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Author: Get the Loan Modification on Your Terms and Conditions
Get the Loan Modification on Your Terms and Conditions
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Home Page > Finance > Mortgage > Get the Loan Modification on Your Terms and Conditions
Get the Loan Modification on Your Terms and Conditions
Posted: Jan 06, 2009 |Comments: 0
| Views: 238 |
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The terms you will get depend on what makes the most financial sense to your lender. Your loan modification attorney should run you through your options and help you set realistic goals. Below are some of the ways your loan modification can be changed, and how they can work for you. The ultimate goal with the whole home loan modification process is to save your home by adjusting your mortgage to a payment that you can afford for the long term.
1. Waiving or reduction of delinquent balance. If late penalties account for most of your debt, this can be a viable option. Your lender can reduce the amount you owe in late charges, or if youâre lucky, even write it off altogether. They can also add it to your principal, so you wonât have to pay it up front.
2. Reduction of interest rate. Sub-prime lenders, with their notoriously high interest rates, are the reason why many people are going for mortgage modification. This is why interest reduction is one of the most common forms of loan modification. With a lower interest rate, you can better handle monthly payments and stay current on your mortgage.
3. Extension of term. Your lender can also add years to your loan term, allowing you to spread out the payments. This may be the best arrangement if your income has changed and the payments have become unmanageable. Most lenders will agree to this change because they technically donât lose any moneyâtheyâll simply get it in smaller installments.
4. Shift to fixed-rate plan. Most people who fall behind are in adjustable-rate mortgages. This means the interest rates are determined by market indicators and can change from month to month. A fixed-rate mortgage, on the other hand, uses the same rate for the term of the loan and is better for the long run. Because itâs more secure, youâre less likely to be affected by economic slowdown.
5. Reduction of principal. In some cases, it may be cheaper for your lender to simply reduce the amount you owe. This isnât very common, since they still lose money in the process. Itâs usually granted when the costs of undergoing foreclosure or a short sale are greater than the amount they can write off.
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CDLoanmod -
About the Author:
The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts .We have all the experience and knowledge that is needed to get the job done For more information Just Call 800-738-1170 or Visit http://www.cdloanmod.com
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How many times can someone apply for the Home Affordable loan modification program?
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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The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts .We have all the experience and knowledge that is needed to get the job done For more information Just Call 800-738-1170 or Visit http://www.cdloanmod.com
What is a Loan Modification?
What is a Loan Modification?
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Home Page > Finance > Mortgage > What is a Loan Modification?
What is a Loan Modification?
Posted: Jan 20, 2009 |Comments: 1
| Views: 220 |
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How does a Loan Modification Work?
A loan modification is the act of making favorable changes to an existing loan made by a lender in response to a borrower’s long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three.
Lenders do not want your home or the hassles and costs associated with foreclosure.
A lender may be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure. Remember, they are in the business of lending money, not owning real estate.
A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.
Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why retaining the services of an experienced Loan Modification Firm is of extreme importance.
A loan modification can eliminate late fees, reduce your mortgage payment and put you back on a path to stress free home ownership.
A consultation with a loan modification attorney should be FREE . To hear how you can save your home and mortgage with out refinancing and without losing your home. Call The Loan Modification Network at 800-437-2185 or click here. Don’t be the next victim at least hear what you can do to help yourself.
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Peter Collins -
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Peter is an expert on the topic of loan modification. His firm The Loan Modification Network is a nationally recognized group of attorneys licensed in all fifty states to assist homeowners in forclosure preventioan strategies and loan modifications.
]]>
Questions and Answers
Ask our experts your Mortgage related questions here…
200 Characters left
How many times can someone apply for the Home Affordable loan modification program?
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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what is a loan modification, about loan modification, loan modification program, loan modification attorney, avoid foreclosure
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bill f Feb 19, 2009
I did a loan modification with an attoreny that peter collins helped me find. It saved my home. Thanks Peter!
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Peter is an expert on the topic of loan modification. His firm The Loan Modification Network is a nationally recognized group of attorneys licensed in all fifty states to assist homeowners in forclosure preventioan strategies and loan modifications.
