Your Most Frequently Answered Questions:
Modification Question: Our lender sent a letter / We read
an article / Saw a news report saying we should avoid
modification scam artists….
The lenders and articles are correct – To a point. And ALL lenders will tell you
NOT to consult with ANY modification firms. Yet they ALL will accept
modification case files prepared by third party modification companies. Here
is why...
( Most modification “firms” are typically just salespeople acting under out-of-
state attorney licenses. But let’s leave the whole “over-charging struggling
homeowners” moral and ethics debate for another time…)
Now think from the lenders point of view….
If you were the lender – Wouldn’t you want EVERY homeowner to settle for
just the subsidy reduction…? If you were the lender – Wouldn’t you want to
keep the ACTUAL LOWEST MODIFIED PAYMENT amounts secret?
So while we might agree with those warnings – NaMoEx is the ONLY
modification service provider offering:
• An Exclusive 100% Money Back Guarantee
• A complete turn-key “Ready-For-Approval” Modification Case File
• Including a Certified Lender Subsidy Spreadsheet Analysis (CLSSA)
• PROVING you qualify for the absolute LOWEST MODIFIED PAYMENT
• Applying MAXIMUM PRESSURE on the lender to stamp your
modification request “APPROVED”…
If you were lender - Would you want your clients to know ALL their
modification options? Or are they just trying to keep your modification
options secret...?
Modification Question: "Do I need to purposely be late on
a payment to get my modification?"
In most cases NO !! In March of 2009 the US Treasury expanded the
guidelines giving "perfect payment" homeowners the opportunity to qualify
for modified terms.
However there are specific "hardship" rules which must be followed
including income reduction, expense increases, or asset liquidation. (Your
team of mortgage experts can answer your specific issue with a 5min phone
call or quick email exchange...)
Modification Question: I am / My spouse is self-employed
- Will we qualify…?
The updated US Treasury Guidelines NOW allow for “Profit & Loss” and/or
“Income & Expense” statements to be used by those homeowners who are
self employed. ( We will prepare these items using year-to-date personal
and/or business checking account statements for an additional $250
administrative fee…)
Modification Questions: I tried to apply / I have applied –
And was turned down / Never heard a response….
Most clients have usually originally used one of two methods:
1) I applied myself / Used a Do-It-Yourself guide...
It’s highly probable you were simply another victim of an honest input
mistake as we talked about earlier. It’s possible your lender does not want to
allow ANY modifications unless you can PROVE you qualify. Or maybe you
applied before the last two Federal modification guideline updates – Which
allows you to qualify NOW…
2) I paid $3000 to an attorney...
Since those other “firms” obviously do not properly prepare case files by
PROVING homeowners are qualified per US Treasury modification guidelines
by submitting your Certified Subsidy Spreadsheet Analysis (CSSA) – The
“firm” was probably using the hope-and-pray method of slapping 100 files
against the wall and seeing which two stuck…
Your ABA partnership with NaMoEx modification service Eliminates Those
Issues. The Good News About Being Ignored Or Turned Down…!?!?
IF the lender had approved the hope-and-pray modification request – The
lender would have only offered the minimum subsidy reduction anyway. You
can help those same homeowners receive the absolute LOWEST MODIFIED
PAYMENT NOW…!!
Modification Question: So what’s the big deal? Your
service uses the federal “Net-Present-Value”
spreadsheet. I can download a version of it from the
FDIC website…
Actually - It is a big deal. The non-certified public version of the spreadsheet
available on the FDIC website by itself is NOT valuable. All you can do with
the public version of the FDIC ‘NPV” spreadsheet is “guess” what
modification options “might” have been available back in June of 2008. (17
updates since then with the last update on October 30th, 2009)
Only by meeting the Certification criteria – And gaining access to the certified
“NPV” version continuously updated with changing lender subsidies and
required federal data feeds – Can you PROVE you qualify for the LOWEST
MODIFIED PAYMENT…
Modification Question: What does “Certified” mean?
To become certified (Gain access to the “certified” NPV spreadsheets and
federal data feeds) requires four different qualifications:
1) Complete background check of the core business and all senior partners
and/or management. This includes dual investigations and auditing – Into
licensing and requires a complete FASB Audit. (Financial Accounting
Standards Boards)
2) Completion of 163 hours of required education and training for the
following Core Courses with final exam scores over 95%:
A) Agency And Ethics Codes Of Conduct ( 42hrs / 100% )
B) US Treasury Modification Guidelines ( 94hrs / 98.4% )
C) Federal RESPA, TILA, ECOA, FCRA, And Fraud Tracking ( 27hrs / 100% )
3) Posting of a $100,000 bond as assurance against any performance default,
liability, or claim for which the named company may be held liable.
