Many people often ask me if I can send them an exhaustive list of lender contact info to help them with their loan modification business. Unfortunately, I don’t have that, and it’s likely that no one will ever have that. There are literally thousands of different banks out there, many with multiple numbers and departments depending on the specific investor or region for any given loan. To confuse matters more, lenders change numbers, create new departments, change processes and go out of business from time to time, especially these days as banks are cutting jobs and dealing with high volumes of defaults and mod requests. Plus banks get bought by other banks, sometimes keeping the old department and numbers, and sometimes not. Long story short, compiling an accurate, up-to-date, and exhaustive list would be extremely difficult, if not impossible. You’re better off just keeping your own current lender list and updating it as you go. Add to the list every time you have a client with a new lender. All the info will be on the mortgage statement and the website, and you can get specific department (i.e. Loss Mit, or Loss Mitigation, department) contact info from there. You should keep a lender contact spreadsheet to help you keep your files and communications organized. All that said, however, here are some websites that have lists of contact info for many common banks. I’ve personally checked the links and called some of the numbers on these lists; some still work, while some don’t. These links can be a good start for compiling your own list. http://lvattorneyma.wordpress.com/2008/12/13/list-of-loan-modifications-lenders/ http://www.loansafe.org/forum/loan-modification/133-lender-information-apply-loan-modification-loan-workout.html

The home loan industry has changed stated income loans requirements if you don’t know yet. Most lenders now want full documentation loans and borrowers qualifying by using traditional debt to income ratio calculations. This directly affects the high cost housing markets like California, Florida, and the tri-state area of New York, New Jersey, Connecticut as well as parts of Maryland, Virginia, and Massachusetts. The reason is a lot of homeowners in these markets used adjustable rate mortgages and qualified by using stated income, stated assets and some instances no verification of employment.The adjustments for adjustable rate mortgages (ARMs) will continue through 2010 and into 2011. Most homeowners will be unable to refinance due to loss of equity in their home, their job, or other hardship. So, their best option is to negotiate with their loan servicing company or let the home go into foreclosure. Homeowners need to understand that when they send in a payment to the lender or loan servicer, that is their primary business to collect debts not negotiate with the public to change terms or modify interest rates. Furthermore, in a majority of the cases the borrowers do not get through to the right person or worse yet call them back in a timely fashion until they are close to foreclosure.If a borrower has a truthful hardship and the bank is slow to react or refuses to listen what happens is a foreclosure results and the borrowers credit is hurt for seven years. When you are facing this situation and getting nowhere with a business and you don’t get the results you need in a timely manner, you should hire an attorney who specializes in foreclosures and loan modifications!There are many stories from borrowers who say they most banks will not discuss your situation unless you are behind two to four months in payments. Once that occurs, your hard earned credit scores from years of being responsible are wiped out. Furthermore, you may never be eligible for a home loan at market rates for quite some time. The solution is to use a Loan Modification company that actually does have an attorney on staff to get answers and responses quickly so your situation is resolved quickly. You end up keeping your home, getting a loan modification, reducing your interest rate to an affordable level, and in some cases reducing your loan principal but there’s no guarantees. An experienced debt representative from the attorney backed loan modification company will call you to see if you do qualify based on certain criteria. Although, some firms will take your money and you don’t qualify. Those are the ones you have to watch out for. They hit you when you’re down. Work with a company that has success, years of experience, paralegals and an attorney on staff. You will feel more at ease knowing you have the best team working on a solution for you whether it be a short sale, a deed in lieu of foreclosure, tax ramifications of short sale, or a loan modification.A lawyer who specializes in negotiating with lenders can achieve magical results especially if they find RESPA or TILA violations to use for leverage. A real estate attorney understands how to speak their language and get the lender to negotiate. When a homeowners uses an Attorney, the lender’s loss mitigation and legal department become very receptive and responsive. Get a good legal team on your side to stop foreclosure and get a loan modification!

How to choose the right telemarketing list?First of all after you’re compliant with a SAN number you need to figure out what your target marketing will be. Constructing a proper call list is very important to your success. It is an absolute must to figure out the target audience and then mold your list around that. For example, if you target reverse mortgages you want to filter by homeowners that are over the age of 62 and have 60% or lower LTV, scrubbed against DNC of course. Another one might be to target renters that make a good income to try and convert them to buyers. Not only is it a great time to buy in most markets with the values so low, but you can also network with realtors this way. Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn’t the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center.

