Saving Your Home Takes Action and Persistence and Time
So you've found an attorney group or Loan Modification organization that is going to save your Home. Really?
To all those attorneys out there that think that these loan modifications are a quick buck, "YOU HAVE NO IDEA OF THE WORK THAT YOU HAVE A HEAD" These are time consuming and your silly little modification programs do not substitute for reading and learning the program and directives.
To Homeowners, you can not rely on anyone to save your home, you must check up and be involved and call your bank weekly to see what is needed.
I help Homeowners, Loan Modification Companies and Attorneys all day long educating them on what is needed and how these programs work.
By clicking on the title of this article you can read the judiciary house report on Hamp and problems that even attorneys face in getting loan modifications completed. One non-profit group assisted 11,000 homeowners over a year just to have the success rate of merely 5 hamp modifications.
I charge zero for you to attend my self help workshop. So let us be efficient in working together, because it is your home and your money at stake.
I will give you access to educational information, forms, tips, and you need to realize that there are no guarantees because you can not make your lender comply although we will take action and fight for a modification.
The 15 minute consultation will let you know what programs if any that you may qualify for. The consultation is only available after you have gone to free sources found on www.hud.gov and not been successful. I only charge for cases stuck and where the home owner is paying for time to process, not paying for a loan modification because no one can garantee that any modification will ever be successful, because it is up to your lender to make that decision, even the programs when followed, even when the bank is wrong, it is still the baanks choice and you are at their mercy. Homeowners are welcome to do all the work themselves and I suggest that you do this. I am not soliciting work for modifications, however I realize there are times that nothing seems to work, I charge $30 minimun per call or per hour whichever is less to be on the phone with you, to do whatever you think is needed. However there are a list of agencies that will assist you listed on http://www.makinghomeaffordable.gov/ do not wait and hurry up and get started.
Sunday, April 25, 2010
Friday, February 26, 2010
In order to start the process of saving your home and potentially getting a Loan Mod
Call me immediately if you are any one of the following:
You would like to have an affordable payment.
You are upside down on your home by $20,000 or more.
• Are behind on your mortgage payment
• Have received a Foreclosure Notice
• Are worried about making your next house payment
• Are considering bankruptcy to avoid foreclosure
Good credit or trashed credit does not matter,
Most likely we can do something,
Free 20 minute consultation and prequal in order to fill out this paperwork, request and application.
In order to start the process of saving your home, and potentially getting a Loan Mod, you must quickly gather a few documents and call me @ 435 668 9589 to review your paperwork.
Recent: Pay stubs, Bank Statements,
Taxes
• Mortgage Statement, and any letters
from the mortgage company
• Recent Utility Bill (Water, Lights,
Gas)
• Hardship Letter- Explaining the
reason why you fell behind on your
mortgage
Beware that your bank will usually try to get you into a forbearance agreement where your payment may actually be higher, and that is usually what home owners are NOT wanting.
For attorneys and others charging for loan modifications please contact Dianne so that we can discuss the components of the program (HARP, HAMP, 2MP, HAFA, FHA-HAMP, VA-HAMP), basic eligibility criteria, documentation requirements, and how you can help borrowers determine if they qualify for HAMP.
https://www.hmpadmin.com/portal/docs/hamp_borrower/hamprmaint.pdf
Mortgage Loan Modification - How it Works
Mortgage Loan Modification Sounds Easy Right? It can be very stressful and at times nearly impossible.
Come to my Loan Modification, consumer debt & Foreclosure Alternative Class, this is a self help class for $695 where we can assist you in education and filling out the forms asking your lender for your loan modification. This is a 4 hour class. For an extra $100 you can bring an additional student.
You would like to have an affordable payment.
You are upside down on your home by $20,000 or more.
• Are behind on your mortgage payment
• Have received a Foreclosure Notice
• Are worried about making your next house payment
• Are considering bankruptcy to avoid foreclosure
Good credit or trashed credit does not matter,
Most likely we can do something,
Free 20 minute consultation and prequal in order to fill out this paperwork, request and application.
