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Archive for July, 2009

Ways to Stop Foreclosure

Five different tools to stop foreclosure:

1. Loan modification a loan modification is a hot topic with congress right now. A loan modification changes the original note by changing the term, changing the rate or changing the payment amount. There is a new government plan HAMP (Home Affordable Modification Program).

2. A Short sale: In a case where the home is worth less than the unpaid principal balance, you may be eligible for a short sale this will affect your credit, but not to the same extent as a foreclosure. Short Sale Help

3. A Deed-in-lieu of foreclosure (DIL): The process is when you deed the house back to the lender, give it back rather than going through the foreclosure process. The DIL will affect credit the same as a foreclosure.

4. Repayment plan (forbearance plan): The process is the servicer will take past due balance and break up into monthly payments typically 6 months.

5. Sell your home: sell your home traditionally

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Loan Modification Help – Government Loan Modification

Homeowners throughout the nation with the threat of foreclosure are still facing hardships receiving help on their mortgages even now that the government and Obama administration efforts to stop foreclosure waves across the country through the Home Affordable Loan Modification Program (HAMP).

Now the senior officials from the Treasury, and HUD are calling on the biggest mortgage servicing representatives to report and defend their lack of getting the job done and modifying loans under the Home Affordable Loan Modification Program.

Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan called a meeting to discuss what is going on with the servicers and the Government Loan Modification program. There is frustration from congress and the lack of service modifying loans to date.

It has gotten real ugly and the disappointments are bipartisan within the Senate Banking Committee hearings.

The numbers are not as high as expected with 160,000 trial loan modifications made by lenders and investors, with another 165,000 loan modification offers outstanding.

The 165,000 is not even close to over 1.5 million homes that have received a notice of default or foreclosure notice in the first 6 months of 2009. Foreclosure actions already in the second quarter of 2009 have reached new highs even as the Government Loan Modification Program is under way.

With a remarkable response of over 27 million page views of the Making Home Affordable site it seems the servicers have not delivered as expected and have not met service levels expected.

With the foreclosure process underway and the lack of foreclosure assistance to date the government has some tough decisions to make. Either improve loan modification outcomes by changing the requirements or set other guidelines to stop foreclosure.

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Understand My Credit Score

Credit scores are like a little black box that many consumers do not understand. Read on to get the basics and resolved some myths that consumers have about credit scores. Did you realize there is more than one score in fact there are as many as 15. Each of the three bureaus:

  • Equifax
    P.O. Box 740256
    Atlanta, GA 30374
    (800)-685-1111
  • Experian
    PO Box 2002
    Allen, TX 75013
    (888) 397-3742
  • TransUnion LLC
    P.O. Box 2000
    Chester, PA 19022
    (800) 888-4213

display a personal score, mortgage score, auto score, credit card score, and insurance score. Each of the three bureaus have a proprietary, to really confuse things.

A “perfect score” is 850 in commercial uses, while a personal or proprietary score can run higher. This makes your personal score appear higher, because of the scale is different. A score of 600 out of 850 is better than a score of 600 compared to a perfect score of 950. If you look at your personal score, thinking that it is about 700, and you go out to get one of those great car deals out there, you might be surprised to find out that your real score is about 625. It can happen, look at the scale on your personal credit report.

There are three credit bureaus in the United States, and a handful of secondary bureaus. The Big Three usually are the source for major inquiries, like mortgages and auto loans. The other bureaus are used for less crucial decisions, rent inquiries, employment, and some insurance uses. The secondary bureaus usually have data that is a bit older than the big three, they will occasionally do an inquiry to one or more of the big three to update their own database, which they re-sell as requested by their customers.

Credit Bureaus are in the business of selling information about you to lenders; sometimes the data contained in the databases is good, sometimes it is not. It is to your advantage to have a score that is high as possible, this happens when there are more good trade lines on your credit report than bad credit items. Higher credit scores can get you lower interest rates which lower your monthly payments on loans.

