Everyone thinks there is a “secret” to getting Modifications approved. The truth is there is none. It is hard work and requires experience in multiple fields.
- You must understand mortgages inside and out.
- How to Calculate Income
- How to Calculate LTV
- Determine Investor on Loan
- How to apply proper guidelines
- You must be a good interviewer, to get the truth from clients
- You must set realistic expectations for clients
- You must understand how to read credit reports
- You must understand tax returns
- You must have an understanding of Bankruptcy Laws as a fall back
- You must have experience valuating properties, specific to servicers.
- You must stay current with established guidelines.
- You must stay on top lender trends.
- You must understand judicial process.
Sorry, there is a “secret”! You must care!