Obama Mortgage Loan Modification | Loan Mod Training | Obama Mod Plan
Obama Loan Modifications
Harris Real Estate Coaching students (and future students). If you had any doubt that knowing how to do loan mods is crucial for this market…the Obama Mortgage Loan Modification plan is going to the next level…get ready for this…
The President Obama Mortgage Loan Modification plan has given the 6 largest banks is giving the 6 largest mortgage lenders nearly $10 BILLION in ’subsidies’ to do loan mods. You read that right. $10 Billion bucks going to the banks to ‘help’ with mods.
Amazing.
Clearly, President Obama is not fooling around when it comes to doing loan mods:
If you are a Realtor, Loan Officer (or anyone looking to make a difference) Mortgage Loan Modifications are THE people helping…money making business for this market. Watch the FREE Loan Mod Video to learn how to modify your own home loan…save yourself money now. Next, learn how to start your own loan mod business. GO HERE NOW TO WATCH THE VIDEO.
Breaking News:
WASHINGTON (Reuters) – Six large U.S. banks could pocket nearly $10 billion in federal subsidies if they modify troubled home loans and are able to save homeowners from foreclosure, the Treasury Department said on Wednesday.
The mortgage specialty arms of Citigroup (C.N), JPMorgan Chase (JPM.N) and Wells Fargo & Co. (WFC.N) would each earn over $2 billion for modifications that have long-lasting success, according to the Treasury’s formula.
The money is available through a $50 billion program to encourage mortgage servicers to ease the terms on troubled loans. Many more mortgage servicers will be eligible for the subsidies, the Treasury said.
The total amount of subsidy available to each lender is based on “the size of their book of business,” a Treasury official said.
Under President Barack Obama’s housing rescue plan outlined in early March, a mortgage service company will receive $1,000 for steering a troubled borrower into a new, affordable loan.
Those $1,000 payments would continue for three years as long as the borrower is able to stay in the home.
The Treasury dubs the program “pay for success” as it is meant to hold troubled borrowers in a long-term loan.
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Hi You guys
I like what I read and that is really encouraging, but it says nothing about the loan mod people, when do we get paid and how much,???? the truth is I already got the course, downloaded it and printed out the papers and my certificate and already have people that want to get these loan mods, but I need money to pay my bills and also to pay my secretary that is helping me set up the packages in detail, I am thinking of seriously taking a good faith deposit upfront and offering a refund after the loan mod is funded, that way I can have some cash flo and my client can be serious about this. I know a lot of people are serious but as you know there are a lot of people with good intentions that never get all their paperwork together and unless you have a good faith deposit on file they may not be serious.I t’s like showing houses and writing up an offer you have to have a good faith deposit when you do this and the more the house is the bigger the deposit, right now I am working on a large loan of 725k and I told them they did not need to pay up front, and I’m thinking this isn’t right we should be able to get something for our cash flo.I am in CA. I have had my license 35 years and not one ding on my record so if they come after me I’m going to tell them what we should do. There is a letter out there that I got the other day that wants input from us realtors and loan brokers on some ideas on what to do with all these flakes that charge up front and rip off the people, I think they all should have a real estate license. People here in Santa Maria, CA. are charging 2500k to 3500k to start their loan mod and making a lot of money, but they will get caught or turned in because they do not have a license either.
Thank you
Evvy Boggess
Hi,
I want you to have a free coaching call with Julie asap. 866-422-9497.
We do no advocate charging up front fees…ever. With that said, in California you can charge up front fees provided you have a DRE advanced fee agreement on record. You need to check
the DRE web site about this asap. There are legal ways to do mods in California and its not difficult to be completely in compliance.
Bottom line, dont break the law. I dont care who else is doing it…you shouldn’t. You are better than that.
Speak with Julie about this and your other questions.
Tim
I understand about not taking money upfront..but how are we sure we will be paid after the loan mod is done…these folks are in financial straits…where are they going to get the cash to pay us? In Florida someone told me that we can only get paid on what we do…so after we work with them and put the package together and send it to the bank…we can charge something to pay for that work. I am still concerned about where these folks will get the money to pay us…in these times most people do not have access to a few thousand dollars….please advise.
I am finding that many banks when you call and press the 8 millionbuttons to get to the right department along with less than inspired Muzak, have prerecorded messages that say not to deal with people or pay people to do loan modifications, and that you can deal directly with them. I found this on both GMAC and First Horizon.
Michael
In addition to what Evvy B. stated, as a Real Estate Broker with 16 years experience in the business, mortgage loan experience, extended ed which included taking the Michigan Mortgage Broker Registrant Training in 2008, I strongly feel that a Real Estate license is not enough, in fact it is frightening. In Michigan the only requirements to become a Realtor is one a pulse, two 40 hour class, three, a test , and a Broker to hire you, which in most cases the only requirement is the first….you have a pulse. Oh, and you cannot be convicted of a felony. I do Mortgage Loan Modifications. I think there should be formal training for anyone who thinks of helping anyone do a Loan Mod. Just going out there and doing it to make money, think again. Many states are going to pass legislation that Loan Mod people have Mortgage Loan Licenses. In the Real Estate world we are in these days, it should be the case that ANY Realtor or Broker have formal training and certification with mortgages. If that was in place, maybe things would be different now amid all the fallout from the gold rush of mortgage lending….that led us to where we are today. Know what you are doing before you take this on. Realtor’s have a bad enough wrap because of the low standards to enter this industry. Education is the key.
I agree 100%.
Just imagine how frustrating it would be for the homeowner….
Are you using our list of direct contacts thats part of the http://www.AgentLoanModSecrets.com kit?
Tim
Hi,
Have them sign a contract…before your work starts. Its part of the http://www.AgentLoanModSecrets.com kit.
No different than when you take a listing…in theory. You are paid when the transaction is completed.
Tim
Colorado DRE does not allow the “appearance of originating” a loan mod. Without spending 1000.00 and time in school, and testing, I dont see how loan mods in colorado are any option for Agents…
Am I missing something?
Hi,
In your state you would probably want to work with one of our affiliates…..in other words, existing licensed mod companies.
You would work with them so that you could do mods legally. Because you have a RE license doesnt exclude you from doing other things….
Hope this helps!
Tim
I would like to get your loan modification kit but would like to check what the licensing requirements in Texas are before making the purchase. How can I find out the requirements for modification in Texas?
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