Megan McGinnis' Blog–Get Connected!

Loan Modifications with No Upfront Fee

“Most companies charge an upfront fee, anywhere from $2000-$3500, which we consider a conflict of interest. If a client is paying upfront, where is the incentive for the firm to do the negotiating work?” Megan McGinnis, independent representative of a national no upfront fee loan modification company, asks.

Since families are already struggling in these times, our model has been to assist them with a loan modification with their current lender without charging any fees unless we are successful. If we can’t get the job done, the homeowner pays nothing.

Our negotiators are professionals who take a pro-active stance with the lenders, stay on top of the file all the way through the process and have a proven track record with lenders, even the challenging ones like Countrywide.

Many banks are uninterested in dealing directly with homeowners because it takes too much time to educate the homeowner about the process. With files stacked so high, lenders would rather deal with professional negotiators who know the lingo, can speak unemotionally about the case and will therefore move through more files in one day. For this reason, we can get results where homeowners were unsuccessful in negotiating their own loan modifications. Even if your lender said that no modification was possible, we are willing to take a crack at it.

There is so much information floating around right now due to the transition in governments that individuals don’t know who to turn to for current, relevant information. For example, lenders have changed their stance concerning who is elligible for a loan modification. Homeowners no longer need to be in default, but must be able to demonstrate financial hardship.

Examples of hardship :
• Adjustable Rate Mortgage Reset – Payment Shock (uncommon, but works with some lenders)
• Upside Down Property (works with some lenders)
• Loss of Income due to decrease in Rental Income
• Illness
• Loss of Job
• Reduced Income (due to current economy)
• Failed Business
• Job Relocation
• Death of Spouse or C0-Borrower
• Incarceration
• Divorce or Marital Separation
• Military Duty
• Medical Bills
• Damage to Property(natural disaster or unnatural)

These guidelines are very different from even a few months ago. It’s good to work with a group who is on top of the industry changes.

McGinnis is pleased to be a part of a team who is dedicated to helping families keep their homes by charging no upfront fees and helping families move into the future with successful loan modifications.

For more information, visit www.OmegaLoanMods.com