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  1. #1
    Join Date
    May 2009
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    Accelerated loan mods

    Does anybody know anything about these guys.

  2. #2
    Join Date
    May 2006
    Posts
    1,784

    Re: Accelerated loan mods

    Here’s how the typical loan modification works:

    1. The homeowner needing the loan modification is identified and agrees that a loan modification is best for them.
    2. A 35 question “Quick Qualification” (QQ) form is filled out online by the representative who is helping the homeowner.
    3. That QQ is evaluated by one of 9 attorney groups who will “accept” or “decline” the file. An answer is received within 48 business hours.
    4. If the file is accepted, the representative is e-mailed a packet that needs to be filled out and e-mailed or faxed back to the attorney group. Also included in the packet is a payment form for the homeowner.
    5. Upon receipt of the packet and payment, the attorney group begins work on the loan modification.
    6. 30-60 days later the actual loan modification is complete and the homeowner begins making their new payments.
    They should have called it: "How this scam works". Never pay for this kind of work upfront unless company has bulletproof accreditations or great track record. This one is not even bbb member and less than half year old.

    Here is the article detailing how these scams work

    http://activerain.com/blogsview/6248...fication-Scams
    Last edited by BorisZ; 05-10-2009 at 07:29 PM.

  3. #3
    Join Date
    May 2009
    Location
    Southern California
    Posts
    9

    Re: Accelerated loan mods

    So many companies are now doing loan mods it's hard to pick out who's legit & who's not. I'm sure some new companies could be legit too, but I guess why risk it if you can find an older company who has a good BBB rating.

  4. #4
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    Jun 2009
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    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by BorisZ View Post
    They should have called it: "How this scam works". Never pay for this kind of work upfront unless company has bulletproof accreditations or great track record. This one is not even bbb member and less than half year old.

    Here is the article detailing how these scams work

    http://activerain.com/blogsview/6248...fication-Scams
    Actually, you're incorrect. This company is 100% legitimate and in fact NOT a scam. You should CAREFULLY research your information, read details and totally understand the terms of service before advising someone of what you claim is a scam.
    First of all, there is no money asked for 'upfront'. The client submits a file through Accelerated Loan Mods and this file is sent to the attorney group. (This costs nothing) If the file is accepted, the attorney group asks for a retainer. (This is exactly what would happen if anyone off the street sought the services of an attorney to represent them)
    The retainer (Cost of the loan mod) is 2695.00, which is placed in an escrow account pending the actual loan being modified. If the loan IS modified, the client agrees to the fee of 2695.00. If the loan modification is denied, the client gets EVERY penny back. In other words, it costs absolutely nothing to submit a file and see if one has qualified for a loan modfication.
    Now, I know there are sceptics thinking: "Well, I bet every file is accepted....and they just take the money and don't do the loan mod...yada, yada." Wrong. For every 10 modification files I submit, less than half are approved. Of those 4 approved, 3 are typically completed and modified within 30 to 60 days.
    As an example, on April 27, I had a client from Smithtown, NY whom I had submitted for approval. Her loan mod approval came back within 48 hrs. She had an Adjustable Rate Mortgage, with a 7.50% rate, which was modified to a 5.8% FIXED rate for 5 years. She is going to save 1470.00 per month on her mortgage for 5 years AND the attorney handled 5 months of back mortgage payments and saved her from foreclosure. Now THAT is not what I would call a scam.
    Paying attention to detail in this situation could have resulted in someone getting the correct information. Instead, what happened was, the person who asked you this question initially (The one who started this thread) went off and thought this company was a scam.
    Your information was inaccurate. The only question now is: How will you take responsibility for that?