Why Not To Do Loan Modification On Your Own
Why Not To Do Loan Modification On Your Own
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Home Page > Finance > Loans > Why Not To Do Loan Modification On Your Own
Why Not To Do Loan Modification On Your Own
Posted: Jan 13, 2010 |Comments: 0
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No matter what situation you can think up, it almost always comes down to the eternal conflict of time versus money. Do you want to spend your own time doing something, and spend less money, or would you like to spend more money to have someone else do most of the work for you? Another question you might want to ask yourself is: Can you do the work?
Loan modifications are no different. If you want to go through the process on your own, without paying a third party to represent you, it’s going to take a lot of your own time. First of all, it’s important to understand the concept of “opportunity cost.” If you are taking a lot of your own time to accomplish something, and that could be time better spent making money at work or spending time with your family or friends, you have to weigh the cost of what you could be doing with that time.
When it comes to loan modification, if you go the solo route, you will bear the brunt of the grunt work, such as filling out paperwork, calling and negotiating with loss mitigation representatives at your lending institution, and attempting to demonstrate how you qualify for a loan modification. If you are in financial trouble, it is understandable why you would want to avoid spending even more money on representation for the negotiation of your loan modification. Unfortunately, being frugal in this area can be the most expensive decision you make.
Assuming you do have the time to devote to tackling the loan modification process by yourself, you must then be sure you have the knowledge necessary to present your case effectively. There are “do it yourself” kits and other resources online that try to help you prepare for negotiating the terms of your loan, but unless you are already familiar with real estate, banking, and loans, or you are superhuman in your dedication to learning all about them, you will not be able to match the knowledge of someone with schooling, training, and experience in those areas.
Essentially, your goal is to give the bank a clear picture of why they would benefit from changing the terms of your loan. As sad as it is, the bank isn’t run to be charitable toward those who are having a tough time; the bank is run to be profitable. Therefore, you need to put aside emotions and go into negotiations ready to discuss numbers, percentages, interest, and why the outcome will be a positive one for the bank. If you don’t feel you can successfully learn all of this and handle it by yourself, you might want to look into a professional third party loan modification attorney.
The biggest reason not to go it alone is that banks can be predatory, and they are much less likely to take an individual seriously. Think about if you were on trial for murder, and you were trying to defend yourself, rather than using an attorney to defend you. Just the fact that you have an expert to argue your side of the case will cause others to pay closer attention and have more respect for what is said. It’s unfortunate, but you really do benefit from having a strong ally in something as important as negotiating a modified loan.
“The best way to protect yourself is to be educated on all of the possibilities. Make sure to keep an open line of communication with your lender on the subject. If you have hired an attorney to represent you against the bank, be sure to express your concerns about any future liability,” says, Joel Jacobi, Managing Attorney at American Residential Law Group.
In the end, even with diligent research and effort, you simply cannot match the results of a professional company with resources and personnel dedicated to helping you. If you can save hundreds per month on your mortgage payment, you can certainly justify the cost of seeking a third party for loan modification.
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The American Residential Law Group is a highly regarded law firm providing client-focused, interdisciplinary services that result in high-value legal counsel for our clients. Managing Attorney, Joel Jacobi, is an industry leading loan modification attorney.
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Home Page > Finance > Mortgage > Loan Modification Myths and Facts
Loan Modification Myths and Facts
Posted: Dec 17, 2008 |Comments: 0
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<a rel=”nofollow” onclick=”javascript:_gaq.push(['_trackPageview', '/outgoing/article_exit_link']);” href=”http://www.cdloanmod.com/”>Loan Modification</a> has become the solution of choice for people facing unaffordable mortgages and foreclosure, but as the market for mortgage assistance grows, the number of misinformed homeowners is also rising steadily. A lot of people enter loan modifications with serious misconceptions, and end up making the wrong decisions, based on inaccurate information.
So how do you tell fact from fiction? Can a loan modification really stop foreclosure and solve all your mortgage problems? This guide shows you some of the most common myths about loan modification, and the truth behind them.
Myth #1: You can do it on your own.
Technically, you can—but it takes a lot more work and the results probably won’t be the same. Loss Mitigation is one of a bank’s busiest departments; a typical loss mitigation officer can handle as many as 800 cases at a time.
