ALL LOAN MOD FIRMS NEED TO RESPOND TO THIS IMMEDIATELY!
Mandelman Matters is compiling data on the loan modification industry… so there.
Everyone who has spoken to me knows what I’ve been saying about the industry having no data. So, for the past month or so, my team has been on the phones every day locating firms and calling them to ask for their data, including:
- What number of loan modifications has your firm completed year-to-date for 2009?
- How many full-time employees work for your firm?
- How many homeowners contact your firm looking for help each month?
So, here’s the deal… It’s costing me a fortune to find you. And it’s taking far too long. We’ve now been asked AGAIN by legislators and regulators at the federal and state levels for the data we have on the industry. So, if you don’t take action now and provide us with your firm’s information, you will be partially responsible for whatever insane thing happens to you and your industry next. Don’t provide us with your information now… don’t complain when some branch of the government tries to erase you from the landscape. I’m in your corner, I think you know that. But you have to help. I can’t do it alone.
We have to start somewhere. And it seems to have fallen to me to carry this message, which I don’t mind doing at all. In fact, I’m passionate about private sector firms helping homeowners. But I have to hear from you now. You don’t have more than a week on this… after that it won’t matter. I have to report whatever industry numbers I have… like yesterday… I’m done stalling.
And What About the FTC’s Request for Information from Consumers?
Also, a few weeks ago I posted an announcement about the FTC seeking consumer advice on loan modifications. The deadline for comments is July 15th. I even offered to help firms figure out how to get your clients to fill out the form and send it in to the FTC. And I haven’t heard from a single firm. Maybe everything is fine and you guys are all out there doing exactly what you should be doing… but somehow I doubt it. And it’s making me insane.
Don’t you realize what’s sure to happen if you don’t get your clients involved?
There’s an old familiar statistic in the car business that a friend of mine used to tell me all the time. If someone’s happy with the car they bought they’ll tell three others. If they’re unhappy, they’ll tell eleven.
Do you get my point? One of the problems this industry has is that losing one’s home isn’t something you share with others. You keep it inside. You don’t even tell your family members. So, if when the firm your hired tells you that you’ve obtained a loan modification that allows you to stay inn your home, you certainly don’t go running around telling anyone that either.
Of course, if you get ripped off for several thousand dollars you’ll tell someone for sure. You’ll call the Attorney General’s office, the Department of Real Estate, or the State Bar Association, no problem whatsoever. You don’t know those people, so you’ll tell them anything.
Now do you see my point?
The FTC has announced that they want consumers to tell them about what’s happening as related to loan modifications. And you can count on thousands of people writing in to say something negative, because that’s the natural order of things. Lot’s of company’s have complaint boxes, few have compliment boxes.
So, if you don’t get on the phone and explain to your clients why it’s so important that they take the few minutes to let the FTC know that they received a loan modification as a result of your firm’s work, the FTC is sure to hear only the negatives and non of the positives. Then they’ll be sending out press releases that say: “See, we knew it… they’re all scams.” And I’ll throw up. You know, you’re not the only one working hard over here… don’t let that happen, okay?
Also, why not give me a little piece of mind and drop me a note so I know you’re doing something about the FTC’s request for information. It’ll help me sleep at night. And remember… if you want to talk about the best way to get this done, send me a message and I’ll send you my best ideas on the subject. Remember, I’ve spent an entire career helping companies communicate better in order to achieve their objectives. If you want some input, all you have to do is ask.
OKAY… SO HERE’S THE INFORMATION I NEED FROM EVERY LEGITIMATE LOAN MODIFICATION FIRM IN THE COUNTRY. AND DON’T WORRY… I’LL KEEP YOUR PERSONAL INFORMATION CONFIDENTIAL.
All I’m reporting is the number of loan modifications you’ve completed year-to-date, the number of full-time personnel you employ, and the number of homeowners contacting you for help each month.
But I will need to reach some of you to verify what you’ve provided, so please DON’T leave blanks as that will only make my job harder and I don’t need a harder job. Seriously.
So, answer the questions, fill in the balnks and email your information to me at:
mandelman@mac.com
Today… or tomorrow, or maybe later this week, but that’s about it.
And pass it on. Ask the other firms you know about if they’ve sent in their data. It’s up to you what those in congress and at regulatory agencies know about the legitimate loan modification industry.
If the industry appears almost nonexistent, there won’t be anything worth saving.
- What is the name of your firm?
- What type of firm are you? A law firm or a mortgage firm?
- When did you start offering loan modification services?
- Your company’s street address:
- Your city, state and zip code:
- Your company’s Website address: http://www.
- What is your company’s local phone number:
- The name(s) of your company’s owner(s):
- Owner’s email address:
- How many loan modifications has your firm completed year-to-date for 2009?