    LM4L

  5. #5
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by cashunclaimed.com View Post
    So many companies are now doing loan mods it's hard to pick out who's legit & who's not. I'm sure some new companies could be legit too, but I guess why risk it if you can find an older company who has a good BBB rating.
    This is true, though one really has to do their research completely. Some however are fooled. Accelerated Loan Mods is 100% legit and they get amazing results. I always check the BBB, just to see if any complaints have been filed. Now the BB isn't the most accurate, but it can alert one to something worth looking at. Anyone can post a BBB complaint and they are never fully investigated as to the validity of the complaint. This is similar to how credit reporting agencies such as TransUnion, Equifax do business. As an example, if I had your social I could file a lien on you without these agencies having done ANY investigating whatsoever as to the validity of my complaint.
    One has to understand the value of accurate information. It's priceless. Some seem to be more interested in the negative side of things which is usually a good indicator of who they truly are. Those who have a hard time trusting others may have been screwed over in the past, (Who hasn't?) but it's normally because they, themselves cannot be trusted.

    LM4L
    Last edited by LoanMods4Life; 06-01-2009 at 03:02 PM.

  6. #6
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by bebms View Post
    Does anybody know anything about these guys.
    Great company. Though fairly new and small, they are very effective in what they do. I've done close to 100 mods with them
    and have some great success stories.

  7. #7
    Join Date
    Jan 2007
    Location
    Stow, OH SOL III
    Posts
    3,231

    Re: Accelerated loan mods

    The website Acceleratedloanmods registration or WhoIs info shows,
    Registrant:
    david corbaley
    1315 nw mall st
    issaquah, Washington 98027
    United States
    (425) 557-1098

    Domain Name: ACCELERATEDLOANMODS.COM
    Created on: 21-Nov-08
    Expires on: 21-Nov-10
    Last Updated on: 20-Dec-08
    That information leads to this BBB report,
    Business Contact and Profile for Corbaley Properties LLC
    Name: Corbaley Properties LLC
    Phone: (425) 557-1098
    Fax: (425) 557-1085
    Address:
    1315 NW Mall St Suite 2
    Issaquah, WA 98027
    Website:
    www.soldrightnow.com
    www.wahomesavers.com
    www.thelocalhomesavers.com
    Original Business Start Date: July 2002
    Principal: Mr David Corbaley, Owner
    Customer Contact: Mr David Corbaley, Owner - (206) 851-9992
    Email Address: support @corbaleyllc.com (edited, remove space)
    Industry Classification: Real Estate, Real Estate-Commercial & Investment
    BBB Accreditation: Corbaley Properties LLC is a BBB Accredited business.

    Products and Services of Corbaley Properties LLC
    This company purchases real estate for re-sale.

    BBB Rating for Corbaley Properties LLC
    Based on BBB files, Corbaley Properties LLC has a BBB Rating of A.
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  8. #8
    Join Date
    Aug 2007
    Posts
    84

    Re: Accelerated loan mods

    Quote Originally Posted by LoanMods4Life View Post
    Actually, you're incorrect. This company is 100% legitimate and in fact NOT a scam. You should CAREFULLY research your information, read details and totally understand the terms of service before advising someone of what you claim is a scam.
    First of all, there is no money asked for 'upfront'. The client submits a file through Accelerated Loan Mods and this file is sent to the attorney group. (This costs nothing) If the file is accepted, the attorney group asks for a retainer. (This is exactly what would happen if anyone off the street sought the services of an attorney to represent them)
    The retainer (Cost of the loan mod) is 2695.00, which is placed in an escrow account pending the actual loan being modified. If the loan IS modified, the client agrees to the fee of 2695.00. If the loan modification is denied, the client gets EVERY penny back. In other words, it costs absolutely nothing to submit a file and see if one has qualified for a loan modfication.
    Now, I know there are sceptics thinking: "Well, I bet every file is accepted....and they just take the money and don't do the loan mod...yada, yada." Wrong. For every 10 modification files I submit, less than half are approved. Of those 4 approved, 3 are typically completed and modified within 30 to 60 days.
    As an example, on April 27, I had a client from Smithtown, NY whom I had submitted for approval. Her loan mod approval came back within 48 hrs. She had an Adjustable Rate Mortgage, with a 7.50% rate, which was modified to a 5.8% FIXED rate for 5 years. She is going to save 1470.00 per month on her mortgage for 5 years AND the attorney handled 5 months of back mortgage payments and saved her from foreclosure. Now THAT is not what I would call a scam.
    Paying attention to detail in this situation could have resulted in someone getting the correct information. Instead, what happened was, the person who asked you this question initially (The one who started this thread) went off and thought this company was a scam.
    Your information was inaccurate. The only question now is: How will you take responsibility for that?

