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Foreclosure Help and Government Assistance
[October 23, 2008]   by Foreclosure Help
Filed under: Foreclosure Help

WASHINGTON, Oct 20 (Reuters) - Two top U.S. lawmakers urged President George W. Bush on Monday to appoint Federal Deposit Insurance Corp Chairman Sheila Bair to supervise a government-wide effort to reduce foreclosures.

Rep. Barney Frank, a Massachusetts Democrat who chairs the House Financial Services Committee, and Rep. Maxine Waters, a California Democrat, said in a letter that Bair would be ideal to coordinate the effort to mitigate foreclosures.

“Giving one official clear responsibility, particularly one as knowledgeable on the subject as Chairman Bair, will improve the effectiveness of the efforts of the federal government at a time when prompt and efficient action is most urgently needed,” the letter said.

FDIC spokesman Andrew Gray said Bair shares Congress and the administration’s commitment to tackling housing woes.

“The key to addressing our current economic situation remains avoiding preventable foreclosures and pursuing sustainable loan modifications for troubled borrowers to keep them in their homes,” he said.

Frank and Waters wrote Bush that the government has new powers to stabilize the housing market because of its takeover of mortgage giants Fannie Mae  and Freddie Mac and recent legislation.

They also note the $700 billion market rescue plan passed on Oct. 3, has language requiring the administration to protect homeowners.

“Certainly the government’s role will necessarily differ in regard to mortgages the government actually owns or controls and others that remain in pools backing securities in the private market,” the letter said. “The combination of tools available, however, allows us to have a substantial impact on the foreclosure crisis that continues to undercut economic recovery.

If you need loan modification help contact us today.

information from

 

FHA Hope for Homeowners
[October 22, 2008]   by Foreclosure Help
Filed under: FHA Hope for Homeowners

Foreclosure Refinance company Hope For Homeowners Program are in a position to help hundreds of families stop the foreclosure or head off foreclosure with a government refinance. The loan program became available on October 1, 2008 but there are pieces of the puzzle that still need to be put into place in order to help the majority of homeowners that are upside down on their homes.

The vast number of foreclosures throughout the nation risen substantially and the government has proposed and passed a plan that should help homeowners facing foreclosure. There is much debate in the media but the Hope For Homeowners Program is going to be a great program and the team headed up by Bull May is ready to help. Everyone knows there were issues in the last few years with the relaxed lending practices and the oversight of regulations that allowed homeowners to take on the toxic mortgages that are beginning to reset. The Hope Fore Homeowners Program has also had its critics but the team of loan officers from Hope For Homeowners Program are going to twist turn and tweak to make homeowners fit the stringent rules.

read more

 

American Home Mortgage Servicing Loan Modification
[October 20, 2008]   by Foreclosure Help
Filed under: Loan Modification with option One

Another happy client and home saved from foreclosure. We have helped many homeowners stop foreclosure with America Home Mortgage Servicing Inc. I have added the details below. It is important to know more than 90% of our workouts that homeowners have tried to do themselves, we have had results that are better than their offer. We show the precise way to set up the plan and know the terminology that gets the work done. Our loan modification company experts get the job done, they are managed by a employee that worked as a loss mitigation negotiator in the retention side of the lender. Below are the details from Option One Loan Modification now known as American Home Mortgage Services Inc.

total monthly income     $ 8,515.00
total monthly expenses  $ 9,053.00
had a defecit of                  $ 538.00

Mortgage Payment -       $ 3,931.00
Property Tax -                    $ 500.00
Homeowner Insurance -       $ 70.00
Total Monthly Payment - $ 4,501.00
Interest Rate - 10.35%

After Loan Modification
New Modified Payment -  $ 3,257.13
Property Tax -                     $ 500.00
Homeowner Insurance -        $ 70.00
Total Monthly Payment -   $ 3,827.00
Interest Rate - 5 %

After Loan Modification
total monthly income    $ 8,515.00
total monthly expenses $ 8,379.13

Borrower saved $ 674.00 per month

Total time to process loan modification July 14 - September 10

 

Washington Mutual Loan Modification
[October 16, 2008]   by Foreclosure Help
Filed under: Washington Mutual Loan Modification

Just finished another loan modification with Washington Mutual. The entire process took a little longer than usual because the negotiator was extremely busy. We can move only as fast as teh mortgage company employees. The loan modification was submitted on August 19th and approved on October 14th. We were able to convert a negative amortorization loan into a fixed fully amortorized loan. The approved loan modification from Washington Mutual was set up as a step rate plan. The rates are set at a minimum and step up over a period of three years to a fixed rate for the life of the loan. The step rate loan modification program we set started with a 3% interest for the first year, 4% for the second year and 5% fixed for the life of the loan. We have a very happy customer that can afford the plan we were able to negotiate for him. With a negative amortorization loan, the payments are low but we were able to get the payment close to the payment the borrower was paying. The borrower was 8 payments down with a foreclosure sale date and we were able to get the plan and he only had to pay $1,200.00 for a contribution. We can not guarantee the same outcome but we will fight hard for you to get the best workout plan possible to stop foreclosure. If you need loan modification help with Washington Mutual contact us so we can get started working for you.