- How many full-time employees work for your firm?Part time?
- How many homeowners contact your firm looking for assistance each month?
Now copy those questions and answers and paste them into an email to:
mandelman@mac.com
And Please Spread the Word… We Need to Reach the Entire Industry!
Since I first visited the Mandelman site I have offered to get a pitch fork and already identified a stick that is available to me to change the mess in my country.
http://mandelman.ml-implode.com/2009/06/all-loan-mod-firms-need-to-respond-to-this-immediately/
I happened to visit his site in my quest to reason why I should use a commercial Mortgage Modifier over going directly to my lender in seeking help with my sub-prime loan.
Mandelman (Martin Andelman) expresses outrage the way I feel it. He does not suspect "The Mod Squad" the way I do but he has me on his side. I'm linking him on my blog site and sending links in my emails to appropriate people.
But I already had begun applying directly to my mortgage lender for over 22 reasons (see my blog) because I think my "sniff-test" of the mod squad results in too fragrant of an aroma to send me in their direction. But, without them I am in the hands of my lender.
As a matter of fact, this has been the case since March 17 when I faxed my info to the lender's office and today is June 24. I am waiting, nervous and not sure I did the right thing.
There does not seem to be a third choice for me so it's mod squad of direct DIY mod application.
I have been waiting to find out what success stories Mandelman has gotten since his recent plea for success stories and testimonials to take to Congress to avoid regulation of mod consultants who take advance payment.
So far I find no result. Perhaps there is some coming and I will keep looking.
And, Mr. Andelman, I am keeping my stick handy to hit those legislators who forgot to keep track of the trillions of dollars that is supposed to help clean up the mess they made already!
My quest for the suspicious mind:
http://www.mcnultygroup.com/Site/Sniff-Test_in_Real_Estate/Sniff-Test_in_Real_Estate.html
http://mandelman.ml-implode.com/2009/06/all-loan-mod-firms-need-to-respond-to-this-immediately/
I happened to visit his site in my quest to reason why I should use a commercial Mortgage Modifier over going directly to my lender in seeking help with my sub-prime loan.
Mandelman (Martin Andelman) expresses outrage the way I feel it. He does not suspect "The Mod Squad" the way I do but he has me on his side. I'm linking him on my blog site and sending links in my emails to appropriate people.
But I already had begun applying directly to my mortgage lender for over 22 reasons (see my blog) because I think my "sniff-test" of the mod squad results in too fragrant of an aroma to send me in their direction. But, without them I am in the hands of my lender.
As a matter of fact, this has been the case since March 17 when I faxed my info to the lender's office and today is June 24. I am waiting, nervous and not sure I did the right thing.
There does not seem to be a third choice for me so it's mod squad of direct DIY mod application.
I have been waiting to find out what success stories Mandelman has gotten since his recent plea for success stories and testimonials to take to Congress to avoid regulation of mod consultants who take advance payment.
So far I find no result. Perhaps there is some coming and I will keep looking.
And, Mr. Andelman, I am keeping my stick handy to hit those legislators who forgot to keep track of the trillions of dollars that is supposed to help clean up the mess they made already!
My quest for the suspicious mind:
http://www.mcnultygroup.com/Site/Sniff-Test_in_Real_Estate/Sniff-Test_in_Real_Estate.html
Good luck on this. I started working with my Lender on one in Sept. of 2008. Let's just say nothing has changed since that time
http://mandelman.ml-implode.com/2009/06/all-loan-mod-firms-need-to-respond-to-this-immediately/
I happened to visit his site in my quest to reason why I should use a commercial Mortgage Modifier over going directly to my lender in seeking help with my sub-prime loan.
Mandelman (Martin Andelman) expresses outrage the way I feel it. He does not suspect "The Mod Squad" the way I do but he has me on his side. I'm linking him on my blog site and sending links in my emails to appropriate people.
But I already had begun applying directly to my mortgage lender for over 22 reasons (see my blog) because I think my "sniff-test" of the mod squad results in too fragrant of an aroma to send me in their direction. But, without them I am in the hands of my lender.
As a matter of fact, this has been the case since March 17 when I faxed my info to the lender's office and today is June 24. I am waiting, nervous and not sure I did the right thing.
There does not seem to be a third choice for me so it's mod squad of direct DIY mod application.
I have been waiting to find out what success stories Mandelman has gotten since his recent plea for success stories and testimonials to take to Congress to avoid regulation of mod consultants who take advance payment.
So far I find no result. Perhaps there is some coming and I will keep looking.
And, Mr. Andelman, I am keeping my stick handy to hit those legislators who forgot to keep track of the trillions of dollars that is supposed to help clean up the mess they made already!
