Companies that deal in mortgages are becoming increasingly interested in helping clients arrange loan modification. Loan modification refers to making a permanent change in one or more of one’s mortgage terms. These changes can include establishing a lower interest rate, extending the life of a loan, allowing the debtor to make interest-only payments for a [...]
How to Avoid Loan Modification Scams
Avoiding loan modification scams seems to be a full time job. Whether you are a troubled homeowner or a mortgage broker looking to partner with a legitimate provider, your challenge is to avoid the scams. Here are a few common sense steps to avoid stepping into a loan modification nightmare. 1. Get Educated – Learn [...]
HUD Gets Serious About Loan Modification Scams
Image via Wikipedia The housing market is still shaky. Homeowners are still unemployed or underemployed. All the ingredients needed to whip up highly effective loan modification scams. And they are rampant. However, the US Department of Housing and Urban Development is teaming with the Loan Modification Scam Prevention Network to make it easier for consumers [...]
Loan Modification Leads
Image by Getty Images via Daylife The Obama Administration seems to be tired of having the mortgage crisis hanging around their neck. They want these troubled mortgage loans modified and borrowers back on their feet towards recovery. At least that is the message being sent by Treasury Departments’ three man “SWAT Teams” being deployed to [...]
Debt Settlement Telemarketing Sales Scripts
Image via Wikipedia There are few things harder to do than service people that are in trouble with their debt. They are confused, scared, and stressed. They have been harassed, badgered, and intimidated. They are suspicious, timid, and unresponsive. Building trust and educating these consumer are key to your success as a debt settlement counselor. [...]
Opening Statements to Get the Sales Conversation Going
Image via Wikipedia I stumbled into a great website and resource for improving your sales process: JustSell.com. Certainly, check out the entire site. I particularly liked this article on Opening Statements. In this article the author talks about a framework for creating an effective opening statement: 1. Creating immediate interest and energy 2. What are [...]
Open-ended Questions to Start the Sales Conversation
Image via Wikipedia Have you ever tried to get someone to talk to you by pelting them with endless statements about you–how great you are, how much you are better than others, or how successful you are going to make them? No, of course not. Ironically, that is precisely the technique we use to sell [...]
Are Servicers Forgoing Loan Modifications for Foreclosure for Profits?
Image by respres via Flickr A recent report “Why Servicers Foreclose, When They Should Modify, and Other Puzzles of Servicer Behavior,” from the National Consumer Law Center (NCLC) seems to indicate that another record month of foreclosures is the result of servicers taking the more profitable road. This report makes the case that foreclosing on [...]
Understanding DTI for Loan Modifications
Image by quaziefoto via Flickr I know from my clients that loan modifications are still a booming business. And one of the most critical components is understanding a borrowers debt-to-income ratio. More simply how much “qualifying” debt are they paying every month compared to their monthly income? This apparently simple calculation can get very complex. [...]
Is the Regulatory Environment Changing Your Business?
Image by Getty Images via Daylife I am curious what the general sentiment is on this topic. I hear a lot of my customers having to make adjustments because of all of the regulatory changes. There’s HVCC, loan modification rule changes, increased mortgage licensing requirements, robocall bans, and a host of other changes that target [...]
