1. How do I know you are real and not a scam?
ANSWER: Well I guess I could put you on the phone with several people who have used the LDA report or got results. Also I don't think I would be turning away 20% TO 30% of people I talk to if it was a scam, or doing the initial numbers to see if this would first benefit you.
There is set criteria you need to be spending more than 31% of your gross income need to have negative equity and of course have enough income to support a modified term. If you do not fit the mold I promise I will point you in the right direction, I will only recommend this if I think it's going to a benefit to you.
2. What makes the bank (servicer) want to do what the LDA Report says? Do they have to?
ANSWER: When a servicer sees a LDA Report submitted along with the paperwork they can't ignore it. They will use the same figures analyzed in the borrower's loan documents to conduct the same analysis and find that the outcome is exactly the same as theirs. The servicers are working off an 800 page PSA (Pooling & Servicing Agreement) with their investors.
The PSA states, "They are to work in The best interest of the investor and act as if it was their own loan." If the report clearly shows that the Bank will be making more money by modifying the loan rather than foreclosing on the property they have to do that. Until now, no one has had the ability to physically show the bank that they indeed DO qualify on the same platform they use. If you are NPV positive the bank will not want to argue that point.
3. My main concern is, I don't want to pay more money and still not get any results. I have already spent $3,500- $5,000 with a 3RD PARTY.
ANSWER: I can absolutely understand your concern. There are so many fraudulent companies out there preying on people in your situation. You have to watch out for those when you're dealing with your most valuable asset, your home. The LDA Report changes the game completely in your favor. It levels the playing field and instead of you NOT knowing, you now know what the bank will be looking at when modifying your loan.
It prepares you for anything the bank will say to try and deny your modification. If they do deny your loan for modification, you can now fight back in court or mediation. This report holds up to ANY level of scrutiny all the way to the COURT level!
4. If the banks (servicers) have access to the LDA Report, why don't they just run one for me?
ANSWER: If the banks used the report they would be forced to modify more loans, and that is not what they are in the business to do. They make 3-4 times more by foreclosing on a property with all their attorney fees, late charges, and penalties alongside the foreclosure process. In addition if they were to run this now they would have proof in their file showing it’s better to modify rather than foreclose which nets them less money.
5. When I get the report, if I don't like what is says or it doesn't qualify me for a good result, do I get my money back?
ANSWER: Unfortunately no. If your bank says your loan is going to get modified to a higher payment would you accept it? Or would you rather know NOW. Before submitting your paperwork to the bank and missing a few mortgage payments? You are paying for a physical document which takes about 72-120 hours for our company to complete that will give you all the answers allowing you to possibly change your situation before ever sending anything into the bank.
The entire reason I do all the initial numbers up front is so we don’t waste each other’s time. If I thought it wasn’t close or going to work I would just assume send you on your way, and ask for some referrals, there is plenty in your same situation that I am sure you know.
6. What if the LDA Report doesn't qualify me for anything?
ANSWER: The great thing about the report is if you don't qualify it would tell you WHY. The banks don't even tell you WHY! Their response is,"You were denied for NPV." You ask yourself, "Well what does that mean and what made the bank determine that I did NOT pass the NPV?" Well guess what?
The majority of the time, IF the report shows the borrower does not qualify; we can fix the problem and structure it to where you WILL qualify possibly! So why wouldn't you want to know NOW? The banks can drag the process on for 8-12 months and ultimately at the end of the 8 months say you were denied without giving you a reason! Then foreclose on your home a few weeks later! Is this the game you want to play with the banks?
7. Is there a GUARANTEE?
ANSWER: No one can guarantee ANYTHING; not even the bank! However, I CAN guarantee you that it will be much easier modifying your loan WITH the LDA Report than without it. Without the LDA Report, what do you bring to the table; a hardship letter?! Let me as you a question...
How long would it take you to build a house without a hammer; probably a long time, right... or could you even finish building it? With the LDA Report, we are providing you with a hammer and nails to build the house; the tools you NEED to get the job done effectively and efficiently. It's a very valuable tool that is needed in your toolbox for modifying your loan!
8. That's great but how much is this going to cost?
ANSWER: Actually there is no cost what-so-ever to find out FIRST if the LDA Report can help your specific situation; which is derived of 40+ borrower specific inputs. Remember, loan mods are like snowflakes, no 2 are alike. Everyone has different situation, start date, interest rate, loan type, LTV at origination, etc. The cost is almost too cheap. It's a drop in the bucket generally depending on your loan size and situation around $1,500 dollars but first I need to make sure it will first be of benefit, right now if you said hey I want to buy a report I would not let you.
9. Sounds good, so how much is this going to cost?
ANSWER: The cost of the LDA Report is $1,500.00; however I always like to think of it more as a tool
rather than a report. This is a tool that YOU are going to send into your lender and notify the investor as well that the servicer is not acting in good faith, and is possibly in violation of the 800 page PSA that states, "The servicer must do what's in the best interest of the Investor."
I look at the cost, more as an investment. You must also do a valuation of your time. Is the cost, after finding out this can help you, worth you saving 8-12 months of stress, uncertainty, and removing the challenge of working with the bank; who otherwise makes 3-4 times more by foreclosure if not presented with terms showing otherwise? As this is what typically happens without a LDA Report...
10. $1,500.00 is a ton of money and I cannot afford my mortgage as is...
ANSWER: I tell this to every person I speak with, $1,500.00 is not even a fraction of what an attorney
would cost, not to mention you still wait another 8-12 months to hopefully get results.Between the
LDA Report vs. and attorney alone, I would take the LDA Report all day. A LDA Report + ATTORNEY OR MITIGATION SERVICES COMPANY THAT DOESN’T CHARGE ANY UPFRONT FEES FOR PROCESSING A MOD AND UNDERSTANDS THE LENDERS MODIFICATION PROCESS)
Now it seems a lot of folks forget they have not paid their mortgage for some time, and truth be told by the bank expects, you should have a portion of that saved up; usually about 31% saved off each mortgage payment not paid to show you can otherwise afford a modified payment. In the event this home went to foreclosure, you have to take into account the cost of MOVING. First month's rent last month's rent deposit, and probably an additional deposit because of your credit...
Don't forget the cost of moving supplies; IE: boxes, tape, and movers... not to mention the cold beer or food you have to give the movers ;-)In a nut shell, I say the cost is so minimal, to find out what you qualify for and remove the uncertainty within 72-120 hours. Usually we are seeing modifications take around 30-90 days vs. the standard 8-12 months of darkness and uncertainty.