Starting a Loan Modification Company

The loan modification companies have really been multiplying for the past couple of years since the start of the world economic crisis. With this article, you need not attend any high cost seminar just to know the keys in starting your own loan modification company.

All you have to do is review the key aspects discussed here and you can be sure to reach success with your own company.

Find an Affiliate

It can help you get started well if you would become an affiliate to a certain law firm. You can also consider starting a nonprofit organization. The state government would then require the other to collect the money from the house owners to help with the process of the loan modifications. You can also check out with the commerce website of your state government’s department. It would take you a few months to set up your nonprofit so start as early as possible. Do not think that just because it is called nonprofit that you will not be able to give yourself a reasonable salary.

Get a Default List

You can start searching for a seller of a default lists. These are just affordable since they are of public records but if you totally rely on these, you would definitely be beaten by your competitors. You have to start making contacts and communicating with an individual right after they begin receiving some default notices too. There are lots of companies online that you can find where you buy such leads. Just present yourself as one credible collector and not just one of those harassing debt collectors.

Make Everything Simple

When it comes to your letters and cards that you send out, you must remember to keep them simple. State in detail a range of how much reduction they can expect on a monthly basis that they want for you to negotiate. Mention some money back guarantee offers. For example, you can use the term ‘partial’ if you do not want to give all the money back just in case the lender will not grant them the loan modification. You must not forget to mention too that you are nonprofit. Make use of a professional looking stationery that is made by an expert printer.

Use Advertising Effectively

You can just simply start with advertising via newspapers. Just make sure that your ad is strikingly different from the rest of your competitors so that it will not blend in and just appear normal or average. If others use borders, then steer away from that. If everyone else seems to be using black and white, then invest on getting yours in extra colors. The main point is for you to be ahead of a game that is filled with too many opponents to compete with.


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