The Filterable columns normally includes:- Loan Type (Variable & Fixed)- Credit Score Range- Credit Card User / Debt- Loan Amount- Home Value- LTV- Loan Origination- Length of Residence- Lender TypeThe second data bank that is most common is the Prescreened data directly from the credit bureau. This requires an approval with each buyer as well as third party agreement not to resell the data or misuse it. The bureau’s data is filterable by credit selects obviously and runs very very accurate. About 90% is the average accuracy. This stuff runs between 28-38 cents per record depending on the vendor and filtering. If you go directly to the bureau and skip the vendors you can get the data cheaper per name but they make you commit to $10,000 per month. This database is best used by a single dialing LO of a small shop with a bigger marketing budget. The filters that are mortgage related to this data are:-Revolving Credit Balance-Credit Score-Monthly Payment-Delinquencies-Mortgage Origination-Bankruptcies-Mortgage Balance-Length of Residency-LTV-Phone Number-Installment Loan BalanceThe third type of list is a specialty list. This is where you go and find a niche database. One example of this would be the Adjustable Mortgage Leads or Loan Modification Leads. These are very niche and expensive but if you manually dialing sometime the investment are worth it. There are compiling agencies that gather this targeted stuff and sell it as a premium. The compilers include title agencies, certain lenders, etc..The main thing to think about when paying for a list is to deal with a sales rep that knows their stuff. Not just some order taker that knows nothing of your industry. Make sure that they are scrubbing for DNC and also make sure you do your due diligence on picking a legit vendor. There are a ton of resellers out there and you need to be careful! Do your research on the company and its track record before diving in with your check books!

www.surefireloanmod.com Todd Wetzelberger tells you how to separate a good loan modification firm from a scam “mod shop”. He also details his own experience getting his own loan modifications on his property in New Orleans after Hurricane Katrina.

www.bankmortgagesecrets.com How to do Loan Modification Best loan modification without loan refinance best strategy for The Obama plan. Avoid bankruptcy, loan secrets banks do not want you to know.

I was watching Fox News last night and saw their free loan modification story. They made it sound so simple and enticing that I could immediately tell that none of the people involved in the production, filming, or writing of the piece had ever tried to do a loan modification without an attorney. Well I have tried, and I’m writing this to say that even if I had completed my modification it wouldn’t have been worth the wasted time and aggravation spent pursuing it on a day to day basis. In fact, the one thing I was waiting for was a couple testimonials from people that had done it themselves. Needless to say, there were no testimonials. I know why, too. Even if they had found someone that had seen their modification through to the end I’m pretty sure they wouldn’t be happy about it. Maybe relieved, but not happy. In my own experience after months of hold time, snotty people at my bank, and hundreds of unreturned calls all I wanted was for it to be over and I didn’t care whether it happened or not. I just wanted it over. Any testimonials like that would not have fit in to the sunny disposition of the report so in the back of my mind I knew I wasn’t going to be hearing from any success stories. I’ve got to say, the piece actually upset me a bit because what was being said on the show was nothing like the reality of trying to get a do-it-yourself one done. I actually went to a couple non-profits that provided counseling and information but came away from them feeling like maybe I had taught them more about flying solo than they had taught me. At any rate, I didn’t walk out of one of those meetings feeling like I was loaded for bear and ready to represent myself in an actual negotiation. Part of that was because my mortgage was really complex with negative amortization and a bunch of moving parts that determined my interest rate. Dealing with my bank was a pretty horrendous experience too. The bank wasn’t very helpful at all during the times where I didn’t understand what they were talking about or had questions on things like what to do next. A pretty common response was “We are your bank but we are also re-negotiating a contract you signed. It is not our job to walk you through the process to help you negotiate with us.” That seems to be a pretty common mentality as I found out from chatting with many people with similar experiences. I should mention this as well. My house was fast coming up on a foreclosure so time was becoming more and more precious. The most wearing part of the whole thing was knowing that there was nothing I could do, being reliant on people that really weren’t interested in what happened either way. It wasn’t until an acquaintance mentioned that Feldman Law Center had done his loan mod that I first heard of the company. He said his was done by an attorney and considering that my payments were a bunch of months late that should think about using one too. By that point I was more than happy to pay whoever wanted to take over the job for me. I handed everything over to them and they got the loan mod done. It just seems that there was so much naivety in the Fox News thing that I wanted to share my experience. I hope it helps. For more information on loan modifications call 1-800-470-0865 or visit  Feldman Law Center. The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.