Mortgage Loan Modification - Home Loss Mitigation Attorney Service - www.ModificationHotline.com

Go to Loan Modification Interview - Part 1

Announcer: Welcome back to the Velocity of Money, he has spoken internationally on mortgage finance, and he is here right now to speak with you here is Michael J Barnes

Michael: Welcome back this is Michael J Barnes, the president of velocity financial and the founder of ModificationHotline.com Important to point out folks that Velocity Financial is a full service mortgage broker we do everything not just loan modifications the majority of our business is writing and originating and underwriting mortgage loans for homeowners people to buy real-estate people to refinance their homes, people can still refinance out there loan modifications are not for everybody in fact they are for a small segment of the market so if you are need of any kind of mortgage financing you definitely should give velocity financial a call at 480-835-6248. I am the founder of the Modification Hotline which is ModificationHotline.com and we put that in place to help people right now people don't need a salesman when it come to these loan modifications, I heard a story today from a how owner that I just couldn't believe this person that is trying to get loan modification told them that she had to pay them $1500 a month for 4 months and by the time she e as finished paying them they guaranteed her some kind of ridiculous, I just don't understand why it is like that. Right now we need to help you get thought the situation, we are here for you, we are going to do everything in our power with our national network of attorneys who are expert negotiators so it is important that you call us if you need help that is Velocity Financial at 480-835-6248 and Brett Fallon coming back from the break you heard the announcer say that he has spoken internationally on mortgage finance I actually had the privilege of being with Brett Fallon traveling across the globe speaking on finance that is one of the reasons why we have Brett Fallon come back so often because he is one of the smartest people that I have met in the finance area, he is my personal financial advisor and once again Mr. Fallon thank you so much for being here with us.

Brett: I appreciate those kind words and I just want to make the distinction so it is clear for everybody, Velocity Finical being a full service mortgage firm and all things mortgage related and the concept of today's show being loan modification program is a division of something that you kind of created and had some foresight about all of these issues that are effecting not only mortgage holders but the economy at large thus this topic and wanting to help these people.

Michael: That's correct and a year and a half ago I was approached by someone that I respected very much in the industry asked me t get involved with the loss mitigation process and I essentially declined the offer, once I reanalyzed that a number of people calling us needed loan modifications and either refinances or to purchase homes we did do dome research and found the debt advisory alliance with a gentlemen that I have know for years Ron Quinterro and he had already put together the national network of attorneys so we are working with these people who have done thousands of these loan modifications, we are the affiliate we are doing the discovery and due diligence they are taking care of the expert negotiations, that's not my job, that is not what we are good at what we are good at is putting together a case that will get modified for the best for you, and your kids and your dog, a and your cat and everything else to keep all of you in place. I have here in my hand something from the office of the attorney general Terry Goddard, this is in regard to Bof A and countrywide the state has alleged that prior to 2008 that countrywide used unfair and deceptive tactics in it's loan originating and servicing activity and placed borrowers in structurally unfair and unaffordable loans, these are not my words folks this is from the office of Terry Goddard the Attorney General of Arizona they are talking about lowering people's rates for the first year only. Look a good loan modification; you do not need a 12 month reprieve if you are 2, 3, or4 months behind on your mortgage it is going to take a little bit more than 12 months to get back on your feet.

Brett: I was going to say what an important point that you are making is because the announcement today by Paulson regarding the money not being used to buy these bad mortgages any longer because of Barney Frank's comments about how banks need to do more to help avoid foreclosures for mortgagees what that really is amounting to me as someone who studies the financial marketplace every single day as part of my profession what that really amounts to is banks being able to set terms and the short term reprieves and the importance of what you are doing right now is critical for people to understand, you are ahead of the curve you go to the bank for these modification purposes, you take the proactive steps to make the terms suitable for you my point is if the bank, by terry Goddard's letter already has asserted that they have made some type of poor judgment in the way that they treated their mortgagees or the people that they gave loans to why would you then go back to that bank as the owner of that mortgage and try to negotiate with them on your own? Why then would you have the trust in them that it was going to work to your best possible out come? I find that to be absurd.

Michael: You are absolutely right; they have essentially admitted to it, they have a $150,000,000 settlement. I just want to throw one more thing out there they have a $150,000,000 bill that they have to pay because of according to the Attorney General, deceptive business practices, a hundred and fifty million dollar check that they have to write somebody is going to have to make that up.

Brett: and that is a good point, the point of this would be to take this action yourself prior to these banking institution making decisions on your behalf, they've already done this, they have already made those decisions on your behalf whether or not you knew exactly what type of loan program you were getting involved with when you took out the loan and all of that, if you find yourself in a position of not being able to maintain your existing mortgage payment under the terms that you have been issued by the bank, modification is something you should consider, you make the terms going forward, you use the professional expertise of Velocity Financial and the modification hotline and the negotiating abilities of these attorneys that specialize in this area and make this work for you before the rules are placed at your feet yet again.

Michael: We talk about people doing this on there own what I see being the problem is they are going to send you out a packet of paperwork maybe email it to you or fax it I have seen the paperwork that they send out it is more than 36 pages of legalese once it goes back it is going to sit in front of the loss mitigation department in a stack, I've seen the stacks literally thousands of cases sitting there waiting to be reviewed by someone who may very well not be qualified to make a real decision in my opinion using the loss mitigation department at the bank you may be dealing with a clerk that was answering sales calls for someone else two months ago I don't even know.

Brett: Versus going to the legal department and dealing with those individuals directly.

Michael: There is no doubt you absolutely have to use professionals, you need to put your head on the pillow and turn this over to somebody who knows what they are doing, an expert negotiator, a paid attorney that does this for a living put your head on your pillow and keep your family safe in your home.

Brett: If I am a listener and I am interested in knowing what my options are ad to get more information what steps do I need to take to find out more about this loan modification?

Michael: We have put together a video and we also have any information that you need there are several professional at Velocity Financial 480-835-6248 and ModificationHotline.com