    LM4L
    On the other hand, you could simply go through a mortgage firm, check on the various options for lowering your interest rate, going for less years, and pay less than $600 for an up-dated property appraisal like we did, and even pay off high-interest credit cards in a win, win, win situation.

    If you have the $2700 to pay this company for their loan modification, you could bank the money left after paying the appraisal fee, or use it to pay off $2000 of the original principal as part of the re-fi.

    It won't cost you a dime to check with an established mortgage firm and get some ballpark numbers run in comparison. If you are rejected, they will usually do it before the appraisal is requested, so you won't be out a dime anyway.

    We did a traditional refinance (1 year ago), lowered out interest from 7.75% to under 5%, paid off 3 credit cards, and pay less each month, while going with a new 15 year, simple interest mortgage. And still had over 25% equity in the deal after the mortgage crisis swept much of the country.

    Dennis Bevers
    www.CuttingEdgeAdvertising.com

  9. #9
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by DBeavers View Post
    On the other hand, you could simply go through a mortgage firm, check on the various options for lowering your interest rate, going for less years, and pay less than $600 for an up-dated property appraisal like we did, and even pay off high-interest credit cards in a win, win, win situation.

    If you have the $2700 to pay this company for their loan modification, you could bank the money left after paying the appraisal fee, or use it to pay off $2000 of the original principal as part of the re-fi.

    It won't cost you a dime to check with an established mortgage firm and get some ballpark numbers run in comparison. If you are rejected, they will usually do it before the appraisal is requested, so you won't be out a dime anyway.

    We did a traditional refinance (1 year ago), lowered out interest from 7.75% to under 5%, paid off 3 credit cards, and pay less each month, while going with a new 15 year, simple interest mortgage. And still had over 25% equity in the deal after the mortgage crisis swept much of the country.

    Dennis Bevers
    www.CuttingEdgeAdvertising.com
    It's really not all that simple for most people, espec in a market that is so volatile. Mortgage companies are not just 'handing out' second mortgages now as there is huge risk. Most are lucky to owe what a home is worth these days and have little equity to work with. Most of those that qualify for this program are in not only upside down, but also in foreclosure and in most cases more than 3 months behind on their mortgages. This ALM program is also NOT contingent on credit score.
    Refi prospects 99% of the time ARE NOT my public.
    What people will also find when they go to speak with the bank is that the bank will not normally disclose their rights in the FDCA (Fair Debt Collection Act) as well as other rights. Banks also tend to withhold valuable information concerning options and usually don't have a huge interest in helping a homeowner that is in arrears and upside down. There may be more options as the economy and property values change, but as of right now, loan mods seem to be one of the best options for most homeowners in foreclosure.

    LM4L
    Last edited by LoanMods4Life; 06-01-2009 at 06:23 PM.

  10. #10
    Join Date
    Jul 2007
    Posts
    558

    Re: Accelerated loan mods

    $2695 for what someone can do themselves for a few phone calls and postage stamps.

    Now let's examine the shill's claim. Saved a lady $1470/mo with a reduction of interest rate from 7.5% to 5.8%. That corresponds to a loan of approximately $1,040,000.00

    I call shenanigans.

