You Can Avoid Foreclosure And Stay In Your Home

If you need to understand how to avoid foreclosure and retain possession of your home, you'll want to read this article a couple times. Each of the following methods have been used thousands of times by people in your same situation.

Each technique has its own advantages and disadvantages. When deciding which solution is most appropriate for you, consider the following:

- Will your mortgage payment go up, down, or stay the same?

- How much of a payment can you afford month after month?

- What will you do about your other bills and expenses?

Remember, these programs are meant to be long-term solutions. Any solution that you choose must fit your budget. You won't get approved for some of these options unless you can make a consistent monthly payment.

How to Bring Your Loan Current Again

1. Reinstatement - You bring the loan current by paying back everything you owe in one large installment.

2. Repayment Plan - You catch the mortgage up over a period of a few months with payments that are larger than your usual mortgage. Many lenders will initially offer you repayment plans of 3-6 months. Some will go as long as 12 or 18 months if you can show them that you need more time.

3. Forbearance - This program is really helpful when your financial problems are short-term. A forbearance gives you a smaller mortgage payment for a specific number of months. Some lenders may even let you go without making any payment for a short time. When the forbearance is over, you are generally expected to bring the loan current with a reinstatement or repayment plan.

4. Modification - For many, this is the program of choice. A modification occurs when your lender changes one or more of your loan terms to bring your mortgage current again. It can get you a lower payment if you've had a permanent reduction in income. You can also use a modification to move all the money you presently owe to the end of the loan. With this kind of modification, you just make your regular mortgage payment again.

5. Partial Claim - If you are behind on a FHA loan, you may qualify for an interest-free loan from the government. This loan is used to bring your first mortgage current again. The best part of this program is that the loan from the government doesn't require a monthly payment. You pay it off whenever you sell or refinance.

It may surprise you, but most lenders have no desire to foreclose on your home. They are in the business of lending money, not fixing up and selling homes.

First of all, lenders almost always lose money in the foreclosure process. Some industry experts estimate an average of $40,000 per foreclosure. Secondly, when a bank has a non-performing asset on its books, they can't lend out as much money. That again costs them money.
For these reasons and others, most lenders have a loss mitigation department. This department works with troubled borrowers who are months behind on their mortgage. Their job is to get you into the program that is most appropriate for your situation. You have the option of working with them directly or using a professional service.

Refinancing and Bankruptcy
There are two other ways to avoid foreclosure and retain possession of your home when the options listed above won't work.

6. Refinancing - A new loan can give you a fresh start, but there are many restrictions. As a borrower, you become a greater risk as you fall further and further behind on your mortgage. As a result, any new lender is only going to loan you a certain percentage of your home's value. You may end up with a higher monthly payment than the one you had before. One way around the issue of a higher payment is to pay off some other debts with the new loan.

7. Bankruptcy - Because of its long-term credit implications, a bankruptcy should only be considered as a last resort. A Chapter 7 will only stall the foreclosure process for 30-90 days. It's not an effective long-term solution. A Chapter 13 bankruptcy can force your lender to accept payments on the past-due amount. But, you would also have to make your regular mortgage payment as well. Be sure to seek qualified legal council if this is an alternative you are considering.

Taking the Next Step

No matter what solution you use to avoid foreclosure, you need to take action quickly. Some of these solutions take weeks to implement. Remember to keep track of when the property will be auctioned off or turned over to the bank.

Author: Nicole Williams




Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Tips and Tricks of a Loan Modification

Is your mortgage causing you trouble?
Are you having difficulty making the payments?
Has it adjusted and you cannot afford the new payment?
Are you unable to refinance to a loan that would better suit your financial situation?
Then it is probably time for your to investigate modifying your loan.

1. As a home owner it is vital to identify that the mortgage on your current property is a lawful one. Be sure that there are no Truth in Lending Act Violations or RESPA violations and Lender wasn't fraudulent who originated your loan. Have a professional, experienced mortgage attorney and/or legitimate, credible law firm focused in loan modifications examine your loan documents for these potential violations.

2. Develop and maintain a complete written life of loan history attempting to highlight all phony charges and fees included in your mortgage balance. Also, you should make sure that any inflated appraisal and/or loss of property values are included and calculated.

3. Compare the loan you got with the one you thought you were getting. Are the terms the same? hat is, is your Annual Percentage Rate ("APR") the same as the one you were quoted? Are your total monthly payments the same as you were told they would be? Is there a prepayment penalty, and if so, were you told about this prepayment penalty?

4. If you have ever refinanced, then the first thing you should look at is the "notice of Right to Cancel" which is also called the "Three Day Right of Rescission." You usually has three days after signing loan documents to change your mind and cancel the loan. The borrower must be told of this right in writing. If the creditor fails to properly provide notice of this right to cancel, the right of rescission may be extended for up to three years. When the right is extended for three years you can rescind the loan at any time before three years, meaning that the loan is treated as if it never existed. Essentially, you become entitled to all profits made by the creditor as a result of this loan. This means that the creditor must refund all interest paid, all closing fees, all broker fees, and even pay for your attorney fees. As you can imagine, this amount can be quite significant. The extended right of rescission is a powerful tool to help borrowers who have been victims of predatory lending, and helping our clients exercise this right is often the first step in holding a creditor responsible for illegal behavior.

If it is determined that no laws have been violated on your mortgage, then it's time to approach your lender for a possible loan modification. Here are the factors that will be looked at and addressed:

Hardship causing your mortgage issues
Loan amount
Amount owed
Ability to pay
Equity in the property
Debt to income ratio
Future financial situation

Which approach will best benefit the lender in the long run - to foreclose or pursue a loan workout with you and or modify your loan

A loan modification generally occurs where all parties involved with a problem loan mutually agree to create a new and better loan. The loan modification should concur previous financial issues, ensuring new obligations are met seamlessly.

When applying for a loan modification, make a game plan on how exactly you are going to approach your bank or lender. When working via phone, your lender has at least two levels of employees who talk with delinquent borrowers. The first is usually the collections department, which consists of people who are trained to force money out of you and get you current on payments. The second group should embody loss mitigation specialists. Depending on your lender, some other frequently used labels of these departments include; foreclosure prevention, loan resolution and delinquency customer service. It can be difficult to get through to the loss mitigation department, hence the need for a professional, experienced mortgage attorney and/or legitimate, credible law firm as mentioned above.
Once you get a live person, you need to work your way up to a decision maker. This is sometimes harder to do for a homeowner than a 3rd party authorized professional. Sometimes to get to this point you have to put up with level 1 collection departments through a process of filling out their forms and information. They will ask for you to provide them with items such as pay stubs, tax returns and a multitude of all types of other personal financial information. At this point, some lenders will assign the file to someone higher up in the loss mitigation department.

The most crucial element to this whole process is your budget and if you have done your due diligence, you'll be ready. They will ask you for a detailed list of your monthly expenses. If your financial situation is too tight, you may not get approved. If you have too much extra income you are going to have an outrageous payment plan and should agree to it!

