Loan Modification Facts, Fairytales, Lies, Truth, and Scams

“Caveat emptor”

Latin for "Let the buyer beware".

By now I’m confident you’ve been overwhelmed with email's, and phone calls
in response to your request for help with a possible foreclosure situation. ..

I’m also confident you’ve heard many different claims, promise’s, and

PRICE’S

(all over $1000 & up) from as many different people / companies, and that

right

about now, you’re very confused trying to determine what’s true, and

what’s

not!

Although there are many GOOD, legitimate Loan Modification companies

providing valuable,

honest help and advice, there

are

also an equal

(if not more)

amount in the industry exploiting

America’s foreclosure crisis

with

one main goal..

mak

ing

fast, “easy” money by

preying on the financial distress,

and

desperations of their neighbors.

PLEASE BE VERY CARE

FUL!

I have been in the mortgage lending / banking industry for

over

20 years.

Everyone on my staff

a licensed, bonded, insured

financial

professional.

NO “sales” / unqualified / inexperienced people work at GCS, In

As an experienced banking professional, I feel it my responsibility / duty to

provide American homeowner’s with the

TRUTH & REALITIES

of the loan

modification industry, and expose / separate the Truth from the Sales tactics

designed solely

to mislead, misinform, and separate honest, hard working

American

homeowners from of their very hard earned, very much needed

money.

Below is a list of “Facts v Fiction” offered to educate and inform

consumers.

Disclaimer:

This information is not offered and / or designed to discredit any company,

profession, individual or to endorse my firm’s services.

his information

is offered to

inform /

educate,

and help prevent American homeowner’s from being taken advantage

of by

those

who would prey on their misfortunes

for their benefit /

profit.

AMERICA, ENOUGH IS ENOUGH!

TRUTH is TRUTH, FACTS are FACTS!

PER NEW LAWS, RESIDENTS OF MARYLAND, NORTH CAROLINA,
MINNESOTA, ILLINOIS, FLORIDA, AND NEW YORK ARE NOT REQUIRED
TO PAY UPFRONT FEES FOR LOAN MODIFICATION SERVICES.

THE STATE OF COLORADO NOW REQUIRES ANYONE ENGAGING IN
LOAN MODIFICATION TO HOLD A STATE ISSUED MORTGAGE BROKER /
LENDER LICENSE. THIS APPLIES EQUALLY TO ANYONE / EVERYONE
SOLICITING COLORADO BUSINESS FROM IN OR OUT OF THE STATE.
ANYONE CONTACTING A COLORADO RESIDENT IS REQUIRED TO HOLD
AN INDIVIDUAL LICENSE. ALWAYS ASK FOR THIS LICENSE NUMBER!!

First & foremost, there are NO “magic wands” or instant, universal

“fix all” loan modification programs available. Do not be misled

Banks are NOT passing out low “emergency” interest rates and / or deferring
back payments and / or reducing principle balances “just because.” Every
lender / Bank has their own unique modification policies, procedures, and
programs in place, and not everything applies equally to all homeowners!

Many loan modification firms claim to be “attorney backed.” Of course
attorneys are qualified, licensed legal professionals that may (or may not) be
helpful however, attorneys are NOT bankers by default and not “automatically”
qualified to engage in mortgage finance / modification or "automatically"
empower them with any "special" abilities. Any lender can verify this statement.

Loan Modification DOES NOT “require” an attorney. (Any lender can / will
easily verify this statement with one phone call) However, should professional
legal counsel be needed, GCS, Inc. has access to qualified counsel or can
assist you in locating a qualified, reputable attorney in your local area. Out of
State attorney's that are not licensed to practice in your State may be useless!

If you are in an ACTIVE Bankruptcy (Chapter 7 / 13, etc) your lender CAN
NOT MODIFY your loan and NO modification company can "force" them to and
/ or work around it without express consent given by the Federal Bankruptcy
Court / Judge - DO NOT LISTEN TO ANYONE WHO TELLS YOU THAT
BEING IN BANKRUPTCY IS "NOT A PROBLEM" ....IT IS A PROBLEM!!!

You have the right to, and absolutely should demand that anyone contacting
you from an “attorney backed” company provide you the attorney’s name,
contact information, and license number. This information should be given to
you freely, and without hesitation / reservation. Once you have been provided
the attorney’s information, take a moment to verify the attorney’s credentials

on their respective State’s Bar Association website. State by State Bar
Association links are here: http://www.llrx.com/features/lawyerlicenses.htm

If you absolutely “need” and attorney, retain one that is LOCAL, and licensed
to practice law in / by your State! Your State’s Bar Association can assist you
in locating qualified, licensed local counsel.

ALL lenders require no less than 24 hours and up to one full week to post a
THIRD PARTY AUTHORIZATION FORM. No company or individual can
simply call / speak to your lender without having that authorization on file! Your
lender will not accept, recognize and / or acknowledge an “electronically”
signed third party authorization form. You can easily verify this / expose this
sales “trick” by contacting your lender & asking them what their specific policy
is regarding accepting / posting third party authorization information.

Loan Modification representatives DO NOT have “special” access to your
lenders “underwriters” nor do they have REAL, licensed, insured underwriters
in their office “approving or denying” modification applications. Underwriters
(real ones) work at / for the lenders and have very little, if anything to do with
the loan modification process prior to your case being submitted for review.
REAL underwriters are required to be licensed, and carry “Errors & Omission”
insurance. Again, you can easily expose this sales tactic by requesting the
alleged underwriters name & license number. DO NOT settle for any answer
that does not provide the requested information.

