I just wanted to take a moment and share my experiences starting out in the loan modification business and how I found the best way to make a living possible.
I needed a loan modification myself, as I was in an adjustable rate mortgage that was about to explode. I was also upside down on my house about $ 50,000, so a refi was impossible. I started out doing research 6 months before my mortgage was going to change. I met with several companies, some good and some not so good. Some people even wanted me to short sale my house back to them, so I could rent it from them for a year and then they promised to sell it back to me. Yea right. And while I was missing payments like they said I had to, they instructed me to pay them over $ 1300 a month to "make sure I would be able to make my lease payments." What a rip off.
After a bunch of research, I decided to give it a go myself. I had Countrywide as a lender and my payment was only supposedly to increase about $ 300. I was 6 months late on my property taxes due to a surgery my daughter needed, so I explained the whole situation to them. I'm in construction and business has slowed, I'm late on my property taxes because of medical reasons, etc. All I wanted was for them to fix my rate or maybe lower it a little bit. First, they told me to get a second job, which made me real mad and then they explained that they could help me with the property tax situation. "We'll mail you some info on that" they said. Well they did. A week later I got a letter in the mail saying "We recently became aware that you are delinquent on your property taxes, to protect our interest in the property, we have paid them." No options whatever. Here's the kicker – "you're new mortgage payment is $ 5060.00." Wow. I asked them for help and somehow on being late for a $ 4300 payment they increased my payment over $ 2300. I was dumbfounded.
I decided to seek the help of an attorney. By a stroke of luck, I was doing a construction job for a guy who worked for a loan modification company. He gave me their contact info and the rest is history. Not did I save my house, but I got the opportunity to start working for them. I live in Riverside county and foreclosures are everywhere, so I figured I could help out a few people and make a couple bucks. Boy was I wrong, about the couple bucks.
You can actually sign up with this company and process loan amendments for people in over 40 states. You sell the loan mods, they do all the work. It's incredible. I started up my own company and hired on a few people. We are processing several loan mods a week and there is no way this is going to slow down anytime soon. All you have to do is get some leads, explain how a loan modification works and have them fill out the paperwork (W2's, bank statements, hardship letter, etc.). Once they are done, you fax that into the attorneys and they do the rest. You're done. They cut you a commission check in about a week for $ 1500.
That's not it either. They also do debt consolidation and credit repair, so if you have a client who is struggling to make their house payments and started racking up their credit cards, you can eliminate their debt, fix their credit AND cut their mortgage payments by 20-40% . It's the "total solution".
If you would me to put you in contact with this company and get your own business going, just shoot me an email at [email protected] . I'd be happy to share the sign up info and answer any questions you may have.
Loan configurations are going to be a huge business in the country for the next few years. You can help people save their homes and make money at the same time.