Loan mods and values

The little under stated fact that I hear is that by the end of the year 50% of all home owners will be upside down on their mortgage. This includes A paper / Prime borrowers.

As always, I'm not trying to scare you but inform. This will certainly lead to more foreclosures and rate mods. I've made it a point not to get in the rate mod business because I see it as a short term dying business AND most people can do it themselves. I've helped a few people, including myself, work on their mortgage modifications. They're a pain in the ass, mainly because no one at these banks talk to each other. One side never knows what the other is doing.

Besides check this ARTICLE out about the CA gov trying to crack down on rate mod scams.

I'd much rather charge $500 for a few hours of my time and tell the borrowers how to set it up and do the mods themselves. For the average person it's not really that hard once you get a little advice. So if you know someone who's thinking of do a rate mod, have them call me first. I might save them from a scam and / or show them how they can do it themselves for a fraction of the going rate.

Bear Financial
818 264-0999