These people are over whelmed and do not have time to deal with your problem adequately. It’s not uncommon to be passed from one agent to another, and never get any real answers.
A loan modification attorney, on the other hand, can talk directly to your lender, and use significant leverage to get your file to the top of the agents’s stack. When a lawyer represents you, the calls get returned faster, you get more personalized service, and you gain the capability to actually obtain the type of loan you can need.
Myth #2: Your lender would rather foreclose than modify your loan.
In some cases, foreclosure is the more practical option. But according to a Tower Group study, lenders lose substantial money with every foreclosure, and are required to increase their reserves in addition. The banks already own too many foreclosure properties and have too many non-performing loans on their books. They would much prefer to adjust your mortgage to something affordable and convert your loan into a performing asset. Don’t be intimidated by threats of foreclosure.
Myth #3: You can’t stop the foreclosure process.
It’s true that your chances dwindle the longer you wait, but until your home is auctioned off, no one can really kick you out. A loan modification can stop the process as close as seven days before the sale date. This buys you enough time to get back on your feet while your lawyers work out a better arrangement with your lender. Of course, it’s always better if you take steps early on.
Myth #4: It’s an instant solution to mortgage problems.
Loan modifications really work, but they take time, the right expertise, and money. Depending on how far behind you are, the process can take anywhere from one to three months. But since it stops the foreclosure process, you won’t have to worry about losing your home while the modification is under way. If you submit your paperwork on time and cooperate with your lawyer, you can speed up the process and avoid complications.
Myth #5: You need good credit to qualify.
Standard requirements vary from lender to lender, but the bottom line is that the loan modification should make financial sense to your bank. Your credit rating doesn’t have anything to do with it. Your lender will want proof that falling behind was a temporary snag, and that you can afford to stay on track if they do modify your loan. This means you have to have a job and a valid proof of hardship. You don’t need to disclose your credit rating in most circumstances
Myth #6: Loan Modification companies are scams. Companies take your money, but don’t really do any thing.
In any business there are always some unscrupulous people, but you can find legitimate organizations that will help you. The important idea in loan modification is to work only with an experienced and knowledgeable law firm or attorney who has a track record of success. You should thoroughly check on the background of anyone who claims to be able to do a loan modification before you spend your money.
To get in touch with a good loan modification attorney you may call 800.738.1170 or visit http://www.cdloanmod.com
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The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts. Our lead attorney is Christian M. Dillon, an experienced lawyer specializing in loan modifications and RESPA and TILA violation cases.
For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs
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How many times can someone apply for the Home Affordable loan modification program?
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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The Loan Modification Department is composed of a team of attorneys, mortgage and real estate professionals, and hardship analysts. Our lead attorney is Christian M. Dillon, an experienced lawyer specializing in loan modifications and RESPA and TILA violation cases.
For a Free consultation talk to our Loan Modification Lawyer or go through the Loan Modification FAQs
Ban Proposed on Loan Modification Upfront Fees
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Home Page > Finance > Loans > Ban Proposed on Loan Modification Upfront Fees
Ban Proposed on Loan Modification Upfront Fees
Posted: Sep 26, 2009 |Comments: 0
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Federal regulators are considering a ban on the upfront fees commonly charged by loan modification companies for helping troubled homeowners. The move is part of a nationwide crackdown on loan modification and mortgage scams, which prey on borrowers desperate to stay afloat amid the recession.
Government officials and attorneys-general from 12 states met last Thursday to coordinate their efforts to stop mortgage fraud. U.S. Attorney General Eric H. Holder Jr. sent a clear warning to fraudulent companies, saying anyone who commits mortgage fraud will be found, charged, and put in jail.
Efforts to stop mortgage fraud have been in place since April, with federal officials working with attorneys-general from different states. In California last July, Attorney General Jerry Brown filed suits against 14 companies and 21 individuals linked to various foreclosure-prevention scams in a project called Operation Loan Lies.
By the end of July, the Federal Bureau of Investigation (FBI) was investigating over 2,600 mortgage fraud cases, many as part of a multi-agency effort launched earlier this year. The move to ban upfront fees is aimed at expanding these efforts to other debt scams, according to Treasury Secretary Timothy Geithner.
