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

Well, again we need to ask ourselves how many times the government has tried to fix something only to have little effect or even make the situation worse?  Enter the “Hope for Homeowners act of 2008″ (HUD refers to this as H4H).   Realtors, how did your last Short Sale go?  It’s a fair question because with the HOPE program we are asking the same loss mitigation departments to write-off the portion of the principal balance that is “upside down”.  The only difference is that the end result will be a new loan at 90% LTV instead of the sale of the property.  Is there any reason to believe that loss mitigation will be any more willing to write-off the thousands of dollars needed for the benefit of a refinance as apposed to a sale?   Another factor is that the lender will end up only about 85% of the current value of the property.  How is this?  Because it is a refinance with closing costs, and assuming the person in question qualifies for the HOPE refinance, they will most likely not have the $$ needed to pay for the closing costs & pre-paid items.  So a 90% LTV = 85% to the bank + approx 5% for closing costs.  Also, the Up-Front mortgage Insurance, which is currently 1.75% for a regular FHA loan, will be 3.00% for the HOPE loan!  The monthly mortgage insurance, which is normally .55% for a regular FHA loan, will be 1.5% for the HOPE loan!   I know there are a lot of people HOPEing this will be a solution to help our ailing housing market, I must at the very least be a skeptic.   Details about HOPE for Homeownership act.

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www.60minuteloanmodification.com –FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more.[Below is an excerpt from a live loan modification teleconference] Ryan This is the Clear Credit Group Mastermind Call. Welcome to our monthly teleconference. We’re here to beat the bank, protect our assets, and clean up our credit for life. Thank you so much for joining us today. I hope you have a pen handy. Monday the 16th we’re offering a very special, free of charge, call-in day. And here’s how it’s going to work. From 12:00 to 4:00 pm on Monday the 16th you can call Mike personally and ask any questions you like about loan modifications, short sales, foreclosures, anything else you need help with. FREE Loan Modification Quickstart CD www.60minuteloanmodification.com

Once you reach the point that you are considering loan modification as an option for you financially you have already done some fairly serious damage to your credit rating.
The truth is that every late payment you make chips away at your credit score a little at a time. If you are considering a modification loan then you have made at least three of your mortgage payments late.
Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;
“…Going through the loan modification process can actually affect your credit rating more than you might think. Although a loan mod will not eliminate any payments due on the principal of your mortgage, what it will do is wipe the delinquent payment slate clean on your mortgage…”
The modification of a loan requires a review of your current income to ensure that you will be able afford the terms of the modified loan. If you can show a lender that you can make the payments and provide them with a reasonable explanation of what happened that made you fall behind financially and how you pulled in back together the lender may approve you for a modification loan. The most important thing that this will do for your credit rating is to bring your loan current once again. As mentioned earlier your payments will not go away, those will be absorbed into your restructured loan and remain a part of the principal balance due. It will however remove all of those late fees and penalties that have accrued while you have been late.
“…Late payments account for about 30% to 35% of your credit score so every account that becomes current has a positive affect on your credit rating. The fact that the loan mod will create a clean credit entry where before there was a delinquent one will improve your credit rating. Loan modification may not solve all of the credit issues that are negatively affecting your credit rating, but it will begin to improve it instantly…” H. Milla added.
Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

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