Do your research, be prepared and trust that the attorney you chose to retain to assist you in this matter will do the best they can to rectify your current home loan and financial issues.

Author: Bill Baskin




Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

In Foreclosure and Want to Keep Your Home? Try a Short Refinance

This is definitely one of the big banks and lenders best kept secrets. But with the recent increase in foreclosures and the tightening of lender guidelines, which makes it even harder to qualify in today’s market for a refinance, and not to mention the drop in property values in such areas as Fort Lauderdale and Miami has brought the short refinance to the front lines. While some might have heard the term Short Sale – which is the process you would go thru if you are trying to sell but you owe more than the house is worth. Now the Short Refinance – is the process you would go thru if you want to keep you home, but you need a better loan program that will be more affordable and you owe more than your house is worth so you can’t do a regular refinance. Similar to the short sale, the short refinance is a negotiation with your current lender to reduce the amount you owe to facilitate a refinance with a new lender.

Not to be confused with a loan modification. With a loan modification you will stay with your current lender and just renegotiate the terms of you loan, with the short refinance you are getting the lender to reduce the pay off, so you can get a loan with a completely new lender.

Now with any loss mitigation process, including loan modification, short sale, and short refinance, they are all on a case by case basis and the lender has the final say. So don’t expect to get the same results as your neighbor or family member received. Any company out there that offers you a guarantee that you will be approved for any of these loss mitigation options or tell you to stop making payment, you should stay clear of……and I mean run.

Now it is important to note, that you don’t have to be behind on payments or in Foreclosure to qualify for a short refinance, although majority of the people that get approved are normally in foreclosure. Today, with lenders having an abundance of non performing loans on their books has caused them to be more flexible when working with home owners to come to win win agreement for both borrower and lenders.

Also South Florida home owners in such areas as Fort Lauderdale and Miami that have found themselves with either an adjustable rate mortgage or have found themselves upside down on their homes, which has prevented them from doing a regular refinance, now have this option, that if approved, can refinance into a more affordable fixed rate mortgage and avoid foreclosure Because of the increase demand for loss mitigation, it has been taking most lenders a minimum of 45 days and up to 90 days to complete the process.

Normally when a homeowner finds themselves in foreclosure, they would only hear about 2 options either file bankruptcy or try and sell. Lately, loan modifications have become more popular, but that still doesn’t mean that is best solution for most homeowners. Here’s why, we offer the lender a short-refinance offer first and if for any reason it is not successful, then we will proceed with an offer to negotiate a loan modification for the client.

A short-refinance can basically create equity in a property, as we are getting the amounted owed to the lender reduced. It reduces the mortgage to the current market value, while eliminating the upside-down loan. While A loan modification can keep the homeowner’s interest rate down to a comfortable level and put them into a fixed rate loan, while also placing any arrearages back into the loan.

But if the property is upside-down and by the adding the arrearages back into the loan, it could be in worse shape than before. Now don’t get me wrong, if the homeowner’s intentions are to keep the property long enough for the market to turn around, then this is a win win situation for both lender and homeowner. The main purpose of a short-refinance or a loan modification is that the home owner is allowed to stay in their home.

A lot of Fort Lauderdale and Miami homeowners are realizing that their property is not worth nearly what they owe on it, several of them have opted to just walk away. A short-refinance gives homeowners’ hope, that they can get themselves from an upside-down mortgage problem, and in some cases can save their home from foreclosure. This keeps them in their home, gives them a peace of mind, and allows them to get on with their lives as the possibility of foreclosure in now behind them.

While Loss Mitigation may not be for everyone, it is important to work with an expert in the field that can analyze your situation and help you determine the best loss mitigation for you and your family.

Author: Marlon Baugh


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Stop Foreclosure! Know What To Do

Stop Foreclosure! Is it possible? Yes, you can stop foreclosure if you take the appropriate actions immediately. Consider the following steps you can do to stop lenders from foreclosing your home:

Call your lender right away and request to speak with someone from the Loss Mitigation Department. This is the department that particularly handles foreclosure properties. Explain why you have missed on your monthly payments especially if you’ve been through difficult circumstances.

Know your options. Usually, you may request for some options to stop foreclosure. One option would be to ask for Forbearance. This is where your lender can waive some fees on your debts to help you keep up with the payment.

Another option would be Loan Modification. A Loan Modification is much like Loan Refinancing but instead of going through the re-application process, your lender can grant you a new loan without re-applying. This can save you money from application costs and it greatly speeds up the loan processing.

If you want, you can also request for a Reinstatement. With a reinstatement, your lender will give you an extended period to submit all the payments you’ve defaulted. However, a reinstatement requires you to pay your debts in full.

These are just some of the adjustments on your mortgage loan that you can ask from your lender. Of course, it would depend on your lending company which one among these options they would prefer. Just remember that these are just temporary options to buy you more time for repayment before the actual foreclosure. See to it that you’ll be able to come up with the solution to secure the payments you need.

Sell your home. If you see that there’s no way you can secure the amount you need to repay your mortgage in time, you still have the choice to sell your home before your lender forecloses it. But you need to be aware about the risks of dealing with foreclosure scammers or home buyers who are simply out to take advantage of you.

As much as possible, make sure that the purchase price you’ll put into your property will be fair enough for its market value and that you would have enough money to pay off the debts you’ve defaulted including other fees involved. If you’re going to sell your home, it would be better if you can buy as much time as possible before your lender files foreclosure. This way, you’ll also have more time to come up with a better deal from a buyer.

Study contracts carefully. Before you sign up any agreement, especially if you’re selling your home, never forget to scrutinize every detail included in the contract. Don’t sign a document which has blank spaces or blank lines.

Do not go into an agreement if the buyer promises to pay back your default and all you have to do is sign over the title of you property. This puts you at great risk that the buyer will not be submitting any payment to your lender. He can use your property for lease and keep the money for himself until your lender forecloses your home completely. Always remember, that you cannot pass your accountability for your debts just by signing over your property.

Author: Namisa Roberts


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Loan Modification (For those already LATE on payments)

Lenders are known to be difficult when it comes to loan modifications but if you're behind on your house payments and can show that lowering those payments will make the home affordable again, you have a great chance of getting back on track with your lender. Did you know that lenders benefit at least as much from the process as you do? With the new help for homeowners programs, you can get your late payments made up and have a fresh start with you lender and your lender gets incentives from the government programs by helping you get back on track. Everybody wins.

Loan modification is faster and cheaper. In a foreclosure, there are specific wait times that allow the borrower to get current with their mortgage. It's not uncommon for the process to drag on for almost a year. These delays can cost your lender a good deal of money. A loan modification, on the other hand, takes an average of 30 to 60 days. All they have to do is go over your documents, talk to your loan modification attorney, and see if you qualify. The negotiations are the hardest part, but they don't cost quite as much as foreclosure expenses.

