Low Cost Loan Mods

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ppulatie

2259 Posts

Posted - 06/27/2008 : 07:25:16 AM

As many here know, I have been working the audit business myself since last year and working with attorneys to save peoples homes. Over the past few months, I have looked at the various programs for loan modifications and some of them like Loansafe with Moe and Steve, and Beau's company are very reliable. They serve a great number of people and do good work.

In the past couple of months, I have been focused upon establishing an operation similiar to theirs and am now up and running. I work with qualified attorneys who have years of experience to get low cost mods done. These attorneys will not just focus on loan mods either. They have the knowledge and experience to stop foreclosures in many different ways. If needed, they will litigate against various lenders if the clients need that form of representation. Or they can do bk's for the client. It just depends upon the various needs. But 99% will be loan mods.

My market niche consists of those who cannot afford to pay the prices that some firms charge. These people just don't have that type of money to offer, yet need the services of an attorney, to get the mod. So I am offering a low cost service utilizng experienced attorneys.

This is not a get rich quick operation for loan officers to make great commissions on referrals. You will make some money for each client that uses my operation. The important part is that you are helping people who need the assistance of an attorney to get their mod. The true balue for you is that you are building a great client base for the future when the loan market returns to better times in a few years.

Don't get me wrong. Steve and others do great work. And they offer a vital service. If you can run clients through them, by all means do so. But for those who don't fit the bill, then my operation is a viable candidate for them.

Also important to note, if a client cannot truly afford the home even if a loan mod could be achieved for them, this should be disclosed to them. I will not engage in an endeavor to simply make money. The mod must make sense. This is about doing the right thing for the client. (I know that Steve and Beau will agree with this.)

I have attorneys lined up in several states ready to assist. And others are requesting to come aboard. If you have a client that needs assistance, I can normally find a good attorney in the state to help.

For more info, you can visit my website at www.loanmodificationca.com

Or email me at patrick@loanmodificationca.com

Or call at 925-522-0371

Please remember, the first and most important goal is to help the homeowner who is in trouble. The second goal is to create such goodwill among the borrowers that when the time comes that they can refinance, they will think how you helped them and return to you. Goal three is to make just enough money to survive the next few years so that when the market for loans returns, we are all well positioned with a solid base of clients whom we have assisted.

ppulatie

2259 Posts

Posted - 06/28/2008 : 05:42:56 AM

Hmmmm,

Anyone else interested?

chasjh46

210 Posts

Posted - 06/28/2008 : 5:11:58 PM

quote:
Originally posted by ppulatie

Hmmmm,

Anyone else interested?

I am..Amazing, post a string that says "I Do Loan Mods" then when you read the sub-post, they also do creddit card advances, money laudrying, bank hiests, you name it, and they get 41 replys. Post a string for low cost loan audits and loan mods, offer a great service in the body of your text and nobody gives a whoppola... sheesh

crankyusi

660 Posts

Posted - 06/28/2008 : 6:13:55 PM

I'd say be patient guys, I've had some emails and phone calls from fellow BO posters and attorneys and I do heap the praise about you 2 being able to start from Day 1 and run this up the rescission flag pole if needed, plus being able to find violations\wrongdoings that a software program\checklist surely couldn't. Doubt many other mod groups could claim that, maybe take it to the "mod" stage but if that fails for the client, its back to Square 1 less the mod fee and the wasted time. That's what I think separates you two from the pack, you'll stick with a client till there's final resolution.

Forgot to mention the biggie, you two have actually courtroom experience battling against the lenders regarding these violations!

chasjh46

210 Posts

Posted - 06/28/2008 : 7:06:03 PM

quote:
Originally posted by crankyusi

I'd say be patient guys, I've had some emails and phone calls from fellow BO posters and attorneys and I do heap the praise about you 2 being able to start from Day 1 and run this up the rescission flag pole if needed, plus being able to find violations\wrongdoings that a software program\checklist surely couldn't. Doubt many other mod groups could claim that, maybe take it to the "mod" stage but if that fails for the client, its back to Square 1 less the mod fee and the wasted time. That's what I think separates you two from the pack, you'll stick with a client till there's final resolution.

Forgot to mention the biggie, you two have actually courtroom experience battling against the lenders regarding these violations!

Whoooa! Thanks.. I wonder how these "loan mod specialists" can boast their expertise when they have no clue about the codes and regulations that govern the mortgage industry. Seems like they just suddenly claim to be a "loan mod specialist" that works for this huge loan mod company on Wall Street or some other defunct neighborhood in NY. What gets me most of all is all the posts from LO's who want to cash in and get referral fees by sending their clients to these "loan mod specialists. In all likely hood, their clients will get ripped off and they won't see a dime from any referral.

teamlend

371 Posts

Posted - 06/29/2008 : 09:59:26 AM

Patrick,
What will the price be for these homeowners that can't afford the other modification companies fees?

ppulatie

2259 Posts

Posted - 06/29/2008 : 10:20:15 AM

$1000 to $1500 depending upon what the lawyer thinks that it will take time wise. Most of the time, about $1500. That includes my audit fee.

There are not large commissions to be paid with my operation. Perhaps that is why people are not responding to my announcement. To who do will take smaller money in order to help borrowers missed by the "big buck" companies.

A completely different homeowner demographic group.

chasjh46

210 Posts

Posted - 06/29/2008 : 10:20:30 AM

quote:
Originally posted by teamlend

Patrick,
What will the price be for these homeowners that can't afford the other modification companies fees?

