free-stuff

Here’s an update to this article. The government has announced plans to crack down on the unfair practices of loan modifications: 

Count On News 2- Charleston, SC

Boston Globe

Mortgage Orb

PR Newswire

Below is the original content of my post, dated Nov. 12th, 2008. 

I’m a little frustrated. It seems as if homeowners are getting victimized by unconscionable mortgage brokers, yet again.

Please, homeowners, if you’re reading this, and you’re behind on your mortgage, take my advice: call your lender or mortgage servicer directly.  Save yourself time, and money. DO NOT allow a “modification specialist” from some boiler room, or fly by night modification company spam you into thinking they will get you a better deal. All they are interested in is getting you to pay an extra third party fee. A fee for something I’m quite sure you’re able to do yourself.  (call your lender directly.)

I’m frustrated, because I was beginning to think that those of us who were left, (mortgage brokers), were the ones who have integrity and ethics, who have knowledge of the industry, and who aren’t trying to cut corners, or look for the new angle of how to expose a loophole, or mifle a struggling homeonwer out of a $1,000.

Most of these new “Loan Modification” companies are nothing but chop shops that are playing unnecessary middle men between the lender and the borrower. They will target homeowners who are struggling and spam/call them relentlessly. They are brokers who are looking for easy money, without conscience. A truly dedicated mortgage broker, is one who wants to work with you throughout their entire career. Not for one deal, and not for one easy paycheck.

Yes, there are options for modifications. As of yesterday, (Nov. 11th.), Fannie and Freddie have agreed to alter the terms of mortgages. Fannie and Freddie, operating under a government conservatorship, will target loans in which borrowers are at least 90 days delinquent and have high loan-to-income ratios, officials from the Treasury and the Federal Housing Finance Agency said today at a press conference in Washington. The companies may offer homeowners reduced interest rates and longer terms of as much as 40 years to trim monthly payments.

If you need help with your modification. Contact me: marksmortgage@gmail.com  I’m free. I’m hear to offer you advice as an expert in the industry. I promise you, there’s no angle here. If you’re struggling to make mortgage payments, the best solution is to communicate with your lender. Below is a list of lenders and their phone numbers: (if your lender isn’t listed, email me, I’ll try and help out.)

ABM AMRO Mortgage (now citimortgage) 800-283-7918
Beneficial (HSC) 800-333-5848
Charter One 800-234-6002
Chase 800-446-8939
CitiFinancial Mortgage 800-753-3673
Citimortgage 800-283-7918
Countrywide 800-262-4218
Deutsche Bank National Call Number on Mortgage Statement
Fifth Third Bank 800-375-1745, Option 3
First Merit Bank 888-728-9931
GMAC Mortgage 800-850-4622
HSBC Mortgage 800-338-6441
Huntington National Bank 800-323-4695
Key Bank 800-422-2442
LaSalle National Bank 800-783-8900
Mortgage Electronic Registration Systems 888-679-6377
National City 800-367-9305, Ext. 53221
Ocwen Federal Bank 800-746-2936
Option One 866-711-1962
Saxon 800-665-7367
Select Portfolio Servicing 888-818-6032
SkyBank 800-290-3359
Third Federal Savings 888-844-7333
US Bank 800-365-7900
Wachovia Bank of Delaware 866-642-8608
Washington Mutual 866-926-8937
Wells Fargo 877-216-8448

Advertisements