Bank Ready Modification issues strong warning against using loan modification software
One of the loan modification pioneers, John Briggs, issued stern warnings against home owners using loan modification software and other website based promises.
(EMAILWIRE.COM, July 22, 2010 ) Orange County, CA - John Briggs, President of Bank Ready Modification Inc. (www.bankreadymod.com) via twitter issued a stern warning to home owners against falling prey to the numerous loan modification schemes and specifically loan modification software.
IJR spoke to Briggs in a telephone interview and ask him to elaborate on his warnings. Briggs told us, "Your home is your biggest investment, I have been in commercial and residential lending for about two decades and I have been doing bank ready loan modifications since they started doing them. If there is a computer software program that has established relationships with the banks performing these mods, and are up to date on their constant changing requirements, sign me up. It is almost humorous if you try to take the human element out of a loan modification, but people will go to all lengths to try and make a dime, especially in our current economy."
The president of Bank Ready Modification went on to say "Websites are promising to get you out of foreclosure, encouraging the use of do it yourself loan modification kits, and even using President Obama's new plan as a way to encourage everyone to modify their loan. The truth is loan modifications often fail because people do not know how to gather and submit the correct financial information and documents. Since we know each lender’s requirements for financials and the way they want the documents presented, we can remove this obstacle. We perform the difficult task of financial and document preparation and our clients perform the easy task of maintaining contact with their lender. "
IJR noted that Bank Ready Mod had hundreds of completed loan modifications under their belt and they work one on one with their clients. Often they advise their clients of other avenues such as short sales because many times people fall into other categories and don't necessarily qualify for a loan modification.
IJR concluded that most Lending Banks have enhanced and expanded their Loan Modification Programs to include a wide array of hardship situations. There are seven (7) new loan modification programs that can be used to address temporary hardships like layoffs, job loss or short-term income reductions, and permanent hardships like death of a spouse, disability, divorce, or severe medical situations. These newly expanded and enhanced programs allow your bank to modify or change the term of the loan, the interest rate, and in some cases, principal balance, to reduce the monthly payment to an amount you can comfortably afford. Loan Modifications can be done as a short-term cure for a period as little as six (6) months, or in some situations, modifications can be made permanent.
It is advised to research your modification expert in depth and as always do your homework before committing to anyone promising something to good to be true. The good news is that the government has made a commitment to aid in preventing foreclosures and homeowners in danger now have more alternatives than ever before.
Gerald King, International Journalism Review Senior Journalist
InternationalJournalismReview@gmail.com
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IJR spoke to Briggs in a telephone interview and ask him to elaborate on his warnings. Briggs told us, "Your home is your biggest investment, I have been in commercial and residential lending for about two decades and I have been doing bank ready loan modifications since they started doing them. If there is a computer software program that has established relationships with the banks performing these mods, and are up to date on their constant changing requirements, sign me up. It is almost humorous if you try to take the human element out of a loan modification, but people will go to all lengths to try and make a dime, especially in our current economy."
The president of Bank Ready Modification went on to say "Websites are promising to get you out of foreclosure, encouraging the use of do it yourself loan modification kits, and even using President Obama's new plan as a way to encourage everyone to modify their loan. The truth is loan modifications often fail because people do not know how to gather and submit the correct financial information and documents. Since we know each lender’s requirements for financials and the way they want the documents presented, we can remove this obstacle. We perform the difficult task of financial and document preparation and our clients perform the easy task of maintaining contact with their lender. "
IJR noted that Bank Ready Mod had hundreds of completed loan modifications under their belt and they work one on one with their clients. Often they advise their clients of other avenues such as short sales because many times people fall into other categories and don't necessarily qualify for a loan modification.
IJR concluded that most Lending Banks have enhanced and expanded their Loan Modification Programs to include a wide array of hardship situations. There are seven (7) new loan modification programs that can be used to address temporary hardships like layoffs, job loss or short-term income reductions, and permanent hardships like death of a spouse, disability, divorce, or severe medical situations. These newly expanded and enhanced programs allow your bank to modify or change the term of the loan, the interest rate, and in some cases, principal balance, to reduce the monthly payment to an amount you can comfortably afford. Loan Modifications can be done as a short-term cure for a period as little as six (6) months, or in some situations, modifications can be made permanent.
It is advised to research your modification expert in depth and as always do your homework before committing to anyone promising something to good to be true. The good news is that the government has made a commitment to aid in preventing foreclosures and homeowners in danger now have more alternatives than ever before.
Gerald King, International Journalism Review Senior Journalist
InternationalJournalismReview@gmail.com
###
Press release service and press release distribution by EmailWire.Com:
http://www.emailwire.com/press_release_distribution_lists.php .
Contact Information:
International Journalism Review
Gerald King, International Journalism R
Tel: 805 807 7201
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
International Journalism Review
Gerald King, International Journalism R
Tel: 805 807 7201
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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