Stop foreclosure proceedings and get foreclosure assistance right away. You and your Loan Modification Attorney will do most of the work and provide most of the documentation. Often, all they have to do is assess your case and decide what kind of mortgage assistance you will need.

It helps keep investors. Foreclosures are as damaging to your lender as they are to you. It may benefit them for now, but with the recent housing bubble, it will eventually weigh them down. Investors don't want to deal with banks that have too many foreclosures on record. If they grant you a loan modification instead, your payments will keep showing up on their records instead of being written as bad debt.

Of course, this doesn't make it any easier to get what you want from your lender. After all, you're still a liability—and it's important to prove that you can get back on your feet. To get the best loan modification deal, you need a good lawyer who knows the what lenders need and can convince them that it's the wiser choice to settle a loan modification. Get the help you need today. Avoid foreclosure and get help to stop foreclosure now with help from a loan modification attorney.

We never want to be part of your problem. NDSC will always give you the right advice so you can make the right decision about if modification could work for you. We have the solutions you need. National Debt Solution Center Let our attorneys fight for YOU!

Many Consider Foreclosure as Home Values Drop

You bought what you thought would be a great long term investment, and maybe you put very little money down hoping values would continue to climb. Then the housing bubble popped and your home value took a huge downturn, especially in California housing markets, Florida Housing markets, and Nevada Housing markets. If this is your situation, you are like many Americans making mortgage payments on a house that is worth less than you owe. The temptation to walk away from your mortgage and have the bank foreclose on the property may be strong. You may not have considered however the long term implications of a foreclosure.
The housing market downturn is similar to cycles in any other investment vehicle in which there are both up and down cycles. Although the values may be declining now, once the credit market shake-up has run its course, values will likely start climbing once again. This will happen once there is more liquidity in the financial marketplace and banks are focused on loaning money for mortgages once again. You must ask yourself if you are walking away from your mortgage because you cannot afford it, or because you just don’t like the fact you are upside down in terms of valuation.
Defaulting on your mortgage and allowing the bank to foreclose on the property has many short and long term ramifications you may not have considered. The first of which is you will unlikely be able to get a new home mortgage, refinance, or any other type of home mortgage for a minimum of five years. A foreclosure on your record is an automatic disqualification to any potential lender in giving you a new mortgage loan, and is actually federally mandated under recent laws passed by the senate in an effort to get home owners to work with their lenders.
Next, consider what missing 6-8 mortgage payments and the subsequent foreclosure will do to your credit score. If for example you have perfect 700+ FICO scores now, you will come out the other end with high 400’s to low 500’s FICO scores and the foreclosure could impact your credit for as much as 10 years.
Additionally, Landlords may be unlikely to rent to you as you will now have a proven history of not paying for your housing costs. You will likely need to come up with $4000 - $8000 dollars to move into a new rental unit, calculating first and last month’s rent plus security deposits.
There are also moving costs to consider, the increased amount you will pay in taxes by not having the mortgage deduction, and the fact you will receive a 1099 and may have to pay taxes on the amount of money your lender needs to write down on the property. There are no free rides here and the average first year cost to a consumer who gets foreclosed on is over $26,000.
One option you may consider is using an Attorney to negotiate with your lender to acquire a Loan Modification or Principal Write-down to get some mortgage payment relief. Attorneys can negotiate with your lender on your behalf to lower your interest rate or even reduce principal balance in some cases if your are experiencing financial hardship. In speaking with California Real Estate Attorney Marc Bonanni of Consumer Debt Advocate ( http://www.consumerdebtadvocate.net ), a law firm specializing in just such Home Loan Modifications and Loss Mitigation in all 50 states, Marc told me that “ We have been very successful in working with lenders to get them to modify the term of existing loans, lowering interest rate and monthly payments to one the borrower can afford, and even getting lenders to forgive past due balances or principal balance with forbearance agreements to avoid the foreclosure process. It all is predicated on the true financial hardship we can prove to the lender and if there were any Truth in Lending violations or Predatory Lending violations on the original loan. Mortgage fraud has been rampant, specially with sub-prime borrowers and our success rate has been excellent in the loan modification process”.

In researching loan modification companies, this writer has also found that there are a lot of predators out there and many debt settlement companies and mortgage companies have gotten into the loan modification business. Unfortunately, these companies are collecting fees but have very little leverage with the lender and will soon be regulated out of existence due to their predatory practices. Only use an attorney or HUD approved foreclosure counselor for assistance in this process, and beware of companies who state they are “Attorney based”, Attorney backed”, “Foreclosure Consultants”, or “Attorney Assisted” as these are not actually law firms and cannot guarantee your legal rights in the process as you are not actually retaining an attorney. Due your diligence is this area before hiring anyone to help you negotiate with your lender.
Before you decide to walk away from your property and allow it to be foreclosed on, we feel it is important to consider all of the short and long term credit and financial implications of doing so. It is also important to act quickly before saving your home is too late, as once the lender sends you a Notice of Default, you may have incurred thousands of dollars in legal fees that will make the negotiation process that much more difficult to achieve.

Author: Bill Baskin








Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

How To Do Loan Modification (Getting low cost legal help)

Loan modification is not an entirely new process in the mortgage world, it just became a lot more popular after recent events. In order to be able to pay the monthly costs, you request your lender to change the conditions of your mortgage permanently. That, in a nutshell, is loan modification.. Many times, this means lowering the interest rate. To keep the damage minimal for the lender, the total length of the mortgage is oftentimes increased.

The increased demand for loan modification has not been overlooked by con men throughout the country. The scams usually involve a company giving you all sorts of guarantees in exchange for an upfront payment for their so called services . You will have to learn how to avoid these scams.

Most homeowners are looking for fast results when going for loan modification. Con artists will play to that desire by telling you all sorts of things. Ultimately, the lender decides to grant loan modification or not. No loan modification company can guarantee anything.

It usually takes at least a month before the lender even considers a mortgage loan modification application. The bad loan modification businesses will say and try anything to force you into signing with them. They will concur with any condition you have, because they only care about their upfront payment.

Do your research and find a reputable company when attempting to do loan modification. Don't go for the first money hungry person you bump into. There are scammers around everywhere and you need to be careful.
Author: RichardGreensburg


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Legal Help Today
Nationwide Assistance
Lower Your House Payments with Expert Attorney Assistance

Using an Attorney for Loan Modification (Why it pays)

Today, loan modification programs are advertised everywhere and many people are exploring the option of using the loan modification program to lower house payments and change the terms of their existing mortgages.

Loan modification help is available directly with your mortgage lender. Although there is help available from your lender, it's not always the best help that you can get for modifying your loan. It's in the lenders interest to make a loan modification of some sort with you so you can expect that they'll be ready to help you get the process started.

Your mortgage lender will send you an information package which you'll need to complete and return to them. Time will go by and you'll be wondering what's happening, communications often breakdown with the lenders and the best results cannot be achieved.