If you have information on your reports that lowers your credit score, there are options available to repair your credit rating and raise your credit score. There are full service credit repair firms available, where you have to do little work, to assisted do it yourself credit repair programs, where the cost is lower, and you do part of the work.

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Foreclosure Crisis is Getting Worse

If you have watched the news you know the current foreclosure meltdown has not eased, as a matter of fact it has gotten worse. As the crisis grows you really need to look at the most affective way stop foreclosure if you are in default or could be facing foreclosure in the coming months.

Notices of default and delinquent mortgages are topping record numbers in the first six months of 2009, according to RealtyTrac. During the first 6 months of 2009 there are a record number 1.53 million households that are in foreclosure. That is more than a 9% increase from the last 6 months and a 15% increase of houses in foreclosure from the same time last year in 2008.

There have been more than 1.91 million foreclosure filings that result in 1 out of 84 U.S. properties receiving a foreclosure notice in the first half of 2009. The banks have put in their inventory via banks repossession an unbelievable 386,800 properties. The federal government is cracking down on loan modification companies legit or not, despite the intensity of the efforts on the part of government loan modification programs and servicers they are not even close to having a handle on the foreclosure crisis. The number for June are being revealed and there was no improvement. More than 336,000 homes reported foreclosure filings, the fourth straight 300,000-plus month. Filings were up 33% over last June and nearly 5% compared with May.

As foreclosure activity spirals upward and continues to record levels. The biggest culprit for the crisis is unemployment related, and the high number of borrowers who find themselves owing more than their homes are now worth is now becoming a significant risk to housing.

If you or someone you know is facing foreclosure, we can help stop foreclosure please visit to learn the foreclousre process.

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Mortgage Modification Help

Many borrowers that are in default call their lenders to find that loan modification programs can be frustrating and timely to the point that they give up during the process. The loan modification is a good program and option to stop foreclosure or avoid foreclosure. Prior to contacting your lender it is important you learn the processes of the loan modification so you know your rights as well as be able to argue your point. The government has gotten involved in order to streamline the process but in doing so have changed the rules and have made it a little more cut and dry you either qualify or you do not. The first thing you need to know is what a loan modification is and how it works. A loan modification is the process of changing the original terms of the mortgage note it can change the interest rate, extend the term or decrease the principal balance (very rare to decrease principal balance of the loan).  Anyone of the changes can work in the favor of the homeowner or the mortgage company be sure to make the loan work in your favor. There are a few brand new government programs that can assist getting a good loan modification deal. The new government loan modification program is now subsidizing lenders (servicers) who are offering the programs to homeowners. They are paid annually for offering the plan.

A home loan modification will help set up to handle your mortgage payments and stabilize payments into a fixed rate mortgage. There are options and you can do it yourself or hire an company that can manage the entire process for you. Be sure if you hire a company that they are members of the Better Business Bureau.The process is not rocket science but it is important to understand the numbers.

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Loan Modification to Stop Foreclosure

With foreclosures on the rise listen to these numbers. There has been an 81 percent increase in foreclosures from 2007 to 2008 and 225 percent higher than the total number of foreclosures in 2006. Based on preliminary findings 2009 is looking even worse than previous year and there is no relief in sight. So if you are facing foreclosure you need to know your foreclosure options and rights.

If you are a homeowner facing foreclosure or having a hard time making payments you need to act fast in some instances there are time-line in place that could disqualify you from being able to get a mortgage modification. The only way to make this happen is by creating a win/win situation or making the lender understand that it is their best interest to modify the loan and change the original terms of the mortgage. The goal is to create a plan that a homeowner can afford and a payment that an investor will be satisfied with that will make it more appealing than foreclosure.

A mortgage modification can be processed no matter if a homeowner is current, and the plan is based on affordability and reason for default (hardship). Be sure you understand what the lender is looking for to keep from being denied for a loan modification.

