1. 1.5 million HAMP trial modifications have been initiated since the programs inception in March of 2009.
2. 50% of the trial modifications have been canceled due to the borrower defaulting or the bank rejecting the homeowner after the trial period.
3. Only 152,289 of the trial modifications that were converted to permanent status are currently active.
There are roughly 15 million homeowners in the US that have negative equity (owe more than the home is worth) in their homes. That means 10% have received help under this program with a trial modification. This could be considered a success, until you read that only 10% of trial modifications were converted to permanent status. So only 1% of distressed homeowners in the US have received permanent help from this program, yet we get about 100 ads in the mail or on the TV and Radio from companies that will get you a loan modification. What the ads don't tell you is that you have to pay an upfront fee or non-refundable retainer for these services. They also don't tell you that most of the services they provide, you can do yourself for free or that most homeowners don't even qualify for the modification. They still have no problem collecting money to try it out. Can you say "scam"?
If you or anyone you know would like a loan modification, please have them contact me first. I review the modification guidelines with the homeowners first to see if they even qualify for a program for free. Then I will assist them with the loan modification process and even call the banks for them if they wish, also for free. Finally, I will review all of the modification documents and explain them to the homeowner so that they understand all of the terms and agreements. What do I charge for that service? You guessed it, that is free too.
Why do I perform all of these services for free? First, I don't feel comfortable accepting a payment for something the homeowner could have easily done themselves. Second, we aren't going to be in the mess forever and my business is based mainly on referrals. If I can help a few homeowners keep their homes, I become their REALTOR® for life.
Originally posted on www.Combat-Foreclosure.com on 2/2/2011
2. 50% of the trial modifications have been canceled due to the borrower defaulting or the bank rejecting the homeowner after the trial period.
3. Only 152,289 of the trial modifications that were converted to permanent status are currently active.
There are roughly 15 million homeowners in the US that have negative equity (owe more than the home is worth) in their homes. That means 10% have received help under this program with a trial modification. This could be considered a success, until you read that only 10% of trial modifications were converted to permanent status. So only 1% of distressed homeowners in the US have received permanent help from this program, yet we get about 100 ads in the mail or on the TV and Radio from companies that will get you a loan modification. What the ads don't tell you is that you have to pay an upfront fee or non-refundable retainer for these services. They also don't tell you that most of the services they provide, you can do yourself for free or that most homeowners don't even qualify for the modification. They still have no problem collecting money to try it out. Can you say "scam"?
If you or anyone you know would like a loan modification, please have them contact me first. I review the modification guidelines with the homeowners first to see if they even qualify for a program for free. Then I will assist them with the loan modification process and even call the banks for them if they wish, also for free. Finally, I will review all of the modification documents and explain them to the homeowner so that they understand all of the terms and agreements. What do I charge for that service? You guessed it, that is free too.
Why do I perform all of these services for free? First, I don't feel comfortable accepting a payment for something the homeowner could have easily done themselves. Second, we aren't going to be in the mess forever and my business is based mainly on referrals. If I can help a few homeowners keep their homes, I become their REALTOR® for life.
Originally posted on www.Combat-Foreclosure.com on 2/2/2011
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