Using an attorney for loan modification can pay for itself over and over again. Just like any other important matter in life, it pays to have good legal representation.
There are expert attorneys for loan modification that are highly familiar with the modification programs. Using an attorney to represent you in a loan modification is the single best way to get the most out of the loan modification program today.

In addition to getting the maximum results possible through loan modifications with your lender, using an attorney for loan modification also offers a protection level for your home. If you're thinking about loan modification then you're expected to be late on payments. When you're late on payments you're open to legal action by the lender so it's a good idea to have an attorney to represent your case. With attorney representation, the lender won't move forward with other actions as they're assured that you are getting things worked out and they trust that the mortgage problems will be resolved.

Attorney's which are experienced with loan modification matters can do wonders in resolving mortgage problems. Many attorneys can let you know right away if it is beneficial to use their assistance. It's not always the case and sadly enough, not everyone can get loan modification. It's worth it to find out if it can help you, especially if your overall payments are too high. If you're having a hard time to pay all the bills every month then maybe you should be finding out if the loan modification program can help you.

Find good legal representation for loan modification.
Nationwide Attorney Service for Loan Modification
Find answers to everything about loan modification.
Home Loan Modification Information and Resources




Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Be Found Faster On Google (It Works)
Easy Steps To Help Your Site Get Found On The Internet
The Easiest Ways to Get More Visitors To Your Site
Quick Local Listings for Your Web Site
Blogs are GOOD for Business(Do YOU need one?)

When Does a Loan Modification Makes Sense

Although there are reports that people are getting mortgage issues resolved, there are many more than are trying to sort through it all and to decide if getting a loan modification makes sense for them.
If you want to know if getting a loan modification makes sense for you, it might if...
- If you're struggling to keep up with monthly mortgage payments
- If your bills in general are too high to keep up with everything
- If you've taken a decrease in income, less hours, etc.
- If you've lost your job
- If you owe more on the house than it's worth
If lower payments on the mortgage will help you then it might make sense to explore getting a loan modification. When does getting a loan modification make sense is a good question to explore because sometimes it makes sense to get a loan modification based on the overall financial picture of things.
It makes sense to get a loan modification if you're struggling to keep up, with a successful mortgage workout you can feel immediate relief in your budget.
Since it takes being late to get help with getting a loan modification then you have to have the complete picture so you can see the benefits at the end of the modification process. When you get your house payments lowered to meet your income then the benefits will be felt each and every month from that point forward.
Since it takes being late to get good results with the loan modification program then getting legal help is usually advisable.
Attorneys are a great help because they can protect you during the process. Since your home is of the greatest importance, it makes sense to use the loan modification program to it's fullest extent.
If it seems like a loan modification might help you, get expert assistance and find out.
If it can work for you then why not get it done and start enjoying some benefit of those lowered house payments through the modification programs.

Nationwide Attorney For Loan Modification



Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Be Found Faster On Google (It Works)
Easy Steps To Help Your Site Get Found On The Internet
The Easiest Ways to Get More Visitors To Your Site
Quick Local Listings for Your Web Site
Blogs are GOOD for Business(Do YOU need one?)

What is a Bank of America Foreclosure Like?

There are many Bank of America foreclosure homes. Not only are there Bank of America foreclosure homes that have not sold, there are always new Bank of America foreclosure homes coming to the market for people to buy.

A Bank of America foreclosure home is a home that had a mortgage or mortgages with Bank of America. Unfortunately, the homeowner could not pay his or her mortgage payments over a long period of time and Bank of America decided that foreclosure was the only way to go.

If Bank of America decides that foreclosure is the right thing to do, it will take them awhile to start the Bank of America foreclosure process. The homeowner has many months to try to catch up on the mortgage payments before he or she has to go through the Bank of America foreclosure process. Bank of America usually does not get aggressive in collecting from the homeowner until many months later.

The Bank of America foreclosure process starts when Bank of America sends out a foreclosure notice. Bank of America may call the homeowner repeatedly to try to figure something out or the bank can just be silent and send out the foreclosure notice depending on the area you are in and the account manager.

Most people start to really be afraid of Bank of America foreclosure when the bank actually sends out official notices of foreclosure. They then try to call the bank repeatedly. Sometimes, it is too late to negotiate with the bank but other times the bank will still be willing to work something out with the homeowner. When calling Bank of America, the homeowner needs to talk to someone with authority to negotiate.

Calling Bank of America to negotiate with them is not the only way to stop the foreclosure process. There are many ways a homeowner can help himself or herself. He or she can put the home on the market and try to sell at a high enough price to pay off the lender. After all, it is far better to sell the home yourself, on your terms, rather than have Bank of America take it away from you.

To beat a Bank of America foreclosure, a homeowner needs to know what to do. Sadly, most people do not know that they have lots of options even when their home is worth so little that they feel it is best to let the bank take it. A real estate short sale, for example, can help them get out of a large mortgage even when the value of their home is small in comparison.

In summary, a Bank of America foreclosure is not something that you cannot beat. If you understand how a Bank of America foreclosure works, you will be able to find ways to stop it or avoid it. Knowing how to beat a Bank of America foreclosure well in advance will give you a better chance of keeping yourself from the trauma of foreclosure and the risk of destroying your credit.
Author: FrankPetras


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Home Foreclosure Help

Can you help me if I am in mortgage foreclosure? If your are in mortgage foreclosure and you want to keep your house, call us right now (1-). Don't wait another minute! We work closely with one of the top foreclosure consultants in the Philadelphia area, and we can refer your case to them. If that doesn't solve your problem, we may be able to help you delay foreclosure long enough to get your house sold at a decent price.Yes we can. If you act fast! In Georgia you only have four weeks before your house is sold.

I am facing the foreclosure of my home. Can you help? The Colorado Division of Housing is a primary sponsor of the Colorado Foreclosure Hotline. The Hotline will connect you with a counselor who can assist you in a variety of ways. There is no charge for this service. See here for more information.

What is foreclosure? Home foreclosure is a process by which a lender regains a property which they have financed. Typically, this is because the borrower or homeowner is behind on house payments and is unable to catch up, often due to circumstances outside of his or her control. When the lender forecloses on the homeowner, the homeowner must move out of the house, therefore, losing all possession of the property and jeopardizing any possible equity that the homeowner may have in the home.

Q. What is your full service program and why is it more? A. Our full service program consists of hours of time that we spend on our Clients case negotiating, faxing, making phone calls, sorting, filling out or correcting paperwork, etc. This is possible for Clients that want us to completely take over the foreclosure prevention process and handle every detail. If after reviewing the questions listed above, you still don't find the answer you need, just send us your question here and we will respond w/in 24 hrs.The Colorado Division of Housing is a primary sponsor of the Colorado Foreclosure Hotline. The Hotline will connect you with a counselor who can assist you in a variety of ways. There is no charge for this service. See here for more information.