In some instances a forensic loan modification is the answer but in most instance the reason for default is sufficient and a proper submission can assure positive results. Taking a shot in the dark hoping to get your loan modified is similar to doing home dental work (sometimes is successful and sometimes lead to worse situation). Lenders will take you to the bank with some of the workout options without a proper submission.

Finally, if a homeowner is having difficulty making on-time monthly mortgage payments and has a huge debt load, a bankruptcy may be an option but only after you have been denied for a loan modification. Contact a professional loan modification company that is a member of the Better Business Bureau and complies with lenders requests and local laws.

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Government Loan Modification Help

Unfortunately, the attempts by the Obama administration and the financial institutions to curb the housing foreclosure disaster, homeowners are not getting through to the banks because of delays and lack of staff in order to modify loans and still hundreds of thousands are losing their homes and put on the street every month.

The mortgage companies are swamped with requests and are not able to keep up with the work loads since they started processing the Obama “Making Home Affordable Plan”. Some mortgage companies late on implementing the plan are backed up against the wall with requests. We have been successful at helping homeowners acquire a loan modification. The Obama plan requires homeowners to pay 3 months of payments to create a history of on-time payments to be able to process a loan modification.

Although, there are a multitude of reasons for default the problem is a simple and the banks are the bottlenecks and banks can not modify loans fast enough to keep up with the rising tide of foreclosures on the books. The reality is if the banks wanted it to work they would figure it out and streamline the process.

No matter the situation the banks are urging patients and homeowners with the threat of losing their homes are not willing to wait. We have developed a plan that takes the stress off of the homeowner and offers weekly updates on communication with the banks representatives and negotiators working the files. The banks have gotten much bad press in the last years and are really trying to figure it out. Unfortunately, some are losing their homes in the process.

For about the last 4 years banks had their own loan modification process which in some instances included lowering payments by lowering interest rates, term extensions, and in very rare instances reducing principal to get the property value in line with current housing prices. These plans have taken a back burner for the Government Loan Modification programs.

The Treasury Department is heading up the Government Loan Modification program and has not commented on any inquiries and criticism that are aimed at the banks and will soon release data on the successes of the Making Home Affordable plan. They are saying there are more that fifty thousand loan modifications in process.

The Bankruptcy attorneys are really bad mouthing the banks and do not offer any encouragement to homeowners that there are programs available. They are taking on more cases than ever before and claim banks are not offering loan modification assistance.

The issue is the serious lack of staff to handle to flood of loan modification that are being received daily.

As a loss mitigator in the retention department (saving homes) for Washington Mutual in the past, I know first hand that negotiators may push out 3 or 4 loan modifications a day but receive an additional 6-8. As a negotiator the files build up and it is impossible to work the loads required. The problem is finding qualified staff that can handle the load and understand the process.

Losing paperwork and the time it takes to process a loan workout is a big issue and having to refax papers because they are old or because paycheck stubs and bank statements are old is a real hassle and hiring a company to handle this for you is a huge stress relief. You may ask yourself “who can I trust to help with a Loan Modification” be sure the answer is affiliated with the Better Business Bureau. We have helped many and can help you get a loan modification.

Listen to these numbers Bank of America has 7,400 phone representatives that are focused on home retention that are taking about 80,000 calls a day. That only equates to a bout 10 calls a day, when I started on the phone in retention for Washington Mutual I was taking more than 50 calls per day. Bank of America has made more than 48,000 potential offers in  the HAP program (Making Homes Affordable Program) and now has more than 18,000 homeowners making plan payments in Government Loan Modification trial period.

Be sure if you go it alone you understand the processes and if you hire a professional loan modification company you select one that is a member of the Better Business Bureau and an additional layer of comfort is working with a company that has negotiators on staff the worked in the bank in the past as a negotiator. We can help stop foreclosure

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Avoid Loan Modification Scams

State authorities aligning themselves with The FTC (Federal Trade Commission) are starting to go after loan modification scams that make promises and provide no assistance. This is a business that needs to be regulated and rid the country of the scams that are not only taking money but providing no assistance.

