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[Below is an excerpt from a live loan modification teleconference]
Mike: Yes, absolutely. The loan modification doesn't do anything to the foreclosure process. What our experience is, though, is that the banks will halt the final sale, the culmination of the foreclosure process. What a lot of folks don't recognize is that the foreclosure process is actually pretty well designed to protect the homeowner and you have plenty of time during the foreclosure process to work out a good solution with your bank. And so you don't need to be concerned that the process continue during the loan modification. You just have to be real clear with the bank that they intend not to serve you with a notice of trustee sale or go through with a trustee sale. Now we've had a client this past week who was only 10 days away from trustee sale when they got us involved.
Because they bought our elite express kit, which actually gets us on the phone with the lender, that minute, we were able to clarify with the lender that they are in the process and just about to submit a loan modification application and the lender agreed to a 30 day suspension of the notice of trustee sale. But the foreclosure process continues.
Ryan: That's not that big a deal. Really. It's a bigger deal to the person because they've never gone through it. Sounds terrible. It also sounds bad, oh, we'll give you the 30 day extension, because that's all you're going to get. And that sounds horrible, but we know you call every 30 days and you get another extension. That's just part of the process.
Okay, here's another one. What are the average fees payable to the lender for loan modification? Since I am doing the modification myself, how much do I have to cough up? I'm not quite sure what this question is. What are the average fees payable to the lender for a modification? Of course a modification itself doesn't typically cost anything. I guess the question the person is considering going with a loan modification company or something those fees.
Mike: Or maybe she just thinks there are some fees?
Ryan: Yeah. There's not an appraisal. There's not a broker fee. There's not the loan orgination fees. All those stuff that happens when you got the home.
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