At least three million homeowners want loan modifications
Fairfax, VA (PRWEB) October 21, 2008
A new free report at Mortgage Loan Modifications for Profit shows how to earn a profit doing loan modifications for homeowners.
"At least three million homeowners want loan modifications," said Richard Geller, developer of the free report. "These homeowners do not have the negotiating skills, the knowledge or the persistence needed to get the loan mods completed."
According to Mr. Geller, most homeowners wait until the last minute before applying for a mortgage loan modification. "And then they don't know how to go about it," Geller said.
There is a lot to doing loan mods and most homeowners are lost, according to Geller. "That's why we offer this free report. We show you how you can do loan modifications not just for your own mortgage, but for other people, and hopefully earn a profit doing so."
Geller said the demand is quite high. "I have people calling and emailing me constantly. Most of them don't want foreclosure. They want to stay in their house. They are asking for help in getting a loan modification."
Fees for doing loan modifications vary, Geller said. But often they are equal to one mortgage payment that the homeowner should be making. "So if they were paying $1,500 per month on their mortgage payment, their fee might be $1,500," Geller explained. "But that's up to the business owner who is in the loan mod business. The entrepreneur determines how much to charge."
In some states, laws have been passed that regulate how you can approach a homeowner about avoiding foreclosure. Geller explained,"these laws in general prohibit prepayment for services. So the report that you can do loan mods and not collect anything until you've performed the service for the homeowner."
Geller said that loan mods for profit is potentially good for a mortgage broker, a real estate agent, or a property investor who wants to help themselves and help others. "There is enormous demand," Geller said, "and if you are a loan officer or an agent, you want to be where the demand is. That's in loss mitigation today, not in new loans."
To get the free report, simply visit Mortgage Loan Modifications Special Report.