One of the hardest parts of the crack down is contacting homeowners before the loss mitigation sharks start swarming. It has been a feeding frenzy and the government is fighting back. The issue is that the FTC can not reach homeowners in time before homeowners take the bait and pay for a service that will not perform although, promising mortgage modification services.

There has been a video created by the FTC on how to avoid scams in it’s frontal assault calling itself “Operation Loan Lies”.

Some tips on avoiding being being scammed are listed below:

* The first step if you do not want professional loan modification assistance is contacting your lender.

* Do not ignore letters from your lender. Many lenders are willing to work with homeowners who are behind on their payments.

* Contact housing counselors approved by the U.S. Department of Housing and Urban Development, who may be able to help you for free. For a referral to a housing counselor near you, contact HUD. (As I have been told by many homeowners that have sought assistance there is no real help there and homeowners are left out in the cold and in many instance denied a loan modification.

* In many states it is illegal for foreclosure consultants to demand money before they give you a written contract. In many other states it is also illegal to get paid before performing all the services in the contract, such as negotiating a loan modification.

* However, an advance fee may be charged by an attorney, or by a real estate broker who has submitted the advance fee agreement to the California Department of Real Estate for review.

* Do not transfer title or sell your house to a “foreclosure rescuer.” Fraudulent foreclosure consultants often promise that if homeowners transfer title, they may stay in the home as renters and buy their home back later.

* Fraudulent foreclosure consultants claim that transfer is necessary so that someone with a better credit rating can obtain a new loan to prevent foreclosure. Beware — this is a common scheme so-called rescuers use to evict homeowners and steal all or most of the home’s equity.

* Do not pay your mortgage payments to someone other than your lender or loan servicer, even if he or she promises to pass the payment on. Fraudulent foreclosure consultants often keep the money for themselves.

* Never sign any documents without reviewing first. There are homeowners duped into believing there will be a new loan that will take the place of the old mortgage and the old mortgage will be paid off. Then they unfortunately discover they signed over ownership of their property.

* Our loan modification assistance does not break any laws and as members of the Better Business Bureau we provide top quality service for homeowners to stop foreclosure and acquire a loan modification

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Homeowners Rent after Foreclosure

On July 16, 2009 In the Senate panel discussion an Executive top Treasury Department official said the government has a proposal on the table that will allow homeowners to live in the homes even after foreclosure sale as renters.

The proposed plan has been a tool that is thought would put a dent in the glut of vacant properties in neighborhoods hard hit by the foreclosure crisis in America, which is also dragging down house values. As seen in many instances that no matter the government intervention some homeowners facing foreclosure are not in a position to be saved. The government loan modification program is having mixed results and not every homeowner can get a loan modification.

“This could make sense as a last resort for troubled homeowners who would otherwise lose their homes and find themselves with nowhere to live,” explained Sen. Charles E. Schumer (D-N.Y.).

“It’s certainly an idea we’re thinking about,” Herbert M. Allison, assistant secretary for financial stability, explained as he was speaking with the Senate. A spokeswoman for the US Treasury explained the proposition is being reviewed and at this point they have not made a decision.

One of the largest investors of the mortgage backed securities, Freddie Mac, began a program like the one being proposed this past March, the program allowed homeowners the opportunity to stay in the houses that were foreclosed on by Freddie Mac and stay in the home as renters. The program is not working as hoped and has not attracted many homeowners. Most homeowners that have gone through foreclosure opted to accept money to leave the property on a voluntarily basis and receive cash (Deed in Lieu of Foreclosure).

As a new proposal the program is taking into consideration the increasing numbers of homeowners that are facing foreclosure as the economy struggles and jobs are lost. A reliable foreclosure reporting company RealtyTrac reported that foreclosure filings, have increased 15 percent compared to 2008 first half of the year.

There is some legislation on the table to help unemployed homeowners with their mortgage payments. As we know unemployment is extremely high and it is only making a bad situation worse in the struggling time for bank collections.

