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Loan Modification Help Center ? Who Should You Trust With Your Loan Modification?

Editor — Tue, 04 Jan 2011 05:05:00 +0000

Loan Modification Help Center ? Who Should You Trust With Your Loan Modification?

Loan Modification Help Center – Who Should You Trust With Your Loan Modification?

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Home Page > Finance > Loans > Loan Modification Help Center – Who Should You Trust With Your Loan Modification?

Loan Modification Help Center – Who Should You Trust With Your Loan Modification?

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Posted: Aug 07, 2009 |Comments: 0
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If you are seriously considering a home loan modification, you probably are researching the subject and exactly what the loan modification industry is like. Home loan modifications are definitely not something new, but they are new to many people. The recent real estate and credit crisis has people wondering how long they can last in their current situations; some have mortgage payments which have spiked due to adjustable interest rates and others are threatened by foreclosure.

Looking for answers is nothing new, and looking for exactly who can provide a way out is also nothing new. In researching loan modifications, you may have already discovered that there are a number of companies out there willing to take your money. However, many of these companies provide empty promises, because they are not fully equipped to help you in your time of need. A loan modification company can really only provide effective assistance if they employ, or are run by, a loan modification attorney. The reason is that the negotiating can only be done by an individual who has power of attorney. Also, reviewing the mortgage contract and being able to give legal advice on laws governing mortgage loans is the domain of an attorney. Without a loan modification attorney, a loan modification company is like a dog with no teeth, all bark and no bite.

You may also have come across companies selling you software or “how to” books on handling your own loan modification. Unfortunately, this will only set you back hundreds of dollars and might even harm your chances of getting a loan modification. Such programs and books will promise to provide you with information on lenders, tell you which loan modification options are right for you, let you know if you qualify for a loan modification, and more. They might even try to claim they can teach you how to lower your interest rate, eliminate fees and do your loan modification negotiating yourself. These programs can be inaccurate, misleading and dangerous. If you make a mistake on your loan modification application, you could ruin your chances of getting a loan modification and even lose your home if you’re in the midst of foreclosure.

You need someone you can trust with your loan modification, someone with experience, knowledge and a track record of success. A qualified loan modification attorney can provide you with the insight you need, as well as the support you deserve. Instead of trying to figure out forms and paperwork that you can’t understand, or trying to handle a complex process on your own, contact a loan modification attorney. You do not want to be left on your own to negotiate with some mega-bank, or organizing three years’ worth of financial paperwork with no guidance. You need an experienced professional who can make the process easier for you and help you keep your home. Avoiding foreclosure is possible, but only if you trust the right people to get you a loan modification. Contact a qualified loan modification attorney today to begin the process of keeping your home.

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Loan Modification Help Center is a free gathering place for resources and information on the rapidly evolving field of loan modifications. The internet is over flowing with information on this subject with the problem being that there can be as much bad information and advice as good. For a homeowner struggling with mortgage payments and facing the possibility of foreclosure, the importance of getting straightforward information with no agenda or ulterior motive is of utmost importance. The resources we make available at Loan Modification Help Center are just what homeowners need as they seek to understand their options and get the information they need to make the critical decisions involved in a loan modification. For more information visit http://loanmodificationhelpcenter.org.

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I filled out a modification loan contract that was approved. I returned on time. Now it is being denied. Isn’t this a legal contract. Or can they take my car. I paid first modification payment on…
We received a loan modification from chase. They added 18 months of past due payments plus fees to our loan. This came to over ,000. Is there anyway to get this forgiven in bankruptsy court?
If i am employed and my husband is not . there is any possibility to get a loan modification? we are 3 months behind our mortgage

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Loan Modification Help Center ? Loan Modification Tips

Editor — Sat, 25 Dec 2010 05:05:09 +0000

Loan Modification Help Center ? Loan Modification Tips

Loan Modification Help Center – Loan Modification Tips

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Home Page > Finance > Loans > Loan Modification Help Center – Loan Modification Tips

Loan Modification Help Center – Loan Modification Tips

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Posted: Aug 11, 2009 |Comments: 0
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If you are considering a California loan modification, then you should probably follow some important tips that may help you choose a loan modification company, choose a loan modification attorney, get the best deal possible and make the process as painless as possible.

1. Have a qualified, experienced loan modification attorney examine your mortgage contract for any potential violations. It is important to have an attorney experienced with contracts review your mortgage to see if there were any “Truth in Lending” violations that may help you in your loan modification negotiations.

