Upside Down Mortgage

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Loan Modification Market

Question: I'm working with countrywide to get a loan modification?

I've got them to agree to a modification. However, the principal balance is way too high still. Has anyone had any experience with lowering their principal balance it today's housing market?
Jessus, I'm not soliciting for a loan for god sake! I'm only asking for adive. You slime ball loan guys don't bother answering my question!
maybe I should be more clear I DONT NEED A LOAN!!! I have one! What I'm doing is working with my current mortgage company to modify my current loan. My question is... if anybody received a modification, have they ever gotten the mortgage company to approve lowering the balance of the original loan as well?

Answer: Yes. THey are severely understaffed in the modification department. They don't want to hire a bunch of people then lay them off in 8 months when the crisis passes. Most Countrywide mods are to give you a breathing space but not to lower the loan amount which is what you really need. Consider signing a deed to them before you get behind on payments..

Loan Modification Expert Moose Scheib on Fox News with Neil Cavuto

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Loan Modification Phone Numbers

Pay Per Click (PPC) Ad Word Campaigns

Ad words are an absolute must for your loan modification marketing campaign, but only if done well. Once you create your website, complete with an easy and obvious method to capture names, emails, and phone numbers of interested visitors, then start advertising with the Google, Yahoo, Ask.com, and MSN ad word programs. Ad words are the targeted (i.e. relevant) pay-per-click ads that show up at the top and side of the screen when internet users do key word searches on the major search engines.

Clicks can be expensive in the loan mod industry, so be specific, and track the heck out of your ad campaigns with a good analytics program. Aim for the long tail (i.e. lots of cheaper, low-traffic, specific keyword combinations rather than the few, expensive general keyword phrases). If you’re intimidated by the prospect of managing an ad words campaign, I’d highly suggest paying a company to create and manage your campaigns for you. It can be time consuming and confusing, especially for a novice. Again, I’d also suggest that you read some books on the subject, such as those written by Seth Godin.

Banner Ads

Banner ads are the little colorful advertisements that show up along the very top and sides of your favorite websites. These can be effective, if they are correctly targeted to your ideal clients. Realtor.com and Zillow.com are both good candidates for buying a banner ad space for your loan mod business. Don’t spend too much on this right away, but it can certainly supplement your other efforts at some point. As always, make sure you track the efficacy of any banner ad you buy.

Social Networking and All Things Web 2.0

All things web 2.0…what does this mean? If you have to ask, then you really need to hire someone to manage you online marketing for you. In a nutshell, it’s using the latest internet tools to connect to your clients, to connect them to you, to connect them to each other, and to connect them to the outside world. Plus, it also means getting plugged into the blogosphere, Facebook, LinkedIn, MySpace, Squidoo, Del.icio.us, Flicker, Twitter, and other similar networking websites. Start by joining some of these websites personally, and then just play around. See what you enjoy and what seems to work for you. See what your friends are already using. Grow it from there. And employ the help of a marketing expert if you need it.

Buying Leads

One other kind of electronic marketing that bears mentioning is purchasing leads from online lead generators. These are companies that attract potential customers of various industries to a website, gather information about them (the customers are looking for a quote or to have some questions answered), and then sell that information to companies like yours. These can be very profitable, but they can also be a big waste of money, depending on the quality of the leads. The two most important factors are the speed with which you respond to the inquiry and the number of times that information is sold to different consultants like yourself. Most leads come in real time, meaning that you can respond to the client immediately, which is ideal, because if you don’t respond within an hour, you’ll likely never hear back from them again. Also, most leads are sold more than once, sometimes as many as four or even ten times. Try to find leads that are either exclusive or sold just a couple times.

Some people have built very successful businesses from buying leads, still others buy leads to simply supplement the regular referral business. Since purchased leads are inevitably colder than personal referrals, they will never be as good as an introduction from a mutual friend. If you do decide to buy leads, make sure you call or email them the minute you receive them, and make sure you track their ROI. And in the early days of your business, don’t spend too much money on purchased leads, because they can be expensive ($20 per lead is not uncommon, with a 10% or lower close ratio), so you might want to focus your limited marketing dollars elsewhere, especially at first.

Click here to read the next article in the series: Loan Modification Marketing Series Part 6 - Sales Dating Plan.

About the Author:

If you'd like to learn more about starting a loan modification business, or if you want to access all the necessary forms, spreadsheets, and templates, click here:

http://StartALoanModBiz.com
Matt Sparks is a successful entrepreneur, both offline and on. He is also a licensed mortgage broker, employing real estate broker, and Realtor. He has written books, articles, and blogs about small business, real estate, finance, New Urbanism, and sustainable cities.
(c) Copyright - Matthew R. Sparks. All Rights Reserved Worldwide.

Article Source: ArticlesBase.com - Loan Modification Marketing Series Part 5 - Electronic Marketing Continued

Mortgage Short Sale, Foreclosure & Real Estate Marketing, Realtor & Expert Negotiator

How To Get Loan Modification Approved

Question: Better loan modification terms?

After 5 months falling behind on my HELOC,payments (ARM) the lender approved loan modification for 2yrs on lower interest rate on MODIFIED PRINCIPAL balance. What are my options? Can I ask for this offer for more than 2yrs? Can they wave this increased balance( capitalized interest) By March 2011 interest rate will go higer, according to the termas of original note.

Answer: Wouldn't hurt to ask them. Remember its a negotiation. You could try using a modification company to negotiate better terms for you. It might save you money in the long run. http://www.modificationfinder.com.

HGTV FrontDoor Expert Tips: How to Get a Loan Modification