    Quote Originally Posted by LoanMods4Life View Post
    Actually, you're incorrect. This company is 100% legitimate and in fact NOT a scam. You should CAREFULLY research your information, read details and totally understand the terms of service before advising someone of what you claim is a scam.
    First of all, there is no money asked for 'upfront'. The client submits a file through Accelerated Loan Mods and this file is sent to the attorney group. (This costs nothing) If the file is accepted, the attorney group asks for a retainer. (This is exactly what would happen if anyone off the street sought the services of an attorney to represent them)
    The retainer (Cost of the loan mod) is 2695.00, which is placed in an escrow account pending the actual loan being modified. If the loan IS modified, the client agrees to the fee of 2695.00. If the loan modification is denied, the client gets EVERY penny back. In other words, it costs absolutely nothing to submit a file and see if one has qualified for a loan modfication.
    Now, I know there are sceptics thinking: "Well, I bet every file is accepted....and they just take the money and don't do the loan mod...yada, yada." Wrong. For every 10 modification files I submit, less than half are approved. Of those 4 approved, 3 are typically completed and modified within 30 to 60 days.
    As an example, on April 27, I had a client from Smithtown, NY whom I had submitted for approval. Her loan mod approval came back within 48 hrs. She had an Adjustable Rate Mortgage, with a 7.50% rate, which was modified to a 5.8% FIXED rate for 5 years. She is going to save 1470.00 per month on her mortgage for 5 years AND the attorney handled 5 months of back mortgage payments and saved her from foreclosure. Now THAT is not what I would call a scam.
    Paying attention to detail in this situation could have resulted in someone getting the correct information. Instead, what happened was, the person who asked you this question initially (The one who started this thread) went off and thought this company was a scam.
    Your information was inaccurate. The only question now is: How will you take responsibility for that?

    LM4L

  11. #11
    Join Date
    Aug 2007
    Posts
    84

    Re: Accelerated loan mods

    Quote Originally Posted by LoanMods4Life View Post
    It's really not all that simple for most people, espec in a market that is so volatile. Mortgage companies are not just 'handing out' second mortgages now as there is huge risk. Most are lucky to owe what a home is worth these days and have little equity to work with. Most of those that qualify for this program are in not only upside down, but also in foreclosure and in most cases more than 3 months behind on their mortgages. This ALM program is also NOT contingent on credit score.
    Refi prospects 99% of the time ARE NOT my public.
    What people will also find when they go to speak with the bank is that the bank will not normally disclose their rights in the FDCA (Fair Debt Collection Act) as well as other rights. Banks also tend to withhold valuable information concerning options and usually don't have a huge interest in helping a homeowner that is in arrears and upside down. There may be more options as the economy and property values change, but as of right now, loan mods seem to be one of the best options for most homeowners in foreclosure.

    LM4L
    Nowhere did I mention Second Mortgage in my post.

    Nowhere did I recommend people check with bankers.

    Independent mortgage firms who process the paperwork will sell their loans off quickly to larger companies who package them in bundles, allowing the homeowner to get lower rates by avoiding the banks.

    We replaced our original mortgage. It was satisfied by our mortgage firm. This is a refinance or re-fi, not a second mortgage program.

    As I clearly stated, they should check with a "Mortgage Company" in their area and see what is possible for them. Even if they are upside-down due the economic decline, moving from an ARM (Adjustable Rate Mortgage) to a convention mortgage could work for them, with no more out-of-pocket expense than a current appraisal.

    How many people who are 3 months behind and facing foreclosure still have the $3000 to pay for your load modification service?

    Dennis

  12. #12
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by thetruthbetold View Post
    $2695 for what someone can do themselves for a few phone calls and postage stamps.

    Now let's examine the shill's claim. Saved a lady $1470/mo with a reduction of interest rate from 7.5% to 5.8%. That corresponds to a loan of approximately $1,040,000.00

    I call shenanigans.
    Well, one would expect that from someone who has not actually worked with, or for this company. So what you are saying is that no one can have a 1,040,000.00 mortgage? That's pretty funny.

  13. #13
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by thetruthbetold View Post
    $2695 for what someone can do themselves for a few phone calls and postage stamps.

