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Thanks for the insight REI. I have seen you a lot around the site and I feel as though I can assure your advice is accurate.

Sincerely,
CVG

swgprop, thanks for the insight. Like I said before, I do not offer this service and do not grasp how my competitor is working his loan mods.

Thanks for the insight John. A large competitor of mine in the area is offering this service and the jist of what I am understanding his goal is to negotiate a repayment plan that both the bank and the mortgage holder agree upon (ex: client is 3 months behind with a 750 a month mortgage. for a fee, the company negotiates with the bank a repayment of that 2250 over a 6 to 12 month timeframe that is tacked onto the monthly loan payment of 750, eg: 937.50 for the next twelve months would be the clients new mortgage payment)

Another way to possibly getting around the deficiency judgement is to put inside of the purchase contract that is agreed upon for the short sale, that the bank will not grant a deficiency judgement to the seller.

Hello,
My company currently offers multiple options for people in foreclosure but does not offer the loan modification route. I have found the basic information on how a loan mod works, but am having a hard time grasping the exact details.

Can anyone fill me in on there loan modification experience, and if it is something that may be easy or hard to add to my portfolio options, and most importantly, is it financially lucrative on a smaller scale?

Thanks for your help,
CVG

Japutt,
I will definitely take you up on that offer. I may have a couple properties you would be interested in.

Sorry I am just now responding to your question. I am not exactly sure on the total costs because I have never purchased anything over a 4 family. My best educated guess would be roughly 10K max including escrow. My company purchased a home in NY a few months back and the closing costs were 14K when they would normally be about 5K in Ohio.

Hey Everyone,
I have been browsing the site for the past couple days and have been nothing but impressed by the wealth of knowledge by the members and am very excited about becoming an active member of the site.

I am a single father that has been involved in some aspect of real estate and real estate investing for the past 6 years. In the past six years, I have rented, rehabbed, and/or leased over 25 properties all across the US.

My main objective of branching out to this forum is to gain knowledge and network with ethical real estate investors.

Thanks for your time!