Below are contacts from homeowners needing foreclosure help with Washington Mutual

City: Phoenix
State: Arizona
foreclosure help in Phoenix
County: Maricopa

Divorce Hardship, reduced income due to the fact that the construction industry has lessened in jobs for hire
Washington Mutual is foreclosing and I need to know how to save my home from foreclosure

My 1st mortgage is with Aurora, and my 2nd is with Washington mutual. My 1st is on an arm that will be adjusting soon. My 2nd is a 3o yr fixed but the interest rate is very high. My credit is very good, but my income has taken a hit. I usually have to go stated because I work in the tipping industry and business has been getting very bad. I don’t want to foreclose and lose my house, but it is getting very difficult to make my payments, I have gone through most of my savings. I am not making the money I used to. It is getting very difficult to pay the mortgage, my home’s value has also taken a hit, probably about 100,000. My 1st is over 200,000 and my second is over 90,000. I need help.  Loan modification/ washington mutual

 

Can I do a loan modification myself
[October 13, 2008]   by Foreclosure Help
Filed under: Can I do a loan modification myself

Hi Distressed Borrower,

First of all if you are facing an imminent foreclosure you need to contact us ASAP.

A hardship letter is definitely is a key parts of a valid loan modification proposal. However there are several pieces to the puzzle and you must put all of the pieces together coherently before submitting it to a lender.

A few things to know about modification:

The numbers you send to your bank have to make sense. Write them down on paper and do the math.

If you are not able to demonstrate an ability to make payments AFTER a reasonable modification (5% - 6% 30 year fixed) you will not get one approved. Although there are some investors that do not allow a loan modification

Depending upon your lender, there are a number of ways they will work to help stop foreclosure. I have personally negotiated with most of the mortgage companies and servicing companies.

If your lender said they were going to send a package, they will and it should take 3 - 5 business days to receive it. You really need to know what you are dealing with and the numbers they are looking for in order to modify your loan.

It is important to get together information required to get loan modification help:

Latest 2 paycheck stubs for all wages earners in the household.
If you are not a W2 employee you will need to put together a Profit and Loss Statement. The P&L will need to list all income and expenses.

2 years Tax Returns from each wage earner in the home.

2 latest Bank statements the last 2 months

These are the basics documents that are required in order to be submitted for a loan modification.

Before submitting your financials you need to take a good hard look at your bills. Sit down with all members of your household and make a list of all outgoing expenses do not forget to include:

Make sure to document all of your bills and your income to determine whether or not you can afford your mortgage payments. If you are close but running a little short our help modify my loan program can still help get you a loan modification.

Help Modify my Loan program:

We offer the same great information on how to get a loan modification to you and show you exactly what you need to do to get your loan modified. We have worked with practically every lender and we will help you.

Most loan modification help seems to be from companies that have no business helping because they are not qualified. Our programs whether you do them yourself or we do it for you we offer professional help.

If you are going to attempt to modify your mortgage yourself you will be better served to get professional help. Click the link help modify my loan.

we have helped many homeowners stop foreclosure below are homeowner contacts:

City: Fond du Lac
State: Wisconsin
foreclosure help in Wisconsin
County: USA

Girlfriend lost her job and I’ve been trying to pay everything. Gas prices went up,car broke down, dog had ACL surgery, lost my job in 2005 being fired wrongly took the company to court I won my job back but during that time I had to file bankruptcy. we need to know How to stop foreclosure on my house

City: Taneytown
State: Maryland
Foreclosure help in Maryland
County: Carroll

loan sold 5 times , is a farm 390 acres worth about 4 million, owe 145,000, have means to make the 45,000.00 payment but need time to sell an asset ( about 3 weeks) then want to negotiate better terms, have made huge early payments in the past that should mean that i owe nothing now. help us stop foreclosure

City: Oconomowoc
State: Wisconsin
loan modification with Homecomings
County: Waukesha

