Florida Loan Modification: 3 Questions To Ask A Potential Loan Modification Company
I have talked with quite a few individuals in the past few months who have asked me the question “who should I use to help me with a loan modification?” It is fairly common for this question to come up in South Florida because during the boom years investors bought many condominiums in the Fort Lauderdale, Miami and Palm beach areas. Most investors purchased units just to flip for a fast profit but most got caught, not in the summer hurricanes, but the financial storm that is still hovering over hard hit Florida.
If you are currently thinking of using a Florida loan modification firm or home loan lawyer to help you with your loan modification, here are three easy questions made to help you narrow down the “top” loan modification companies from the “worse” loan modification companies.
Before you say anything about your situation, ask yourself this question. The majority of the time, the person looking and comparing loan modification options will be very disoriented about their situation, they will search for somebody to listen to them go over their situation first.
Don’t do this.
Request from the loan modification company “how are you sure you can assist me” first and allow them start talking first. Let them explain the details and qualifications to see if they can help you or not, what they look for in order to be sure they can provide you with help and what results they have experienced.
The more results that you can get from them up front, before you tell them about your circumstance, the probable chances of receiving a wise thought increase if they really know the process.
Do you have three previous people who live in Florida that you have helped get their loan modified?
Don’t miss this question and be sure to follow up and talk with their references first.
You will learn more from these three references they give you than you will from talking to anyone at the company. You will learn what the process was like, how the easy or dofficult it is to work with the company and was it worth the cost?
is your strategy to use lender violations of law in my current loan as negotiating power in the process?
In a loan modification, there is an “simple method” to get it finished and a “difficult method”. The simple method is when the loan modification company representative begins speaking with your lender and negotiates out a loan modification – only based on “what type of monthly payment you are able to afford based on the hardship”. In many instances, the “simple” loan modifications are completed in a few minutes and actually do not include any kind of arbitration – due to no reduction of principal – only a payment modification which is usually a reduction.
In some circumstances, this kind of loan modification is received well.
However, other situations call for further negotiation, for example, for people who owe significantly more on their homes by hundreds of thousands of dollars, “the difficult method” may yield better results. “The difficult method” involves the personnel in the loan modification legal department reviewing your documents that you signed when you received the loan and looking for lender violations. The majority of loans do have these legal errors and “the difficult method” uses these violations as power to negotiate for a reduction of principal or at times a full loan rescission which means your complete mortgage loan is taken back and you will not have a mortgage anymore.
How Much Will It Cost? Bonus Question
Please understand that this is not your first question.
How much a company charges is an important factor, but it is not the single most important question. It doesn’t matter how much they charge if they are not successful in getting your mortgage loan modified so asking the question of “how much will it cost” upfront tells you little about their success.
As a rule of thumb, expect an upfront fee (typically beginning at $495 to $3,000) and sometimes an additional fee if they are successful (generally 1-2% of your loan amount) and remember – if a company offers to do your loan modification with no upfront money and doesn’t succesfully complete your loan modification, it is more costly than if you paid $3,000 upfront and a 2% of your loan amount as a success fee.
Learn How To Do Your Own Loan Modification Without The Help of a Loan Modification Company
Homeowners interested in apply for a Mortgage Modification can do so with a Real Estate Lawyer by visiting http://www.OCRealEstateLawyer.net website to have experienced paralegals, debt negotiators supervised by Attorneys or they can opt for a short sale
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I have talked with quite a few individuals in the past few months who have asked me the question “who should I use to help me with a loan modification?” It is fairly common for this question to come up in South Florida because during the boom years investors bought many condominiums in the Fort Lauderdale, Miami and Palm beach areas. Most investors purchased units just to flip for a fast profit bu…
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