Fraudulent companies have been known to charge up to ,000 in upfront fees without any guaranteed results. Most states have little or no legislation against such charges; in California, for instance, only Los Angeles has completely banned upfront fees. Two bills are currently awaiting approval from the state, each proposing a different approach to the ban.
Federal Trade Commission (FTC) chairman Jon Leibowitz announced after the meeting that the FTC might impose the ban on mortgage loan modification upfront fees nationwide later this year.
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About the Author:
The Author is a Loan Modification Specialist and have been helping distressed home owners with loan modification related information topics to help people understand the Loan Modification process and make them save their homes from foreclosure. For more helpful articles visit the author’s website at: http://www.cdloanmod.com/
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How many times can someone apply for the Home Affordable loan modification program?
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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The Author is a Loan Modification Specialist and have been helping distressed home owners with loan modification related information topics to help people understand the Loan Modification process and make them save their homes from foreclosure. For more helpful articles visit the author’s website at: http://www.cdloanmod.com/
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Home Page > Finance > Mortgage > How To Get a Home Loan Modification?
How To Get a Home Loan Modification?
Posted: Nov 16, 2010 |Comments: 0
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Recent federal legislation by the Obama administration has increased the ability of families to remain in their home through mortgage loan modifications programs.
How do mortgage loan modifications work?
A mortgage loan is modified simply by restructuring the loan to make it more affordable under current economic conditions. The restructure typically involves one or more of the following methods:
1) Reducing the interest rate. This will impact monthly payments and total value of the mortgage.
2) Reducing the current monthly payment amount. The objective is to find an amount that is doable at this time, shifting higher payments to a later date.
3) Reducing the principal balance owed on the property. This will allow debtors to accomplish ownership in less time.
4) Moving late payments to the end of the mortgage term. This helps home owners protect their credit and their home.
How & where to seek help for mortgage loan modification?
For mortgage modification homeowners are encouraged to seek the advice and direction of an experienced professional.
1) Residents can fill out a free online quote from accredited companies. By simply providing a few details, clients are linked with financial services business with years of experience helping families make tough decisions in tough times.
2) Also, for home loan modification homeowners are encouraged to seek guidance from a licensed loan modification attorney. Yet, it is important to review qualifications, costs, and case history of attorneys.
3) When seeking principal reduction specifically, it is sometimes encouraged to seek the advice of a well trained and experienced bankruptcy attorney.
Advantages of loan modification free online quotes:
1) Filling out a free online quote for loan modification gets you pointed in the right directions with companies that can really help with the process and paperwork.
2) Quickly find trained professionals that are well practiced in home mortgage loan modifications.
3) If an attorney becomes necessary, they can assist with that too!
4) Within moments homeowners will have the answer to the question how & where to seek help for mortgage modification your State?
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Daave -
About the Author:
The Author is a Loan Modification Specialist who writes on various related topics like “Loan Modification”, to help people understand the Home Loan Modifications process and assist them to save their home from foreclosure. He regularly writes about Loan Modification Program related issues. His ideas and analysis on Loan Modification are based upon years of practice. To read more about related articles please visit: “Home Loan Modification“
]]>
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Ask our experts your Mortgage related questions here…
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How many times can someone apply for the Home Affordable loan modification program?
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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Article Tags:
loan modification, home loan modifications, home loan modification, loan modifications, mortgage loan modification, mortgage loan modifications, loan modification attorney, loan modification process
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The Author is a Loan Modification Specialist who writes on various related topics like “Loan Modification”, to help people understand the Home Loan Modifications process and assist them to save their home from foreclosure. He regularly writes about Loan Modification Program related issues. His ideas and analysis on Loan Modification are based upon years of practice. To read more about related articles please visit: “Home Loan Modification“
Benefits of a Loan Modification
Benefits of a Loan Modification
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Home Page > Finance > Benefits of a Loan Modification
Benefits of a Loan Modification
Posted: Nov 23, 2009 |Comments: 0
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Benefits of a Loan Modification
What are the benefits of a loan modification? With the economy still on unsteady ground, homeowners continue to feel the pressure of keeping their homes. If someone is looking at the possibility of being unable to keep up with their mortgage payments, it may be time to look into a loan modification. Loan modifications can offer many options for a homeowner, including a reduction in monthly payments, a lower interest rate, or even a principle reduction. While it is possible to negotiate a loan modification with a Lender without outside help, the best results are achieved with an experienced loan modification attorney. These attorneys have experience working with Lenders and the legal knowhow to postpone the foreclosure process while the negotiations are taking place.