4) Current and active E&O Insurance (Errors & Omissions) with $1,000,000 in
liability coverage.
These stringent background, educational, and financial requirements keep
99.9% of modification companies from being able to PROVE your clients
should be APPROVED for their LOWEST MODIFIED PAYMENTS.
Mortgage Question: "We received a few refinance quotes
but how do we know which ones are legitimate?"
THAT is the million dollar question. Literally. You need to compare the rates,
APR (Annual Percentage Rates), and costs - But not just for now - For over
the next 3, 5, 7, 10, 15, and 20 years.
Ask your lenders to prepare a "TCA" (Total Cost Analysis). Your personalized
"TCA" will clearly and concisely breakdown all these variables - Making it
easy for you to spot the "fake" quotes.
If the lender "never heard of such a thing" or only want to send you a "GFE"
(Good Faith Estimate) - They are obviously hiding something. Call another
lender.
Mortgage Question: "How long will it take to get a new
mortgage"
You should really be planning on 45 to 60 days unless you qualify for a
"Streamlined" program. (Streamlined programs typically require 10 days or
less to approve and fund your proceeds.)
Did you not see your question answered here?
Simply CLICK HERE to have your questions answered by your
NaMoEx team of mortgage experts - Or for immediate assistance
call us now direct at (714) 624-9479...
Modification Question: Our lender sent a letter / We read
an article / Saw a news report saying we should avoid
modification scam artists….
The lenders and articles are correct – To a point. And ALL lenders will tell you
NOT to consult with ANY modification firms. Yet they ALL will accept
modification case files prepared by third party modification companies. Here
is why...
( Most modification “firms” are typically just salespeople acting under out-of-
state attorney licenses. But let’s leave the whole “over-charging struggling
homeowners” moral and ethics debate for another time…)
Now think from the lenders point of view….
If you were the lender – Wouldn’t you want EVERY homeowner to settle for
just the subsidy reduction…? If you were the lender – Wouldn’t you want to
keep the ACTUAL LOWEST MODIFIED PAYMENT amounts secret?
So while we might agree with those warnings – NaMoEx is the ONLY
modification service provider offering:
• An Exclusive 100% Money Back Guarantee
• A complete turn-key “Ready-For-Approval” Modification Case File
• Including a Certified Lender Subsidy Spreadsheet Analysis (CLSSA)
• PROVING you qualify for the absolute LOWEST MODIFIED PAYMENT
• Applying MAXIMUM PRESSURE on the lender to stamp your
modification request “APPROVED”…
If you were lender - Would you want your clients to know ALL their
modification options? Or are they just trying to keep your modification
options secret...?
Modification Question: "Do I need to purposely be late on
a payment to get my modification?"
In most cases NO !! In March of 2009 the US Treasury expanded the
guidelines giving "perfect payment" homeowners the opportunity to qualify
for modified terms.
However there are specific "hardship" rules which must be followed
including income reduction, expense increases, or asset liquidation. (Your
team of mortgage experts can answer your specific issue with a 5min phone
call or quick email exchange...)
Modification Question: I am / My spouse is self-employed
- Will we qualify…?
The updated US Treasury Guidelines NOW allow for “Profit & Loss” and/or
“Income & Expense” statements to be used by those homeowners who are
self employed. ( We will prepare these items using year-to-date personal
and/or business checking account statements for an additional $250
administrative fee…)
Modification Questions: I tried to apply / I have applied –
And was turned down / Never heard a response….
Most clients have usually originally used one of two methods:
1) I applied myself / Used a Do-It-Yourself guide...
It’s highly probable you were simply another victim of an honest input
mistake as we talked about earlier. It’s possible your lender does not want to
allow ANY modifications unless you can PROVE you qualify. Or maybe you
applied before the last two Federal modification guideline updates – Which
allows you to qualify NOW…
2) I paid $3000 to an attorney...
Since those other “firms” obviously do not properly prepare case files by
PROVING homeowners are qualified per US Treasury modification guidelines
by submitting your Certified Subsidy Spreadsheet Analysis (CSSA) – The
“firm” was probably using the hope-and-pray method of slapping 100 files
against the wall and seeing which two stuck…
Your ABA partnership with NaMoEx modification service Eliminates Those
Issues. The Good News About Being Ignored Or Turned Down…!?!?
IF the lender had approved the hope-and-pray modification request – The
lender would have only offered the minimum subsidy reduction anyway. You
can help those same homeowners receive the absolute LOWEST MODIFIED
PAYMENT NOW…!!
