The Loan Modification Program has not had the anticipated success for a variety of reasons. My presentation will include a detailed analysis, offer solutions, and a plan of action that will improve efficiency, expedite the procedure, reduce the number of foreclosures, and substantially increase Loan Modification applications for those who qualify.
Goal:
1. Save the banks Billions of dollars
2. Help as many home owners stay in their homes as possible
3. Reduce home inventories and help the housing market recover faster
4. Secure a generous compensation for my idea
Background:
I have been involved in the Real Estate Industry since 1985 as a General Contractor, Real Estate Broker, Mortgage Broker/Banker, Insurance Agent and Notary Public. I have also published two books and working on the third.
I am a licensed Broker specializing in Real Estate sales. I stopped working on loan originations as soon as it became clear that things had changed. Loans that I declined were being approved by lenders such as World Savings, Countrywide, Indymac, Wamu, etc.
Reason:
Recently I modified my loan. Being knowledgeable of the process I carried out everything appropriately, and yet it still took over 5 months to conclude the transaction. While in the process, I documented how things were conducted and how the processes could be improved. With my previous field experience and specifically with my personal transaction I was inspired to develop a plan of action.
My Expectation from Mortgage Lenders who wish to adopt this plan
1. 10-15 minute face to face meeting
2. Confidentiality Agreement
3. Compensation
Time frame:
1. Bank can be readied in 2-3 weeks to start program with existing staff
2. Loan Modification can be completed within 3-4 weeks for those who qualify
Thank you for taking the time.
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