Saturday, November 22, 2008

Loan Modification

What is loan modification and are you going to be posting every day Matt? The answer is, great questions. Probably not on the posting, but this is just something that I am actually really excited about for my friends, my family and my future clients. It really is going to help a lot of people get out of their financial troubles right now.

So what is loan modification? I wanted to go to a reputable source, not some off the street site that would be looking to represent loan modification in the best light. So, the HUD site, defines loan modification as this:

A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. (

What does this mean? Basically, the people who are falling behind in their monthly payments, have possibly lost some of their income streams, have adjustable rate mortgages coming up (ARMs) or any other possible reason for not being able to make the loan work and are ultimately, at risk for going into default and/or facing foreclosure are candidates. These people are now going to be able to have their loan changed to a permanent, most likely fixed rate, longer term mortgage, that will allow them the opportunity to stay in their home.

How can I get my loan modified? If you fit the above mentioned criteria or know someone else that does, honestly, call me (253-441-2262), email me (, track me down I will set you up. There are all sorts of attorneys that are working this system right now. I am currently getting set up with an attorney that charges about $2,000-4000 to negotiate the contract with your lender and come to terms. That might seem like a lot of money, but first understand that there are others out there charging 3 and 4 times that amount, but in the long run, you will realize the benefit of this cost hand over fist. I don't care what part of the country you are from, I can help you.

The reason I am excited about this...Is because the fewer homes that have to come onto the market because banks are taking them back or people are having to sell to keep from getting that foreclosure, means the sooner this whole thing is going to settle down and turn around. Once the glut of houses evaporates, prices will normalize. This is a tremendous opportunity. Call me!

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