I'm in foreclosure, but I want to keep my home, can you help me? You may qualify for a special federal program that would enable you to keep your home. You may also qualify to keep your home if your problem situation has been resolved. Because each foreclosure situation is different, please contact us to discuss your options.Yes we can. If you act fast! In Georgia you only have four weeks before your house is sold.

What if I am behind on my payments or in foreclosure, can you help? Yes, if you call or contact us now, we may be able to help catch up your back payments and stop the foreclosure process.Yes. If you are only a payment or two behind and your lender has not hired an attorney to begin foreclosure proceedings you may be able to negotiate a work out agreement yourself. If you are successful then you have saved yourself some funds that can be used to get caught up on your mortgage. Just remember, don't waste a lot of time on this.
Author: JordanOwens


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Loan Modifications-Can We Fix Your Non-Performing Mortgage?

Principal write-downs, or Loan Modifications will offer home owners the help they need.

An interesting solution.

Loan Modifications... A Solution For Negative Equity?

In July, Congress passed the Hope for Homeowners initiative. It is a FHA insurance package which will insure $300B of new mortgages for home owners in a "negative equity" position.

Negative equity, of course, meaning that most of these loans are worth more than the home.

To qualify for the loan modification, the borrowers must have made at least 6 loan payments on time, and they would need a DTI of 31% or less.

What happens if the borrowers meet all the guidelines? (And keep in my mind, that most of these are non-performing mortgages. And if I had to guess what the debt to income ratio on average in 2007 was, it would most likely be around 40-45%).

Who's Going To Qualify For Loan Modifications?

The answer is: Very few people.

When the program became available, out of 49 people applying, zero applications were approved.

NonPerforming Mortgages Included In FHA Secure Program

Just as difficult to qualify for, out of 203 applications only 49 borrowers were approved for the FHA Secure program.

During this same period, California had about 1,300 properties that had a Notice of Default filing.

So what's the big deal here? Can't we just give the H4H program some time?

Of course.

Remember that H4H, along with the lenders participating in these loan modifications will be looking for federal backing on these 90% principal reduction plans.

Instead of waiting on H4H, why don't you invest in those 49 notes that were rejected and make an offer to buy them.

And most likely, there will be more non-performing mortgages (to buy) where they came from.
Author: DeanEngle


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Don't Let Foreclosure Happen To You

Glancing over a general article about mortgages will bring a lot of questions to your mind concerning foreclosure. The United States is in a recession and millions are feeling the unemployment woes. Millions are at risk of losing their homes right under their feet. The news doesn't provide much comfort too. Many powerful officials have speculated that the house market is going to get worse before it gets better.

Webster states that mortgage is the pledging of your property to a creditor as security of a debt.Relatively speaking, your home is simply your collateral to the loan you were given to obtain it. If in any circumstances you are to default on your payment to the bank that trusted you with their funds they can take your home. There are several avenues you can take to avoid such action being taken against you. You can choose to refinance your home, apply for a reverse mortgage, or receive a loan modification.

Refinancing a mortgage means paying off your own mortgage and signing a loan for a new one. Many people choose to refinance their mortgage in hopes of getting a lower percentage of interest added to their current amount. When considering refinancing your property read all fine print with your contract and try to obtain a rate between 2-4%. Therefore refinancing eliminates a portion of interest meaning you pay less total interest per year.

Are you at least 62 years old, own your home, and have a low mortgage balance remaining on the home you reside in? Reverse mortgage will probably be the best avenue you can take. Reverse mortgages allow homeowners to change equity in their homes over to cash and pay off their mortgage all together. And, you simply do not need to repay until the home is not occupied by the owner or they die. Money from the reverse mortgage is considered tax free and is considered income. A few downfalls of the reverse mortgage loan however, is the debt on the property increases, equity disappears at a fast rate, and it's very expensive to apply.

A new trend in helping to solve the foreclosure dilemma is loan modifications. Loan modifications enable you to find an affordable mortgage payment for your situation. Loan modifications eliminate the spending and hours of reapplying for another loan by simply changing the terms of your existing mortgage. In order to be considered for a loan modification you have to provide proof of a financial hardship, be 3 or more payments delinquent on your mortgage, and have not filed bankruptcy. Applying is simple as well; you just go to the lender or primary service that owns your mortgage.

There are several solutions to solving your mortgage issues. But, we shouldn't let this economy be our downfall as well. Stop the world from taking from you what's rightfully yours, and explore all options with an open mind. And determine which method is right for your current situation. See if you can receive a loan modification.
Author: WilliamBrunswick


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

The Benefits of Attorney

Choosing an Attorney can be a challenging attempt if you are not convinced of what it is that you are searching for. There are some diverse kind that specialize in different sections of the law.

When choosing an attorney, the first thing that you need to consider is the type that you need. Do you need a civil lawyer? Do you need a criminal lawyer?

These are just two examples of the categories of attorneys that you could choose from. While seeking for an person to deal with your legal court case it is important to, also make sure that they are certified to practice in your region.

There are numerous who claim to be an attorney, but individuals have learned in the end that they were not. Be careful of this.

Once searching for an attorney, it is important to make sure that the person has lots of knowledge You should determine their experience in the kind of problem that you get.

You should also determine just how much of a court case load that they get. getting an attorney that is really full of activity might not be complimentary to the court case that you have.

You will also want to ensure that the professional that you choose is willing to communicate with and work with you on a regular basis. Once you have ensured that the individual that you have selected is one that you would like to work with, you are ready to hire the attorney for your needs!
Author: AnneDurrel


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

How to prevent mortgage foreclosure from happening to you

Foreclosure can be pretty alarming and frustrating if you're not sure what's going to happen next. You make it a lot less frustrating by learning the steps of foreclosure. That's the reason you have to find the time and energy to study the mortgage foreclosure process.

The second you miss that first mortgage payment, the steps leading up to foreclosure are launched. After a couple of weeks, you will get a note from the lender telling you you've missed a payment. If you pay your past due bills, they will leave you alone. If you stay in default, the mortgage company will give you a call. They will declare that you are in default and they will demand payment. If this looks like your situation, contact your lender.

If you reach your lender soon enough, you may get the opportunity to do mortgage loan modification. Taking this step can be one of the greatest ways to spare your family from foreclosure. When you've missed 3 months of payments, a lender can set the offical forecluse process in motion. It can take a little more time, but if you keep missing payments you will receive a foreclosure notice eventually.

The problems multiply when you receive your foreclosure letter. You can try to stall it if you decide to attend the court hearing, but you will lose in all probability. The banking company acquires the right to sell your house through an auction when the court hearing is over. When the auction process begins, you only have a few days to leave your house. If you stay, you will be evicted by the law.

It's important to speak with your lender before things get this far. Frequently you have the opportunity to use mortgage loan modification and rescue your home and family from foreclosure. Study the mortgage loan modification process and fill out the paperwork correctly to get the best chance of being accepted.
Author: TimKolstowski


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance



Use the Internet to Make Money (LOTS of money)


Erase Debt Legally


Lower House Payments with Loan Modification


Custom Swimming Pools for Southern California

Low Cost Attorney for Loan Modification

Do YOU qualify for loan modification?

