Upside Down Mortgage

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Loan Modification Budget

Question: What is the most effective way to market my product?

I am working for a Lead Generating marketing firm, I was hired to sell leads for loan modifications and debt settlement, an industry I have been in for years, only not selling leads, you guys have any suggestions, the leads are real time , quality and cost effective ...

I have no marketing budget, I only have phone, internet and a few contacts in the biz.....

Answer: Some of the ways you can advertise your business are:
1. Post an article about your business on related blogs and get free visitors and back links
2. Submitting to directories
3. Free classifieds
4. Forums

Send an email with more information about your business to [email protected] for free help on finding new customers and increasing sales.

Loan Modification Budget Worksheet

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Predatory Lending Pennsylvania

As more people face financial hardships due to the credit crunch, predatory mortgage companies are experiencing a business boom. Preying on the fear that people have over losing their homes, or embarrassment that others have over less than perfect credit, predatory mortgage companies sign people up for mortgages that they cannot hope to repay, or collect outrageous fees and then disappear.

A predatory mortgage company can encompass a wide variety of businesses. Some predatory mortgage companies have no plans to offer mortgages at all; they collect fees up front only to inform you that you have not been approved for the loan. Other predatory mortgage companies offer mortgages, but the terms are so onerous that the mortgage can destroy a family's financial stability. Predatory lenders are often difficult to prosecute, because the borrower has signed a contract agreeing to the terms.

If you know what to look for, it is possible to avoid predatory mortgage companies.

• Predatory mortgage companies are aggressive. They typically initiate contact. They may use telemarketing cold calls and direct mail to contact you.
• Everything is rushed. Offers are for a limited time. Because they often target those with less than perfect credit, they know their customer may ask fewer questions and be less savvy about the loan process.
• They make recommendations that do not make sense, such as asking you to agree to a high initial interest rate, with the promise of refinancing after one year.
• They do not seem concerned about your ability to service the debt. They agree, or even encourage you to take on a loan too large. Reputable lenders typically cap loan repayment at 30% of monthly income. Anything greater than this increases the risk of defaulting on the loan.
• Loan paperwork includes conditions such as balloon payments, prepayment penalties and mandatory arbitration.
• Promise that bad credit will not affect being approved for a loan.
• Ask for large up front fees. They will have a seemingly legitimate reason for these costs, but a legitimate lender brings any payments into the closing costs.
• Read everything, if what the person says is greatly different than what is written in the contract, you should be suspicious.

How to avoid a predatory mortgage company

• Ask your friends and family members who recently purchased homes what lenders they used and what the experience was like.
• Stay local. While legitimate companies advertise on the Internet, if you are concerned about predatory lending, stay with a local bank or credit union for your mortgage needs.
• Know the total cost of the loan, the annual percentage rate, the amount of the monthly payments and the length of the loan. The lender can provide you with this information, and a responsible lender is willing to do so.
• Ask for an explanation for all fees. Often a predatory lender will have duplicate fees as a way to increase profits. Your lender should have a satisfactory definition for each expense.
• Avoid loans that include balloon payments. While a balloon mortgage lowers your monthly payment substantially, at the end of the term, the balloon payment must be made. Even if the lender "guarantees" help in refinancing the balloon, it is a bad idea. You can easily end up owing more than the property is worth, making refinancing impossible.
• Before you sign anything, contact your state's Attorney General and ask if there are any complaints against the lender.
• Do not feel bullied. Regardless of how far into the loan process you are, you can back out. Truth in lending laws permit you to back out of a loan agreement at any time, and you should do this if any red flags are raised. If loan terms and conditions are different on the day of closing than they were during the time leading up to closing, tell the lender you need to pause and review the documents. If they try to rush you through the closing, tell them you have changed your mind and are using pursuing a different lender.
• Predatory mortgage lenders count on the fact that many of us are unfamiliar with basic lending laws and may be intimidated by the lending process. Research interest rates, closing costs and understand the basic approval process. This will help you recognize if you are being conned.

What if, despite your best efforts, you are the victim of predatory lending? After you sign a loan document, it is not final. You have three days to back out of the contract for any reason, or no reason at all. Contact the lender in writing and let them know that you want to be released from the contract. If it has been longer than three days, contact your state's Attorney General. This office is in charge of consumer protection, and they can help you pursue actions against the lending company.

About the Author:

Stephanie Larkin is a freelance writer who writes about topics pertaining to the mortgage industry such as a Pennsylvania Mortgage

Source - How to Spot a Predatory Mortgage Company

Stand Against the Bailout Scam! Part 3 of 3

Loan Modification Worksheet

With the new amount of Loan Modifications coming into Mortgage Companies today it seems like an impossible task to handle and stay on top of all them. The very definition of a loan modification is Paperwork. It is essentially a legal process to renegotiate or modify an existing contract. Time management couldn't be more important when handling this process. If you want to do it right and in significant volume you had better have a good workflow management system to keep your deals moving, yet keep them tightly managed.

Staying on top with loan modification software will give you the advantage you need to keep up with the workflow--helping you to help more troubled borrowers in less time.

Managing Customer Inquiries

In this market, loan modification requests are coming in all day and non stop. If you don't have a system to manage these inbound leads and efficiently distribute them to loan counselors, your operation is dead on arrival.

The importance of serving loan modification customers is to show them urgency. Troubled borrowers are running against the clock--pending foreclosure, lost job, or other looming disasters. You are running against that same clock. Speed is key in renegotiating the loan. You want to be as fast as possible or your likely to lose the bank or investor their entire loan.

Qualifying Customers

Managing the flood of loan modification inquiries is only half the battle. After this work has been completed you most segment these customers into programs. Your loan modification software should assist you in managing customers through an organized pre-qualification process.

Lead management software can facilitate worksheets, calculators, and checklists to guide agents through a consistent process. This process should help you tag and route leads to the appropriate team or modification program.

Pipeline Management

Getting a loan modification done takes a lot of hand-holding of borrowers. That means managing a large pipeline. You are going to need to collect documents, review qualifications, make adjustments, and follow-up with customers.

Pipeline management tools within a CRM or lead management software will keep your loan modification deals moving through the process. Simple automation like emails, alerts, and task lists allow you to stay on top of every lead, increasing each agent's total capacity.

Process of Getting the Loan Modified

Using loan modification software will increase the volume of loans you can process and in the end you will be modifying more loans. Loan modifications require careful and consistent processes. Lead management systems can enforce those processes and ensure all of your agents are being as efficient as possible.

About the Author:

Increase the volume of loans you modify with CRM and lead management software. Keep your deals moving and tightly managed with sales pipeline management .

Article Source: ArticlesBase.com - Pipeline Management: Manage a larger pipeline of Loan Modifications

Loan Modification Software | Web Based | Design Your Own Workflow | # 1 loan mod software