Loan Modification

I’m thinking about using a service but suspect many are scams.

Be careful. There are a lot of scammers out there. First thing to do is visit www.makinghomesaffordable.gov. This is run by the government and will outline the process and let you know if you qualify.

Not everyone will qualify for a mortgage loan modification. Loan modifications are designed to help people who can still afford to pay a slightly modified mortgage. It is not supposed resolve all troubled mortgages. Basically there are 5 requirements to qualify for a loan modification. They are:

1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.

You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. If you qualify, talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation. A good site I used was www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals. I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.

I’ve been trying to put the money together to pay the bank what’s owed but all of the sudden i get this Notice Of Trustee’s Sale. The property is going to be auction the 5th of June. I need 1 month to collect the money. the bank refuse to post pone the date. what can I do? Anybody has any suggestions? please help, I have family and I don’t know what to do.

Since the bank will not postpone the sell date of your home one other option is to file for protection under the current bankruptcy laws.

You may hire an attorney to do this or in case of financial difficulties you might consider a para-legal or someone from the local Legal Aid Society.

If you were having financial problems, you should have contacted your lender earlier to discuss possible solutions, most have in place many programs to assist those borrowers that have a financial situation that preclude them from making their monthly mortgage.

I hope this been of some use to you, good luck.

"FIGHT ON"

Usually you have to be in foreclosure. You need to ask your lender when they plan to foreclose on you.

http://www.dukefightmaster.com Have you fallen behind on your mortgage payments? Are you almost in foreclosure? Have you tried to contact the bank and found it very difficult to get a decision maker on the phone? USA mortgage Aid is negotiating home loans everyday. They know the ins and outs of the banking business and can get you the best possible deal. If you tell them that Duke Fightmaster sent you you will get $500 off their fee. Contact USA Mortgage aid and get your life back on track.

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http://www.davidpannellhomes.com Fort Worth Texas Foreclosure Real Estate Homes http://www.davidpannellhomes.com Avoid foreclosure located in Fort Worth Texas offers assistance to homeowners facing foreclosure. We negotiate loan modifications, short sales, and options for homeowners behind on payments Fort Worth Help with Foreclosures, Helping families out of their homes Savings Familes from Foreclosures Sell your home before it goes into foreclosures By Liz Pulliam Weston
If you’re in danger of falling behind on your mortgage, or if you’re already late, you may be skeptical about your lender’s willingness to help.

And if you take the advice we personal-finance types typically offer — call the lender as soon as possible and ask for help — you could find yourself stymied by the lender’s bureaucracy or even told to come back when you are really behind in your payments. Call a Realtor It’s Free. No Cost to Sell your Homes if you dont have any equity in the home. The lender will pay the fee. Its better for you and there no problem in asking for help. Facing foreclosure? 9 options
Don’t bite off too much house
How not to pay your bills
How I lost my home: 3 stories
The foreclosure capital of the U.S.
Why lenders don’t like foreclosure
To understand why these things are true, it helps to know a bit about the lending process, as well as what happens in foreclosure:

Most loans are made — then sold. The majority of residential mortgages are quickly packaged into securities and sold to investors. The company that accepts your payments is what’s known as the servicer. The servicer takes a slice of your payments as compensation, then forwards the rest into a pool of cash that’s used to pay dividends to the investors.

As you might guess, the servicer’s primary interest is in making sure your payments keep coming. If you default and wind up in foreclosure, any proceeds from the home sale go to the investors, and the servicer has lost its income stream from your loan. (Still, predatory servicers do exist. See “When mortgage firms don’t play fair.”)

Even if the loan isn’t sold and is still held by the original lender, foreclosure remains a bad outcome.

“Lenders are going to lose money holding that house,” Svinth said. “They have to maintain it, insure it, market it . . . until it sells.”

Meanwhile, they’re not getting payments for the loan. Whatever equity remains after the home is sold and all the costs are paid is typically returned to the borrower.A short sales occurs when the net proceeds from a the sale of a home are not enough to cover the sellers mortgage obligations and closing cost, such as property taxes, transfer taxes, and the real estate practitioners commission. The seller is unwilling or unable to cover.

Some, although by no means all-short sellers may be in default on their mortgage loans and be headed for foreclosure. However, homeowners who bought at the top of the market or who took out large amounts of equity with refinance abd who need to sell because of divorce or job transfer may also find themselves upside down, owning more than the home is currtenly worth when closing costs are factored in..

Tip, losing your home is very emotional and you might be off your losing your home or in some cases don’t care..If you care, call us early…so we can help.

Your Home is where you live, not in the home your being harassed in.

Who do I talk too? Call us, the Fort Worth Home Resecue Team. David 817-797-9047 or Barbara 817-846-5093-both professionals in saving your home from foreclosure…

its a good idea to call before they seek foreclosure, so we have plenty of time to help…we need atleast 4 weeks prior to foreclosure court…

call now, not next month when you get another letter

Bankrupty will not save your home…trust me.

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Visit Fort Worth Homes at http://davidpannellhomes.com to find Homes in the Fort Worth area. Get a free step by step guide on how to survive foreclosure with mortgage modifications, rate modifications, short sale process & stop foreclosure programs.Avoid foreclosure, Arizona Short Sale Office, located in Fort Worth Texas offers assistance to homeowners facing foreclosure. We negotiate loan modifications, short sales, and options for homeowners behind on payments Fort Worth Help with Foreclosures, Helping families out of their homes Savings Familes from Foreclosures Sell your home before it goes into foreclosures By Liz Pulliam Weston
If you’re in danger of falling behind on your mortgage, or if you’re already late, you may be skeptical about your lender’s willingness to help.

