Q. Why is your Fee for a Loan Modification Lower than most when the majority of loan modification companies charge anywhere between $1500 up to $5000? and why do you charge for your services?
A. Because most other companies overcharge and rip homeowners off by charging a modification fee they sometimes say is based on the mortgage amount when actually the process is exactly the same whether it is a $75,000 mortgage or a $1,000,000.00 mortgage. Also if a homeowner is behind in the mortgage payment charging them thousands to modify a mortgage is predatory and taking advantage of their situation. And because you can call your bank/mortgage company your self for free (you probably won't get the same results though, currently almost half of all loan modifications have ended falling back into default because the modifications offered by the banks do little or nothing to change the borrowers situation and borrowers often feel that they have no choice when the bank pushes them towards a particular work-out. ) click here for an example of homeowners who have been taken by their mortgage company without any representation. Here for another and here another and yet here's another example. You get the idea. The lenders, mortgage companies and servicers are looking out for their best interest not yours. Click here to read more. Thats why it is advisable to hire an experienced representative or negotiator on your behalf but for an affordable reasonable fee. Financial Relief Solutions (FRS) is a for-profit business not associated with the government or any lender and has not been endorsed by any government agency or lender. However we will evaluate your situation for free to determine what your options are and if we can help before you decide whether or not to use our services. So just like any other professional / expert you would hire in any other area of your life. A professional company needs to get paid – we have office, phone lines, equipment, utilities, payroll and staff as well as direct costs in seeking modifications for homeowners, all of which we incurr prior to the modification and of course some profit that needs to be made so we can justify staying in the business. So expect to pay a modest fee of only $599 for our loan modification services.
Q. Do I pay upfront fees for loan modification to your company?
A. Your funds for loan modification service will be placed in a Trust/Escrow Account via SafeFunds.com an independent 3rd party company. This allows for the fee to not be earned by us for loan modification until we get a documented offer from your lender. This also allows your money to be protected until we have gotten the modification approved. The fee will be held in a neutral third party account via SafeFunds.com that has no interest in the transaction. Homeowners deposit funds directly into their own Safefunds accounts. Homeowners do not send funds for loan modification directly to us. Deposits may be made by bank wire, electronic funds transfer, or paper check. We believe this method of receiving payment provides the strongest possible incentive for those in this industry to promptly and adequately provide loan modification services. Plus, we believe if we provide good service as promised and the homeowner obtains an affordable loan modification the homeowner should be in a better position to pay. Despite what some have said about our industry there are great and legitimate companies such as Financial Relief Solutions (FRS) in operation that perform a great service to their customers. Many, many, consumers are getting the run around by their banks. At a certain point you have to say enough is enough and bring in a professional to get the job done right.
As consumers here are some of the benefits of using a professional loss mitigation company such as Financial Relief Solutions (FRS):
1) You don’t have to stress out about what is going on with your file. The Financial Relief Solutions (FRS) will handle the hard negotiations with your bank. You go focus on bringing in more income or spending that time with the family… or whatever you want. FRS will have regular reporting and feedback to keep you up to date on what’s going on with your file.
2) FRS will has the specialized experience and knowledge that allows us to push deals through as fast as possible. We know and are familiar with the laws surrounding the mortgage industry, state lending laws, RESPA, Tilla, etc.. This knowledge is put to work on your behalf to achieve a successful outcome for you.
3) FRS represents you and your interests with the bank. Banks care about themselves and getting their money – not in getting you the best modification possible. You hire our company Financial Relief Solutions (FRS) because we have your best interests at heart – you are paying us… not the bank.
4) Financial Relief Solutions (FRS) will get you the very best deal possible. FRS is going to know what a good deal is and what it looks like. We aren’t going to settle for a sub-par offering from the bank. Financial Relief Solutions (FRS) knows what’s possible and will obtain the best new terms for our client’s specific situation. However we must emphasize that there is no guarantee that the lender will change the loan terms. This is the same whether you utilise a non-profit organization or you negotiate with the lender on your own.
Q. Do I need to do a Forensic Loan Audit or Mortgage Document Review in order to modify my mortgage?
A. No. However if a Forensic Loan Audit or Mortgage Document Review uncovers violations, errors, mistakes, etc., in your loan you then stand a better chance of getting a loan modification. Lenders suddenly get religion and become much more cooperative in renegotiating the terms of a loan, even if you have been turned down, denied or told you don't "qualify". You now have some leverage with the banks.
Q. I am an Investor and I'm told I can't qualify for a Loan Modification because of this, is there any way around this?
A. Yes. A Forensoic Loan Audit or Mortgage Document Review may be what you need to help "pressure" or "convince"the lender to modify your loan when they normally will not. You've Got Leverage.
Q. I am current in payments and not in default, so I am told I don't qualify for a Loan Modification and my loan is not a government backed loan, is there anything that I can do?
A. Yes. Previously the banks were not likely to discuss a work out unless the homeowner had already missed one or more payments. However, given the current climate, lenders are more willing to work things out with borrowers that are threatened by delinquency or have had situations change that make their loan unaffordable. In many circumstances lenders are willing to work with proactive borrowers to prevent a missed payment ahead of time.
Additionaly a Forensic Loan Audit or Mortgage Document Review may be what you need to help "pressure" or "convince"the lender to modify your loan when they normally will not. You've Got Leverage.
Q. Can I get a Loan Modification for my rental property?
A. This is possible. You should order a Forensic Loan Audit or Mortgage Document Review to find violations, errors, discrepancies, etc. to get the lender to "consider" your modification.
