Comments on: Loan Modification Company Vs DIY Modification

By: Real Estate Investing Ideas

Real Estate Investing Ideas — Fri, 22 Jan 2010 00:14:08 +0000

Loan modification is similar to debt settlement with regards to it being a DYI process. You just have to be organized, committed and disciplined. Loan mod and debt settlement companies charge ridiculous fees and they are not “negotiating” for you. Any bank who modifies a loan has a formula generally following what the FDIC laid out to IndyMac back in late 2008. It’s pretty standard:

1) Rate reduction between 3% – 4% for 5 years
2) Rate increase another full point in year 5
3) Rate increase to a cap of anywhere from 4.75% to 5.50%

That’s about it. Saves homeowners about 20% for 6 years or so. Think your salary will increase 20% in 6 years? Better hope so or you just right back where you started and there are no guarantees real estate will have significantly rebounded by then.

By: Rugby Union

Rugby Union — Thu, 17 Sep 2009 18:48:39 +0000

Oh Ya !! I am totally agree with you. I think They have little bit different with each other but both are good . .-= Rugby Union´s last blog ..Rugby- Need of Good Training and Diet =-.

By: Rocque

Rocque — Sat, 20 Jun 2009 14:10:39 +0000

Will lenders work with people who are not in foreclosure or behind in payments, but just looking for a lower payment at this time? I know several people where I work are all upside down on houses that they recently purchased and are talking to their existing lenders. What are their chances for success in getting lower payments or interest without having to refinance?

By: Fiona

Fiona — Sat, 20 Jun 2009 12:32:15 +0000

I can't imagine how hard it must be to go through a home foreclosure. I hope this system works... .-= Fiona´s last blog ..Websites for Beginners: Blog vs Website =-.

By: larryj

larryj — Fri, 19 Jun 2009 03:27:15 +0000

A home foreclosure is a devastating event in any homeowners life. I know because I went through one myself. If there is a way to prevent it. Great. More homeowners need to know about it. Thanks.

larryj

By: Rocque

Rocque — Fri, 19 Jun 2009 01:39:27 +0000

This is definitely an important topic right now. One of the things on my to do list is to contact my lender. I know several people are upside down on their house dept to equity right now. That always makes it difficult when seeking financing, doesn’t it?

By: Fiona

Fiona — Thu, 18 Jun 2009 04:03:48 +0000

It sounds complicated to me…I think I would probably not try to do it myself. A well-written article….
.-= Fiona´s last blog ..Market Samurai – Rank Tracker Review =-.

By: Luca

Luca — Wed, 17 Jun 2009 15:03:40 +0000

Very interesting article. I hope the Obama plan helps to keep people out of forclosures. These financial details are very confusing for most of us so knowing that there are non-profit loan modification companies out there is a great help .-= Luca´s last blog ..Seven Simple Tips to Stay on Task =-.

By: Alex

Alex — Wed, 17 Jun 2009 13:33:25 +0000

Having the correct process in place alwasy helps, so I think going with a company can be a lot safer bet .-= Alex´s last blog ..Traffic, List Building And Ads Offer By Phil Basten =-.