Loan Modifications Covered By New York Times

by Tammy

Last week, I talked briefly about Loan Modifications and how they are helping people modify the terms of their loan who are in a situation where they cannot refinance for whatever reason.

Today there is a feature story in the New York Times talking about Loan Modifications and what is happening across America with lenders -- who is getting their loan modified, under what circumstances loans are being modified and a few specific cases of individuals who had their loans modified.

The featured company in the article is LoanSafe and it's CEO Moe Bedard.   According to the article, Mr. Bedard claims:

• His firm charges a flat fee to analyze loans and said that he has found problems in at least 80 percent of the 300 mortgages they have examined so far for clients.
• Among the problems found were notary problems, Truth-in-Lending-Act (TILA) violations and Real Estate Settlement Procedures Act (RESPA) violations.
• One common violation occurs when the interest rates or fees change between the time a borrower initially receives a cost estimate on the mortgage and when the borrower actually closes the loan.

According to Mr. Bedard:

"When presented with these findings, most lenders and servicers quickly agree to a loan modification and many of the deals that my firm has arranged have an initial interest rates in the 3 percent range."

I can't tell you how many times I have worked with someone who during the process said "the last time I worked with a mortgage person, they told my my rate would be 5% and when I got to the table, it was 6.5%!"

Does this sound familiar?  Was there something that "just wasnt' right" about your loan, but you needed to move in to your house, so you just signed the paperwork anyway?  If so -- let me know.  There may be people that I can put you in touch with who can help you.

Comments

[Joe Bob Briggs]

Moe Bedard is not the owner of LoanSafe. Tony Salaszr is. The company was founded in 2002 and Moe joined it last year to Search Engine PR for them. Moe Bedard is also not an expert in the field of loan modification. He has multiple drug convictions that span over a decade. As well as having his DRE license revoked.

Jan. 2003

Arrest Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 HS 11358 F Cultivating Marijuana 01/02/2003
Filed Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 HS 11360(A) F Transport/Sale of marijuanna 01/02/2003 DISCHARGED
2 HS 11358 F Cultivating Marijuana 01/02/2003 HTA
3 PC M273A(B) M Abuse/Endanger Child 01/02/2003 HTA
4 PC M273A(B) M Abuse/Endanger Child 01/02/2003 DISCHARGED
Infor Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 HS 11359 F Poss of Marijuana for Sale 01/02/2003 GUILTY CONVICTED
2 HS 11358 F Cultivating Marijuana 01/02/2003 DISMISSED
3 PC M273A(B) M Abuse/Endanger Child 01/02/2003 DISMISSED
4 PC 273A(B) F Abuse/Endanger Health of Child 01/02/2003 DISMISSED

March 2003

Arrest Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 243(E)(1) M Battery on Spouse/CoHabit/Pare 02/11/2003
Filed Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 243(E)(1) M Battery on Spouse/CoHabit/Pare 02/11/2003 GUILTY CONVICTED

August 2004

Arrest Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 245(A)(1) F Assault w/deadly weapon/instrument non-firearm produce GBI 08/26/2004
Filed Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 273.5(E) F Corporal Injury on Spouse/Cohabitant 08/26/2004 GUILTY CERTIFIED
2 PC 245(A)(1) F Assault w/deadly weapon/instrument non-firearm produce GBI 08/26/2004 CERT ACTIVE
3 PC 273.6(A) M Violation of Court Order 08/26/2004 CERT ACTIVE
4 PC 136.1(A) F Dissuade Witness 08/26/2004 CERT ACTIVE
Enhancement Description PleaStatus
PC 12022.1 COMMITTED ON BAIL/O.R. DENY CERT ACTIVE
5 PC 273.6(A) M Violation of Court Order 08/26/2004 CERT ACTIVE
Certified Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 273.5(E) F Corporal Injury on Spouse/Cohabitant 08/26/2004 GUILTY CONVICTED
2 PC 245(A)(1) F Assault w/deadly weapon/instrument non-firearm produce GBI 08/26/2004 DISMISSED
3 PC 273.6(A) M Violation of Court Order 08/26/2004 DISMISSED
4 PC 136.1(A) F Dissuade Witness 08/26/2004 DISMISSED
Enhancement Description PleaStatus
PC 12022.1 COMMITTED ON BAIL/O.R. DENY STRICKEN
5 PC 273.6(A) M Violation of Court Order 08/26/2004 DISMISSED
Origin Charges
CountChargeSeverityDescriptionViolation DatePleaStatus

1 PC 273.5(E) F Corporal Injury on Spouse/Cohabit

[foreclosure prevention]

Hi,
The type of Loan Modification that is most beneficial for a borrower behind on mortgage payments is called a recapitalization agreement. A Recapitalization agreement takes all the arrears, interest, fees, and accumulated payments and adds it to the principal of the mortgage loan.

[Justin McHood]

@Foreclosure Prevention,

Thanks for stopping by and leaving a bit of wisdom!

It is important to note that there are no official "loan modification rules" and so each situation is different.

Many times people who try to get their loan modified on their own are not successful - until they hire someone who can assist them that has experience with what is and what is not possible.

This little bit of wisdom shared by @Foreclosure Prevention is just one of the reasons that it may make sense to hire an expert to assist you with your loan modification if you are having difficulty getting one done.

-Justin