Last week, I touched briefly on Loan Modifications and it looks like they have hit the main-stream news!  Today, there was a feature article in the New York Times about loan modifications and it highlighted one of the companies that I have been working with for a few weeks now — LoanSafe.

Some highlights in the story about LoanSafe and quotes from it’s CEO Moe Bedard include:

• LoanSafe charges a flat fee to analyze loans and according to Moe, they have found problems in at least 80 percent of the 300 or so mortgages they have examined.
• Among the problems found were notary problems, Truth-in-Lending-Act (TILA) violations and Real Estate Settlement Procedures Act (RESPA) violations.
• One common violation occurs when the interest rates or fees change between the time a borrower initially receives a cost estimate on the mortgage and when the borrower actually closes the loan.

According to Moe:

“When presented with these findings, most lenders and servicers quickly agree to a loan modification and many of the deals that my firm has arranged have an initial interest rates in the 3 percent range.”

Could you afford your mortgage payment if you had your lender modify it to a 5.5% fixed rate?

If so, let me know and I can put you in touch with the best in the business.

1. FHA Secure Mortgage -- Information Related To The New FHA Secure Mortgage Program Says:
   August 3rd, 2008 at 10:10 pm

   […] offer you a completely new loan with a new amortization schedule. I see this happen the most when people use a loan modification company to help them negotiate with the lender. Usually, the loan modification company is getting people a […]