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Mortgage Modification Legal Network offers the largest National Footprint as a Resource to Banks for Greater Standardization and efficiency with the Modification Process
Mortgage Modification Legal Network offers the largest National Footprint as a Resource to Banks for Greater Standardization and efficiency with the Modification Process
“Reducing the number of avoidable foreclosures” Fed Chief Ben Bernanke comments that we need to draw on the best thinking available and a network of solutions
WASHINGTON, Dec 05, 2008 (BUSINESS WIRE) — According to Federal Chairman Chief Ben Bernanke, the Banks are essentially overwhelmed with the demand by homeowners to modify their mortgages. As the Federal Government actively pursues immediate relief, banks look for ways to reach homeowners with a message to work together to solve the crisis.
The Mortgage Modification Legal Network (www.wesavehomes.com) answers the need for bank relief with the largest network of attorneys and affiliates nationwide.
In many cases, due to the sheer volume of the demand, the homeowner’s lack of awareness of the bank’s mindset, and the homeowner’s reluctance to speak directly to the banks, a third-party relationship is ideal for getting the job of modifying mortgages done in a timely and efficient manner.
There are pitfalls however; many loan modification “mom and pop shops” are overly aggressive in counseling the homeowner to the detriment of the bank’s fragile eco-system.
“There are many companies out there that will take a homeowner’s money, counsel them to miss payments and then not complete the modification until the homeowner is severely delinquent,” says Paul J. Simino, President/CEO of www.onesimpleloan.com. “This gives the third-party relationship a black-eye and hurts all of us robbing the opportunity to help the homeowner and the economy.”
“We offer the homeowners and the banks a highly transparent and efficient system and we simply never counsel the homeowner to miss payments or go against the most basic code of lending practices. Because we have the largest affiliate network in the Country we are able to turnaround the modifications in record time compared to what homeowners are typically quoted and we are able to show the homeowner and the banks the status of their modification on a daily if not hourly basis,” says Ryan Boyajian, President of the Mortgage Modification Legal Network.
The Mortgage Modification Legal Network is also known for their grassroots efforts in providing in-neighborhood seminars and meetings and community outreach. The Spanish-speaking community considers Mortgage Modification Legal Network as their number one resource. “From the beginning we have taken a very active role with the Spanish-speaking community,” says Gerry Fernandez with MMLN. “We know this market, and provide the level of competency and trust they deserve. We also provide our services in other languages including Japanese, Korean, Vietnamese, Farsi and Mandarin.”
About the Mortgage Modification Legal Network:
With over 40 years of combined experience in the financial services, debt settlement and mortgage industry, MMLN has rapidly become one of the largest nationwide loan modification and loss mitigation servicing firms.
Founded by industry experts and with the help of our nationwide network of attorneys, MMLN was created to meet the mortgage industry’s increasing demand for loan modifications, loss mitigation services and loan work-outs. We have created a variable cost solution that allows all of our clients the ability to contract our services in hopes of saving their homes.
Visit our website at www.wesavehomes.com to find out about the seminar near you or contact us at: (877) 606-MODS. 27651 La Paz Road, Suite A, Laguna Niguel, CA 92677
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What is a Loan Modification?
I am sure that many of you have been hearing more and more about Loan Modifications, also known as Mortgage Modifications. I have been receiving many inquires about them. So let me share with you what a Loan Modification is and how it may apply to you or someone you know.
A loan modification means simply that your current lender modifies or “changes” the terms of your existing loan in order to lower your monthly payments. This can be accomplished through a variety of ways such as reducing your current interest rate, extending the term of your loan, reducing your principal balance, or a combination of these factors. In the past, lenders would only modify your current mortgage if you were delinquent. Well, times have changed. Delinquency is no longer a factor. However, in the event of late payments lenders may forgive or postpone repayment of delinquent payments – sometimes without adding interest or penalties!
With the recent and ongoing credit crisis that has led to a weakening economy and a declining housing market, banks are very anxious to prevent more homeowners from going into foreclosure. Their rationale is fairly simple: if lenders reduce the homeowner’s payments today, the homeowner can remain in their home. This frees up additional lending capital rather than tying it up in a lengthy and expensive foreclosure process.
Who is a good candidate for a Loan Modification?
- Someone who has a mortgage with unfavorable terms that has become too much to afford
- Someone who owes more on their home than its current value
- Someone who is having financial difficulty due to a change in their job or financial situation
- Someone who is delinquent or is going to become delinquent on their current mortgage
- And many more