Posts Tagged ‘Loan Modification’

Biggest foreclosure mistake

Sunday, July 26th, 2009

More tips from Alex Speak: One of the biggest mistakes you can make after getting served with foreclosure papers is to do nothing, figuring you’ll ‘just let the house go’. Not only is it probable you’ll lose your home, but the bank will most likely get a deficiency judgment against you; that is, a judgment awarding the bank money for the difference between what you owe on the loan, and what the house sells for after foreclosure.

Since you may owe more than your house is currently worth, you’re looking at a big judgment against you. Were you aware that in your state a Judgement of Deficiency may be good for twenty years? The bank’s going to make your life miserable for a very long time – taking money from your bank accounts, re-routing income tax refunds, and persuing any assets that you might accumulate.

What should you do? Either engage the services of a lawyer, or file an answer yourself. (a ‘hardship letter’ isn’t an answer!) When answering a complaint, the lawyers may admit that the borrower (you) owns the property, but deny the rest of allegations of the complaint. In their answer, lawyers also typically raise certain defenses, such as, since the original note has been lost, and the plaintiff (the company suing you) doesn’t have a complete copy of the original note, the plaintiff cannot maintain the foreclosure action.

For adjustable rate mortgages that have interest-only payment periods, and/or the option of making a variety of payments such as a minimum payment, interest only, or interest and principal, and/or have a prepayment penalty, many lawyers say in their answer that the loan violated state unfair and deceptive trade practices laws because the originating lender didn’t explain to the borrower that negative amortization and payment shock would result from the structure of the loan.

Those same lawyers also file a written request asking the court to refer the case to mediation. The advantage of mediation is that you get an opportunity to sit down with a representative from the lender who has the authority to settle the case without a foreclosure. Before going to mediation, you should know exactly which solutions are available to you. Do your homework. To find the best solution for you, make sure you research all of the options.

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Loan Modification – The Simple Guide

Thursday, June 4th, 2009

There are numerous homeowners out there who don’t even realize that they could be approved for a loan modification Is this you? This is because a bank generally will not seek out customers to inform them that they could qualify. As long as they think you are not having any trouble paying your current rate, they will not try to change anything. At some point, on the other hand, default and the foreclosure process become evident.

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Find out how to write a powerful letter for loan modification.
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Homeowners have many choices they can consider taking before they actually proceeding with a foreclosure. Call your bank as soon as you are unable to make payments. Obama’s Home affordable Program is designed to help homeowners facing financial difficulties to stay in their homes. Programs like this can be a great place to start for finding help in your attempt to navigate your way through the process.

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Find out the secret to getting approved for a mortgage loan modification.
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How Does A Loan Modification Work?

A loan modification makes your loan easier to pay by doing one of three things. You can decrease monthly payments by 1) spreading the loan payment over a longer period, 2) decreasing the interest rate and turn it into a fixed rate, and 3) lowering the principal amount to equal the actual value of your home. A lender may either forgive late payments or charges that have been missed or add them back into your outstanding balance so that your standing is not hurt.

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Get our loan modification checklist.
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There are specific requirements you must meet and therefore a loan modification could take weeks or a couple months. In the beginning, what you need to do is establish that you are truely going through a tough time. Some hardships are beyond your control, like getting separated, getting sick, being called for military duty, a dying family member who provided income, job loss, or being unable to pay your mortgage. For example, bad credt card debt could destroy your chances unless the debt was a result of meeting basic life needs like eating.

With your modified loan, the lending institution needs assurances that the loan will remain current. You will be required to develop a budget. The mortgage loan modification programs have numerous stipulations, one is that the new mortgage payment can’t be in excess of 31% of the gross income you earn in a month. This can help you in creating a budget that works for you.

You must investigate a loan modification before you surrender your home. Lenders would rather lose six or eleven thousand dollars on a mortgage instead of being forced to foreclose on and manage another property. It is the moment to take advantage of this opportunity and cooperate with your lending institution. Many homeowners can take advantage of a mortgage loan modification service and have the opportunity to stay in their homes during these hard economic times.