In order to start the process of saving your home, and potentially getting a Loan Mod, you must quickly gather a few documents and call me @ 435 668 9589 to review your paperwork.
Recent: Pay stubs, Bank Statements,
Taxes
• Mortgage Statement, and any letters
from the mortgage company
• Recent Utility Bill (Water, Lights,
Gas)
• Hardship Letter- Explaining the
reason why you fell behind on your
mortgage
Beware that your bank will usually try to get you into a forbearance agreement where your payment may actually be higher, and that is usually what home owners are NOT wanting.
For attorneys and others charging for loan modifications please contact Dianne so that we can discuss the components of the program (HARP, HAMP, 2MP, HAFA, FHA-HAMP, VA-HAMP), basic eligibility criteria, documentation requirements, and how you can help borrowers determine if they qualify for HAMP.
https://www.hmpadmin.com/portal/docs/hamp_borrower/hamprmaint.pdf
Mortgage Loan Modification - How it Works
Mortgage Loan Modification Sounds Easy Right? It can be very stressful and at times nearly impossible.
Come to my Loan Modification, consumer debt & Foreclosure Alternative Class, this is a self help class for $695 where we can assist you in education and filling out the forms asking your lender for your loan modification. This is a 4 hour class. For an extra $100 you can bring an additional student.
Thursday, January 28, 2010
Knowing Everything you need to know about HAMP
https://www.hmpadmin.com/portal/resources/counseling.html
click the link above to understand the program
2nd loans can qualify for loan mods on the link below
https://www.hmpadmin.com/portal/programs/second_lien.html
Questions? call 435 668 9589
click the link above to understand the program
2nd loans can qualify for loan mods on the link below
https://www.hmpadmin.com/portal/programs/second_lien.html
Questions? call 435 668 9589
Saturday, January 2, 2010
What you need to know about HAMP and your bank
Current HAMP Directives https://www.hmpadmin.com/portal/programs/directives.html
The Treasury Department says approximately one million Bank of America customers are eligible for a loan modification.
- 160,000 are in a trial modification program, 16 percent.
- 98 homeowners with Bank of America loans were able to get their temporary loan modification converted to permanent status in November under HAMP.
- BOA has completed a total of 230,000 loan modifications across non-HAMP programs, according to Dan Frahm, a Bank of America communications executive.
“In the past two years, Bank of America has helped more than 630,000 customers with a loan modification through our own programs or with a trial modification under HAMP,” said Jack Schakett, Credit Loss Mitigation Strategies Executive with Bank of America, who insists the figures sound worse than they are.
While the government estimates that Bank of America has one million customers who are eligible for HAMP (because they are 60 days behind in their mortgage payments or at imminent risk of default), Schakett says the bank thinks only 340,000 customers are truly eligible for HAMP.
Of those, he points out, 160,000 are in a trial modification, or just under 50 percent.
The missing 650,000 homeowners (one million customers minus 340,000 that Bank of America believes truly are eligible) are ineligible for HAMP because they fall into one of these four categories:
The homeowners have vacated their home.
The homeowners no longer occupy the home as a principal residence.
The homeowners are unemployed.
The homeowners already have a relatively affordable housing payment of less than 31 percent of their income.
(These 650,000 loans could wind up in foreclosure, as part of the 4 million homes that might wind up in foreclosure in 2010.
Thursday, December 17, 2009
http://www.makinghomeaffordable.gov/
Home owners need to be aggressive, and take action.
Click on this link for the Gov Bail Out Program/HAMP.
Contacting your bank is essential.
Making an offer to restructure debt or applying for the HAMP program?
First take your gross income and times it by .31% and if you can not afford that payment
you'll need to apply for a restructure. First decide just how much money each month to pay for your house you can afford and let that be your guide.
Check the previous post...
Click on this link for the Gov Bail Out Program/HAMP.
Contacting your bank is essential.
Making an offer to restructure debt or applying for the HAMP program?