I think Patrick & I are about the same. The costs for the doc exam runs about $360 which includes all the documents the client has. Even previous loans if refinanced within the last two years. This includes a narritive wriiten report which is usaully between 5 & 10 pages. This report is provided to the attorneys who evaluate it then decide to course of action. In most cases, the attorney will charge anywhere from $1,000 to $1500 for the loan mod Demand letter. Theres a big difference between an attorneys demand letter and a non-attorney's "please won't you" letter. You can view my cases and learn more about how it works and what has been accomplished. www.thedocexaminer.com. To view current cases, click on link in the left side bar column under "Attorneys." Please note, my fees are too low to pay a referral fee, but I have sources that charge the client a higher fee then send me the documents. I examine California docs only

ppulatie

2259 Posts

Posted - 06/29/2008 : 10:33:18 AM

We do end up being about the same. The important part is that both Chuck and I will be there to support the client if something other that a loan mod is required. We also backup the attorney.

Can't get that service everywhere.

teamlend

371 Posts

Posted - 06/29/2008 : 10:46:50 AM

Thank you both!

I went to both websites. Gotta say, Chuck posting actual cases and results is very powerful. I would love to see a new post asking all the "modification experts" to post real cases. So many "specialists" all of a sudden. I think this would be a very informative thread and hopefully help the B.O members weed out the scammers!

Patrick- I would as a consumer like to see you post these cases on your site also.

ppulatie

2259 Posts

Posted - 06/29/2008 : 10:53:39 AM

I am actually starting to put together a "case" portion myself. The problem is finding time. I am getting overwhelmed with stuff to do, not to mention the audits. And when I get "stuck" babysitting the grandkids and granddogs for the weekend, I get further behind.

One think about audits, a person must be half detective and half psychic. That is because you never know where one small item, whether from the narrative or the paperwork, will lead.

On one, a seemingly casual and irrelevant comment, led me off in a completely different direction, and led to me finding forgery and notary fraud.

teamlend

371 Posts

Posted - 06/29/2008 : 10:57:42 AM

Thanks Patrick.

I really like what you offer.

chasjh46

210 Posts

Posted - 06/29/2008 : 11:02:44 AM

quote:
Originally posted by teamlend

Thank you both!

I went to both websites. Gotta say, Chuck posting actual cases and results is very powerful. I would love to see a new post asking all the "modification experts" to post real cases. So many "specialists" all of a sudden. I think this would be a very informative thread and hopefully help the B.O members weed out the scammers!

Patrick- I would as a consumer like to see you post these cases on your site also.

Thanks, I only put those cases on the website for attorneys to view. I have a go to attorney for all those cases but he is way too slow for me. By doing it this way, I'm able to get attorneys to compete giving my client a better deal. I don't put all the cases on the site, only the ones that are eligiable for litigation. The staright up loan mods are already assigned.

teamlend

371 Posts

Posted - 06/29/2008 : 11:12:57 AM

Be as humble as you want. I like that your posting this info. Made me start a new thread. ;)

chasjh46

210 Posts

Posted - 06/29/2008 : 11:31:14 AM

quote:
Originally posted by teamlend

Be as humble as you want. I like that your posting this info. Made me start a new thread. ;)

Can't wait to see that thread.. please send Pat & I a link to it.

teamlend

371 Posts

Posted - 06/29/2008 : 11:33:56 AM

http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=229632

ppulatie

2259 Posts

Posted - 06/29/2008 : 11:35:55 AM

I have had three calls from attorneys after they viewed my website. Going to be a good source for me.

teamlend

371 Posts

Posted - 06/29/2008 : 11:38:31 AM

Yes. Very good information.

ppulatie

2259 Posts

Posted - 06/29/2008 : 11:42:48 AM

Even better when I put up the Complaints and lawsuits.

BTW, I read the Countrywide Complaint. The State really did a good job on that one. Actually, it could set the stage for a major class action.

FLProcessor

429 Posts

Posted - 06/29/2008 : 5:31:07 PM

I'm still trying to find out... What is it that an attorney can do, that a non-attorney cannot?

I always read posts with similar styles: "we work with attorneys that can do [imply more than a non-attorney can do here]"

Like I've said in the past, if I were a bank and one of my customers could afford to pay an attorney, I'd be less willing to negotiate than if the customer called me himself (and actually knew what he was doing).

ppulatie

2259 Posts

Posted - 06/29/2008 : 6:17:18 PM

Your problem is that you are looking at things rationally. And you are missing some facts.

Lenders don't want to do loan mods. They don't make money on them. It is an added expense and nothing else.

Each person in their loss mit department has from 500 to 800 files to work on at any one time. They can't handle these files. So most get nowhere.

People don't know how to communicate with the loss mit person and have no idea of what the requirements are for getting a mod. So they are bound to fail on their own.

HUD endorsed agencies only get a few mods done per person per month. The best one in this area only gets 6 per month.

Lawyers doing it get their attention. And the lender realize that if a lawyer is involved, more could be happening, so that could create a sense of urgency.

Until you have actually tried to do a few mods yourself, you have no idea of the hurdles. That is why a lawyer is needed.

quote:
Originally posted by FLProcessor

I'm still trying to find out... What is it that an attorney can do, that a non-attorney cannot?

I always read posts with similar styles: "we work with attorneys that can do [imply more than a non-attorney can do here]"

Like I've said in the past, if I were a bank and one of my customers could afford to pay an attorney, I'd be less willing to negotiate than if the customer called me himself (and actually knew what he was doing).

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