A lot of Direct Lenders, Banks, Government Agencies and Non-profit organizations are inundating homeowners with messages that Third Party Loan Modification Companies are "scammers" and that borrowers should use extreme caution when doing business with these companies.  They tell homeowners that they will do their loan modification for free.no_free_lunch_124.  !FREE Loan Mod! That sounds great! I'll take it!

Unfortunately as the old saying goes, there is no free lunch...especially when it comes to loan modifications.

I'll give you an example of what I mean.  I just called Chase Bank to check status of a Loan Modification sent in on 5/18/09.  The first representative told me I needed to wait 6 weeks before I could confirm receipt of the package.  I knew that had to be…

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Want to feel frusturated and Raise your stress level? Click this link and read

Found this blog post on Active Rain.  Reading this post is the best way I think for the average layman to understand the frusturation with dealing with Lenders Loss Mitigation Departments.


This article did not surprise me though.  I've been waiting > 2 months for a Loss Mitigation Department to give me an updated approval.  I have a buyer willing to purchase property on terms approved by investor (based on Febuary 2009 BPO).  All I need is updated approval with new buyers name.

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Because of the declline in price's and the Sub Prime situation that accured ther are properties on the market, for $200000 and Under most are Short Sales or Bank owned, I CAN GET THEM FOR YOU, but you got to act fast because at these price's they will not last long. As you know many are out there looking at them, and with the all time low interst rate now offered, and the great loan pacages, now is the time to move. these properties will move fast, I wouldn't wait too long .........

Los Angeles County

City                     Bedrooms             Baths            Build Sq Ft              Prices

East Los Angeles (3)   2                        1                752-1501              $181000-$199000

Gardena (2)              …

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According to this Realtytrac report for first Quarter 2009, California was #3 in the country in terms of highest percentages of foreclosure filings at ~1.72%, Arizona just beat us out ~ 1.85% and Nevada was the undisputed champ at ~ 3.7%. Realtytrac defines a foreclosure filing as an NOD, NTS or a bank repossession.

The national average is ~.63% of all U.S. Properties (had some sort of foreclosure filing during that same time period.)

Defaults in California are up by record numbers according to this Dataquick article.  Up 80% from prior quarter (Q4 2008) and 19% from prior year quarter (Q1 2008). 

~70% of loans originated by ResMae 8/06=>11/06 have defaulted, Masters Financial and Ownit were both North of 60% too during that time period, WOW!!...

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