In an effort to help the thousands of Californians who are in default of their home mortgages, a new law now requires lenders to meet with defaulting borrowers and explore ways to avoid foreclosure, according to a legal expert.
Does your lender have your best interest? Find out which loan modification companies can steer you wrong while others have success rates of 97% and above. Get the details in the free loan modification help and strategy Ebook.
Loan Modifications are skyrocketing nationwide!
“The lending industry had pledged to work with their borrowers who were facing foreclosure on their homes, but there was ample evidence that this was not being done in many cases,” says Michael D. Berk, a real estate attorney with Los Angeles-based Greenberg Glusker. “As result, the legislature sought to make lender contact mandatory as well as to provide some protection for residential tenants and to protect communities from blight caused by rundown vacant foreclosed residential properties.”
According to Foreclosures.com, California recorded 116,857 foreclosures in the first six months of 2008.
The new law, which was authored by Senate Pro Tem Don Perata (D-Oakland) and signed by Governor Schwarzenegger in July, went into immediate effect, but the new requirements for notices of default and notices of sale in the statue did not go into effect until September 8. Berk says the new law applies to residential loans made between 2003 and 2007 when many questionable high cost loans were made to unqualified or unsuspecting borrowers.
Under the new law, mortgage lenders must contact a borrower to discuss a loan modification or workout plan prior to starting foreclosure proceedings. The borrowers then have at least 30 days after the meeting to take whatever steps that might be available to allow them to keep their home. The new law allows the borrower to have a HUD-certified housing counselor, attorney or other advisor to act on the borrower’s behalf, according to Berk.
Get the details in the free loan modification help and strategy Ebook.
Wednesday, September 24, 2008
Tuesday, September 23, 2008
Coakley to report to Congress on loan modification progress
Many homeowners got a bad loan and are having trouble making payments on their mortgage. You can learn what to do with a FREE loan modification strategy EBook to avoid or stop foreclosure by modifing the loan terms even if you have negative equity. Does your lender have your best interest? Find out which loan modification companies can steer you wrong while others have success rates of 97% and above. Get the details in the free loan modification help and strategy Ebook.
Massachusetts Attorney General Martha Coakley submitted written testimony Thursday to the U.S. House Financial Services Committee.
The testimony showed the findings of her office's investigation into mortgage loan modifications for homeowners who are struggling to make payments and facing foreclosure.
Coakley claims the investigation found a lack of progress on that front.
"Based upon our experiences here in Massachusetts, lenders, holders and servicers have not lived up to their very public promises of avoiding foreclosures by achieving loan modifications," she said.
The House committee, chaired by Rep. Barney Frank, D-Mass., is holding a hearing Thursday to discuss the implementation of new federal foreclosure mitigation legislation.
Coakley will appear before the committee to offer testimony regarding her office's role in investigating the practices of brokers selling auction rate securities to municipalities and other state entities.
"We appreciate Congressman Frank's and his committee's diligent attention to this issue and hope that they will hold the industry's feet to the fire at today's hearing," she said.
"We have been very active at the state level in urging the mortgage industry to take meaningful action to decrease the number of foreclosures, but we need Congress' continued help in effectuating real change."
The testimony submitted today outlines Coakley's findings. Specifically, she states that:
-Loan modifications are not being achieved in significant numbers. When compared to the number of foreclosures in process, far too few borrowers are able to restructure their loans to generate a sustainable loan; and
-When so-called loan modifications do occur, they often do not result in a sustainable loan. Lenders and servicers routinely offer and complete so-called loan modifications that increase monthly payments and increase overall debt. They do not meaningfully avoid foreclosure. At best, they temporarily delay the inevitable delinquency and eventual foreclosure.
In addition, Coakley's office has reviewed 144 loan modification documents and claims it found none of the modifications actually reduced the principal mortgage balance of Massachusetts, nor did they reduce the monthly payments for state homeowners.
Coakley will appear in person to testify Friday before the committee, along with officials from the Federal Deposit Insurance Commission, the Federal Reserve Board of Governors, the U.S. Department of Treasury, the U.S. Department of Housing and Urban Development, the National Consumer Law Center and the National Association of Realtors.