Stop Foreclosure Quickly

Why Loan Modification is a Good Choice over Refinancing your Mortgage

Modifying a mortgage loan has become much easier since the implementation of the Obama administration's loan modification plan. This plan provides incentives to lenders to change the terms of an existing loan to make payments on Columbus houses more affordable to homeowners. In the past, getting a mortgage modification was far more difficult, since lenders had to bear certain costs of the process.

Do You Qualify?

In order to qualify for Obama's loan modification program, the home must be your primary residence, and you must have purchased your home before January 1, 2009. The Obama plan does not apply to jumbo loans, which in most cases means your loan amount can't exceed $729,750; however, the allowable limit may be higher in high-cost housing areas.

Also, the loan is only available on the first mortgage. It does not apply to any subsequent mortgages you may have. Your mortgage has to be more than 31% of your monthly income if you are to qualify for the loan modification program. And lastly, you need to be able to show that you are facing financial difficulty which means you are having problems paying your mortgage. Whether it is because of the loss of a job, less working hour, illness, separation and/or divorce, or whatever else.

The process that follows qualification

The first thing you need to do is to get in contact with the lender. Once you have done so, you then need to request the modification plan. Some lenders who are not part of the Obama plan will probably refuse. Those who are, and there are many, will agree to the plan.

Next, you'll need to gather relevant documents. This includes evidence of your pre-tax monthly household income, your most recently filed tax return, information on savings and assets if applicable, and mortgage and loan statements for your first and second mortgages or home equity line of credit. You'll also need to create a detailed budget that lists your monthly expenses, including credit card payments and installments loans, like student and car loans.

Once you've gathered this information, you will go through the final process with your lender of negotiating the terms and completing the necessary paperwork.

Why modification instead refinancing is the better choice

There are two main reasons why you should choose to modify your loan rather than opting for refinance. The first reason is cost and the second is your ability to qualify. Because of the present state of the credit climate you will definitely not qualify for refinance unless you have an excellent credit record. Also, when it comes to refinance you are responsible for closing costs as well as other fees. The Obama loan modification program charges no fees at all. Also, if you are behind in your payments any late fees and interest can be waived.

Modification is the best option if you are falling behind on your payments, or if you could not afford to stay in your home with a new loan at conventional rates. On the other hand, refinancing is a better option if you have equity in your home and are looking for a better interest rate, even if you don't qualify for Obama's modification plan. Refinancing is also the only way to cash out if you want to tap into your home's equity.

You might opt for a professional, such as a lawyer or service provider, to do the negotiation regarding the modification you seek.
Author: KurtNovak


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Loan Modification -Alternative to unaffordable Mortgages Payments

Foreclosure is the process of regaining a property from a borrower and returning it to the lender due to default of payment on the loan or some other type of hardship. This is generally due to an inability by the borrower to catch up on their payments or otherwise maintain their financial responsibilities. When this type of foreclosure happens, it is easy to see that the home is lost and the borrower has nothing to show for all the money they put into their mortgage aside from lost equity and bad credit. With all of the damage that occurs in the foreclosure, it only makes sense to make as much effort as possible in order to avoid this particular process.

Modifying a loan is basically the idea of changing the terms between the borrower and the lender. By changing the terms so that the borrower has some friendlier standards to deal with, they have a better chance of catching up on their bills and possibly repaying the loan on time. When homeowners and borrowers are in these types of extreme financial difficulties, these loan modifications can be the only way out of a bad situation and can help to keep the borrower from going into foreclosure and losing their home. While the foreclosure is certainly difficult for the borrower, it is also bad for the lender, as they consider the monthly payment to be a regular level of income that is important to their income and revenue stream. A foreclosure can cause both the borrower and lender all manner of difficulty in the long run in the matter of lost revenue and bad credit. While there is all manner of difficulties for both, it is important to note that the lender is motivated to keep the homeowner or borrower from having to be foreclosed on. In the effort to attain a modified loan, it is important to start as early as possible in order to save as much money as you can.

By utilizing loss mitigation and loan modification, the idea is to come up with some type of agreement that will keep the homeowner in their home without being foreclosed on and keeping their credit from being damaged. With so much attention being paid to this type of foreclosure, it isn't hard to see that there are many individuals who could benefit from this type of loan modification to stay out of trouble with their lender.

While it is certainly not easy to stop foreclosure once it has drawn near, it is not as hard as you might originally think. With the help of an outside party that can prepare a detailed financial analysis and conduct a survey of the best possible alternatives for you choose from, you can come to terms with your lender and come up with a solution that works for both parties involved and keep the borrower from defaulting on their loan and being forced into foreclosure.

If you're behind on your mortgage payment, you will naturally want to begin right away and not waste any time. With all the attention being paid to reducing your monthly payments, it only makes sense to begin that much sooner in order to save money. When mortgage loan modification experts attempt to repair the damage done to your mortgage, they take a look at your particular situation and try to ascertain what hardships contributed to the current situation and attempt to alleviate these difficulties and arrange payments for you to repay your loan over time.
Author: BradleyMarmer

Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

See How a Loan Modication Can Save Your Home

Finding it harder to pay your mortgages? Didn't think it'd be so hard trying to keep up on payments? The U.S. economy is in bad shape and in no way are you alone in this problem. 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.

People are struggling in America and it's time for us to arise from it very soon. Luckily, there has been quick action by our President Barack Obama that's suppose to help the American people get out of this turmoil we find ourselves in.

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. It's our job at Loan Modification Facts to help you get updated information on the bills and laws that'll help you financially.

We have plenty of articles posted for you to read about laws involving bankruptcy and even about how those judges are looking to gain more power. This means that judges could actually cut a person's mortgage down significantly if they wanted to.

Hopefully this would make lenders want to provide loan modifications to avoid people going to bankruptcy or having the loan severely reduced.

You could also learn how to handle certain situations better by reading the step-by-step procedure of how foreclosures work. These articles could teach you how and when to approach a lender and if you need to ask them for a loan modification making it better for you and the lender.

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.

It's our goal to help you overcome this economic struggle whether it's by loan modification or through one of the new programs. It's best to stay informed about certain issues like these caused by legislation. Knowledge is the key to success. And of course, we need you to succeed!
Author: JaylenDerell

Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Why Do Lenders Prefer A Loan Modification Over A Foreclosure?

The thought of foreclosure is enough to send any homeowner into a panic. But contrary to belief, starting the foreclosure process does mean your at a dead end. From the day you receive your Notice of Default, you always have options, and the earlier you act, the easier it is to get back on track.

The two most common ways to stop foreclosure are a short sale and a loan modification. Both have their own pros and cons, and its important to choose the right path based on your situation depending on if you plan to keep or sell your home. This guide shows you both options and how they can help.