Modification Question: So what’s the big deal? Your
service uses the federal “Net-Present-Value”
spreadsheet. I can download a version of it from the
FDIC website…
Actually - It is a big deal. The non-certified public version of the spreadsheet
available on the FDIC website by itself is NOT valuable. All you can do with
the public version of the FDIC ‘NPV” spreadsheet is “guess” what
modification options “might” have been available back in June of 2008. (17
updates since then with the last update on October 30th, 2009)
Only by meeting the Certification criteria – And gaining access to the certified
“NPV” version continuously updated with changing lender subsidies and
required federal data feeds – Can you PROVE you qualify for the LOWEST
MODIFIED PAYMENT…
Modification Question: What does “Certified” mean?
To become certified (Gain access to the “certified” NPV spreadsheets and
federal data feeds) requires four different qualifications:
1) Complete background check of the core business and all senior partners
and/or management. This includes dual investigations and auditing – Into
licensing and requires a complete FASB Audit. (Financial Accounting
Standards Boards)
2) Completion of 163 hours of required education and training for the
following Core Courses with final exam scores over 95%:
A) Agency And Ethics Codes Of Conduct ( 42hrs / 100% )
B) US Treasury Modification Guidelines ( 94hrs / 98.4% )
C) Federal RESPA, TILA, ECOA, FCRA, And Fraud Tracking ( 27hrs / 100% )
3) Posting of a $100,000 bond as assurance against any performance default,
liability, or claim for which the named company may be held liable.
4) Current and active E&O Insurance (Errors & Omissions) with $1,000,000 in
liability coverage.
These stringent background, educational, and financial requirements keep
99.9% of modification companies from being able to PROVE your clients
should be APPROVED for their LOWEST MODIFIED PAYMENTS.
Mortgage Question: "We received a few refinance quotes
but how do we know which ones are legitimate?"
THAT is the million dollar question. Literally. You need to compare the rates,
APR (Annual Percentage Rates), and costs - But not just for now - For over
the next 3, 5, 7, 10, 15, and 20 years.
Ask your lenders to prepare a "TCA" (Total Cost Analysis). Your personalized
"TCA" will clearly and concisely breakdown all these variables - Making it
easy for you to spot the "fake" quotes.
If the lender "never heard of such a thing" or only want to send you a "GFE"
(Good Faith Estimate) - They are obviously hiding something. Call another
lender.
Mortgage Question: "How long will it take to get a new
mortgage"
You should really be planning on 45 to 60 days unless you qualify for a
"Streamlined" program. (Streamlined programs typically require 10 days or
less to approve and fund your proceeds.)
Did you not see your question answered here?
Simply CLICK HERE to have your questions answered by your
NaMoEx team of mortgage experts - Or for immediate assistance
call us now direct at (714) 624-9479...
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| Legal Disclaimer: This website does not contain any legal advice. You are responsible for yourself and your own actions. We make no warranties; either expressed or implied, of fitness for a particular purpose, or applicability these programs may have with your individual situations. © 2006, 2007, 2008, 2009. All rights reserved. |
| Legal Disclaimer: This website does not contain any legal advice. You are responsible for yourself and your own actions. We make no warranties; either expressed or implied, of fitness for a particular purpose, or applicability these programs may have with your individual situations. © 2006, 2007, 2008, 2009. All rights reserved. |
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| Our Currently Published Articles: TBW Closed by FDIC Lenders Pressured for More Modifications MDIA Legislation Changes Disclosures Former Countrywide Execs Profit From Foreclosure Boom |
| FEDERAL SB94 DISCLOSURE REQUIRED BY LAW: SEC. 9. Section 2944.6 is added to the Civil Code, to read: 2944.6. (a) Notwithstanding any other provision of law, any person who negotiates, attempts to negotiate, arranges, attempts to arrange, or otherwise offers to perform a mortgage loan modification or other form of mortgage loan forbearance for a fee or other compensation paid by the borrower, shall provide the following to the borrower, as a separate statement, in not less than 14-point bold type, prior to entering into any fee agreement with the borrower: It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting www.hud.gov. |
| FEDERAL SB94 DISCLOSURE REQUIRED BY LAW: SEC. 9. Section 2944.6 is added to the Civil Code, to read: 2944.6. (a) Notwithstanding any other provision of law, any person who negotiates, attempts to negotiate, arranges, attempts to arrange, or otherwise offers to perform a mortgage loan modification or other form of mortgage loan forbearance for a fee or other compensation paid by the borrower, shall provide the following to the borrower, as a separate statement, in not less than 14-point bold type, prior to entering into any fee agreement with the borrower: It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting www.hud.gov. |