Working with Lenders

Okay folks. This is sort of a working report card on various lenders my team and I have or are currently working with.

About 3 weeks ago, I did a Loan Modification for a Wayne couple working at Vanguard. It took about 8 weeks; the loan was with Saxon Mortgage. I was able to reduce the mortgage from 3,000 to 1,500.

Through loss mitigation, we lowered the interest rate from 9.5 to 4.7. In addition, the homeownerS covered thier own HO insurance, which bought their monthly payment down considerably. Previously,Saxon received payments from the homeowners for Private Mortgage Insurance or PMI.

I give Saxon Mortgage a B+

There are always, always challenges in communication with servicing companies. A back and forth with documents and financial analysis , incomplete packages, packages going to wrong deptpartments due to inexperienced costumer service personnel, ETC.

This is the reason people contact us to help them with mortgage problems. In this case, we were able to do the tedious routine detailed work required by the servicer that most working people either do not have time for or find intimidating. Guiding our clients with a helping hand and orchestrating the process is a monumental stress reducer for our clients. In addition, we take great care to keep both our customer and the mortgage company in line and on the same sheet of music.

Remember. Contact your mortgage company at the first sign of trouble in regards to making payments. Call them immediately. There are good companies and companies that are harder to work with. Moreover, the intension of some of these companies is to get as much money out of you as they can, offering you a ridiculous forbearance plan that you are unable to afford and maintain.

Below are some reasons why people fall behind on their mortgage.

►Job loss
►Injury (resulting in loss of income)
►Illness
►Medical problems
►Marital problems
►Fraud from identity theft

Most mortgage companies view these as expectable extenuating circumstances. Nevertheless, you must still show that you can afford to stay in your home and make monthly payments after the modification.

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