2. Have a qualified California loan modification attorney help you gather and organize all of your financial information, including: bank statements from the last year; tax returns from the last year or two; pay stubs; savings and retirement account information; and much more. Having this information organized properly will make your California loan modification application easier to fill out. It will also make writing your hardship letter much easier.

3. Know Your Budget – It’s important to remember that a loan modification does not make your loan payment disappear. Your loan modification simply resets the terms and lowers your payments. You will still have to make your monthly mortgage payments on time once the loan modification goes through.

4. Save up your house payments – Usually, people stop making their house payment because they cannot afford to make the full payment. For example, if someone has an adjustable rate mortgage (or ARM) and their interest rate increases, doubling their loan payment from ,100 to ,200, they will stop making payments. However, this should not be taken as an invitation to just spend that ,100. Once you get your loan modification you will have to make a larger payment, as well as subsequent payments every month. Put the mortgage money into a high-yield savings account and let that money be kept in one place accruing a little bit of interest. If it takes you four months to complete the loan modification process, you should have ,400 plus interest waiting to be spent on keeping your home.

These are the kinds of tips a qualified loan modification attorney can inform you of. Keeping your home has to be a high priority in your life, and a qualified, experienced California loan modification attorney can help you achieve that goal. Spiraling debt, bills piled high and foreclosure notices can cause fear, anxiety and even apathy. However, a California loan modification attorney can help you formulate a plan to stay in your home without having to declare bankruptcy.

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Loan Modification Help Center is a free gathering place for resources and information on the rapidly evolving field of loan modification. To learn more about mortgage loan modification and view loan modification companies reviews visit loanmodificationhelpcenter.org

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Back to the Drawing Board for Home Loan Modifications – Loan Modification Help Center

Editor — Thu, 28 Oct 2010 05:05:05 +0000

Back to the Drawing Board for Home Loan Modifications – Loan Modification Help Center

A growing recognition that the Obama Administration’s Home Affordability and Stability Program (HASP) is not working in its current design has fingers pointed all over Washington D.C. trying to place blame on mortgage servicers, investors and the administration itself. At hearings this week in Washington, comments ranged from encouraging to total frustration as expressed by Senator Jeff Merkley (D-Ore.) who said, “It’s just hard to explain to the working families in America how it is we could move so fast with extraordinarily complicated deals with the huge financial institutions, and we are moving so incredibly slowly, mired in paperwork, in rules, in talking to banks back home.”

With predictions for 3.5 million foreclosures by the end of this year and 9 million by the end of 2012, the fact that the program has initiated less than 150,000 loan modifications as it enters its fifth month has industry experts trying to figure out what went wrong and what can done to fix it. While there isn’t yet a full spectrum solution to the issue, the problems of the program have become well defined. They include:

1) When the program was announced in February, there was little to motivate lenders and servicers to hire staff, provide training to processors in the nuances of the program’s guidelines, and build infrastructure to support the flood of requests. While it’s true that the plan provides incentive payments to lenders and servicers, at ,000 per year for a successful loan modification, the incentives aren’t enough to offset the costs of implementing a full scale department which, in effect, generates only losses.

2) Executing loan modifications results in recordable losses for lenders and investors. In the Spring Congress, hearing the pleas from the mortgage industry, ended the long standing requirement that mortgages be marked to market periodically to reflect losses on the books of lenders and investors. If loan modifications were being handled quickly and efficiently the resulting losses would leave many in the industry short on capital requirements and/or struggling for survival.

3) Investors, even with the passage of the safe harbor bill, can still stand in the way of modifications. Congress passed the bill in May to give servicers more freedom in choosing the concessions they grant in a loan modification and to protect them from lawsuits served by the investors that actually own the mortgages. The problem is that the pooling and stripping of mortgages by insurance companies, pensions and Wall Street institutions can make determining who owns what a job in itself. Even when ownership is clearly defined, servicers and their investors are trying to avoid adversarial relationships as much as possible so getting a sign off on loan modifications can either bog down the process or result in non-approval of the loan modification.

4) The defeat of the cramdown provision in the administration’s foreclosure initiative, which would have allowed judges in bankruptcy court to decide on principle reductions, gives lenders and investors the last word on a modification. Had the provision passed, the threat of having principle balances reduced by an uninterested third party would encourage more approvals and greater concessions in loan modifications. “You have got to have some leverage, something to hold people’s feet to the fire,” said Center for Responsible Lending spokeswoman Kathleen Day. “If you tell the industry this [judge] can do the loan mod if you don’t, that is going to get their attention.” Defeated in the Senate, revisiting cramdowns is seen as a political nonstarter but other actions like the threat of the repeal of certain tax advantages could prove to be a motivator for getting loan modifications done.

