Thread: Loan modification instead of foreclosure

I am getting that questions a lot lately. I would start with your mortgage company. They are going to do almost anything for you at this point to avoid the foreclosure. Make sure you understand the terms of the agreement. Your lender will lower your payment and reduce you rate, but tack everything on to the back of the loan. If you go with a service to negotiate your loan they will have a better chance at getting a portion of the debt cancelled.

Third party professionals can get you better results in a shorter amount of time. EMC for instance tells their clients to send in their request for a loan modification and they will get back to you in 4 to 6 WEEKS! EMC also tells people if they are represented by a professional third party that the response time is only 48 HOURS! I have read other posts that were referring to a local company that you might want to research LasVegasLoanMods.com

Originally Posted by gamma

Can someone point me in the right direction? I want to get a loan modification or at least see if I am a candidate for one.

The majority of the time, the lender will not approve a loan modification. If this is the case, consider doing a short sale on your home before walking away from it. This will affect your credit much better than a foreclosure will and you will most likely be free of debt. It is usually the best option for someone that cannot get a loan modification and is heading towards foreclosure. If you need an agent in your area that is versed in short sales, let me know. I have referral contacts all around the country. I would be happy to refer someone to you. I specialize in short sales, but I am located in Las Vegas.

If you do think about talking to a different third party to get your loan modified, do your homework on the company before you hire them. (And be especially wary of making up-front payments , because you may unfortunately see the company not follow through on their commitment to you.) Many times these companies will only be doing exactly what you could have done yourself for free.

Talking to your lender is likely your best bet, but if that doesn't work, you may want to look into the FHA program called Hope for Homeowners (H4H).
I don't have enough forum posts to allow me to post the link here, but do a Google search for "Hope For Homeowners" and it should be the first non-sponsored link that shows in the results. (Make sure you're looking at the HUD website, not a third-party website.)

The government is really pushing for lenders to do whatever they can to help home owners stay in their homes, so the H4H program can be a good resource.

I am a Loan Modification Consultant with Las Vegas Loan Mods. We are an example of a third party company that does a free analysis of your scenario and will then tell you if you are a good candidate for a loan modification. If you are we will show you the target reductions in payment we would like to achieve. If these numbers sound good to you we collect a one time, all inclusive fee of $2,899 (that includes the Las Vegas Attorney fees). If we are unable to get the loan modification completed successfully we offer a money back guarantee. We would then prepare your hardship package for you and get an expedited response from your lender. Once we have negotiations open with your lenders loss mitigation department we turn your file over to the Attorneys we work with and they hammer out the final deal for you so that you are protect to the fullest extent of the law. If we can help you or anyone you know please don't hesitate to contact us.

Best Regards,
Robert Adams
Loan Modification Consultant

Robert,
I have been telling people to check out your site! I did not know you were a member of this site too. Good to see you posting. Keep up the good work.

Originally Posted by Mr_Harris_2_U

Robert,
I have been telling people to check out your site! I did not know you were a member of this site too. Good to see you posting. Keep up the good work.

Thank you for any business you send our way! We always appreciate referrals. I am new to this site but I have found it very informative and a great place to exchange ideas and ask questions.Thanks again!

I have been googling the loan modification companies and trying to read up on them as much as possible. there is so much information out there it is hard to keep it all straight and tell what is a scam and what is not. I called Robert above and I am planning to meet with him later this week. I will write back and post the info I learn in an attempt to help others. Thank you all again for helping point me in the right direction.

Hi ETrain, to get to the right direction you need to find a loan officer. My advice to you is, find a good loan office so that you'll be guided to your loan modification.

Tommy Leigh
North American Financial
primelendinglv.com