and mod biz. There is no doubt in my mind that he can get it done.
quote:
Originally posted by ppulatie
They turned me down, though I am working with attorneys up here in Northern Ca, doing what they are doing, and so much more. I wanted to build an organization up here for them. And I wanted to operate within their system.
Only difference is that I wanted to do the audits for anyone I brought in, I guess that had something to do with it.
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ppulatie
2257 Posts |
Posted - 06/11/2008 : 08:39:59 AM
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Scrooge,
ASC is one of the worst to deal with under most circumstances. You got lucky. Perhaps because you were a "good" borrower. Someone that they can count on to make payments on time, so why not offer a mod unsolicited and keep him?
I have two people I am working with right now. They have ASC and could not get anything done. So it is audit time and then a lawyer taking them to task.
Remember, each loss mit person has anywhere from 500-800 files that they are working on at any one time. These are the desparate people and they are not getting serviced. Incredibly, some are told that they are not late on their mortgage and to stop making payments so that they are late and then apply. And once they are late and apply, another person tells them that it can't be done until they are caught up. Even the los mit people don't know what one another says.
Just a confused mess..... |
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 08:44:09 AM
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quote:
Originally posted by Scrooge McDuck
maybe im nuts, but america'a servicing company did my mod for me and i didnt even ask for it. i get the same payment for the next 5 years on my 3/27 IO on a 3 family i own, making it a 8/22. gotta love that.
You are not nuts, some servicers are being proactive internally. They should be.
That is a great mod they did for you, 1 less property they have to worry about right?!? |
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ppulatie
2257 Posts |
Posted - 06/11/2008 : 08:44:47 AM
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Which Bruce and Allen?
Firestone, perhaps?
quote:
Originally posted by Coronasteve
Hey Pat,
No need to apologize! We just wanted to be 100% sure we were not going to get into any legal hot water with our business model. We have been working with some legal folks on this and now have a much clearer idea of how to proceed.
I'll share that with you in the next few days to see if it would fit anything you are doing up there. I think it would be a great solution for many people. By the way, I think you know Bruce and Allen up your way?
quote:
Originally posted by ppulatie
Steve,
I apologize then. Maybe I am too sensitive, but I sure felt rejected.
BTW, for Moe wanting to go nationwide, I think that one has to open up the major markets quickly. Otherwise others will step in and fill the woid, like I am doing up here.
quote:
Originally posted by Coronasteve
Pat, you are a great guy on this subjust, no doubt about it. And please, we did not turn "you" down. Nothing at all like that.
This was purely a decision of focusing 90% of our resources on the SoCal. As you know, we are in Corona, right in the heart of the meltdown. We have identified about 8 verticals that we are just hammering away at down here.
Lest anyone think otherwise, Pat is a very knowledgable and straight up guy on this loan audit biz and mod biz. There is no doubt in my mind that he can get it done.
quote:
Originally posted by ppulatie
They turned me down, though I am working with attorneys up here in Northern Ca, doing what they are doing, and so much more. I wanted to build an organization up here for them. And I wanted to operate within their system.
Only difference is that I wanted to do the audits for anyone I brought in, I guess that had something to do with it.
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ncorning
204 Posts |
Posted - 06/11/2008 : 09:31:04 AM
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corona, so how do you and or your company make money if the homeowner does not pay you direct?
Thanks !
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teamlend
362 Posts |
Posted - 06/11/2008 : 09:44:40 AM
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My understanding is that the Attorney is paid, and then contracts the actual loan audits to Loan safe. Is this correct Steve?
I will absolutely update the B.O members- good or bad.
the only problem is that if I need to report a bad situation, I won't be with them long :)
Kelly |
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Coronasteve
1494 Posts |
Posted - 06/11/2008 : 09:47:11 AM
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Great question, it is actually very simple.
Our primary market is attorneys and other professional service providers to the homeowner client. These providers, like attorneys, CPA, Insurance brokers, etc. pay us directly for our audits, processing, support, etc. They charge the homeowner whatever they charge based on whatever service they provide. LoanSafe Solutions is only a specialized vendor to the professional.
Make sense?
quote:
Originally posted by ncorning
corona, so how do you and or your company make money if the homeowner does not pay you direct?
Thanks !
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teamlend
362 Posts |
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