Representatives of several of the nation's largest mortgage lenders and servicers, including Chase, Bank of America and Wells Fargo, will also be present.
Does your lender have your best interest? Find out which loan modification companies can steer you wrong while others have success rates of 97% and above. Get the details in the free loan modification help and strategy Ebook.
http://loanmodificationhelp.blogspot.com/
Massachusetts Attorney General Martha Coakley submitted written testimony Thursday to the U.S. House Financial Services Committee.
The testimony showed the findings of her office's investigation into mortgage loan modifications for homeowners who are struggling to make payments and facing foreclosure.
Coakley claims the investigation found a lack of progress on that front.
"Based upon our experiences here in Massachusetts, lenders, holders and servicers have not lived up to their very public promises of avoiding foreclosures by achieving loan modifications," she said.
The House committee, chaired by Rep. Barney Frank, D-Mass., is holding a hearing Thursday to discuss the implementation of new federal foreclosure mitigation legislation.
Coakley will appear before the committee to offer testimony regarding her office's role in investigating the practices of brokers selling auction rate securities to municipalities and other state entities.
"We appreciate Congressman Frank's and his committee's diligent attention to this issue and hope that they will hold the industry's feet to the fire at today's hearing," she said.
"We have been very active at the state level in urging the mortgage industry to take meaningful action to decrease the number of foreclosures, but we need Congress' continued help in effectuating real change."
The testimony submitted today outlines Coakley's findings. Specifically, she states that:
-Loan modifications are not being achieved in significant numbers. When compared to the number of foreclosures in process, far too few borrowers are able to restructure their loans to generate a sustainable loan; and
-When so-called loan modifications do occur, they often do not result in a sustainable loan. Lenders and servicers routinely offer and complete so-called loan modifications that increase monthly payments and increase overall debt. They do not meaningfully avoid foreclosure. At best, they temporarily delay the inevitable delinquency and eventual foreclosure.
In addition, Coakley's office has reviewed 144 loan modification documents and claims it found none of the modifications actually reduced the principal mortgage balance of Massachusetts, nor did they reduce the monthly payments for state homeowners.
Coakley will appear in person to testify Friday before the committee, along with officials from the Federal Deposit Insurance Commission, the Federal Reserve Board of Governors, the U.S. Department of Treasury, the U.S. Department of Housing and Urban Development, the National Consumer Law Center and the National Association of Realtors.
Representatives of several of the nation's largest mortgage lenders and servicers, including Chase, Bank of America and Wells Fargo, will also be present.
Does your lender have your best interest? Find out which loan modification companies can steer you wrong while others have success rates of 97% and above. Get the details in the free loan modification help and strategy Ebook.
http://loanmodificationhelp.blogspot.com/
Wednesday, August 27, 2008
Example Loan Modifications Approved
EXAMPLES OF LOAN MODIFICATIONS GETTING DONEIf you would like to know the secrets to successful loan modification help and strategy, please request free loan modification strategy eBook This is a really great way to learn your options and decide if this is right for you.
• COUNTRYWIDE- Had 7.6 3 MONTHS BEHIND- MOD APPROVED AT 6.7 FIXED FOR 30 YEARS
• CHASE- 7.4 ADJUSTABLE- MOD APPROVED AT 4.25 FIXED FOR FIVE YEARS, 6.25 FIXED FOR REMAINING TERMS OF THE LOAN
• INDY MAC-10.75 FIXED- MOD APPROVED AT 4% FOR FIVE YEARS AFTER WILL MODIFY TO 7.25 FOR REMAINING TERM OF THE LOAN
• FIRST FRANKLIN- 8.25 ADJUSTABLE- MOD APPROVED AT 5.26 OFR THREE YEARS THEN WILL INCREASE .25 PERCENT FOR REMAINING TERM OF THE LOAN.
• INDY MAC- 11.625 MOD APPROVED AT 8.625 FOR FIVE YEARS. WILL MODIFY AGAIN AFTER FIVE YEARS
• LITTON- 10% ADJ- MOD APPROVED AT 8.25 % FIXED FOR 30 YEARS
• CHASE- 7.55 ADJ- MOD APPROVED AT 5%
• FIRST FRANKLIN- 11.68- MOD APPROVED 5.625 FOR 3 YEARS, THEN ADJUSTS TO 8% FOR LIFE OF THE LOAN
• COUNTRYWIDE- 9.625- MOD APPROVED TO 3.25 FOR TWO YEARS, 4.6 FOR TWO YEARS, THEN ADJUSTS TO 5% FOR REMAINING TERM OF THE LOAN.