Option 1: Loan modification

The main advantage of loan modification is that you get to keep your home and continue your mortgage on more comfortable terms. It works by changing your mortgage terms to lower your monthly payments, allowing you to afford making your monthly payments again. This option is best for homeowners who have good payment habits but fell behind because of unavoidable hardship.

How it works

In a loan modification, you work with a lawyer who will basically guide you through the application. Your loan modification attorney will start by evaluating your case and deciding whether or not a mortgage modification will work for you. Its important to talk to a good loan modification attorney who can completely understand your situation.

Once you are qualified, they ll ask for a few financial documents complete your negotiation package. These usually include proof of income (pay stubs, W2 forms, etc), bank statements, and a hardship letter explaining your request and how you fell behind. They .ll go over your documents to see if there are any legal violations (RESPA and TILA) that can be used as leverage.


Author: admin










Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Loan Modification a HUD approved workout solution

Loan Modification is a HUD approved workout solution becoming more common during this foreclosure crisis.

Loan modifications typically involve a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default. Loan modification is actually a process or transaction between the lending company and the debtor. The purpose of the transaction is to renegotiate the payment terms and other debts such as payment delinquency on mortgage.

Loan modification is not only for those who are facing foreclosure. Those that are experiencing trouble in their mortgage payments should seek this type of help. Loan modification is restructuring your current loan to re-establish your mortgage and create a monthly mortgage payment that will work within your budget. A loan modification is not a refinance; it is an enhancement to your current mortgage loan to create a payment that you can afford. Loan modification sounds intimidating to the average homeowner but the process is indeed simpler than you might think. By following a prescribed action plan, the process can reach a successful conclusion in a relatively short time.

Loan modification is an increasingly popular concept on saving your property. As the name suggests; this is a type of transaction wherein you ask your lender to make some changes in your mortgage agreement. Loan modifications are the best solution for you and your lender. Nobody wins these days in foreclosure. Loan Modifications are complex often resulting in tens of thousands to hundreds of thousands of dollars saved. Our specialists may be able to reduce your loan payments 20, 30, 40, 50% or more.

Loan modification is the focus on our website, however; we do provide our clients with proper legal advice and share expertise in the areas of real estate transactions, mortgage negotiations, loan modifications and debt settlement. Feldman who has been licensed by the State Bar of California for over 25 years. Loan modification programs are offered for individuals who are in danger of foreclosure of their home. With foreclosures on the rise, it is important to be educated about the array of loan modification programs that are available to you. Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. We are dedicated to helping you achieve a prompt resolution to your mortgage related debt.

Loan modification on the other hand, is not available for everyone. This is only available for those who are unable to pay for their current mortgage based on their agreed payment terms and conditions. Loan Modifications help homeowners avoid foreclosure by negotiating with your bank and allowing you to stay in your home. Loan modification is still a relatively new arena. Many lenders have not definied clear criteria about which loans will qualify for a loan modification, and process for obtaining a modification may be similarly unclear.

Loan modification is not only for those who are facing foreclosure. Those that are experiencing trouble in their mortgage payments should seek this type of help. Loan modification is restructuring your current loan to re-establish your mortgage and create a monthly mortgage payment that will work within your budget. A loan modification is not a refinance; it is an enhancement to your current mortgage loan to create a payment that you can afford. Loan modification sounds intimidating to the average homeowner but the process is indeed simpler than you might think. By following a prescribed action plan, the process can reach a successful conclusion in a relatively short time.

Loan modification is an increasingly popular concept on saving your property. As the name suggests; this is a type of transaction wherein you ask your lender to make some changes in your mortgage agreement. Loan modifications are the best solution for you and your lender. Nobody wins these days in foreclosure. Loan Modifications are complex often resulting in tens of thousands to hundreds of thousands of dollars saved. Our specialists may be able to reduce your loan payments 20, 30, 40, 50% or more.
Author: johnkrol


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Out of the box thoughts about mortgage loan modification

Many consumers today find themselves in a need to modify their mortgage loan. The reasons could be many but regardless of why the process is usually uncomfortable and a bit scary.

Mortgage loan modification is the process of changing the terms of your mortgage. There are a few terms that can be changed such as the term of the mortgage the interest rate on it and so on. Some other things that can be modified are applying for interest only payments for a period of time or changing the principal on the loan.

It is important to be prepared before approaching your lender with regard to a mortgage loan modification. Mortgage loan modification is a negotiation process between the borrower and the lender. Like any other negotiation there should be a point where the interests of both parties match thus resulting in a successful negotiation outcome. Remember that when approaching the financial institute asking for a mortgage modification they are under no obligation to agree or to modify the loan. There must be a reason for the institute to go ahead with such a process.

The first thing to do when approaching the lender is to write down the reason why you would need the mortgage modified. For example losing a job or having your loan under water are common reasons. After writing down the reasons you should write down potential reasons for the lender to modify the loan. For example if you lost your job and can not pay your loan until you land a new job the bank has an interest to help you go through this period to prevent having the house go into foreclosure. Make sure to articulate the lender motivation as opposed to yours as when approaching the lender it is best to feed it with why this process is in its best interest.

So for example if you lost your job and can not pay the mortgage for a period of time you should go to the lender with a precise reasoning and plan. For example go to the lender and let it know that you lost your job and can not afford to pay the monthly payments until you land a new job. You should also make the lender feel confident that you are capable to land a new job. For example tell the lender you already sent your resume and hired a recruiter and that you have interviews lined up. Also provide some estimate for when you think you could land a new job.

Having the lender feel confident about you doing your homework is important. If the bank believes that your problem is indeed temporary and that you will eventually be able to pay the loan in full it will have a better incentive to help you going through that tough period. For example ask the bank to allow for lower interest only payments for a period until you land a new job. Or if that would be too much as the bank to freeze the payments for that period.

Mortgage modification is a negotiation process. In addition to letting the lender know why it is in its best interest to make the modification it is also good to let the lender know why not making the modification would result in a loss to the lender. For example let the lender understand that if you can not modify the loan you will be willing to go to a foreclosure or bankruptcy process which will result in further loss to the lender.

Author: frankie


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

How to Get Help From a Loan Modification Program

Meeting monthly mortgage payments or attempting to refinance a home has become hard to do over the past year. Thankfully there is an answer in sight. A loan modification program will help borrowers who are in danger of losing their homes to foreclosure. This same program will also help those who have had difficulties refinancing their home to a lower rate.

The economy has turned borrowers who used to be able to pay their mortgages into potential foreclosure risks because of pay cuts, job losses, or rapid declines in appraised values on their homes.

In fact, there are a large number of people who already owe quite a bit more than the home is currently worth. The problem is compounded by homeowners who are selling below appraised values to get out from under mortgages they can no longer afford.

There are companies that can assist you through your loan modification. Loan modifications are typically too complicated for the average person to complete on their own, and information can be hard to find. A loan modification specialist can help you skip all the hassle and efficiently guide you through the process. It is possible to get a free consultation to see if a loan modification program would help your situation.