I have received a default letter.  I am currently 3 months behind.  I was out of work from one of my jobs over the summer. I am a teacher and somehow got behind.  We had a modification previously with our lender but I was under the impression the mod was satisfied and we were paying our payments on time. The other mod was from a period of time when we lost one of our children.  For a few months my husband and I fell behind but we did get it caught up and paid.  Now my mortgage co said you are only allowed one modification on the life of a loan.  Please help us.  We want to keep our house. I am working three jobs right now and my husband is employed.  I want to do right and pay.  Please help us.  Homecomings Financial how do I stop foreclosure

City: Ft. Myers
State: FL
foreclosure help in Florida
County: Lee

We tried to pay GMAC 2 payments and late fees.  They would not accept payment.  GMAC told us to call their lawyers, took lawyers 2 weeks to call back because they had not even received paperwork. Then sent us a statement for 2 month mortgage payments, late fees and their $4,700.00 bill.  A consult with an attorney led us to file bankruptcy….after 18 mos. continuing to pay trustee mtg payments, the trustee decided on a $1,970. for 50 mos. settlement….we dismissed the bankruptcy in 3/08….tried to sell hm short sale, one offer denied from PMI ins.  Still waiting for a court date in Lee Co. for judge to tell GMAC they may take house and try to sell….waiting….waiting….waiting…. We finally moved out of the hm this past July! And are trying to move on with our life. we need foreclosure help to sell our property

City: Decatur
State: Georgia
Foreclosure help in Georgia
County: Dekalb

I was laid off in 2004 and it was year before I find a job. The job I find was almost a $20,000 decrease in income, so I had to do a partial claim program for my mortgage.  I paid what I could than I had to file bankruptcy in 2006. I got a workout plan with the mortgage company in 2007.  I had to change job in August 2007 and miss one payment and they would not accept my payment.  I went to this company that was to talk to mortgage company and stop forceclose in September 2007 paid them $109 to get me on a program.  So I call to see what was going on, nothing.  I call almost every week up until Feb. 2008, that is when the HOPE 995 number came out and I call them and one of the counsel got the mortgage company on the line and we talked and I got qualified for a loan modification.  I received my paperwork in May  and filled in out and submitted the amount they wanted in a cashier check.  A week later they call and stated that they find liens on my property and could not proceed with the loan modification.  Well the liens was not my liens they belong to someone who has the same name as me and their IRS and State tax liens was attached to my property.  I fax over all my tax returns for the years that this person owe proving that I did not owe the IRS or State. I called them almost every week to see what the status is since I fax over the information proving I do have lien.  The SSN was different and the address was different. I did not get a answer from June until September when they told me I did not qualify because the interest rate had drop and I was already at a low rate 6.5% fixed.  The interest rate did not drop until the end of August.  I fax the information on the begin of June. That was enough time to approve me before rate drop.  So now I am in foreclose and they stated that I did not qualify for the new program that just went in effect and there is nothing I can do at this time but to pay the back balance to save my home. I fall behind because I got laid off and the payments kept going up and they stated it was tax and insurance, but my property tax have not been that much.  When I first move in it was $1,500 -2004. then the next year it was only $680-2005.  For 2006 and 2007 also 2008 it only been $840+.  So I don’t understand how it went form $675 to now $896.  If I can get it refinance between  $625 and $750 I will be able to afford this. refinance to stop foreclosure

If you need a Title Company in Florida, we have found a great company that can help. They give expert assistance for buying, selling or refinancing your home

 

Loan Modification Assistance
[October 9, 2008]   by Foreclosure Help
Filed under: Loan Modification Assistance

There are millions of homeowners facing the loss of their home to foreclosure, having a loss mitigation company is a great approach because it can help reduce daily stress and their job is to put a plan together that will help stop foreclosure. The loss mitigation companies put plans in place daily and understand what it takes to save a home from foreclosure. The Loss mitigation company is able to negotiate with your lender for solutions that creates a win/win scenario for you and your mortgage company and resolve the pending foreclosure and loss of your property. It is crucial to have a grasp on your financial picture and know if you can or can not afford to keep important the house.

Loan Modification Assistance

If you have been denied a workout from your lender this is not the end of the line. We have helped many homeowners that have been denied for a workout because homeowners did not sit down and look at their complete financial picture. Many mortgage companies will contact a homeowner and have them submit their financials over the phone. This is setting a homeowner up for failure and our goal is to stop foreclosure and save homes. We will work with you but you must sit down with your family and go over details of your finances and account for every penny. If you show there is a surplus income than you are on your way but if you see there is a deficiency the discussion must be around what expenses you have to cut. Tightening your belt in these tough econimic times is almost mandatory. We can also show you ways of generating more income and you would be suprised how much money you make every month if you use the same formula that the banks use, we can show you how.