• NATIONAL CITY – CLIENT HAD A 7.75% NEG AM LOAN AND WAS 9 MONTHS BEHIND ($24,500 DUE). CURRENT LENDER OFFERING BORROWER A FREEZE AT 7.75% AND HE ALSO HAD TO PAY ALL AREARAGES. LAW FIRM WAS ABLE TO GET CLIENT 5.5% FREEZE FOR FIVE YEARS AND 6.5% 30YR FIXED AND ALLOWED BORROWER TO ONLY HAVE TO PAY LENDER $6,500 FOR AREARAGES.
• HOME EQ – CLIENT HAD 2/28 11.00% - RECEIVED NEW 30YR FIXED LOAN AT 7.4% SAVING HIM $924.00 PER MONTH.
Loan Modification Approved Fast
Loan Modification bullet pointsIf you would like to know the secrets to successful loan modification help and strategy, please request free loan modification strategy eBook This is a really great way to learn your options and decide if this is right for you.
• Dropping property values are making it difficult to refinance out of a negam/ pay option arm or adjustable rate mortgages
• Increasing restrictions at the federal level are changing the future of mortgage lending. No more stated income loans and the feds requiring lenders to verify income and assets.
• Now is the time to secure a 30 year fixed mortgage.
• The flexibility in acquiring a loan modification is temporary. It is assumed once the feds steps in and starts to bail out lenders and banks it will be more difficult to get loans modified.
• Our attorney has a high success rate (in the high 90’s) and offers a refund if they cannot get the loan modification approved which is unheard of with attorneys.
• This is a real estate law firm that focuses on Loan modifications.
• Loan Modifications do not require credit reports or appraisals to qualify. They are based on income, monthly household expenses and hardship.
• Some of the many benefits of working with our law firm is that they have relationships with most lenders, they have experience and resources available to make this happen.
• One big benefit to your clients is compared to doing a refinance which charges an average of $10k depending on point spread the law firm charges and average of $2500 to do the job.
• The Government bail out program is misleading and is designed to help certain homeowners. Does not work for delinquent or stated income borrower’s. FHA is entitled to 50% - 100% of your home’s equity. You still have to qualify for an FHA loan and your current lender has to approve the bailout and to decrease your current loan.
Tuesday, August 26, 2008
Loan Modification- Stop Or Avoid Foreclosure
Loan Modifications are STOPPING FORECLOSURES ACROSS AMERICA! WE WORK FOR YOU, NOT YOUR LENDER. If you would like to know the secrets to successful loan modification help and strategy, please request free loan modification strategy eBook This is a really great way to learn your options and decide if this is right for you. We are experienced Foreclosure Prevention Consultants working together to help you stop the foreclosure process and save your home. We specialize in out-of-court resolutions of government and non-government mortgage delinquencies and foreclosure claims against homeowners and loan modifications. These can be FHA, Rural ....2 ForclosureStop
Today, people more then ever need support & guidance to make ends meet. The Helpful Hands Foundation [THHF a 501 c 3 Charity] has a dedicated staff that structures and implements programs to help people get back on their feet and also to guide youths to a productive career path. Securing work, education and counseling while promoting financial independence is one of our goals. The Helpful Hands Foundation Purpose: Section 1. Provide preventive help for individuals and families facing foreclosure ...(more)
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Sign up to receive grants announcements from the Federal Grants Opportunities (FGO). After subscribing you will receive announcements of new grants and modifications of existing grant announcements. Grants & Loans Directory Click Here! Looking to Start Your Own Business? Need Money For College? Get a Government Grant To Acquire the Money You Need. Click Here To Learn How to get a loan modification.
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<>Loan modifications accounted for 69 percent of all home retention efforts,. ...(more)
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<>loan modifications and foreclosure prevention services. Operating in all 50 States.
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<>Loan Modification Forbearance Agreement, Deed in Lieu and a short sale ...(more)
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