In Hopes of offering a helping hand

[pathayden]

I was a mortgage loan officer here in Kentucky. My job started out great at first and then… some one had a GREAT idea to offer our limited documentation (or no documentation) loans and do a little bottom feeding. If a borrower had a score of 550+, we had a loan for them and if they had a 620+ they wouldn’t need to document anything.

Since the mortgage meltdown I've decided to do a 180 and see if I can help out those borrowers and make myself feel a little better about myself. I know very little about the loss mitigation process, but I am reading a lot. So any help to get my new found calling jumpstarted would be greatly appreciated.

Thanks,
Pat

[877YouKeep]

pathayden, awesome hope you are doing this for the right reason. Here is a little FYI about Kentucky that is unfortunate for you and homeowners in Kentucky. The state will not allow a modification that will capitalize fees in excess of the original Loan balance.

If you have a homeowner whose original loan balance is $ 100,000.00
they have paid down $ 5,000.00 new UPB is $ 95,000.00 if the homeowner is unable to make payments and goes into foreclosure they now owe unpaid interest, attorney fees and costs, If the past due balance is above $ 100,000.00 then Loan Modification is not an option, will have to shoot for a repay or other Loss Mitigation program

[pathayden]

Thanks for the insight. My plan is to start our here in KY and branch out into other states as I learn and get comfortable with the process.

Pat

[Nomarac]

Is Kentucky rare in this regard or do most states limit the modifaction to at or below the the original loan amount?

[877YouKeep]

Yes, Kentucky is a one of a kind when it comes to helping a homeowner save their home. The law needs to be changed.