We have been in the loss mitigation business for over 5 years now and we have seen many homeowners that have been denied for a workout that we have taken on and helped.

Be cautious in your choice for a loss mitigation company. Ask if they actually do the work because many companies sell leads and do not care about who they sell to or whether or not your home is saved. We can guarantee we do not sell leads and we have professional loss mitigators working for you. If you need professional loss mitigation company that will do the work and care about you the homeowner than the choice is clear.

We have helped many homeowners get a Chase loan modification, Ocwen Loan Modification, and many other lenders

 

Loan Modification with Bank of America
[October 7, 2008]   by Foreclosure Help
Filed under: Loan Modification with Bank of America

We have helped many homeowners stop foreclosure with Bank of America and can help you. We have a great relationship with Bank of American Loss Mitigation and if you can afford your home we can help you and know what the numbers need to be in order to get loan modification help with Bank of America. We really want to help you and are interested in the outcome and allowing you to keep your home from foreclosure. If you cannot afford your home and want to sell quickly to stop foreclosure we have found an ethical company to offer short sale help. Below are homeowners we have helped stop foreclosure with Bank of America.

_______________________________________________________________________

City: Marietta
State: Georgia
Stop foreclosure in Georgia
County: Cobb

We started having unexpected expenses with medical bills in January, in February our son came home from Iraq for r&r 18 days. We then had to move our daughter in law from Kentucky to Ft Leonard Wood MO into base housing. She is pregnant and needed to be by a base hospital while her husband is in Iraq. We also took a week trip to Wisconsin when our other son got out of the Marines and became a dad plus see other family.
Bank of America has our mortgage and I am trying to get a loan modification with Bank of America to bring our mortgage up to date. We had also gotten behind on our car payment so it was a toss up on who was going to get caught up first. By the end of this month we will be current on the car. But still two months behind on the mortgage. We need help stopping foreclosure with Bank Of America

I am currently doing a REC with the sellers. Due to financial hardship and employment I have been in default for since July. the interest rate has gone up on the home and the owners could be facing foreclosure. I would love to keep the home because my financial situation has turned around however i cant make the back payments. The owners are willing to work with me in order to get something done so this doesn’t foreclose. Bank of America is foreclosing, we need foreclosure help in New Mexico

 

how can the bail out help me with my loan
[October 4, 2008]   by Foreclosure Help
Filed under: how can the bail out help me with my loan

A $700 billion economic bailout law is asking the Treasury Secretary to put in place a plan to stop foreclosures. It sounds really good but many housing experts still say it will really not help struggling homeowners because it will be very difficult to refinance because they are upside down from their original purchase price. The economic meltdown will not stop until the foreclosures work themselves out and the millions of homes that have been foreclosed on find homeowners. If you are looking for a foreclosure property there are many to choose.
A well put statement by Mark Dotzour, the chief economist at the Real Estate Center at Texas A&M University stated. “It’s impossible to know whether it will help anybody but the banks stay open another week,”  “Until we see a plan to get people to buy those empty homes, we’re just going to go from one band-aid to the next.”

At this point there is no foreclosure relief and as the bill is totally unraveled we will be able to call it a Wall Street Bailout that had very little affect on the foreclosure crisis. We will keep you abreast on the upcoming events but or the time being if you need foreclosure help contact us today. We will help stop foreclosure and work with you on saving your home.

 

Hardship Letter - Negotiator Review
[October 2, 2008]   by Foreclosure Help
Filed under: hardship letter

The hardship letter is a written statement from a homeowner explaining why he/she has defaulted on the mortgage payment. As an employee in the loss mitigation department the review process is to evaluate the hardship letter and valadate the information on the letter. There are often discrepencies between what appears on the hardship letter, credit report, and other financial data received from a homeowner.

As a negotiator the Loss Mitigation Package, Workout Package are pieced together to evaluate a homeowners request for foreclosure assistance or loan modification assistance. The most important aspect of validating the information contained in the hardship letter is having documentation to support the claim of hardship. Details of the impact of unemployment or illness are required. Supporting documentation is requested from the homeowner. A statement froma doctor, specifics with regard to how an incident had a financial impact on a customer are examples of teh detail and documentation required in order complete a loan workout or loan modification.

Questions asked in the mind of a negotiator:

These are critical steps to better understand how a negotiator reviews a hardship letter.

 
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