| Residential mortgage brokers are looking for a new | | | | greedy lenders have brought this country to it's |
| line of work, but many of them are still seeking the fast | | | | financial knees. |
| buck. Gone is the residential mortgage business in a | | | | If you apply for a Mortgage Loan Modification, try to |
| world where houses doubled in value in a matter of | | | | sign up with a company, like mine, who has an |
| months. Have you wondered where all these | | | | attorney as a principle owner of the firm. Attorney's |
| mortgage brokers have gone? | | | | are exempt from the Foreclosure Consultant law and |
| You may see advertisments for Mortgage Loan | | | | have always been able to legally accept fees upfront. |
| Modifications and behind the fancy terms like loss | | | | After all, attorney's have too much to lose and the |
| mitigation and forensic audits, you're going to see some | | | | majority I deal with are forthright and honest. |
| of the same faces. I'm wondering as should you, how | | | | What should you expect from a Loan Modification |
| these same people can assess your ability to apply | | | | Company? Initially, there will be a lot of paperwork as |
| for a mortgage loan modification, when they are some | | | | the Loss Mitigation team determines your ability to |
| of the same people who sold you a terrible loan to | | | | qualify for modified terms. This will require honesty on |
| begin with. Just a thought. One, perhaps worth | | | | your part, because the figures you provide will have to |
| pondering. | | | | be documented and proved with tax returns and bank |
| In California, there is a Foreclosure Consultant Act | | | | statements. |
| which clearly defines what is permissible. Accepting | | | | The telling point will be an underwriters ability to think |
| money upfront for work yet to be completed is | | | | like a lender. Will a lender buy the deal? Is it possible |
| against the law. I don't know about you, but I'd be | | | | with just a few hundred dollars more, you will be able |
| cautious about giving money to somebody who was | | | | to stay in your home and make the reduced |
| recently selling residential mortgage loans. | | | | payments on time? This ability to see through the |
| Please don't get me wrong. Before the mail starts | | | | financial forrest is what makes a good loan |
| rolling in, I acknowledge there are many professionals | | | | modification team. |
| with a wealth of experience. Many of these loan | | | | You're going to need people who have dealt in |
| brokers have a sterling reputation for honesty and their | | | | numbers and are experienced enough with financial |
| ethics are beyond reproach. It's the other guys I'm | | | | statements and ratios. Look carefully, but if you're |
| talking about. The huge numbers, who, together with | | | | serious about keeping your home, act quickly. |