Through a loan modification, borrowers may be able to lower their interest rates, move from an adjustable rate to a fixed rate, move missed payments and penalty fees to the back end of the loan and reduce the principle of the loan. Because of all these possible benefits, a loan modification should be the first avenue a borrower should investigate if they are in financial trouble, and it is a far better solution than foreclosure.
Once a borrower initiates the loan modification process, their lender will require them to submit multiple documents, applications and forms so that they can get a feel for the borrower’s financial situation and begin to work out what kind of modification may work. Financial burdens such as past bankruptcies, late payments and poor credit scores will not stop borrowers from being able to qualify for a loan modification, and with an attorney’s help the odds of successfully negotiating a loan mod can improve greatly.
When applying for a loan modification documents proving income, current assets and loan information will all be requested by the bank, along with a lot of paperwork that needs to be filled out correctly. If an application is filled out incorrectly the Lender will require the borrower to resubmit the forms, which will take more time in a situation where there isn’t much time to spare. An Attorney can help a borrower make sure all the proper forms and documentation is in order and ensures these things are submitted in a timely manner.
The most important thing to remember with a loan modification attorney is to make sure they are reputable and not engaged in unethical practices. People considering hiring a loan modification Attorney should check with their state’s bar and make sure the Attorney they are considering is in good standing. If an Attorney is asking for upfront fees, including a retainer, it may be a sign they intend to keep the money and not help their client. In California the collection of payment before loan modification services are rendered is now illegal.
If you have any questions about loan modifications or some other possible solutions if you are facing financial trouble with your property, our website www.callALMS.com has many articles designed to help borrowers with their specific situations.
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Christine Hynes -
About the Author:
I have an extensive background in Residential and Commercial Lending, and have been a top producer. I handle refinancing, purchase loans, conventional, jumbo, FHA, VA, and USDA in many states.
With the market changes, I began receiving requests for loan modifications for a variety of reasons, job loss, job change, medical conditions, etc. So, I invested time in finding the right help for these requests. I did and continue to research and add Attorneys that have the following qualifications:
* Extensive experience in the loan modification business.
* Have an excellent reputation and are licensed.
* Provided up front prequalifications for free so that my client new early on if there was a chance for a loan modification and also if it made sense. Not all loan modifications that are negotiated make sense and really help clients, so an affordable payment is important!
* Had good communication processes so that clients are updated every other week. I was concerned that my clients would feel alone during the process as it can be lengthy, up to 90 days and sometimes longer. So, communication is the key and I believe one of the most challenging aspects of modifications.
* Provide help in most states.
]]>
Questions and Answers
Ask our experts your Finance related questions here…
200 Characters left
How many times can someone apply for the Home Affordable loan modification program?
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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foreclosure, loan modifications, loan modification attorneys, lower interest rates, lower monthly payments
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I have an extensive background in Residential and Commercial Lending, and have been a top producer. I handle refinancing, purchase loans, conventional, jumbo, FHA, VA, and USDA in many states.
With the market changes, I began receiving requests for loan modifications for a variety of reasons, job loss, job change, medical conditions, etc. So, I invested time in finding the right help for these requests. I did and continue to research and add Attorneys that have the following qualifications:
* Extensive experience in the loan modification business.
* Have an excellent reputation and are licensed.
* Provided up front prequalifications for free so that my client new early on if there was a chance for a loan modification and also if it made sense. Not all loan modifications that are negotiated make sense and really help clients, so an affordable payment is important!
* Had good communication processes so that clients are updated every other week. I was concerned that my clients would feel alone during the process as it can be lengthy, up to 90 days and sometimes longer. So, communication is the key and I believe one of the most challenging aspects of modifications.
* Provide help in most states.
