How Do You Start A Loan Modification Business?
You probably figured it out by now. A lot of money is being made in the loan modification business. So how do you get started in this business? The one question that a lot of folks ask me about starting a loan modification business is what specifically needs to be in my borrowers’ hardship letter? In this article I am going to show you how to coach your clients on the preparation of their hardship letter. The hardship letter is one of the most important components of your borrower’s loan modification request package. This letter needs to focus on how the borrower became behind in his or her payments. In fact, there are 6 Key Elements that should be included in your customer’s hardship letters: So what are the 6 Key Elements that should be in your hardship letter? • Describe how the borrower got in trouble. What caused the borrower to fall behind in his mortgage payments? Give as much detail as possible. Did the payment amount recently reset on his or her ARM mortgage to a higher monthl
