Loan Modification Assistance

Need Assistance with your Loan Modification?

Realtors® Volunteering in our communities. Free Loan modification assistance.

Statistics have shown us that less than 7% of all loan modifications filed have been successful. That’s not to good considering all the stimulus that the banks have received. Our goal is to guide you though the whole loan mod procedure and help you get into that 7% category. Below are a few facts we have experienced that can make the difference between a loan modification denial and approval.

No matter how hard you try or how well you present your request, If your debit to income ratio (DTI) dose not meet the requirements you are wasting your time and sanity with loan modification.The banks are required by certain government guidelines such as the California Civ Code Section 2923.5 to assess the borrower’s financial situation and explore options for the borrower to avoid foreclosure.

Lately the banks have been treating these government requirement as more of a necessary chore than a service to cover their tracts during the foreclosure process. Unfortunately the banks are in the lending industry not the loan mod business. They simply don’t have the time or the patience to qualify the hundreds of requests.

The first step you need to take is to see if you qualify. As part of our voluntary service, we have a pre-qualification formula to calculate your odds on being approved or declined on a loan modification request.

Give us a call and we will gladly run your numbers for you.

How to file for a Loan Modification:

OK so your numbers show you have a chance for a loan mod what now and how can we help?
There are several factors that can help you fit into the 7% category. It is important to understand their are absolutely no guarantees for a successful loan modification, but these are a few tips that will help.

• About Organization.

Being organized with all necessary documentation is the first and most important step. We have no control over who will be reviewing your file but we can assure, when they get it they will have all they need neatly filed in a easy to navigate package.

Think of your package as a website. If you are looking for information on the web, even though you know the info is on there somewhere, if you have to click click click to find what you are after, chances are you will get frustrated and click away to the next site.

The banks are extremely busy shuffling though hundreds of files per day and you only get one chance to make an impression to make it to the next step. If your file does end up on the back burner it is almost certain that your file will get lost never to be seen again.

We have clear instructions and a DVD on how to correctly file your loan mod for submitting to the bank, available on request.

• Who to talk to about Loan Modification:

If you don’t know or request the correct department when you call the bank, you will more than likely be forward to the collection department. The collection departments job is not to help you lower your payments. Their job is to squeeze and squeeze, pick you up by the ankles and shake you until all you pennies fall out. Forgive my bluntness but that is putting it politely.

You need to talk to the Loss Mitigation Department. The Loss Mitigators job is to assess the beneficiary’s losses and determine the best solution based on each file. If you are calling the bank to follow up on your file, be sure to speak with the correct department.

• Determine if you are being treated fairly

If you feel you are not getting fair attention it is time to get out the big guns. The banks are required to follow strict procedures and they can get into a lot of trouble and get big fines if they are not following them per the rules. Along with the instructions we will give you is a list of your legal rights. We also have all the forms you will need to file a complaint and to get their full attention.

• Be a polite pest

Most of us are polite but sometime it has the opposite effect that you expect when dealing with this situation. You will need to keep following up on your file for status updates to get results. Remember the squeaky wheel will always get the oil when it becomes annoying enough.

As Realtors® We are always happy to help our communities. If you would like some assistance for you loan modification or other options we will be happy to lend advise.

Brett Dalbeth
Newman Realty
888-399-4844

• Currently serving South Orange County and the following cities:

Aliso Viejo, Costa Mesa, Corona Del Mar, Dana Point, Irvine, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Lake Forest, Mission Viejo, Newport Beach, Newport Coast, Rancho Santa Margarita, San Clemente, San Juan Capistrano. South Orange county.
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