Why Need A Qualified And Licensed Attorney For Your Loan Modification
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Home Page > Law > National, State, Local > Why Need A Qualified And Licensed Attorney For Your Loan Modification
Why Need A Qualified And Licensed Attorney For Your Loan Modification
Posted: Mar 17, 2009 |Comments: 0
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Get Education on Your Rights -Read and Know Before You Do Anything.
Hire a Qualified and Licensed Attorney for Your Loan Modification
The last 5 years is nothing but violations of all kinds of laws including TILA, RESPA and HOEPA by all kinds of lenders including the big lenders. My bad list of lenders include Countrywide, WAMU, and of course Citi. City has already eaten up 40 billion of federal money, and is still teetering on the brinks of a disaster. They are also at the same most arrogant and unhelpful lenders. Most of the foreclosure mess is created by these bankers, including of course many small bankers. They over qualified people who could not handle the burden of loan. These folks should not have been home buyers in the first place. The example, I give quite often is of my son is 10 years old and is in 5th grade. I give him one dollar every day for his allowance. Imagine if I start giving him instead 0 every day for his pocket allowance. It would spoil him in less than one month and show him how to be financially irresponsible. It is another thing if I open a saving account and put 0 in his account every day. Of course that would be a fantastic idea for his college education and bright future.
There is No More Waiting Required— You Waited Long Enough.
The foreclosure process is designed so that you have time to get back on your feet and save your home. But that doesn’t mean it’s safe to procrastinate. The longer you wait, the harder it gets to get you out of that fix. As soon as you decide you need mortgage help, call for a loan modification help and get started.
Who Else But a Qualified Attorney?
Your lenders policies have hurt you too much. Your broker (former) and loan officer along with mortgage bankers and all the other allied people have hurt you much. IN fact, this foreclosure fiasco was caused originally by combination of all these folks and their unlimited greed. Don’t let them continue this game. We all are hurt by this collective deceptive practice. So let us work together and stop it.
Don’t file for bankruptcy, unless you really have to.
Filing bankruptcy is not a solution; at the most it would delay the process. In some cases, it would jeopardize your loan modification process. Remember Automatic Stay under bankruptcy and then affirmation of debts. They are time consuming things. You lose the leverage and deterrence of bankruptcy to use in your loan modification. I never file bankruptcy before loan modification. In fact, in my law office, I keep them separate and never unify them. Because of the knowledge of bankruptcy, foreclosure, and loan modification: an attorney can be uniquely qualified to cover all these areas and knowledge of all these areas, would be very helpful. Just don’t file bankruptcy at the very outset. It may give some time but it is not the solution. Also, please don’t file bankruptcy just for your home loan unless you have lots of unsecured debts
Do Have Any Alternative Plan.
Why Do Lenders Prefer Loan Mod Over Foreclosure?
-Loan Modification is a temporary help. Get qualified for this. There is nothing to be embarrassing in all this issue. Lots of these things had happened out of our control.
-Your lenders are still difficult to work with; they have built fireballs around which you have to cross. The secret is that by doing loan modification they are helping themselves. On a cost benefit analysis, they lose more money in a foreclosure. It saves money, and this is a time tested factor that lenders save money on loan modification and lose money in foreclosure.
Let us analyze the situation here in greater details.
Loan modification is cheaper. They deal with one borrower only and not a plethora of people like default agency, governmental agencies, and the auctioneer and furthermore a new person in the entity who is stills an unknown commodity. A loan modification takes place in 30 or 60 days while the foreclosure process is long and it has its statutory limitations. The paperwork is less in loan modification compared with foreclosure process. In foreclosure, your lender will assess all kinds of late payments, expenses and attorney fees, and of course a repair for the home to make it at least presentable. All these add up in the cost to lender. Your lender is tired of foreclosing home. They have a high list of REO properties, and no one is buying them. A loan modification process can slow down your foreclosure process but it is not a safe guarantee against the foreclosure. However, as long as borrower is talking, communicating with their lenders, they would not or at least hesitate to send their home to the auction block. Ideally speaking, don’t sit and wait for this time to come. Do something now. It is the time. It is your home. Find someone who is professionally qualified to help you. It is your local attorney who has a local office, easy to find and communicate and licensed in the State of Nevada.