The government loan modification program also known as as Making Home Affordable, servicers are compensated by the government for lowering homeowners monthly mortgage payments. Over  160,000 mortgages have been modified into lower cost loans. This is the most successful housing crisis program but the government have asked lenders to hire more qualified staff. We offer professional loan modification assistance.

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I need a Loan Modification

We know you got a mortgage on your home with every intention of being able to make your payments, by making  payments on time, also being able to pay your homeowners insurance and your taxes on time.

We know that bad things happen to good people. Jobs are lost people become temporarily disabled, there are unexpected medical bills or choices of whether to pay the mortgage or repairing the automobile to get to work to be able to pay the mortgage. The decision is really whether to repair the roof leak or try to keep the roof over the families head. It is not easy in this economy but there are opportunities for a loan modification.

We all hope that you will never be in a situation of defaulting on your home, but should it happen, there is definitely a company that want to help. We are also members of the Better Business Bureau we have the knowledge that is a very good thing.

As you know you are given a grace period, 15 days which means your can still make a payment before close of business and some which is not typical can be as short as 10 days. There are many people  pushing the envelope that is, stall through the grace period before they can make a payment, no one really thinks very much about the delay. On  the 16th day of the month a late fee is assessed. The late fee is the only negative affect though and there are no ramifications for making a late payment. The late payment does not even show up on the credit report. On the 30th day the late become a concern for both borrower and lender. On the 30th day the borrower is in default and tthe situation quickly turn serious and negative credit reporting happens.

State Laws when it comes to defaulted mortgages and foreclosure differ and  mortgage investors and servicing companies vary in the way they handle delinquent borrowers. The largest investors such as Fannie Mae, Freddie Mac, FHA and the VA have changed their approach to managing delinquencies in the past few years, it has abruptly came to their realization that it is far more cost effective to help a homeowner stay in his/her home than to complete a  foreclosure at which time will need to deal with owning, managing, and selling the non performing asset. Even though, there are many different scenarios that can happen as mortgage default progresses and many ways a borrower can deal with the default issue. Because we are seasoned in the loan modification process we can assist homeowners with help and able to stop foreclosure.

Once the 16th day of the month hits although there are no credit implications additional debt is incurred in the form of the mortgage late fee.  The amount is predefined in the mortgage note and monthly mortgage statements. Once a mortgage goes past 30 days, only a few mortgage servicers allow a borrower to make a payment (partial) of the past due balance, most servicers insist a mortgagor pay everything to bring the loan current.  Most lenders will return a check if it does not cover the amount to bring the loan current, excluding late charges.

Some mortgage companies, I know mine EMC Mortgage call on the 15th, but for sure on the 45 day of delinquency the phone calls from the mortgage collection department will be lighting up the lines of a borrower in default. States have rules regarding collection activities and telephone calls including their frequency, content (no threats are permitted), and timing not before 8:00 AM and not after 8 :00 PM . but the calls, within legal boundaries, will be unremitting and the tone can vary from “gee, we just want to help” to aggressively demanding.

At the 60 to 90 days after the missed payment the servicer will send a demand letter, the letter gives the homeowner 30 days to cure the default by paying past due payments, and by now late charges are being added to the past due mortgage payments. After the demand expires, the collection department will refer the loan to the foreclosure once it has been reviewed for possible errors. Once foreclosure is filed there are attorney fees that accrue starting around $ 2,500.00 but depends on state the foreclosure is filed. We can help you stop foreclosure anytime during the process.

Foreclosure is the legal proceeding and there are benchmarks that are required to be followed.  Foreclosure process varies by state and once the case is turned over to attorneys, every time the attorney walks past the file they charge the client. Again depending on the state the entire foreclosure process can take a very long time from initial default to the actual sheriff sale or public auction of the property.

The loan servicers gives the homeowner every opportunity to stop foreclosure, right up to the minute that the auctioneer’s gavel comes down and sometimes even beyond.  Contact us for a loan modification

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