TurboMod is a complete, all-in-one business software solution that gives you the ability to modify all of your customer’s household debt including:
Mortgage Loans
Credit Cards
Auto Loans
Unsecured Loans
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 $5,000 per month
It costs Joe blogs $1000 per month for bills and living expenses
Joe Blog's total monthly debt payments are $5,000 and are broken down like this:
1
Mortgage
$2,000
2
Car Payments
$1,000
3
Credit Cards
$1,000
4
Unsecured Loans
$1,000
Clearly Joe is short by $1,000 per month so his debt payments need to go down by $1,000. This is done proportionately across all debts.
1
Mortgage
$1,600
2
Car Payments
$800
3
Credit Cards
$800
4
Unsecured Loans
$800
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.
This is an example of how modifying a loan can save a homeowner money and stave off foreclosure. This example is based upon a 30 year, $350,000 mortgage being modified to a 5.5% fixed rate.
Interest Rate
6.875%
10%
Monthly Savings
$311.42
$1084.24
Annual Savings
$3,707.04
$13,010.88
In our best-sellingTurbo Modification DIY E-Kit, you will receive all of the information, samples and templates that you need to apply for a mortgage modification. While completing the templates you will compile the information that is required to complete forms and letters that your lender will require in order to process your mortgage modification. You will also complete all of the tutorials necessary to equip you with the knowledge, tips and negotiating skills that will give you the chance of achieving a speedy and financially viable modification
The sudden and drastic downturn in the housing market has left millions of Americans facing a foreclosure crisis. Until recently, if homeowners faced difficulty with their mortgage they could simply refinance the loan or sell up and move on. Times have changed…
Where are we and what do we do now?