Loan Modification company is run by the attorney that took down Ameriquest. He has a staff full of attorneys and paralegals that are actively working on our cases.
- We are doing as of last month 2,200 Loan Modifications per month
- We can check the real-time status of our Loan Modifications in process online, where any notes of action are logged
- No longer have to collect the total old loan packet. We require only the NOTE
- The company will order and receive the loan docs from the lender within 20 days by sending out a letter requesting it, and threatening fines if not received by those 20 days
- They still attack the validity of the loan docs and follow same procedures that we have been quoted
- Turn times vary from lender to lender with completion taking anywhere from 3 days to 90 days
- Cannot guarantee what end result will be
- Will also need basic info on Client/homeowner. Need everything but Social Security # and Date of Birth. That file gets emailed to them to avoid them having to do the data entry for us. In essence, we skip to the front of the line, since they won’t have to do the data entry piece of it.
- We have our own AE assigned to take care of our account.
1) Collect Loan Mod Submission and deliver full file.
2) The file is submitted to Attorney within 24 hours
3) The file is screened by the initial screener, AE, and paralegal. If it goes through this process, we then have a case. Expect 7-10 days for this to be completed
4) The file then goes to the processor, who contacts you and introduces self. They will send a welcome packet and explain the process (Spanish is OK!)
5) Welcome packet sent out, RESPA letter to bank sent out requesting original loan docs
6) The bank must send docs out within 20 days to avoid RESPA fines
7) Attorney’s then verify docs.
8) Action steps taken will be posted online for easy status.
9) Loan Modification is received and sent to us, we then give to borrowers and have them sign and authorize.
10) Loan Modification is complete
We look forward to making a positive impact on your life and using the resources that are available to us to accomplish that.
An Email will be sent out with all forms needed to be signed, and with a checklist of items that are needed.
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