My quest for the suspicious mind:
http://www.mcnultygroup.com/Site/Sniff-Test_in_Real_Estate/Sniff-Test_in_Real_Estate.html
Hey Sniff Test Guy... Thanks for reading me and sending my column to others. The whole thing makes me nuts, to be entirely candid.
But I was just commenting on another thread about the whole thing about everyone being a scam. Here's my thinking on this:
1. To me, a scam is something that takes your money under false pretenses and does nothing... delivers nothing.
2. The firms I've visited and referred clients to, are not scams by my definition. They modify loans every day... some complete several hundred each month. How do I know? Because I've called and verified 700 records... homeowners who had their loans modified by a firm and were satisfied with the outcome.
3. Are we all sure that we're directing our anger and frustration at the right place when a firm fails to obtain a modification for a client? I mean, it would seem that if it were up to the loan mod firm, every client would get a modification in 72 hours, every mod would include a principal reduction, and every interest rate would be lowered to 0%.
Thank you Mandelman for your clear and informative answer to this suspicious sub-prime loan holder. Your study:"They modify loans every day... some complete several hundred each month. How do I know? Because I've called and verified 700 records... homeowners who had their loans modified by a firm and were satisfied with the outcome. " is as close as I can get to verification of value of the mod service people (mod squad) and I am listening. And, I know you have tried to amass a lot more. This is what is needed.
Steve, one thing, I listened to the Liberty radio interview you had recently. I don't think the venue does this discussion any good. Yes, I am generally a liberal and proud of it. This Liberty host is, apparently, right of Ollie North and a genuine logic black hole in the head. President "Barak Hussein" my ass! Wrong place to get a fair hearing.
http://www.mcnultygroup.com/Site/Sniff-Test_in_Real_Estate/Sniff-Test_in_Real_Estate.html
Burt, as a former journalist, I want to tell you that I AM Reading YOU. And thank you for your work.
Martin
As you know we at Loan Restructuring Solutions do not deal directly with the consumer but with the brokers, attorneys and real estate professionals who do. We process the loans directly for them and negotiate with the banks for them. As such we are in a unique position to gauge the market, its trends and what it requires.
We are seeing an ever increasing volume of loans that need to be modified every month, week. This month alone our submissions will exceed the 800 marker and growing. The private market is responding to the needs and wishes of the borrowers.
Below is a recent blog of mine.
I am so fed up with the bloody nay sayers out there. I am so bloody fed up with those who wish to turn the loan Restructuring/Loan Modification business over to the banks and or the attorneys. Who the heck got us into this reprehensible situation in the first place.
Well we are giving it back to them if we don't watch out.
The banks will do EVERYTHING in their power to retain their money (they have a profit to maintain and shareholders to pay). You think they care about you? Even if you are a shareholder.... If you said yes then you are living any where else but here on earth. No, the banks are out for only one thing and that is to preserve their Bottom line, their Profits, their Salaries. And how will they do that, by making sure you accept an loan on their terms so they can make the best of a bad deal that they underwrote to start with.
Ask yourself this one question. When you are on hold with your bank do they say "This is an attempt to collect a debt" or do the say "This is an attempt to modify your loan". If they truly had your best intentions in mind they would, (and if they say the latter then go for it), unfortunately I have never heard them say it and most likely will have to wait a very long time before I do (hell will freeze over first in my opinion) but please call me if you do.
If they say it is free, guess what..... they lie. Beware no one works for free, for nothing, not the banks, not the attorneys, not even the government. ( And definitely not me) We, the tax payer are paying them. Who pays those that don't work for the government??? if not you, then who? Are the banks working for free?? don't make me laugh. Will you work for free? If so I have a job for you. Please call 555.5555 Oh and please give me your SS number, date of birth and bank account details aswell. Thank you so much, I'll be in touch.
The answer to all of this is not a simple nor a one line answer, it is complex, the business is complex. And my friends is that. Every loan, every person, every home, each is and by definition has to be, wait for it. Different. It can not be any other way. Every persons situation is unique, every person needs to be represented, to feel that they are empowered to look to their own well being. This can only be accomplished by allowing the free market to truly work as the free market should. The market itself will regulate itself.
Satisfy the clients needs and accomplish the goal and reap a small but worthy fee. No reward. No Market. No loan. No Home
Ladies and Gentlemen of this industry. I implore you to be responsible. Home owners I implore you to be realistic and understand that the bank is not your friend. Like you, they are after their and only their best interests.
Thank you for reading this.
PS I just bought more stock in Bank of America. Great price and it will go up.
Respectfully yours
Neil R. Martin
neil@lrsap.com