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Call Us 1-610-374-2081 No Obligation
~ Unparalleled Service
Silco USA Debts Solution Corp. will handle every aspect
of your client's negotiation, and prepare a comprehensive loan modification package for their Lender, including but not
limited to:
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Silco USA Debts Solution Corp. Detailed to include
all income, assets, and all payments they make, down to every cost. This allows a realistic view of their financial abilities
to be sure they can continue to make their home payments for years to come once their loan is restructured.
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Full Financial Package prepared for your client's Lender including:
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Negotiations with your client's existing lender and their attorneys
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Loan Restructuring Proposal. Financial Solutions Group requests specific terms for your
client's new loan.
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Representation on your client's behalf in dealings with their Lender
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CMA. Comparative Market Analysis of their home. We also do a cross analysis of homes
currently listed on the market and in foreclosure in their surrounding area.
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Full-Time, one-on-one customer service for your Status Updates
A loan modification is a change in the loan contract agreed to by the lender and the borrower. The modifications
of major concern today are those designed to reduce the payment burden on borrowers faced with impending rate increases that
will make the mortgage payment unaffordable to them and those who are currently behind on their payments. Many are sub prime
borrowers.
In most cases, the decision on a loan modification is not made by the firm that owns the loan. It
is made by a firm servicing the loan under contract to the owner. The owner could be a single lender, or it could be a group
of investors who own pieces of a mortgage-backed security collateralized by a pool of loans.
Whoever the owner, the servicing firm is contractually obligated to find the solution to payment problems
that will minimize loss to the owner. If the lowest-cost solution is a loan modification, great -- everyone involved prefers
a loan modification to foreclosure. But if a foreclosure would generate lower costs for the owner, the decision will be to
foreclose. The cost of foreclosure to the borrower does not enter the decision.
YET THE DECISION IS FAR FROM CUT AND DRIED, AND IT CAN BE MATERIALLY AFFECTED
BY WHETHER AND HOW THE BORROWER PRESENTS HIS CASE.
Perhaps the most important factor affecting the loan modification decision
is the amount of equity the borrower has in his property. If the borrower has enough equity in the property to pay any deferred
interest plus foreclosure expenses, foreclosure is almost bound to be the lower-cost solution.
Equity depends on property value, which Silco USA Debts Solution Corp.is
much better positioned to know than the servicer. Silco USA Debts Solution Corp. knows or can easily find
out how many houses in your neighborhood are for sale and what the trend has been in recent sale prices. In a weakening market,
it is easy for the lender to overestimate value, and Silco USA Debts Solution Corp. will
prevent that.
Servicers fear that if they are liberal in granting modifications, borrowers who don't need a loan modification
will seek one anyway. They protect themselves against this by entertaining modification proposals on a case-by-case basis,
while placing the burden of proof on the borrower.
Borrowers must accept the burden of proof. In addition to the data on property value,
they need to document that they cannot afford the payment increase that is pending, and they must document exactly what they
can afford.
For this purpose, Silco USA Debts Solution Corp. will
calculate your total debt ratio: the sum of mortgage payment, other debt payments, property taxes and homeowners insurance
as a percent of their gross income. This number should be calculated now, what it will be after the rate adjustment, and what
they will be able to afford.
Servicers have a self-interest in minimizing
modifications because they add to costs. They try to minimize costs by computerizing the servicing process to the maximum
degree possible, and standardizing customer support procedures so that low-paid and easily trained employees can perform them.
Modifications must be handled by a special group who are more highly trained and better-paid,
and the increased costs from expanding their number cuts into the bottom line. Hence, there is a tendency to be non responsive
in the hope that the borrower will go away. If a servicer says they will call you back … forget about it. You need to
have Silco USA Debts Solution Corp. call them and call them constantly. They will lose your
paperwork, fail to return calls, put you on hold, and then hang up. It's what they do. We will keep fighting, calling, faxing.
This does work!
1-610-374-2081
silcousa@live.com
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