Mortgage Broker Meetings

Yesterday I met with 2 mortgage brokers. Why would I do that?

When people fall behind on their payments, one of the things they usually do first is try to refinance their loan. In VERY VERY RARE cases this can be done - there needs to be a TON of equity in their homes. Why is this? Lenders lend based on credit and just 1 or 2 late payments on a mortgage are usually enough to prevent anyone else from lending people money. Make it 3 or 4 late and forget it.

The majority of mortgage brokers out there unfortunately try to take advantage of people behind on their payments. They make promises like there's no tomorrow, simply to extract fees form these people that are already in financial hardship. Then, when it comes time to close the new loan, something always "comes up" and they can't do it. Before you pay any $$ to a broker or lender for a refinance, check out this page.

But, I digress :-)

Back to my meetings. You see, these 2 brokers are special. Special in that they don't take advantage of people. They let them know within a couple of days if they can help them. I met with them to explain how I can help the people they can't help.

When a family is faced with the reality of a pending foreclosure, and the house is worth more (or the same) as the debt, no one will help (attorneys, realtors, brokers, etc.) There's just nothing they can do. I come in and discount the debt with their lender and save their credit from getting worse. This allows these families to start over, not from the bottom (after a foreclosure), but only with late payments.

These two brokers see the big picture. I save someone's credit, they help build it back up, and within a year or two, these families are back being homeowners and these brokers get to put them into a new mortgage. Everyone wins! That's why they'll be sending me referrals and allowing me to help more families.

Today, I'm meeting with a new person we're adding to our team. He's going to help get the word out to more people facing foreclosure so we can help more of them out. Monday I'll let you know how it went!

Have a great weekend!