Q. Can I order a Forensic Loan Audit or Mortgage Document Review then do a loan modification?
A. Yes. but you will save a few hundred dollars when you order and combine both.
Q. Are there any guarantees?
A. All you can guarantee, like we do, is that we will be diligent, we’ll work hard, be honest, and will give you the truth. We can’t guarantee a specific result. We can do a good job but ultimately there are two parties negotiating -- the bank and us. The bank can change a policy, they can decide to do something more generous or less generous, they can decide to modify some types of loans and not others, and often there is an investor standing behind a bank that’s giving the thumbs up or the thumbs down. You can’t guarantee a result. Anybody who does guarantee a result isn’t being truthful with you. We do not guarantee a specific result and we urge homeowners to be wary of any company who claims they can deliver one. However we believe having leverage such as getting a Forensic Loan Audit done that could possibly result in an equitable and fair Loan Modification or Short Sale.
Q. If someone says to you, “I can guarantee you this” should that be a red flag?
A. Absolutely. Someone can give you a range; we will give a range to people based on the bank and similar situations. Another red flag is someone who wants to take a large amount of money up front. First of all, they lose all of their incentive to do anything. Number two, they don’t need a large amount of money up front. To evaluate a case, look over and figure out what you can do, shouldn’t be an expensive item. At most, the cost should be $1,200 at the absolute maximum -- $700 to $1000 is a more reasonable number. The other question is the qualifications of the person doing the negotiating. A lot of the people in this business are the people who are in the ‘business of the week’ club. They see something that they think is easy money, they can just not do any work but get people to pay them, and then they just market the heck out of it.
Q. My bank says I can get my Modification done for free. All I have to do is call them and submit my information. They say I do not have to pay to get my loan modification done.
A. That is absolutley correct! However if you want the best possible chance and scenario wouldn't you hire a professional? If you go to court you can represent your self if you know the laws. Or you can get an Attorney to successfully represent you in court who knows laws and rules. You can sell your home yourself. Or you can get a professional Real Estate agent to do it successfully for you. You can call the bank by your self. Or you can get professionals to successfully represent you and get a fair and equitable modification. The banks know this. Thats why they want you all by your self. Thats why they'll do it for free. They want you ALL ALONE when submiting your modification request so they can pressure you into accepting whatever they say they can do for you or NOT Do For You and thats final. Click here for more information about why BANKS WANT YOU ALL ALONE. However as a consumer, you do need to be careful and ensure that whoever is helping you with your situation is reputable and honest. The current economic situation has created an environment where scam artists and dishonest companies take advantage of homeowners scared of losing their homes. People were paying large up-front fees to companies guaranteeing that they could stop foreclosure and then never hearing from them again. Free counseling is available. If you need or want that type of service, you can visit www.makinghomeaffordable.gov to find a counselor near you. They can give you advice on your situation and what programs might be suitable but ultimately you will be dealing with your lender yourself. Click here for more information ----------> BANKS WANT YOU ALL ALONE
Q. What does Financial Relief Solutions (FRS) do differently?
A. We are staffed by experienced loss mitigators. After our initial consultation, if we can help and if you choose to retain our services, we will negotiate on your behalf with your lender to develop the best possible solution to your problem. As stated before, almost half of all loan modifications have ended falling back into default because the modifications offered by the banks or through nondo little or nothing to change the borrowers situation. Borrowers often feel that they have no choice when the bank pushes them towards a particular work-out. Financial Relief Solutions (FRS), can evaluate your situation, argue for a workout package that helps, and push back when the banks offer something that is not sustainable. As your advocate, it is Financial Relief Solutions (FRS) duty to present your situation in a complete and pursuasive manner to obtain a favorable decision. It is also our responsibility to make sure that your file stays active with your lender until a decision has been made.
Q. Do I need to sign over the title to my home?
A. For Loan Modification? NO! Not if you intend to stay in the house. If they give you a deed to sign then proceed with caution and make sure you understand what you are doing and exactly what is going on. When people do that and you've asked them to only modify your loan there may be a scam or fraud being commited. There is no reason to ever sign a deed over to someone who is doing a loan modification for you unless they are taking over the payments "subject to" the existing mortgage", which means you agree for them to take over the existing mortgage payments and you VOLUNTARILY sign the deed to the property over to them and you will vacate the property or it is vacated already. This is something different altogether and it is a legitimate option for the home owner to avoid foreclosure. But make sure that this is what you want to do. Signing a deed over to someone is not part of a loan modification if you intend on staying in the home. Only if you are going to vacate the property and walk away.
Q. What if I can’t make any payments? Or no longer wish to keep my home?
A. Not all people will qualify for a Loan Modification. If you do not want to keep your home, a loan modification isn't appropriate. If you simply can’t afford a reasonable mortgage payment due to permanent job loss or otherwise, a loan modification probably will not work. The goal of Financial Relief Solutions (FRS) is to provide the best solution for your individual situation, even in these scenarios. There are still options that may be better than simply walking away from your mortgage and home such as having Financial Relief Solutions (FRS) take over the home "subject to" the existing mortgage", or negotiating a Short Sale of the home with your lender.
For more information on a Short Sale of your home which is basically negotiating with your lender to agree to take less than what is owed on the property in order to sell before foreclosure takes place, then go ---->here.
WWW.FinancialReliefSolutions.com (602) 774-4802 (877)-717-6759
