I’ve Got SIX QUESTIONS for Loan Modification Experts?

I’m not going to lie to you….

Firms offering mortgage modification services and imposing an upfront fee aren’t all that popular at the moment. Like the last time something was this popular, hmmm… I’ve got one… what about those people who sell organs to the highest bidder? No, you’re right… they were more popular than loan modification firms. How about crack dealers? Yeah, that feels about right. The good news is you still have a comfortable lead over Al Qaeda and child predators, so you dodged a bullet there, so to speak.

We’re here to change all that… showcase the loss mitigation industry in the light of truth. Stand united and show the world that for profit loan modification firms are not a danger to society. No, I say. For profit firms offering loan modification services represent all that’s good in the world, well… some of what’s good in the world, quite a bit of… a whole lot of… you get the idea I’m sure.

But surely something should change, right? Everyone I’ve spoken with agrees that the industry should be better regulated, because no matter how many people were “scammed,” no one wants to see any homeowners scammed. So, how can the industry protect the homeowners? How can government regulate the industry to make it safer… without disallowing the advance fee?

What would propose to change? How would you regulate the loan modification industry? Is there middle ground? A compromise? I don’t want to hear the arguments that compare the industry to others, because for one thing, I wrote those arguments, and for another because this is obviously a unique situation with no precedent upon which to look back.

How would you “fix it”? What would you suggest be done… speak up man… this is your chance to contribute from your unique perspective. Come on… it’s important…

Before you start… first make sure you’re registered on ML-Implode, because I’m going to ask you to do a little work here for the benefit of the entire loan modification industry. Answer a few questions. You’re the smartest guys in the room when it comes to loan modifications, so give me a little help here. I’ll take it all in and try to distill it into a something presentable. Then I’ll run it by you again. Okay, so go register…

So, if you’re involved in the loan modification industry, or even if you’re not… I need you to answer the five questions below. Seriously. On the comment thread that you’ll find by clicking on comment at the bottom of this article. Did you bring your Number 2 pencil? Just kidding… Keep your answers as concise as possible. Bullets are fine… Okay, and hit it!

1. I am in the loan modification “business”. Yes ___ No ___

2. How should the loan modification industry be regulated in order to protect homeowners from unscrupulous operators, while maintaining the profitability of the business model?


3. What are the top 3 inefficiencies in the loan modification process as it stands today?

A. ____________ B. ___________ C. __________

4. How could your firm do more to help stop the foreclosure crisis? What would it take form you to start doing that very thing? ______________________________________________________

5. Time to obtain average loan mod… Man-hours? ___ Months ___

What’s the longest time it might take: ___ months.

6. Complete the sentence: The worst thing that the banks do to impede the process and make things difficult would have to be: ____________________________________________________

Thank you. You’re all done. Very good.

But… you want to know what would even be better? If you would now take a few minutes to forward the link to this test to everyone you know in or around the industry and ask them to weigh in as well. Yes… that’s what would be considered above and beyond… being all that you can be… a prince among men… a princess… or is it “skinny betch,” these days?

Come on… forward the link. Let’s get the best minds on this… Seriously.

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