And if you take the advice we personal-finance types typically offer — call the lender as soon as possible and ask for help — you could find yourself stymied by the lender’s bureaucracy or even told to come back when you are really behind in your payments. Call a Realtor It’s Free. No Cost to Sell your Homes if you dont have any equity in the home. The lender will pay the fee. Its better for you and there no problem in asking for help. Facing foreclosure? 9 options
Don’t bite off too much house
How not to pay your bills
How I lost my home: 3 stories
The foreclosure capital of the U.S.
Why lenders don’t like foreclosure
To understand why these things are true, it helps to know a bit about the lending process, as well as what happens in foreclosure:

Most loans are made — then sold. The majority of residential mortgages are quickly packaged into securities and sold to investors. The company that accepts your payments is what’s known as the servicer. The servicer takes a slice of your payments as compensation, then forwards the rest into a pool of cash that’s used to pay dividends to the investors.

As you might guess, the servicer’s primary interest is in making sure your payments keep coming. If you default and wind up in foreclosure, any proceeds from the home sale go to the investors, and the servicer has lost its income stream from your loan. (Still, predatory servicers do exist. See “When mortgage firms don’t play fair.”)

Even if the loan isn’t sold and is still held by the original lender, foreclosure remains a bad outcome.

“Lenders are going to lose money holding that house,” Svinth said. “They have to maintain it, insure it, market it . . . until it sells.”

Meanwhile, they’re not getting payments for the loan. Whatever equity remains after the home is sold and all the costs are paid is typically returned to the borrower.A short sales occurs when the net proceeds from a the sale of a home are not enough to cover the sellers mortgage obligations and closing cost, such as property taxes, transfer taxes, and the real estate practitioners commission. The seller is unwilling or unable to cover.

Some, although by no means all-short sellers may be in default on their mortgage loans and be headed for foreclosure. However, homeowners who bought at the top of the market or who took out large amounts of equity with refinance abd who need to sell because of divorce or job transfer may also find themselves upside down, owning more than the home is currtenly worth when closing costs are factored in..

Tip, losing your home is very emotional and you might be off your losing your home or in some cases don’t care..If you care, call us early…so we can help.

Your Home is where you live, not in the home your being harassed in.

Who do I talk too? Call us, the Fort Worth Home Resecue Team. David 817-797-9047 or Barbara 817-846-5093-both professionals in saving your home from foreclosure…

its a good idea to call before they seek foreclosure, so we have plenty of time to help…we need atleast 4 weeks prior to foreclosure court…

call now, not next month when you get another letter

Bankrupty will not save your home…trust me.
Category: People & Blogs
Tags: Foreclosure Short Sale David Pannell Help Save your Credit

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Figures show that 13 percent of homeowners in the U.S. are behind on their mortgage payments and it’s no longer just high-risk sub-prime loans.

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or would the bank make them put there house up for sale

Many people wonder about the "safety" of their other assets or properties when they are facing foreclosure.

There are many cases where saving a property by using equity in other assets would make a lot of sense. However, this is a decision for the homeowner to make. The lender/bank/servicer has no authority over these assets, unless they were used as collateral.

After a foreclosure, if a deficiency judgment is allowed, the court may place a lien against other assets, but even this is highly unlikely.

If you are behind on payments, you best option is usually to request a loan modification. This can lower your payment and allow you to get the payments back on track.

Good luck with everything and let us know if we can answer any more questions!

How far behind on mortgage payments does one have to be, before foreclosure starts. Has this time limit been extended since the mortgage meltdown.
How does one qualify for a loan modification loan and where do you go?

Call 1-800-995-HOPE for help in trying to get a mortgage modification. You’re in default after three months of non payment, I believe. And the bank can file foreclosure any time after that.

Some states/municipailities have done "moratoriums on foreclosure" that temporarily disallow banks from filing. But, for the most part, I think the three months still apply. You definitely shouldn’t wait to find out! Call that foreclosure prevention hotline asap!!

PS that 800 995 HOPE hotline is for a non-profit, government supported organization called the Homeownership Presevation Foundation. They will help you for FREE. You should NEVER have to pay anything for foreclosure counseling. There are a lot of for-profit companies out there trying to rip people off.. requesting fees to do loan modifications.

There are several other government-supported non-profits doing the same thing as the "HOPE" one, but they are one that I know provides help nationwide.

And Josh is correct, non-profit organizations like these have more much leverage than you do individually in dealing with your mortgage lender.

I lost my job and was out of work for seven months. I got behind on my mortage payments and am on a pay plan at the bank.
Will they let me refinance? I only owned the home for about two years?
What is reconfirming your loan mean? Please help!

Your existing lender will always let you refinance (they have no control over if you pay them off, or how you pay them off), however obtaining a new mortgage to refinance into will probably be the bigger issue… as any new lender is going to be very interested in your payment history to your current mortgage. If you are on a repayment plan, usually the mortgage history reports late payments until the repayment plan is completed… but it will depend on how your current mortgage lender wants to report it. The best way is if they just reported the 7 months of payments as late, but all the payments since they have been reporting on time… but (so many buts, I know) they could also report all the payments as late (even the ones you are making on time, since technically you must pay all previous months payments before the latest payment will report as paid on time).

What is the reason you need to refinance? Payments getting to you?