Loan Mod Training | How To Do Loan Mods | Mortgage Loan Modification | Realtor Loan Mod Training
Mortgage Loan Modifications as a solution to the ‘housing crisis…’ have now become the defacto political solution to ’save housing’. Expect to see the FDIC spearheading a national program.
Mortgage loan modifications are the preferred ‘first strike’ solutions for lenders. Lenders are already contacting homeowners whom they suspect may be heading for foreclosure to do mods. You read that right, lenders are contacting their borrowers before they even miss a payment offering to mod their mortgage.
Clearly, Realtors who know how to offer loan mods are putting themselves in the right place at the right time. Loan mods area fantastic way to help others and earn great money for doing so.
Watch this free video now how to modify your own mortgage (lower your own house payment) then…start offering loan mods to others for a fee. Most loan modification companies charge upward to $3,000 for modifying a loan!
In a report Thursday, the Center for Responsible Lending, a nonpartisan research firm, called on lenders to modify mortgage terms for subprime borrowers, saying the financial damage caused by subprime lending will fester without modifications.
The organization pointed out that 1.5 million families have lost their homes and another 2 million families are facing that fate.
“Because the foreclosure crisis is at the root of this recession, the continuing flood of foreclosures stymies any chance of real economic recovery,” says Center for Responsible Lending president Michael Calhoun. “Any economic stimulus would be a Band-aid solution unless we stop the hemorrhaging in our housing market.”
In its report, the group urges the Treasury to require recipients of funds from the governments’s Troubled Assets Relief Program to adopt streamlined modification programs and also guarantee sustainably modified mortgages against default.
The Center also says Congress should act fast to lift the ban on judicial loan modifications, which would prevent hundreds of thousands of foreclosures without requiring any taxpayer funding.
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