1. Put everything on paper. It’s not uncommon for lenders, especially smaller ones, to lose track of your application. To prevent delays, make sure all your efforts are documented and kept on file. This includes all the calls you make and receive, both from your lender and loan modification attorney. Keep receipts of all your transactions, and make copies so you don’t have to let go of the originals.
2. Do your own financial statements. Part of every home loan modification is a financial worksheet, which will be your main basis for qualification. Most lenders have their own forms, but it won’t hurt to make your own as well. If your lender insists on using their worksheet, at least you’ll have all the information ready.
3. Be as detailed as possible. Too much information is better than too little, and it limits the chances that they’ll call you for more information. A typical worksheet for a mortgage home work modification will include the following:
-Your contact information (address, home phone and work phone, fax and email) -Information about your property, including the estimated value -Your current income -Any additional income, such as welfare, child support, etc. -Your estimated total value, including other assets such as real estate, savings and checking accounts, IRAs, 401(k), stocks and bonds.
-Liabilities, such as existing loans monthly bills, medical expenses, and tax liens
4. Keep all your bills. Keep track of all of your bills in a methodical order. Make sure you write down your grocery bill, your utilities, including water, power, gas, and trash charges. Now, add on your monthly bill of HOA, any other community charges, your insurance charges, your child support, and other alimony issues or legal expenses. Possibly, a positive cash statements would be an ideal one to work with banks.
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Malik Ahmad Attorney at law -
About the Author:
Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada
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How many times can someone apply for the Home Affordable loan modification program?
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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Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada
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Feldman Law Center – Loan modifications
Feldman Law Center – Loan modifications
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Home Page > Business > Feldman Law Center – Loan modifications
Feldman Law Center – Loan modifications
Posted: Aug 11, 2009 |Comments: 0
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Feldman Law Center – Loan modifications : The solution to the Subprime Crisis
By now you have surely heard the term’subprime mortgage crisis’ in the news. It’s a phenomenon that’s being talked about around dinner tables, on the Evening News, and in discussions over the radio waves. It’s a problem that nearly everybody has acknowledged, but few have offered good answers for.
The subprime mortgage crisis is a far-reaching fiscal problem that had its origins in faulty home mortgages. These mortgages are now considered faulty essentially because they were issued to folk who could not afford such a large mortgage, or as the interest on the mortgage was adjustable, and may have a huge affect on the dimensions of regular payments. Because of these kinds of loans being issued, many owners have defaulted. The result has been a massive rise in delinquencies and repossessions, usually either as the home-owner took on a bigger mortgage than he could pay for, or because the rate of interest on the loan changed so much that the regular payments were very unlikely to pay.
Lenders, financiers, money analysts, and even borrowers are all being blamed. But with no regard for who is to blame, the world now unearths itself in a situation that needs a solution. For borrowers who have fallen victim to the subprime mortgage crisis, and who have an unmanageable mortgage, some common solutions are filing bankruptcy, foreclosing, selling the house via a short sale, or maybe doing nothing to remedy the situation. All of the above chances involve lots of worry and money difficulty, not to mention the weight of finding somewhere to live while money is tight and access to credit has limits. The lawyers of the Feldman Law Center believe that home loan alterations could be the solution to this huge money crisis.
For many owners, having an attorney work out a loan modification for them would enable them to stay in their homes, and forestall the damage to their credit worthiness scores that is inescapable with foreclosure or bankruptcy – damage that lasts a decade. If people stay in their homes, there will be fewer rock bottom-priced homes flooding the market as a result of bankruptcies, short sales, or repos. If folks are not selling the homes as quickly as possible and accepting low offers, then the values of houses won’t be further driven down. As you can see, keeping folks in their homes may help to stabilise the home market, and the economy overall. But how does a house loan modification work?
The choices to a California home loan alteration do not offer anywhere close to the benefits. By doing nothing, a house owner is just putting off the inescapable loss of his or her home. Filing for bankruptcy or selling the home via a short sale are difficult options as the house owner’s credit score is negatively influenced, the investment made in the house is typically lost, and the homeowner has to find some other place to live in a time where personal finances and available credit are both tight.