First take your gross income and times it by .31% and if you can not afford that payment
you'll need to apply for a restructure. First decide just how much money each month to pay for your house you can afford and let that be your guide.
Check the previous post...
Wednesday, September 2, 2009
Options
Do you qualify for a loan modification?
Understand this, "that if your bank has a Freddie Mac, Fannie Mae, FHA, VA, or HUD loan they are in function, really only acting as Servicers".
HAMP – The Home Affordable Modification Program is NOT working. To date, only 740,000 loans have been modified under this program, while funds have been set aside to modify up to 4 million loans. Let me make this clear, that of the 740,000 homes that applied for HAMP only 35,ooo have actually been approved. Banks are playing games and offering forbearance programs, and asking for thousands of dollars up front in forbearance reinstatement fees, or offering their own modification programs and as a last resort then offer the HAMP program. To find out if you technically qualify for a modification based on HAMP guidelines, click here to access the 5 question quiz on the government website, or click the heading of this article to go to the HAMP site.
The banks have all kinds of excuses why borrowers do not qualify for this HAMP program, and I am keeping track of which banks are doing what for my report being submitted to congress. But the number 1 excuse banks are using is that the guidelines are too rigid. For instance, your mortgage payment cannot exceed 31% of your gross income for HAMP and 38% of your income for another Loan Mod program. so take your income and X's 31% and that's your payment. If this is too high, then you will need to get aggressive and ask for a loan restructure, loan note reduction and interest reduction and all these departments seldom know what is really available, so keep calling and asking for the loss mitigation department.
In regards to HAMP, first of all, loans were not originally underwritten with this 31% number, so technically this makes almost all borrowers eligible for HAMP. However loan servicers are saying the formula is too narrow and does not take into account all the other debt borrowers have or are piling up during the economic slowdown. So these loan servicers shoot down these loans more often than just follow the guidelines as they have been hired to follow.
Regardless of this excuse banks are throwing around homeowners that are suffering.
Some servicers are coming up with their own plans for modifying loans. From what I am experiencing as well as hearing from my readers, and from other media reports, most of these “plans” are a joke, intended to benefit the lenders, intended to get a little money and end up in failure for the borrowers.
Still other lenders are putting people into modifications on a “trial basis,” HAMP does this as well, I have been gathering information on this and ask for Whistle Blowers from all sources to give us the details of unethical bank dealings. You see that as long as the bank “modifies” the loan, the bank collects government incentives, whether or not the modification benefits the borrower.
What is clear is that servicers need a wake up call for playing around with the guidelines for the HAMP program, or it will continue to fail. I am not advocating that all delinquent borrowers should get a 2% modified rate for the life of the loan. Perhaps dropping the rate to what is truly affordable, given all a borrowers current debt, and current income, for a period of time, perhaps 10 years.
In any event, the push is on to get banks to modify loans, so the government is once again handing out money to banks to make this happen.
When do we stop rewarding banks for their failures and poor management, and start taking care of the people in this country?
So do not get discouraged, if you are not offered the HAMP program email help ASAP at peace.courage@gmail.com
Home owners possible options:
Workout Options Retention: Full or partial reinstatement, Short-term or long-term forbearance, Repayment plan, Loan modification, FHA partial claim / MI claim advance
Workout Options Liquidation:Full payoff, Whole pre-foreclosure sale, Short sale, Deed in lieu of foreclosure (foreclosure date needs to be 60 days out or more, and their second must be the same bank as the first in order to do a short sale), Delinquent loan assumption.
Call your bank, let them know you are not paying any money to reinstate your loan and that you are asking for a loan modification or note reduction and interest rate reduction. have them list all of the home retention programs that your bank is offering, ask if you have a Freddie Mac or Fannie Mae loan, and if you do not get the responce you need then go to www.freediemac.com or www.fanniemae.com
Base Documents for a loan modification that you need to send in every 30 days whether they ask for them or not.