The majority of Lenders / Banks are federally chartered institutions and are
under NO legal / moral obligation to negotiate / modify your loan. Banks /
Investors negotiate to remain profitable, and do so merely as a courtesy, and
as a means to minimize financial loss. NO loan modification company /
individual can “force” your lender to work with them and / or instruct the lender
to “automatically” stop foreclosure, defer back payments or “suspend” your
payments while in negotiation! DO NOT LISTEN TO, OR FOLLOW THIS
INCREDIBLY BAD and DUMB ADVICE! IT IS SIMPLY NOT TRUE!

NO LOAN MODIFICATION COMPANY OR INDIVIDUAL HAS ANY TYPE OF
“SPECIAL” RELATIONSHIP WITH ANY LENDER AND / OR CAN HAVE
“FAVORS” GRANTED. BANKS / LENDERS HAVE GUIDELINES, AND ARE
GOVERNED BY FEDERAL LAWS. THERE IS NO WAY ANY BANK / LENDER
IS PLAYING “FAVORITES” WITH ANY LOAN MODIFICATION COMPANY OR
PERSON. THE LEGAL CONSEQUENCES OF SUCH ACTIVITY ARE / CAN
BE VERY SEVERE.

Any homeowner has the ability to modify their own loan by, and for themselves
however, the loan modification process is complex, and can often present
“challenges” that require the knowledge / skills of an experienced financial
professional. Retaining the services of a qualified professional can prove to be
very beneficial BUT this is not a profession for amateurs! Be certain to choose
representation that is genuinely experienced, knowledgeable, and has the
credentials to prove it! NEVER hesitate to challenge anyone’s credentials and
/ or experience. A true professional will gladly welcome your questions, and
provide you with any / all information requested.

Promising / quoting lower interest rates, payment / loan amounts, and terms,
etc. is considered indirectly acting in a mortgage broker / lender capacity and
requires (almost every State in the Country) a State issued, State specific
license be held by the individual speaking to you. If someone calls you quoting
interest rates, payment amounts, loan terms, etc, immediately ask them if they
(not their company / employer) are individually LICENSED as a mortgage
lending professional by / in your State to do so! If they are not, they could be
violating your State’s licensing / regulatory laws, and should be reported to
your States governing authorities immediately! Again, a legitimate professional
will be happy to offer up this information without hesitation and / or
reservation.

Not all lenders have the same programs, and policies regarding modification
programs. Nothing applies “universally.” Loan modifications are done on a
case-by-case basis, and each situation is unique unto itself. Again, there are
no “universal” programs in place unless sponsored by a Federal / State
governing authority & to date, there are no “automatic / universal” Government
programs in place. Also, NO modification firm / individual is Federally funded
and / or working (unless HUD approved non profit) directly with the U.S. or
State Government(s). You should thoroughly investigate any person /
company claiming such affiliations, and immediately report them to your State’s
governing authorities, and the Federal Trade Commission!

Banks / Lenders will NOT / do NOT "automatically waive” back payments and /
or defer arrearages to the end of the loan…this is done on a case-by-case
basis & has to make sound financial sense for the bank, and the homeowner.
Accordingly, there are some costs that may or may not be deferred such as
attorney / legal fees, delinquent tax / homeowner’s insurance etc. Your lender
WILL ask for some type of payment from you prior to the modification
agreement being completed. Be prepared for this expense!

Your payments are not “automatically” suspended nor is foreclosure
"automatically" stopped by virtue of hiring a loan modification professional.
YOUR LENDER (or their attorney) ARE THE ONLY ONE’S AUTHORIZED TO
MAKE THAT DECISION! Banks only suspend payments AFTER reviewing /
approving modification. DO NOT LET ANYONE CONVINCE YOU TO STOP
MAKING PAYMENTS and / or have you send your mortgage payment money
to them to hold in an “escrow” account! Modification firms have absolutely no
reason to take / hold your payment money period!

DO NOT let anyone prey on your stress / desperation with high-pressure sales
and / or scare tactics. If it sounds to good to be true, it probably is Period!

Loan Modification DOES NOT require an appraisal. DO NOT let anyone (other
than your lender) talk you into paying for one!

Be very wary of “junk fees” such a “processing”, ongoing monthly charges,
etc….

Finally, Many of the people contacting you are nothing more than
commissioned sales people! Ask questions! Get THEIR personal / professional
credentials, not just the company they work for! Make them prove themselves,
and support / verify the claims they are making! DO YOUR HOMEWORK! This
is your home, your money, and your future. DO NOT entrust such an
important, life-altering decision to someone just because they say what you
want to hear and / or sound “good” on the phone!

If you believe you have been the victim of fraud and / or predatory lending,
seeking the counsel of a qualified LOCAL attorney is a good idea. You can
(and should) also report this activity to your State’s Attorney General’s office.

AGAIN, Honest, Legitimate, Professional Help does not have to cost you

thousands of dollars!

Remember………………..

Genesis Credit Solutions, Inc. can:

STOP

Save your Home From Foreclosure

Repair your damaged credit Legally

Quickly

, Affordably

· Negotiate debt settlements with creditors including the IRS

· STOP Bill Collectors from Calling / Harassing you

Genesis Credit Solutions, Inc. is: