Frequently Asked Questions
Q. What is your turnaround time?
A. Within 24 hours of submitting your file, your processor will contact you confirming the file was received. This is also the time the processor will go over any questions she/he might have. We begin our work immediately to ensure your file closes as quickly as possible (depending on the complexity of the file).
Q. Do you contact the client?
A. It is up to you. We will be happy to work directly with your client or, if you feel more comfortable, we will deal directly with you. For issues involving the specific issues or terms of the modification, we ask that the you communicate with the client.
Q. Does it matter where my office is located?
A. No, our customers are located nationwide. We are only a phone call or e-mail away.
Q. How will I get my files to you?
A. You can courier or mail the completed file to us. We will confirm receipt and start working on it right away as long as we've received payment.
Q. How do you get paid for your services?
A. You can choose one of two options. First, you may send a check with the complete file. Secondly, for your convenience, we accept online payments via PayPal. Either way, complete payment must be received before we start any work on your file.
Q. Is there a minimum amount of files that must be submitted per month?
A. Not at all. Submit one file or fifty files, it is up to you. Our staff is equipped to handle any number of Loan Modification files.
Q. How long does the Loan Modification procedure take?
A. There is no exact answer. Generally, the process can take only a few weeks, up to a few months. If a government guaranteed loan is involved (FHA for instance), the process will take longer to work out. Fortunately, most lenders will work quickly to approve a loan modification program once they have received a complete package. Also, most lenders will postpone the sale of your property if they have received a complete package at least one week before a sale date.
Q. What do you need from me to get the process going?
A. Typically we ask for some details about your client's financial situation, their income, how much they owe on their home and other debts. We prepare detailed paperwork for the lender demonstrating their inability to pay a higher monthly payment on their loan. We then renegotiate the terms of their mortgage through the Loan Modification process, to allow them to keep a lower payment. We provide a complete package of information to you for your client to fill out.
Q. Why should I use "Conquest" to process my client's Loan Modifications?
A. We know what requirements your lender needs for your client's loan modification. We have established relationships with all the most popular mortgage banks. Also, we have a team of appraisers and lawyers along with our expertise which will produce the best possible result for your individual situation. People who try to do obtain a loan modification on their own have a high percentage of being turned down or not receiving as much of a reduction in their loan amount or interest rate as could have been possible with our assistance.
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Q. How much do you charge for your processing services?
A. Our fees vary based on the amount of files you send us in any given month. Call us today to discuss your requirements.
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Q. How long does my client have to act?
A. If your client is behind on their payments, time is critical. It is harder to get a work out agreement with their lender with every day that passes. The foreclosure process time line varies for every state. It can be only a couple weeks to a few months. We recommend looking at your state's foreclosure laws and reviewing your loan documents to find your lender's foreclosure process. Remember, time is not on your side-you must take action.
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Q. What about my client's privacy? How do I know you are legitimate?
A. Just as if you were applying for a new loan, all of your information is confidential. All of our professionals have been in the mortgage and lending industry for many years and decades. We value our customers' privacy and security. Please review our privacy policy and don't hesitate to call us if you have more questions.
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Q. Can I do this myself or have my client do it?
A. There is a very small chance a borrower could pull off a loan modification or pay rate reduction alone. As many borrowers know from experience, there is a thick layer of resistance at mortgage lenders to any suggestion of a workout from the borrower directly. They will listen to your lawyer though. If the lender forecloses on your home they will be the owner and they will sell your home and pocket any equity. They will use everything you say against you. They will want lots of cash down to do a forbearance payment plan you can’t afford. You lose the cash and your home. We are attorneys and retired bankers and know your rights. We will protect you and your home.
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