Hardship letter
Seller’s financial statement (BFS 1126)
Recent 2 pay stubs or P&L for last 2 months
tax return if self employed
signed 1046 T
Bank Statements
Make sure at the top of each page sent to your bank that you include your name, account, property address, and last 4 numbers of your social
Understand this, "that if your bank has a Freddie Mac, Fannie Mae, FHA, VA, or HUD loan they are in function, really only acting as Servicers".
HAMP – The Home Affordable Modification Program is NOT working. To date, only 740,000 loans have been modified under this program, while funds have been set aside to modify up to 4 million loans. Let me make this clear, that of the 740,000 homes that applied for HAMP only 35,ooo have actually been approved. Banks are playing games and offering forbearance programs, and asking for thousands of dollars up front in forbearance reinstatement fees, or offering their own modification programs and as a last resort then offer the HAMP program. To find out if you technically qualify for a modification based on HAMP guidelines, click here to access the 5 question quiz on the government website, or click the heading of this article to go to the HAMP site.
The banks have all kinds of excuses why borrowers do not qualify for this HAMP program, and I am keeping track of which banks are doing what for my report being submitted to congress. But the number 1 excuse banks are using is that the guidelines are too rigid. For instance, your mortgage payment cannot exceed 31% of your gross income for HAMP and 38% of your income for another Loan Mod program. so take your income and X's 31% and that's your payment. If this is too high, then you will need to get aggressive and ask for a loan restructure, loan note reduction and interest reduction and all these departments seldom know what is really available, so keep calling and asking for the loss mitigation department.
In regards to HAMP, first of all, loans were not originally underwritten with this 31% number, so technically this makes almost all borrowers eligible for HAMP. However loan servicers are saying the formula is too narrow and does not take into account all the other debt borrowers have or are piling up during the economic slowdown. So these loan servicers shoot down these loans more often than just follow the guidelines as they have been hired to follow.
Regardless of this excuse banks are throwing around homeowners that are suffering.
Some servicers are coming up with their own plans for modifying loans. From what I am experiencing as well as hearing from my readers, and from other media reports, most of these “plans” are a joke, intended to benefit the lenders, intended to get a little money and end up in failure for the borrowers.
Still other lenders are putting people into modifications on a “trial basis,” HAMP does this as well, I have been gathering information on this and ask for Whistle Blowers from all sources to give us the details of unethical bank dealings. You see that as long as the bank “modifies” the loan, the bank collects government incentives, whether or not the modification benefits the borrower.
What is clear is that servicers need a wake up call for playing around with the guidelines for the HAMP program, or it will continue to fail. I am not advocating that all delinquent borrowers should get a 2% modified rate for the life of the loan. Perhaps dropping the rate to what is truly affordable, given all a borrowers current debt, and current income, for a period of time, perhaps 10 years.
In any event, the push is on to get banks to modify loans, so the government is once again handing out money to banks to make this happen.
When do we stop rewarding banks for their failures and poor management, and start taking care of the people in this country?
So do not get discouraged, if you are not offered the HAMP program email help ASAP at peace.courage@gmail.com
Home owners possible options:
Workout Options Retention: Full or partial reinstatement, Short-term or long-term forbearance, Repayment plan, Loan modification, FHA partial claim / MI claim advance
Workout Options Liquidation:Full payoff, Whole pre-foreclosure sale, Short sale, Deed in lieu of foreclosure (foreclosure date needs to be 60 days out or more, and their second must be the same bank as the first in order to do a short sale), Delinquent loan assumption.
Call your bank, let them know you are not paying any money to reinstate your loan and that you are asking for a loan modification or note reduction and interest rate reduction. have them list all of the home retention programs that your bank is offering, ask if you have a Freddie Mac or Fannie Mae loan, and if you do not get the responce you need then go to www.freediemac.com or www.fanniemae.com
Base Documents for a loan modification that you need to send in every 30 days whether they ask for them or not.
Hardship letter
Seller’s financial statement (BFS 1126)
Recent 2 pay stubs or P&L for last 2 months
tax return if self employed
signed 1046 T
Bank Statements
Make sure at the top of each page sent to your bank that you include your name, account, property address, and last 4 numbers of your social
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