Published February 18th, 2011
Modify Car Loans / Auto Loans, Credit Cards, Mortgages And Unsecured Loans
This article will teach you how to not only about modifying mortgages but the rest of the household debt also. These could be auto – car loans, credit cards and unsecured loans.
The TurboMod software by turbomodification.com is a fully supported, end to end software solution that provides all that is needed to run a loan modification company.
With turbomod you are not restricted to only home owners because renters have credit cards and auto / car loans too.
TurboMod takes each loan that you want to modify and produces a modification for each one in proportion. This addresses the main issue that causes many modifications to be denied. A lender does not see why he should be the one that is shouldering all of the profit loss when there are other creditors too. Here’s an example of a proportionate modification.
Our modification proposals will show each creditor that all creditors have been offered the same solution proportionately and therefore fairly.
Real life example
Joe Blogs brings home ,000 per month
It costs Joe blogs 00 per month for bills and living expenses
Joe Blog’s total monthly debt payments are ,000 and are broken down like this:
1
Mortgage
,000
2
Car Payments
,000
3
Credit Cards
,000
4
Unsecured Loans
,000
Clearly Joe is short by ,000 per month so his debt payments need to go down by ,000. This is done proportionately across all debts.
1
Mortgage
,600
2
Car Payments
0
3
Credit Cards
0
4
Unsecured Loans
0
The lender sees this and no longer feels like he is shouldering more than his fair share of profit loss and is therefore much more likely to agree.
The authors have worked on loan systems for major banks
Article from articlesbase.com