    Now let's examine the shill's claim. Saved a lady $1470/mo with a reduction of interest rate from 7.5% to 5.8%. That corresponds to a loan of approximately $1,040,000.00

    I call shenanigans.
    The truth is that there are way more people that run into major trouble when working directly with mortgage companies. The reason is, they normally do not know what to say, or what not to say. They are in effect NOT experts in the area of negotiations. In the case of ALM, you basically pay a retainer that is held in an escrow account pending a modification. If this modification is done successfully, the money becomes a fee for service. If the modification is not successful hours on the file are assessed (I've never seen billed hours over two hours total, ever in the last 18 months) and the remaining monies are returned to the client. For example, 2995.00 minus a 600.00 max bill = 2395 returned. Any reputable attorney will not work for free, with the hopes of getting paid at a later date. This company's attorneys are no acception. Hours worked are hours worked. Period. Not to mention that once a file is accepted, over 94% are processed and completed as successful loan mods.

  14. #14
    Join Date
    Aug 2007
    Posts
    84

    Re: Accelerated loan mods

    Exactly why does the company have lawyers processing the loan applications? All the paperwork and number crunching is typically done by mortgage/loan specialists.

    The lawyers usually only get involved at the closing. So, if the app is rejected, 4 hours at $30 per should be sufficient.

    Most lawyers, other than those specializing in business law, are clueless about financing, and wouldn't have the skills to read and understand the credit bureau files.

    Claiming lawyer fees for processing apps sends up another red flag and warning bells for me.
    Last edited by DBeavers; 06-29-2009 at 01:26 AM.

  15. #15
    Join Date
    Jun 2009
    Location
    Phx, AZ.
    Posts
    14

    Re: Accelerated loan mods

    Quote Originally Posted by DBeavers View Post
    Exactly why does the company have lawyers processing the loan applications? All the paperwork and number crunching is typically done by mortgage/loan specialists.

    The lawyers usually only get involved at the closing. So, if the app is rejected, 4 hours at $30 per should be sufficient.

    Most lawyers, other than those specializing in business law, are clueless about financing, and wouldn't have the skills to read and understand the credit bureau files.

    Claiming lawyer fees for processing apps sends up another red flag and warning bells for me.
    Here is the reality. If you want something done right, you get with a specialist. MOST of the time, this handles the problem. This company works with reputable, competent law firms. How many reputable, competent firms do you know that work for 30.00 per hour. I don't know any. Ask yourself: If I were on trial, would I want a public defender, (This is more often than not a biased terminal) or a firm that has tried multiple cases and had years of success in the field in which you needed help? It all comes down to due diligence and getting the job done right the first time.
    Most homeowners focus on the initial outlay, which is foolish. One needs to focus on the outcome and the thousands saved by reduced rates and better terms. Most of the time, one gets what one pays for. Try the cheap route and well, you increase your risk dramatically.

    LM4L
    Last edited by LoanMods4Life; 07-06-2009 at 08:49 AM. Reason: Type O's

  16. #16
    Join Date
    Aug 2007
    Posts
    84

    Re: Accelerated loan mods

    Lawyers are not specialists in financial paperwork. They have been trained to handle legal paperwork, which is completely different. As a former Legal Clerk in the US Army (similar to a paralegal), I know what I could and couldn't do, and knew some of the JAG officers duties as well.

    Most of them couldn't fill out their own loan application as it is foreign to them.

    It is ridiculous to use lawyers to process loan application, do credit checks, etc, when their specialty is drawing up the contract, bill of sale, and other legal requirements - which don't happen until the home buyer or home owner is approved for the mortgage.

    That's why I went to a local mortgage broker, who specializes in all kinds of home financing, including cash-out re-fi's. It only cost me approximately $500 for the new appraisal - Again, something handled by a licensed real estate agent or broker who has been certified in residential appraisals.

    The legal fees at closing were minor, as we already owned the paperwork, so the firm that specializes in closings just had a legal clerk get all our signatures in the right places. I only met the lawyer later, when I sold him a couple promotional products for his office.

    I have hired a lawyer before, and paid his $175 per hour fee, but that was for his research on tax issues.

    Even my CPA would have to be trained in all the paperwork required before he could attempt to complete a mortgage application.

    Specially trained pencil pushers are all that is required for the credit check and application process. Hiring lawyers to do the same, is like getting a NASCAR mechanic to do oil changes at the local quick lube.

    Ridiculous!

    Dennis Bevers

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