60 Minute Loan Modification Review - Dont Buy It Unitl You Read This Review
A lot of people are in trouble with their homes and must modify their loans or lose their home
. Once you have decided to try to save your home, you have to make a couple decisions. Do you want to hire someone or do it yourself?
Let me start by telling you a little about myself. I started in the mortgage business in 1988 with some of the largest Savings and Loans and banks in the country. The point is, I know a little about the mortgage business. I am also a real estate broker.
I think a lot of the problem is that bankers have a language all their own. We talk in terms of front end ratios, DTI's, LTV's and FICO scores. If any of this seems foreign or confusing to you, you can see the problem people are having modifying their loans.
This is why I generally recommend paying a professional to represent you.
Your home is your largest investment. Most homes in America are worth a couple hundred thousand dollars at least. It's like having a single stock that's worth $300,000. If you are trying to save your home yourself, you are taking an awful big risk with $300,000.
One problem is that there have been a lot of loan modification scams. On top of that, loan modification specialists cost money. Just like hiring a lawyer, a loan specialist needs to be paid for his/her time whether they are successful or not. This doesn't sit well with a lot of people and others just can't afford it.
So I started looking into the do-it-yourself loan modification kits. Having been in the business for so many years, I was skeptical about any system that tells you to risk $300,000 or more without help.
So let's take a look at the 60 minute video marketing kit
Let me start by saying, this is a big package. It not only includes a manual, it also has printable forms, a step-by-step video, and actual recordings of telephone negotiations.
The manual is 119 pages long. They go into great detail.
Chapter 1 - I Fought the Banks and I Won
This section is a get acquainted with the author Mike Rockwood. He talks about some of his past successes and the current housing situation.
Chapter 2 - Find Out if you qualify in 2 minutes flat
Chapter 3 - Why You MUST do your own loan mod
Mike spends a few pages reinforcing the reasons why you should handle the loan modification yourself
Chapter 4 - Get Ready
Here the author sets up timelines and expectations. This is important to keep you on track. You have a limited amount of time to get this done
Chapter 5 - The Application
The basic idea of a loan modification is to explain why you are in trouble (hardship letter), document it and then ask for help. Just remember bankers have very strict guidelines as to what they can accept and what they can't. If you aren't sure, you can ruin your chances of saving your home.
The author Mike walks you through step-by-step in filling out your application. This is the meat of the book. He takes special attention to crafting the hardship letter. He shows actual hand-written hardship letters others have successfully used. BTW, he recommends everyone do their hardship letters by hand, not using a typewriter/word processor for a reason which he reveals in the course.
I was very impressed with the detail he goes into in this section. Without this information, your chances of getting approved are going to be diminished.
Chapter 6 - Automated Follow up
This chapter surprised even me. This is an area I sometimes overlook with disastrous results.
Having worked in the industry, I can tell you for a fact that the mortgage processing is basically a business of crisis management. Everyone is up against deadlines. Forget to send something in or send in the wrong forms and you get pushed to the bottom of the pile. You may not even find out for a week while other crisis situations push their way to the top. You need to do consistent follow up. Mike breaks down the follow up into daily tasks you do until...
Chapter 7 - Sweat free negotiations
This is where 60 minute loan mod gets 5 stars that makes it worth the purchase. He not only tells you exactly what to say to get a loan mod, he explains how to negotiate a better deal. Some of the most effective tactics are very low key. Keep in mind, many people are so relieved to even get approved, they accept anything. Often thousands of dollars are left on the table. The 60 minute loan mod helps you mop up as much of that money as possible
Chapter 8 - The F word
Here Mike goes into the types of foreclosure you may be facing and how to work within the timelines. Absolutely essential information if you are doing this yourself
Chapter 9 - Financial Emergency Preparedness
After you get your loan modified, you'll want to get your life back in order. Mike goes into credit scoring and how to repair your credit. Nice touch!
Appendices - Copies of the forms he made mention to in the manual. Included are the toll free numbers of some of the major banks and ways to get around their automated switch boards.
Glossary - Help with mortgage terms. I recommend you read this section, not just use it when you need help. It will broaden your overall knowledge.
If this was all the course included, I would think its over priced. In addition to the workbook, you'll find
A loan modification calculator - This calculator calculates your chance of getting approved for a loan modification.
A zipped folder of all the forms you need in word, txt and excel formats. These forms work on Mac's or PC's. You can print them as many times as necessary. If you make a mistake, don't white it out, just print a new form.
Audio recordings of actual negotiations - I really liked this feature. Many times I will read a book and think I know what I read but when someone asks me a question, I get tongue-tied. I'm not prepared enough to answer the question. What happens to your loan modification if the lender asks you a question you can't answer? What if you answer it wrong? A mistake like that can cost your home. By listening to the tapes, I was able to plan for the questions they might ask and have responses ready to go.
A 60 minute video doing a loan modification from start to finish. Some people just don't like to read. That's pretty evident by the number of people who watch tv vs the number who read books for entertainment. Mike includes a 60 minute video that goes step-by-step into filling out the application and the documents to back it up. Very useful.
What happens if you still have a question?
Mike gives you 60 days of free email coaching. This is what makes this package so valuable. Your alternative, as I already mentioned, is to get a professional loan modification specialist to represent you. That will run you several thousand dollars. The 60 minute loan modification course costs much less than that but you still get personal service.
I tried this myself on a Saturday night at 1:30am. Someone from his office called me back the next day, SUNDAY, at about 2pm. Not only was it a Sunday, it was Father's Day. They promise 6-12 response time but I never expected them to call back on a Sunday. The point is, they are on top of it. When and if you need help, you'll get it.
All in all, I was very pleasantly surprised with the quality of information in this program. If you can't or don't want to use a professional service to negotiate for you, this would be the next best thing.
I strongly recommend you use this program if you are trying to save your home. Its knowledge you need to be successful.
by: Dave Berger
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