- Is my service fee guaranteed? Are there any hidden cost? Can I get it in writing?
Understanding your total cost for the loss mitigation process goes a long way towards allow you and your family to budget during your times of hardship. You always want to know how much you are going to pay and more importantly that it is guarantee. Without a proper guarantee, even a slight change in cost can affect your budget and put you and your family in harm’s way. ApproveMod gives you one fee and it is all inclusive --- no hidden cost.
- Is your company a civilian based model or attorney based model?
We are an attorney based model loan modification company. Civilian based model loan modification companies are out there offering you the same results that you could get yourself. Without the clout of an attorney on your side the loss mitigation department of your lender will bully you around. They are going to help the problem in the short term but not fix it. Their results include lowering and fixing your interest rate for a short period of time and often adding an interest only option or stretching your amortization to 40 or 50 years. While they will be able to get results better then you could yourself the benefits they produce are drastically less than what We can get done.
Attorney based loan modifications are by far and away the most beneficial to the homeowner. The major difference is that we find predatory lending violations in your loan documents and threaten a lawsuit if they do not comply with our modification request. Some of our request include but is not limited to a balance reduction if you are upside down, an interest rate reduction, fixing the rate, first payment deferment for a few months, and, if requested, a change in the terms of the loan (i.e. stretching out the repayment period to further lower the payment). When we find a violation that is a fine plus attorney fees we break down what it is going to cost the bank over the cost of the lawsuit versus our modification proposal. The numbers work so heavily in our favor that they have no choice but to comply. Do not be fooled by non-attorney based modification companies or ones that overcharge.
Lenders and servicers are very busy with desperate homeowners trying to save their homes from foreclosure. Unfortunately, they do not have the man power or the capabilities to save everyone. Many people are simply getting lost in the system and suffering an unnecessary foreclosure when they could have worked it out with their lender. With an attorney involved, you have an important ally in your corner to get you the mortgage help you need. Oftentimes, this can make the difference between saving your home and losing your home because our attorneys understand State and Federal laws as well as lending regulations.
A civilian based loan Modification company simply submits a package similar to a loan submission to have the lender review and decision. This DOES NOT achieve the best result for the borrower. In matter of fact it could make matters worse due to the fact one has exposed themselves to the lender without properly evaluating the entire situation.
- Is the attorney a real estate attorney? Does he actual work on the file?
There are a lot of loan modification companies who have circumvented the law by renting attorney license to do loan modifications. The attorney does not even look at the file or is involved in the negotiation. In other instances, there are attorneys who are personal injury attorneys or worker man compensation attorneys who have not experience in handling negotiations with the investors. You need expert advice not to fall victim to another scam. A great way to determine this is who are you writing the checks out to? Who is the contract with? The answers to both should be the attorney.
- If you are a civilian based model are you approved by the Department of Real Estate?
Depending on the state in which the property is situated there are certain laws that a civilian loan modification company must adhere to. All civilian model modification companies must have a designated trust account set up and an advance fee agreement on file with the Department of Real Estate. A list of current companies approved by the DRE is provided here. http://www.dre.ca.gov/mlb_adv_fees.html STAY away from companies that are not approved or not attorney based.
- How long does it take for you to complete the loss mitigation process?
The timeline depends on the state of foreclosure you may be in, your financial position, and your lender. Typically it takes several weeks to complete a work out agreement and stop foreclosure proceedings. We start working on your case as soon as we receive you paperwork. Again, we know time is of the essence. More importantly, we have developed the Rapid Response Guarantee (R2). During your introductory compliance call, a personal loss mitigation specialist will prepare your documentation for review by our in-house attorney. They will be your main point of contact. During this call, you will tell your personal loss mitigation specialist how you want to be contact with updates, by what means, and at what times. You are not going to have to chase us down for status on your case. We will keep you informed every step of the way.
6. Are there any references that you have or samples of approved loan modifications that your company has done?
How do you know you are making the right choice when choosing a loan modification company? After all you are trusting them to save your American Dream. Trust and verify. Ask for samples of negotiated loan modification terms. A legitimate company will also be willing to provide you with the necessary documentation needed to make an informed decision.
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