There is a catch to the loan modification program: simply that there can only be one modification during the life of the loan. So it needs to be handled in the right way. For homeowners more than a month behind, quick action is needed in order to complete the modification process.

What the loan modification program does is to get your mortgage payments (principal and interest), your insurance, and any association fees reduced to where it is no more than 31 percent of your gross monthly income. To do this the lender adjusts first the interest rate you are paying and then the principal amount owed.

So if you have a rate of say 7 percent, then you may get a rate as low as 2% and your loan term may be extended to 40 years instead of the normal 30 years we have become accustomed to. Also the lender may then forgive a part of the principal owed, as long as the new principal amount owed is not lower than the value of the home.

Though lenders are encouraged to work with modification companies to adjust the loans, they are not required to do so. To increase lender participation, the government gives a lender incentive of $1,000 per year for up to 3 years if the borrowers remain in the program. Borrowers can also earn $1,000 per year in principal reduction for up to five years if they keep the payments current.

Borrowers currently in foreclosure or bankruptcy may be eligible under this new plan. In fact, those who have been forced to declare bankruptcy may be required by the courts to do a loan modification.

The loan modification program offers a great opportunity for borrowers who are eligible. You may want to contact professional help to gather the needed financial information and get through the process for the greatest reduction of mortgage payments.
Author: KeithRonson



Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Easy Ways To Step-up Your Chances For A Loan Modification

If you want to improve the odds of getting your loan modification approved, we'll go over a few tips to do that. These little known facts dramatically increase your chances of success. Let's look at a few of these tips.

If you want to get your mortgage loan modification approved, you have to prove financial hardship. First, write a financial hardship letter to your lender. In this letter, you explain your financial circumstances. You also need to tell your bank what steps you've taken to improve your situation. Finally, tell the bank you're committed to continuing being a home owner.

If you set up a new home budget and free up some money, this gives you more space for monthly payments. If you know your disposable income, you can determine an affordable monthly payment. Reassure the bank that can pay that amount now and will be able to keep it up in the near future.

Inform your lender about your financial situation by filling out the essential financial statements. Never try to omit information and be meticulous when filling out the forms. Supply your financial statement and a financial statement for the future to make the lenders job easier.

If you're planning to do mortgage loan modification, plan ahead and do your research. As soon as you're aware of the approval criteria, you dramatically increase your chances of success. When applying for mortgage loan modification, know that you need to hurry. It's up to you to do all the necessary research and save your home!
Author: GeraldFox


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Professional Mortgage Loan Modification Improvement

In this article, we will look at a couple of tips to increase your chances of obtaining a mortgage loan modification. These little known facts dramatically improve your chances of success. Let's discuss a couple of these tips.

A key factor to getting your mortgage loan modification approved is your ability to prove financial hardship. You have to write your lender a financial hardship letter. In this letter, you explain your financial circumstances. You also have to tell your lender what steps you've taken to improve your situation. Also, mention you're committed to home ownership.

Free up money by designing a new budget. Determine a monthly payment you can afford. Reassure the banking company that can pay that amount now and will be able to pay it in the near future.

Take the time to complete the required financial statements for the lender. Don't omit information and be thorough. Make it easy for the lender by supplying your financial statement and a financial statement offer for the future.

Make sure you do your research and plan ahead when applying for mortgage loan modification. If you know the approval criteria, you dramatically step-up your chances of success. When applying for mortgage loan modification, know that you need to hurry. It's up to you to do all the necessary research and save your home!
Author: Mijnadviseur


Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Can I Get a Loan Modification - We can show you how

Loan owed by a person for his requirement and at times when in a position to repay the loan then homeowner needs some solution for it. Loan modification is a solution for such problem though it is not very easy to be done. Loan modification includes one of the following things done by it. By doing loan modification it ensures whether change in interests in the loan which he owed or a change in the type of loan or the period of loan being extended. It may also involve the combined solution of these.

By doing such loan modification it can be ensured that the loan becomes secure for over a long period and remains fixed during the period. Loan modification agreement and forbearance agreement differ in the period of time it provides the relief. While the former provides a long term relief the later provides a short term relief. Loan modification is like a permanent solution for your loan and makes the loan to an affordable level. Many people prefer loan modification to stop foreclosure. It means the legal proceedings done by the creditor for the payment which he owes. It becomes important to choose a reliable company which has done loan modification many times and puts its best to do loan modification. Some times by choosing a wrong company we may result in being cheated by that company.

It can also be done personally without involving a company in loan modification but it involves some work to be done. It requires calling your mortgage company and requesting them for loan modification. This involves explaining the situation in which you are unable to owe the payment of interest rates which are increased. This is followed by an assessment regarding monthly income and expenditure. It should prove the situation in which it is highly difficult to face such huge interest rates. It is not necessary for you to explain that you are headed to foreclosure as they may not be much interested to hear that you may led to foreclosure. This may result in acceptance or rejection of loan modification. Loan modification when accepted it may prove to be effective for a considerable period of time. It may also result in making the loan interest rates fixed or making some modification in the type by which the loan may reach an affordable level. Inspection and review will be made to determine if loan modification cane be faced by the current economic situation of the person applied for loan modification. If he proves to be unable to pay his arrear while he can face a loan modification then a loan modification approval will be made.

Such loan modification when done prove to be useful since it removes the stress of highly changing interest rates. It will change the existing mortgage and it will become a fresh start for the loan. There are times in which the request for loan modification may also be rejected. It is a must to maintain a record of such loan modification.
Author: genwright



Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance

Tips To Avoid Loan Modification Scams

When the banking companies started to sink, many homeowners needed to find an alternative to foreclosure. This alternative is loan modification.. A loan modification basically means asking the lender to change the terms of your mortgage for good. Many times, this means lowering the interest rate. Because of interest lowering, the length of the mortgage is often increased.

Because of the present-day boom in foreclosures and people needing loan modification, there are a lot of con men around. The scams usually involve a company giving you all sorts of guarantees in exchange for an upfront payment for their 'services' . You will need to learn how to avoid these cons.

Most homeowners are searching for fast results when going for loan modification. If you get a guarantee, you can be almost one hundred percent sure it's a scam. Because the loan modification is not in charge of the decision, they can't guarantee anything about the results.

Don't believe the hype of getting your mortgage loan modification approved within a week or two weeks. It usually takes lenders thirty days minimum to consider a loan modification application. Because they have no intention of making good on their promises, the fraudulent loan modification companies will say anything to get your signature. Because they just want the upfront payments, they will agree to anything you want.

Don't be lazy in finding out facts about the company you want to deal with when doing mortgage loan modification. Don't be pressured into signing with some money hungry company when it doesn't feel right. There are enough of those around, and you need to be careful who you give your money.
Author: RickGreene

get answers. get help. get your payments lowered

Visit the National Debt Solution Center Website
Resources and Information About Loan Modification
Find the Answers You Need and Get Help Today
Lower Your House Payments with Expert Attorney Assistance