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I heard on NPR that mortgage brokers who made a lot of money during the housing boom are now making a lot of money doing loan modifications. How is loan modification lucrative? How do people get paid to do loan modifications?

Do it yourself. Most of the companies are scammers, take money and don’t achieve anything you couldn’t achieve yourself, and frequently achieve nothing at all. The companies collect up front money from the borrowers.

Call you lender and keep calling and asking about loan modification. Ask about how they are implementing Help for Homeowners. Persist.

Most loan modifications are only a reduction of interest rates or a change from ARM to Fixed rate loan.

home loan modification vs mortgage refinancing, are they the same thing?

A mod will take your existing loan and make changes to it it can lower your interest rate and your payment or just lower your payment the bank will take your financial information from you and then they will determine how much you can afford to pay a month then the mortgage company will make a decision based on the information they have got from you if they will do the mod but with the new obama plan they will give you a mod for 3 months to see if you can make the new payments is you can then you get the mod if you can’t then you don’t and the obama plan will give you a fixed interest rate instead of an adjustable one
A refinance will give you a completely new loan so you could get a lower interest rate and a new payment but if you are behind in your current mortgage most banks will not touch your loan and you will have to try and get a modification

I am just doing some research if anyone has had any luck with this also do you thing eventually all folks with sub prime loans will be modified without reason.
note: all advertisements will be reported.

Don’t need a mod. I bought a house that I can actually afford, got a 30 year FIXED loan,did not buy at the height of a VERY obvious housing bubble, plus I put down some actual cash. Responsible home buying = no need for modification.

Is there a good book or program or even training seminar that is reasonably priced, teaching people on how to profit from Canada foreclosure listing?.

I think this is the best time to make money from Canada foreclosure listings. I haven’t seen a time when you can get prime Canada properties at such a low price.

without a doubt, good profits can be made on these Canada foreclosure listings. The only thing is we need to find out how to obtain inside information and data on Canada foreclosure listings.

As not all properties are listed, it is essential to have inside information. Without that inside information on Canada foreclosure listings, it can be very difficult, if not impossible, for people to find homes that they can invest in.

I joined this membeship and it really helped me understand the whole business and showed how a small group of ‘Insiders’ In B.C. & Alberta are making massive profits by getting Canada foreclosure listings before the public (Including even realtors).

I want to keep my home but the lender will not take my money. They send it back to me?

Make the banks financial officer an offer he can’t refuse.

Can a collection agency have a levy or jugdement place on real estate property and personal property owned by the debtor? The propery foreclosed on the 1st lien but the 2nd is still outstanding (currently in collections). The property is located in SC but the debtor works and live in NC? Also if the debtor is 50% owner of his personal home and the other 50% belongs to the wife, can jugdement still be placed on the personal home?

you both are responsible and whether the property is real estate or not if you own it or your spouse in some states a lien can be placed against it

I need to get Loan Modification, I have no proof of my income. I am self employed.

Is it possible to get loan modification?

Yes. We are now witnessing that most lenders will accept loan modification applications from homeowners who foresee a problem meeting their home loan payments due to interest rate resets or financial hardship. The Federal government is urging lenders to proactively reach out to homeowners who face potential default. The Loan Advocacy Group’s loan modification process allows you the homeowner to apply for a loan modification without being currently un-employed.

to get the more best solution try here http://www.iloanshop.com/loan_modification_stop_foreclosure.php …….!

Good Luck…..!

I have spoke to several different "professionals" some have told me that they can lower the balance and the interest rate. Then I talk to my mortgage lender and they tell me they will not adjust the balance only the interest rate. Please help me w/ any information, Thanks!!!

The above contributors have pointed out good information. Its really complex but for the purpose of answering your question, I’ll simplify my answer to make it brief.

The lender has many of options in making the modification work for its homeowner but its in their best interest to make sure the investor is getting the return he/she expected. With that being said, most lenders will only reduce your interest payment to lower your monthly payments to an affordable amount. This can be a tremendous advantage under the Obama plan if you send in add’l funds to reduce the principal by the end of 5 years.

There are cases where lenders reduce the principal but its creative lending per se, you were on an adjustable rate with the interest rate capping out at 19% and the appraised value is over 40% lower when purchased, then the lender will renegotiate the loan considering the market and the fact that a reduction of interest still wouldn’t be suitable as reasonable payment to keep the home from going into foreclosure. But that’s very rare.

Your best bet is to get the approval for the loan reduction modification which is what a majority of lenders are offering.