LoanRescueAZ.com

Alternative to Loan Modification and Short Sales

If you owe more than your home is worth, are you aware that you have options other than a loan modification or a short sale? Thanks to a group of institutional investors that purchase bulk delinquent notes from the banks, you might be able to find some relief for your decreased home value dilemma through a mortgage principal reduction. If you qualify, your loan would be pooled with others to be purchased at a deep discount from the bank and your mortgage principal would be adjusted to 90% of it’s current market value.

So what do you need to qualify?  Well, at a minimum, you need to owe at least 25% more than your home is currently worth and secondly, your debt to income ratio can be no more than 50% with the new payment considered.  There are certainly other requirements, but these are the imperatives.

If you want to learn more and see if you qualify, 800-578-1897 for a FREE consultation.

Tags: loan modification, mortgage principal reduction, short sale

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Loan Modification Scams To Be Aware Of

Sadly, I am rewriting this blog post series due to a major crash of our website several months ago.  Originally, I wrote a series of several blog posts exposing several scams that I have encountered by talking to people who have spoken with ethically challenged loan modification companies.

First, I want to recommend that you do your due diligence on any company that you are seeking to do business with.  Also, if you have a sense that something is just not right, do with that inner feeling as it is probably your gut instinct protecting you.  With that, I would like to share with you the top 3 loan modification scams I have encountered in working with loan modification clients.

Loan Modification Scam #1 – No Job Required
Getting a loan modification approved requires a detailed process similar to that of qualifying for a mortgage, therefore you have to be able to show the mortgage company where your income is coming from to pay them on the new terms. Keep in the mind that one of the factors that led to the mortgage meltdown was the explosion of stated (overstated) and no income verification loans; many of which defaulted.  It would not make sense for the bank to make the same mistake twice, so if you do not have a job or your cannot qualify based on your taxable documented income, you will most likely not be approved for a loan modification.

Loan Modification Scam #2 – Payment Quotes Over The Phone
I was really amazed to hear that companies were giving people quotes over the phone in an attempt to seduce them and earn their business.  The fact is that a complete file needs to be completed and analyzed before an offer can be made, and chances are that the sales rep on the phone will have nothing to do with the approval process.

Loan Modification Scam #3 – The Over the Phone Guarantee
Now there are companies that offer guarantees and ours is one of them.  We guarantee that once we review the file, we will not proceed unless we feel we can get the job done.  We further guarantee that if we make an attempt and we are unsuccessful, we will refund your money.  What I am referring to are those that guarantee by phone that they can get the loan modification done.  This is impossible to do without having documentation fully reviewed, so it someone guarantees they can the job done, end that call as soon as possible.

Also keep in mind that the banks are still backed up with both loan modifications and short sales and the loan modification process can take up to several months to complete.  If you are in a critical situation of have a pending foreclosure, it might be too late, so you need to take action as soon as possible.  If you need assistance with a loan modification, please contact our team at 800-757-9704 or help(@)loanrescueaz.com.

Tags: loan modification, loan modification scams

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Is My Loan Modification Company Legitimate?

Sadly, there are many scams in the world of loan modifications. Some of the same crooks who created much of this mess are now trying to cash in on once again desperate people.  It is a sad reflection of where we are as a society, but rather than was philosophical, I will discuss a few ways to know if you are dealing with a legitimate company.

Generally, you will be dealing with either an attorney, a loan modification company, a mortgage professional, or a real estate professional.  Keep in mind, that this is a service that is in it’s infancy so few people can claim they have been “doing this for years”.  That in itself would be a tip off that you are at least dealing with someone who is not being up front. Perhaps, they have been in the real estate or mortgage business for many years (as we have), but not as a loan modification specialist as the job did not exist until recently.

Also, just because someone is in the real estate or mortgage business does not mean that they have any understanding of the loan modification process or have a better chance at getting a loan modification approved for you. 

In the next three blog posts, I will identify several shady tactics used by some of the scam artists, but in general be awat of any “fast talking salesman” who makes you feel pressured to make a decision.

Lastly, do your due diligence as you would with any other type of service. Many people are too embarrassed to ask others if they know of any reputable companies, so I don’t expect you to do that, but at a minimum do a Google search on the company and also check the BBB for any negative entries. You should also know that not being listed is not an immediate disqualification as the BBB is a for profit entity and many reputable business owners forego paying their fees, however a complaint can be lodged against a company that is not a member, so having a complaint is still a valid negative.

LoanRescueAZ.com is a loan modification consultancy offering referrals to a nationwide, BBB rated loan modification firm.  We offer free consultations for homeowners facing foreclosure or other financial challenges related to home mortgages in all 50 states.  Contact us today to see how we can help you save your home.

Tags: loan modification, loan modification scams, stop foreclosure

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