Finance
What I wanted to do with this article is to
educate Colorado homeowners as well as the
Myth: Hope Now and the Presidents plan are here
to protect your best interests.
press with the facts and myths that seem to
surround the ever elusive loan modification.
Fact: Yes and no.
I say yes and no because they are here to help but
Bryan Johnson
they only go one layer deep in their assistance with
struggling homeowners while knowing fully well
what is in the 2nd layer. So, why don’t they go the
Loan Modifications
extra mile and get into the legal arena on these toxic
loans? For instance, why don’t they review every
Myths & Facts
single borrower’s loan documents for legal violations?
Myth: Do you have to be late on your mortgage in The #1 reason is that these two entities are funded
There are a lot of myths surrounding lenders and
order to be eligible for a loan modification?
by lenders who don’t want you to go into that 2nd
layer and get into all that legal stuff that will bury them
servicers as to what they will and will not do during
Fact: No, you do not have to be late, but in lawsuits. They’d also rather not have the last nail
does it help if you are? HELL YES. In put into their coffin by being added to the infamous
The facts are that
the process. The confusion and inaccurate data that other words, you will get more attention
imploded lenders list {see http://ml-implode.com/}
and help on your mortgage from your
is propagating the internet and the news is based on ill-
Do they “really” have your best interest at heart? I say
loan workouts are
lender or servicer if you’re late.
a BIG FAT NO!
informed bloggers or journalists who really have no idea
I have been involved in many modifications where the
How can they have your best interest at heart when
happening in record
they are taking money from the very same people who
what is going on in the loss mitigation arena. This to
borrower was not late. However, these instances are
rare and require a tough battle to win. Is it impossible?
put you in the position you’re in now? In other words,
me is akin to someone who studies baseball and claims
No.
do not buy into their hype and propaganda.
numbers and it
It takes a person with thick skin and an iron will to do
If you feel you might be the victim of predatory lending
to be an expert, but has never caught a ball or swung a
is the educated
this. It’s not unusual for it to take 3-6 months of calls,
then call a competent mortgage lawyer. Do not call
bat in their lives. How can anyone take them seriously?
faxes, emails, letters etc. to get help before you get
Hope Now for help because you will not get help, let
relief. I have found that the person that is willing to be alone hope!
homeowner that
How can these same people be relied on by the media as
the greasy wheel and never give up is usually the first
person that gets the attention they deserve.
is getting relief on
“experts” when they have never even played the game?
IMPORTANT TIP: One of the most effective tools to Myth: Lenders and servicers are offering principle
I have written on the subject of and I have personally
cut through the toxic mortgage maze is a mortgage
reductions on borrowers whose mortgage balances
their mortgage and
audit or forensic loan document review that can help
are in the red and owe more than the home is
been involved in over 300 loan modifications both online
discover legal violations on your loan, which will help
worth.
saving their home.
you negotiate your mortgage before you are late.
and off. Our homeowner’s debt strategies website {www.
If your lender or servicer is facing a lawsuit based on
Fact: Yes, but this is very rare.
BryanFinancialGroup.com} continues to get flooded
legal violations on your mortgage, or they can simply
avoid litigation by modifying your loan, guess what
This is usually done when a borrower has a 1st and
with hits. My company helped 244 homeowners modify
they will do? 99% of the time they will cave to your
2nd mortgage and the 2nd is negotiated down and
demands and give you a sweet and affordable terms
settled for 10-20 cents on the dollar. The first is less
or facilitate short sales in March of 2009 and our current and payment. (one much better than you could have
likely to offer a reduction in principle unless they are
ever imagined or obtained on your own).
facing litigation and or there are legal violations on the
pipeline of active clients exceeds over 2000.
If they don’t assist you with a modification and there
borrower’s loan.
are legal violations on your loan, please consult with There are many scammers that claim they can do this
The facts are that loan workouts are happening in record
an attorney right away!
on a regular basis. Don’t buy into their hype or snake
numbers and it is the educated homeowner that is getting
I have seen modifications down to as low as a 1%
oil because that is all it is.
interest rate using the above methods. Yes, 1% that is
relief on their mortgage and saving their home. NOT a neg am! WOW!
(continued)
www.coloradohomeownermag.com article layout: Mary Gordon
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