5) The program is now being criticized for being too complex and for not strongly emphasizing principal reductions. There is talk now of abandoning the original guidelines and replacing them with blanket programs intended for any one that originated a mortgage that they clearly couldn’t afford between 2005 and 2008. The simplified plan would focus on principle reductions to bring home values closer to the principle balances of the mortgages on the properties. Despite its simplification, the tentative design of that plan has its own issues as well. The first is that statistics are already showing that buyers that clearly couldn’t afford their homes have already been foreclosed. The second is that a massive round of write-downs on properties and mortgages would devastate the financial industry.

6) The program is fighting the wrong battle. According to Nicolas Retsinas, director of Harvard University’s Joint Center for Housing Studies, the original plan was well designed for the issues that started crisis but the cause behind most foreclosures has now changed. The original targets of the program including stated income, negative amortization, and other loans that buried homeowners have largely run their course while growing unemployment is now the fuel behind foreclosures occurring on prime, jumbo prime, and fixed interest loans. “The issues have changed, and in some ways the solutions haven’t kept up with the problems,” Retsinas summarized. “The most effective intervention would be to put people back to work.”

Another mistake made by the administration was the dismissal of private efforts by law firms that negotiate loan modifications on behalf of homeowners. By encouraging homeowners to take on the labor intensive and complex task of doing home loan modifications on their own the administration put thousands of people in a position where they were negotiating terms on mortgages that they didn’t understand in the first place. With untrained and overworked processors on the other end of the phone it’s no wonder many loan modifications never got off the ground.

Loan Modification Help Center is a free gathering place for resources and information on the rapidly evolving field of loan modifications. For a homeowner struggling with mortgage payments and facing the possibility of foreclosure, the importance of getting straightforward information with no agenda or ulterior motive is of utmost importance. The resources we make available at Loan Modification Help Center are just what homeowners need as they seek to understand their options and get the information they need to make the critical decisions involved in a loan modification. For more information visit loanmodificationhelpcenter.org.

Is The Housing Bailout For You? – Loan Modification Help Center

Editor — Thu, 22 Jul 2010 13:05:06 +0000

Is The Housing Bailout For You? – Loan Modification Help Center

The new housing plan announced by President Obama last week has two main parts. First, there is a billion loan modification plan and, second, there is a program that helps borrowers who are not in danger of defaulting refinance their mortgage.

These are some of the key questions to ask to determine if you can benefit from the plan:

Do I have to fall behind on my loan payments to be eligible for a loan modification?
No. Borrowers must simply demonstrate that they are in danger of falling behind on their mortgage and that they don’t have sufficient income to make future mortgage payments. Borrowers with ballooning mortgage payments or interest rates that are resetting may benefit from the new plan.

What are the loan modification requirements?
To be eligible for modification under the plan, the loan must be a first mortgage on the borrower’s primary residence. Borrowers must currently be paying more than 31% of their monthly gross income toward mortgage payments. Jumbo loans that exceed Fannie or Freddie loan limits are not eligible. Ultimately, your eligibility will be determined by your mortgage lender.

What if I am “under water” and my mortgage is more than the value of my property?

As long as the amount owed on a first mortgage does not exceed 105% of the home’s current value, borrowers with limited equity can refinance into a 30-year or 15-year fixed-rate mortgage. This refinance option is open to only to borrowers with conforming loans that are owned or guaranteed by Fannie Mae or Freddie Mac. Borrowers must show that they are current on mortgage payments and that they will be able to meet the new mortgage payments.

How do I know if my mortgage is owned or guaranteed by Fannie or Freddie?
The White House will release full eligibility details on March 4, when the program begins, and it is recommended that borrowers contact their lender at that time to see if their mortgage is owned or guaranteed by Fannie or Freddie.

Does my lender HAVE to participate in the program?
No. Participation by lenders is voluntary, but the government provides subsidies to encourage lenders to modify loans. For example, mortgage servicers receive ,000 for each loan modification and can also get another ,000 annually for three years if the borrower stays current on the loan.

To learn more about loan modification options, visit www.loanmodificationhelpcenter.org

Loan Modification Help Center

www.loanmodificationhelpcenter.org

Shopping Center Receiverships and Foreclosures Usher In New Year

Editor — Sat, 09 Jan 2010 10:10:07 +0000

Shopping Center Receiverships and Foreclosures Usher In New Year
The retail real estate industry was jarred over the recent string of receivership and foreclosure news involving major shopping centers — which was unsettling at a time when the industry was hoping for positive news on consumer spending during the recent…

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