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 [...]
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. [...]
Mandelman Matters – Great Loan Modification Coverage
Image via Wikipedia I love to find people who can provide good, accurate coverage and blend in a little humor-Martin Andelman is that guy. Quickly becoming the obvious loan modification expert in my RSS reader this guy is on top of every little movement in loan modifications and he’s funny…even by his own admission! So, [...]
Loan Mods, Anyone Up for More Loan Mods?
Image by Getty Images via Daylife Well it is a funny world isn’t it? Federal law enforcement and regulators are going after loan modification companies with a vengeance, yet the US Treasury is handing out BIG incentives to get them done. Tim Manni, a writer for HSH Associates Financial covers another attempt to increase loan [...]
Don’t compete, lead
Image via CrunchBase Most people attempt to compete with competitors. Attempting to highlight minor details between debt or mortgage products and fees is a guaranteed losing strategy. Compete with a leadership strategy. Be the authority. Be a consumer educator. Using Your Own Site or Blog You own website or blog can be the best way [...]
Cross Selling, The Secret to Closing Aged Leads
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What Software Should I Use for Debt or Mortgage Business?
Image by madhavaji via Flickr There is no question that CRM or other lead management software will make you more productive and effective at converting aged debt, loan modification, and mortgage leads. However, making the right decision can be difficult. Although I will not give any specific endorsements I will give you an introduction to [...]
Learning More About Loan Modifications
Image by Getty Images via Daylife Loan modifications are a moving target. There are so many programs and they are constantly changing. Whether you are a loan modification company or not you need to understand these programs. They are a significant part of the mortgage market these days. Getting informed on loan modifications can be [...]
