It is completely understandable when we get into financial trouble. Maybe you lost your job or your rate adjusted. It could be anything. But it’s stressful at the very least.You really can’t afford to wait – you need to act now!
Allow us to introduce our company. We are comprised of a staff of seasoned real estate professionals from all walks of the industry with a minimum of 15 years experience each. Our primary goal is to assist you through the minefield of Loss Mitigation.
As you know there are many companies out there that claim to have a 100% success rate, are able to lease/purchase your home or are simply short sale “experts”. These scam artists are what we distance ourselves from.
We don’t want to buy real estate, nor can we guarantee positive results since ultimately the decision lies with your lender. However; what we can guarantee is that you will be treated with respect and dignity through this tedious and often nerve wracking process.
Due to the dramatic changes in the lending market there are a number of avenues that can be pursued and unfortunately the average borrower has little knowledge of how to negotiate with their lender; thus you end up hoping for a windfall or simply bury your head in the sand.If you are about to become, or have become behind in your mortgage payments please allow us the opportunity to assist you in finding an appropriate solution. Even if you are in foreclosure we can still manage to find options.We appreciate your time and look forward to speaking with you in the near future.
Please contact us via e-mail admin.holmesandjohnston@gmail.com or call (630) 593-5997
We invite dialogue so feel free to post questions or comments about your situation and we'll post responses
Monday, October 15, 2007
Loan Servicers and "Mods"
Typically when a loan is financed it is done through a matrix of solutions; however the outcome is the same - you end up making your payments to a "servicer". This servicer maintains your loan, accepts and posts your payments, handles your escrow account (if applicable) and finally fowards monies to the person or persons who actually own the loan.
There has been a lot of talk lately about servicers not being flexible with borrowers in trouble. This is actually the case however the reason is that the borrower ends up talking with a front line collector. If the servicer doesn't perform they simply will lose an entire portfolio of servicing agreements which equates to one thing - money.
Being in the industry we know that in more cases than not the loan owner has no clue what the servicer is doing to try and mitigate a possible foreclosure. And when they find out that the servicer is not working with the borrower they are livid.
For instance, if a borrower falls behind on payments and calls the servicer they will be offered a "Mod" or a Loan Modification. The caveat though, is that the servicer will ask for a lump sum of money up front and then put the borrower through a "trial" period to make suer payments are being made on time. If the borrower is already in trouble how can they come up with a lump sum of money? It's foolish.
Estimates for forclosing on a property are roughly $60,000. Why wouldn't the loan owner want to avoid this expense? Loan owners aren't in the business of owning and selling real estate, they are in the business of making money.
The process is time consuming but never fall for the lump-sum loan modification. And never, ever talk to anyone but the supervisors' supervisor.
With professional help you can avoid the mine field and get right to whom you need to deal with.
There has been a lot of talk lately about servicers not being flexible with borrowers in trouble. This is actually the case however the reason is that the borrower ends up talking with a front line collector. If the servicer doesn't perform they simply will lose an entire portfolio of servicing agreements which equates to one thing - money.
Being in the industry we know that in more cases than not the loan owner has no clue what the servicer is doing to try and mitigate a possible foreclosure. And when they find out that the servicer is not working with the borrower they are livid.
For instance, if a borrower falls behind on payments and calls the servicer they will be offered a "Mod" or a Loan Modification. The caveat though, is that the servicer will ask for a lump sum of money up front and then put the borrower through a "trial" period to make suer payments are being made on time. If the borrower is already in trouble how can they come up with a lump sum of money? It's foolish.
Estimates for forclosing on a property are roughly $60,000. Why wouldn't the loan owner want to avoid this expense? Loan owners aren't in the business of owning and selling real estate, they are in the business of making money.
The process is time consuming but never fall for the lump-sum loan modification. And never, ever talk to anyone but the supervisors' supervisor.
With professional help you can avoid the mine field and get right to whom you need to deal with.
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