Considering Loan Modification for Your San Diego Home?

Foreclosures, Market Trends, San Diego
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by Roberta Murphy

San Diego Loan Modification?
San Diego Loan Modification?

San Diego real estate has had an upheaval in values the last couple of years. Much is to blame on a real estate bubble that was unsustainable–paired with mortgage products that were designed to self destruct–such as those pesky negative amortization home loans.

Surveying the San Diego real estate reports, I can’t help but wonder how many foreclosures might be prevented if aggressive loan modification efforts were instituted by both borrowers and mortgage lenders.

One of the first questions I ask a troubled San Diego homeowner who calls us to list their home is:

Would you want to stay in your home if the payments were more affordable?

More often than not, the answer is yes.

These are the people I urge to pursue modification of their loan terms, but so many ask:

How to get a loan modification?

Until very recently, I have advised clients to call their lenders and begin the process of requesting loan modification–and to be very persistent.  I now suggest they visit fellow blogger Ryan Rockwood’s new 60 Minute Loan Modification site where they will soon (if not already) be able to order is new ebook which details How To Get A Loan Modification. The book is loaded with information for struggling borrowers–and chock-full of insider tips.

For example, I know that many borrowers agonize because either they or their mortgage broker overstated income levels when applying for mortgage loans during San Diego’s real estate bubble years. At the same time, attorneys have discovered that many lenders may have violated provisions in the Truth in Lending Act and/or the Real Estate Settlement Procedures Act (RESPA). Rockwood states that there is plenty of blame to go around, and lenders as a rule aren’t pursuing earlier income exaggerations.

That information alone might spur some to pursue loan modifications for their mortgages.

And one of my personal favorites is how many times to click the phone in order to get to a live respondent at Countrywide Mortgage!

NOTE: It is now 2013, and looking back–we see that relatively few loan modifications were successful. So many homes were lost to foreclosure–while an equal or greater number were successfully sold as short sales.  Today’s market in 2013 is a recovering one, where many homeowners are now in positive territory,

8 responses to “Considering Loan Modification for Your San Diego Home?”

  1. Call me skeptical 🙂 But how do you know this person who wrote this loan modification guide? He's a blogger? Have you referred any clients to his materials yet and had them have success?

  2. Mike and Ryan Rockwood are Rancho Palos Verdes real estate professionals – http://www.http://rockysmls.com/ )who co-wrote this book and offer some pretty compelling advice for troubled homeowners. I have read most of the draft and am impressed with the depth of their presentation and the how-to's they provide. I am also skeptical of services that are charging people thou$ands to do what they can do for themselves.

  3. Yea, I'm sure he's honest.
    Loan mod information for sale. Those homeowners have $25 left…lets fo get it and sell the information about them to Lenders, Attorneys and Realtors (no offense).

  4. Hi – This is Ryan “Rocky” Rockwood, one of the co-authors of the 60MinuteloanModification program. I hear you when you say you are skeptical of Loan Mod peddlers! That's part of the reason we wrote the book. We sell a book. End of story. No catch! And guess what? We even have a 200% money back guarantee. So we have totally removed all the classic obstacles so homeowners will take action!

    Beyond that there is not much more someone can do to prove they are legit. Don't get me wrong, we certainly hope to make a profit. I hope it's a smash hit. But who knows? I know it will only be wildly successful if homeowners love it – otherwise we will go broke with the guarantee.

    Scammers are out – to be sure – I meet them all the time b/c they tell my real estate crazy illegal stuff! (Usually it's a scheme to 'buy' their home – no money, of course – and sell it back to them(real money this time) after short selling the home). Ever try to talk someone out of getting scammed? Just about impossible.

    Anyway, I hope fear doesn't stop people from getting help they need.

    Background: My father and I learned everything we teach because we went through it. The book is my Dad's story of getting modifications on his own home loans.

  6. Jason: I 'll add authenticity (and trust) to someone with a face and a link all day long over someone who doesn't.

    Ryan a fraud? I think not.

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