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Mortgage Loan Modification – Should I Get One?

Tuesday, May 19th, 2009

People who are trying hard to hold on to their home may qualify for a loan modification and their loan and not even know it. This is because the bank loses more money when you foreclose, it makes more when you modify, even though your payments will be less. Banks are usually resistant to changing their customers contracts, except in this case it will benefit. The fact is, a loan modification may bring your bank more benefits and money than it will bring you.

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Download this loan modification .

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There are many tactics you can implement before foreclosure on your home. If your finances have become tight it’s time to call your lender and inquire into what options are available. Obama’s Home Affordable Program is one of numerous federal programs now in existence that are designed to help homeowners trying to stay in their houses. Programs like this can be a good place to start for finding help in your struggle to navigate your way through this process.

A loan modification will modify your current loan so that it will be easier for you to pay it down on time. This can be achieved in the three ways: decreasing the principal, lowering the interest, or lengthening the term. Sometimes, a combination of any two or all three are used. Late payments and charges can also be handled in one of two ways. They can be excused or rolled back into the loan.

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It takes a long time to get a loan modification approved, and there are many criteria that must be satisfied. First, the bank is going to want to establish that you are indeed having financial difficulty. It’s a benefit if the crisis was not your fault. For example, it will look better on your application if your hardship is the result of like getting divorced, losing your job, getting sick, being called for military duty, having a bad mortgage, or a dying family member who provided income. Serious credit card could work against you, unless you can prove that the debt was necessary to feed and support your family.

You must illustrate to the lender that your intent is to keep making mortgage payments. You will be expected to create a budget. Numerous loan modification policies require that the amount of your reworked payment can’t be more than 31% of what you earn monthly. This will be a good exercise for you to get a handle on your finances.

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Learn the key to getting approved for a modification of mortgage loan.
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Don’t let your home be foreclosed on, look into the possibility of getting a loan modification. Believe it or not, it is more beneficial for your bank to give you a discount on your loan rather than let you go into foreclosure. A lending institution is willing, right now, to assist you with your mortgage needs. A lot of homeowners will utilize the loan modification process during this recession so that they can continue to live in their homes.

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Mortgage Loan Modification Assistance

Wednesday, April 29th, 2009

Many struggling homeowners could qualify for a loan modification and not even know it. The reason is because even though a loan modification will, in the long term, help both borrowers and lenders, banks still lose money on the original loans. Not surprisingly, banks will do all in their power to hold their customers to the original terms of the loan. There comes a time, however, when it becomes clear that default and then foreclosure are inevitable. It might become clear at some time that default and foreclosure cannot be avoided. When this point is reached it is time to consider a loan modification.

Use this mortgage loan modification checklist to help you increase your chances of getting qualified.

There are numerous measures a homeowner can take before foreclosure. Once it is obvious that your finances are getting tight, getting in touch with your lender or getting on the internet and looking for other loan modification options would be a good idea. There are now federal programs such as Obama’s Home affordable Program that were created to keep struggling homeowners in their homes. Finding some help in your attempt to navigate this process can start with programs like this one.

A loan modification takes your existing home loan and makes modifications to it that will make it possible for you to pay it in a reasonable amount of time. Your monthly payments are lowered by reducing the amount you owe so that it is equal to the current value of your house, lowering the interest rate and turning it into a fixed rate, and/or extending the length of the loan, say from 20 years to 30 years. Late fees can either be forgiven or added back into your loan so that you begin repaying your mortgage in good standing.

The process is lengthy and you have to satisfy certain qualifications to be accepted for a loan modification. At first you must show real financial difficulty. It is more effective if this difficulty comes from circumstances beyond your control. A death of a paying member or your family, job loss, a bad mortgage, divorce,military deployment and illness are all examples of hardships that are beyond your control. While deep credit card debt can also be a financial difficulty, unless you can show that you were using the credit cards as a way pay bills and eat, this could actually hurt you. It is a fine balance.