By enrolling the help of an Feldman Law Cente attorney, and brokering a mortgage modification, owners can stay in their houses, keep the investment they’ve made, and keep their home from going on the market at a low price and contributing farther to the housing crisis. The Feldman Law Center offers a free consultation to those checking out their mortgage repayment options.
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Jesus Salazar -
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Feldman Law Center, headquatered in Mission Viejo, CA specializes in loan modification and debt settlement, helping people keep their homes!
http://loanmodificationagent.com
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How many times can someone apply for the Home Affordable loan modification program?
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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Feldman Law Center, headquatered in Mission Viejo, CA specializes in loan modification and debt settlement, helping people keep their homes!
http://loanmodificationagent.com
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How California Mortgages Are Foreclosed and How Loan Modification Can Help
How California Mortgages Are Foreclosed and How Loan Modification Can Help
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Home Page > Finance > How California Mortgages Are Foreclosed and How Loan Modification Can Help
How California Mortgages Are Foreclosed and How Loan Modification Can Help
Posted: Oct 04, 2009 |Comments: 0
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A few of years ago, the United States saw the collapse of the home mortgage industry. This disaster has left millions of Americans faced with the reality of foreclosure and homelessness. As of September 2009, Los Angeles has over 35,000 properties in foreclosure or pre-foreclosure, Sacramento has over 17,000, and San Diego has over 14,000. As a state, California has over 200,000 homes in danger from foreclosure. Not just families, but entire communities are eroding.
My Homeowners Advocate sees many people throughout California and around the country who are faced with foreclosure or its impending threat. They come looking for help and for answers to their questions. Our main goal is helping homeowners stay in their homes through home loan modification. One of the reasons we can help is that we can negotiate with the mortgage company if they employee a loan modification attorney. Another way we can help is to provide information for people who have questions.
California’s main method of foreclosure involves non-judicial foreclosure. Non-judicial foreclosure doesn’t involve the courts. When a mortgage contract is signed it most often contains a provision allowing the lender or an agent of to sell the property to pay back the loan if defaulted. This sale happens in the form of an auction.
My Homeowners Advocate helps educate people in regards to California’s foreclosure process, which includes the fact that California has a requirement called the one-action rule. This means that if foreclosure is done using the non-judicial method, a second action to recover a deficiency judgment is not allowed. Simply, they can’t come back for more except for in certain circumstances. California also has very strict rules of notification in the foreclosure process, with mortgage contracts being required to contain the power of sale language that allows for this type of foreclosure method. Again, simply put it has to be there in writing.
California’s foreclosure process requires:
That the homeowner/borrower receives a default notice.
A minimum 60-day period before the foreclosure can proceed.
The homeowner must be given a 20 day notice before any foreclosure sale.
Foreclosure sales must take place on a business day during normal business hours (9AM and 5PM) and must take place at the location referred to on the notice of sale, usually city hall.
A trustworthy California loan modification attorney working with you is vital in the process of avoiding foreclosure and keeping your home. The incredible number of laws, regulations, dates and other statutes to keep track of during the process are numerous and overwhelming. The average person doesn’t have the knowledge to negotiate with the lender, keep track of dates, and fill out all the paperwork and the almost innumerable other details necessary to prevent foreclosure.
For more information about short-pay refinance, loan modification, and short-sales visit My Homeowners Advocate a leading mortgage solutions provider.
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About the Author:
Sean Horan is the President of My Homeowner’s Advocate. My Homeowner’s Advocate connects you with lenders that can help you avoid foreclosure using home mortgage solutions. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a mortgage solution that will help you keep your home.
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How many times can someone apply for the Home Affordable loan modification program?
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
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?
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Sean Horan is the President of My Homeowner’s Advocate. My Homeowner’s Advocate connects you with lenders that can help you avoid foreclosure using home mortgage solutions. Depending on your specific situation (the Property State, your mortgage lender, your mortgage history, your hardship, and any other unique situation you might be in), we will negotiate a mortgage solution that will help you keep your home.
Posted in California Home Loan Modification |
Tags: California, foreclosed, Help, Loan, Modification, mortgages |
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