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How to Start Your Own Loan Modification Business
Author: Shawn M Peck
The loan modification business is a great business that can be started with minimal start up cost.
The business Is not costly because you dont have to keep any inventory. Your only real operating expenses could concieveably be: Rent,Phone,and Internet,and postage. This is not the ideal operation, but it is plausable that until you close a loan modification you may or may not operate this way. Right now, the loan loan modification business is some what unregulated. There are some guidelines that are being implemented to safeguard the consumer. You as a business owner must safeguard your own interest by following the regulations that have been set. If you are operating as a non-attorney supervised modification company there is state specific legislation that can be found In my book “Make Six Figures Doing Loan Mods”.
If you choose to operate as an attorney supervised loan modification company, there are some logistics you should be concered about when choosing your incorporation status and the arrangment between you and the modifying attorney. Will you operate out of the attorneys office, will the attorney operate out of yours? Are accepting money up front, or are you taking it on the back end?
Your anwsers to the preceeding questions are the difference between operating in or out of compliance. All these anwsers and a step by step how to is included in “Make Six Figures Doing Loan Mods” The best way to keep a good business reputation is to only accept client you know have a great shot of getting modified. We have been turning away a ton of potential clients just because we dont not feel they have a realistic shot of getting a Loan Modification approved. The borrower has to show a real documentable hardship. The key to getting a loan Modification approved is documentation. The neater the package the faster it will get approved. If you’ve ever worked in any capacity in the mortgage business, you know the clean, full doc packages go to the front of an underwriters stack. The mortgage servicers are overwhelmed with borrowers calling and wanting a loan modification. The lack of documentation may set back your client 90 days. I explain in detail stacking order,what to ask for from you client up front,How to write a hardship letter, with Comments from a lost mitigation specialist from Equity One that handled modification at Equity One.
You expose yourself to angy,litigating clients if you accept a client and you can not modify them.More and more people are getting pro bono attorney help in litigation due to the large settlments the Law Firms have been able to get out of Mortgage companies
The attoney general is having a field day with pop up Loan modification companies operating outside the law. You can not afford to not buy my book “Make Six Figures Doing Loan Mods”
If you have leads you want to convert right away go to : http://www.youwalkaway.com/affiliates.php enter code: e5265ywaa
and set your user name and password. You can submit leads online and check your status in real-time via your pipline manager. Start making money now!
About the Author:
Shawn Peck is an active approved loan modification specialist. Mr. Peck has spent 10 years working with Chapter 13 debtors as a home loan modification specialist.Mr Peck works in tandem with attorneys who handle all apects of preparing forensic TILA,RESPA loan audits for his office. Mr. Peck has succesfully modified many mortgages notes on behalf of his clients in partnership with HUD’s Hope Now Initiative.
Please Email Mr. Peck with the subject “Loan modification Book” to Reserve a copy “Make Six Figures Doing Loan Mod’s” Mr. Peck Provides free advice for those seeking help with a loan modification.
Please email your name, address,and telephone number (area code first) to: PeckHoldingsllc@gmail.com. Payments via PayPal accepted.
$10.95 for a Ebook copy. $18.95 for a Hard Copy.
or Mail Payment to :
Credit Solutions
C/0 Shawn Peck
811 Church Rd.
Suite 150
Cherry Hill NJ 08002
Cash,Check, or Pay-Pal Accepted.
Article Source: http://www.articlesbase.com/training-articles/how-to-start-your-own-loan-modification-business-667943.html
The loan modification business is a great business that can be started with minimal start up cost.
The business Is not costly because you dont have to keep any inventory. Your only real operating expenses could concieveably be: Rent,Phone,and Internet,and postage. This is not the ideal operation, but it is plausable that until you close a loan modification you may or may not operate this way. Right now, the loan loan modification business is some what unregulated. There are some guidelines that are being implemented to safeguard the consumer. You as a business owner must safeguard your own interest by following the regulations that have been set. If you are operating as a non-attorney supervised modification company there is state specific legislation that can be found In my book “Make Six Figures Doing Loan Mods”.
If you choose to operate as an attorney
supervised loan modification company, there are some logistics you should be concered about when choosing your incorporation status and the arrangment between you and the modifying attorney. Will you operate out of the attorneys office, will the attorney operate out of yours? Are accepting money up front, or are you taking it on the back end?
Your anwsers to the preceeding questions are the difference between operating in or out of compliance. All these anwsers and a step by step how to is included in “Make Six Figures Doing Loan Mods” The best way to keep a good business reputation is to only accept client you know have a great shot of getting modified. We have been turning away a ton of potential clients just because we dont not feel they have a realistic shot of getting a Loan Modification approved. The borrower has to show a real documentable hardship. The key to getting a loan Modification approved is documentation. The neater the package the faster it will get approved. If you’ve ever worked in any capacity in the mortgage business, you know the clean, full doc packages go to the front of an underwriters stack. The mortgage servicers are overwhelmed with borrowers calling and wanting a loan modification. The lack of documentation may set back your client 90 days. I explain in detail stacking order,what to ask for from you client up front,How to write a hardship letter, with Comments from a lost mitigation specialist from Equity One that handled modification at Equity One.
You expose yourself to angy,litigating clients if you accept a client and you can not modify them.More and more people are getting pro bono attorney help in litigation due to the large settlments the Law Firms have been able to get out of Mortgage companies
The attoney general is having a field day with pop up Loan modification companies operating outside the law. You can not afford to not buy my book “Make Six Figures Doing Loan Mods”
If you have leads you want to convert right away go to : http://www.youwalkaway.com/affiliates.php enter code: e5265ywaa
and set your user name and password. You can submit leads online and check your status in real-time via your pipline manager. Start making money now!