You likewise must demonstrate to the bank your determination to keeping your home and paying on the new mortgage. They will require you to come up with a budget. According to the many loan modification regulations, your new payment can’t exceed 31% of your gross monthly income. This will help you to come up with a budget that you can handle.

Before you give up and walk away from your home, consider the possibility of a loan modification. A lender would prefer to lose a few thousand dollars on a loan than have a foreclosure property to add to their collection. The time is now for you to take the chance and work with your bank. Many people will use mortgage loan modifications to remain homeowners in these tough times.

You can learn more about a loan modification and download a step-by-step checklist to help you through the process. Get more loan modification help right now.

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Home Mortgage Loan Modification

Sunday, April 26th, 2009

In 2008, over 3.1 million unsuspecting home owners received a foreclosure notice. Most simply did not take the actions necessary to stop the foreclosure and they lost it all. It’s projected that another 3 million notices of default will go out in the next 12 months.

Is your mortgage more than your home would appraise for? Are you finding it virtually impossible to afford your monthly payments?

If so, the good thing is you may be able stop a foreclosure and reduce your payments by filing a loan modification request.

What is a Mortgage Modification?

A mortgage loan modification is a reworked agreement between you the borrower and home lender with new terms, interest and payments. Mortgage modifications are a long-term solution for homeowners who are find themselves on the brink of foreclosure or banruptcy due to financial hardship.

Do You Qualify for a Mortgage Loan Modification?

Perhaps you’ve lost your job, have incurred unexpected medical expenses, or your current adjustable rate mortgage skyrocketed so you can no longer afford the payment. You’ve made every effort to pay the mortgage and save your home from foreclosure, but have simply run across heavy times and now find yourself behind the eight ball.

A mortgage loan modification may be difference that makes all the difference! Every bank has their own loan modification qualification criteria.

Here are the most common:

* The property is your number one residence

* You’ve experienced hardship or a change in economic circumstances

* You are late two or three payments

* You have not initiated bankruptcy

* You are not purposefully defaulting to get a loan modification

* You are willing to be honest, and provide all required paperwork If you have not missed a loan payment you may still qualify for a loan modification and stop a foreclosure if you can prove you are on the edge. Meaning, due to circumstances, you will eventually default on your loan if you don’t get some type of financial relief.

How to Save Your House Now!

Free Mortgage Loan Modification 30 Minute Teleseminar reveals how to reduce your payments and save your house from foreclosure.

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Study How a Loan Modication Can Save Your Home

Saturday, April 25th, 2009

Finding it harder to pay your mortgages? Trying to keep up, but it just doesn’t seem to work? The U.S. economy is struggling and you’re not the only person having a hard time by any means. Foreclosures keep increasing and are at a number high since years right now. Bankruptcy is the next issue that has been arising along foreclosure within the United States.

Americans are dealing with very hard times right now, but we will soon be coming out of it. Our President Barack Obama has set plans to help American citizens out of this troubling economy to be back on its feet again.

There have been a lot of legislative changes under President Obama that has been put into place to help those in serious financial need with loans. We are here to provide you with all the information you’d need to get financial relief right now at Loan Modification Facts.

You can read so much about bankruptcy in our articles such as the judges want for more authority for first mortgages. This means that judges could actually cut a person’s mortgage down significantly if they wanted to.

The reason for this agreement is to help force lenders into making loan modifications to reduce foreclosures and bankruptcies that could occur.

You could also learn how to handle certain situations better by reading the step-by-step procedure of how foreclosures work. Articles tell you how to approach a lender and to ask them about a loan modification so that it’s better for you and the lender than foreclosure itself.

Read more into the Foreclosure Prevention Program that has been set up to reduce the number of foreclosures that have been occurring in the United States. This program is not the only one though that’s talked about such as the Homes Affordable Program that’s suppose to help seven to nine million homeowners this year.

We make it a priority to let you know all about the loan modifications and programs that are offered through the new legislation. Find out more information about these new changes so you can be better informed. Success is first found through knowledge. It’s time for the American people to succeed through this!

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