Loan Modification

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When people are looking to get a mortgage for a new house they purchased or to refinance their loan they usually only look at the interest rate and try to go for the lender with the lowest rate. However, a low rate isn’t the only criteria you should be looking at. There are terms that you should be paying attention to, such as the closing cost and the underwriting guidelines. You might be saving a few dollars a month with a little lower rate, but if it has a high closing cost, you might be paying more and not even know it.

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http://www.reuters.com/article/idUSTRE5B41ME20091205
More than one-quarter of homeowners receiving help under a U.S. government foreclosure prevention plan are behind on their new mortgage payments, a Treasury Department survey has found.

U.S. | Housing Market

Some 650,000 borrowers are participating in the trial phase of the Obama administration’s Home Affordable Modification Program, a $75 billion taxpayer-financed program launched this year.

Most home loan modifications result in lower monthly payments, although some lead to reduced principal on mortgages.

Trial modifications were initially for three months, but the Treasury added 60 days, effectively making them last five months.

Homeowners must submit more detailed documentation before they can have their loan modifications made permanent.

A Treasury Department survey of large mortgage servicers found “over 73 percent of borrowers are current in their trial plan payments,” Assistant Treasury Secretary Herbert Allison told a congressional oversight panel.

That leaves about 27 percent who are delinquent on the payments.

Allison provided written answers to questions raised at an October hearing before the Congressional Oversight Panel, which monitors the government’s foreclosure prevention plan and other financial rescue efforts.

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What are some of the programs that Obama has set up to save homeowners from loosing thier homes

Each lender have their own procedures as to when to file a foreclosure against a person that is behind in their mortgage payments. Some file foreclosure immediately after one payment, some as long as 3-9 months after missing your first month.

There are two types of foreclosures normally used in the United States

Non-Judicial Foreclosure

Most lenders use the non-judicial foreclosure procedure. No courts or lawyers are involved.

Under this procedure normally the lender has the right to sell the property after completing the foreclosure procedure. The lender, under this procedure can not normally sue for a judgment after the sale. You do not have the right to reclaim the house under any circumstance.

Under a non-judicial foreclosure and the lender has decided to foreclose on you they issue a "Notice of Default/Foreclosure" this document is recorded at the county recorders office where the property is located.

You will receive a copy of this notice in the mail as well as one will be delivered to your front door.

At this point you now have 90 days to bring the mortgage current, refinance the mortgage or do what ever you want to do to keep your property. Your lender might entertain the idea of refinancing your mortgage for you at this stage.

Once the 90 day period is over the lender then decides to record a "Notice of Sale" at the county recorders office. You will receive a copy in the mail as well as someone will deliver one to your front door. This notice will have a sale date and place of sale.

Once this document has been recorded you now have 20 days in which to refinance or cure your foreclosure. Most lenders will not entertain the idea of refinancing their own loan once this document has been issued. Some might, but most will not. At this point the lender is interested in you paying the mortgage off or bringing it current.

At the sale if the property is sold to someone, they have to get the property recorded in their name so there is lots of legal work to be done before they officially own the property.

This new owner will contact you when all the legal documents are signed and between the two of you select a time for you to move. You might be required to pay rent for the time you stay there but this is between you and the new buyer.

If the property does not sell then the lender has to get a few legal matters taken care of so they have to wait until the legal matters are completed. This normally take 5-7 business days or less.

If this happens once all the legal matters are taken care of the lender normally hires a real estate agency to take care of their real estate sales.

An agent from the agency will contact you about the date and time of your departure. In some instances they will offer you a sum of cash for you to move.

If you are not required to go to court and has not received documents from a court stating that you must appear. This is probably the procedure being used by your lender.

Judicial Foreclosure

If the lender decide to use the judicial foreclosure procedure you will be issued a summons to appear in court. The court will set the time and date of appearance as well as when you will have to vacate the property.

If the lender use the judicial foreclosure procedure they are allowed by law to file a judgment against you.

Most lenders, though the law allow them to file for a judgment do not do so. they would just rather sell the property, write any loss off and move on without other legal problems that might cost them money and then would have to collect on the judgment if they won.

On the other hand the law also allow you the right to reclaim your house after the foreclosure procedure has been completed in some instances any where from three months and in some states up to a year.

If you received a document stating that you have to appear in court and a date for you appearance has been set, your lender is probably using this procedure.

This method of foreclosure is used only by a few lenders where both procedures are allowed.

Under either procedure if the bank can not reclaim the entire loan amount from the sale of the property they claim they have a loss. Since this is a loss to them someone had to have a gain. You are the one considered having the gain, therefore the lender would then send you a 1099 indicating the amount of gain you had.

Upon receipt of the 1099 you must file this gain with your year end taxes as to the amount of gain you have.

For tax and legal matters you should always consult with your tax consultant and attorney.

You should contact you lender about possible solutions to you being behind on your mortgage payments.

Each lender has different programs to assist borrowers. You have to let them know of your financial situation they do not know what situation you are in.

When you make contact with them you should request to speak the the loss mitigation department.

See what they have

Visit us at http://www.StopYourHomeSale.org

Welcome to FM Financial Solutions – We have teamed with the Non-profit organization who is helping home owners across the nation reduce their mortgage payments by as much as 60%.

We are using a sophisticated analytical software program called the Hope Tool. We gather information related to your house, current income and bills, and then enter your information into the Hope Tool. Instantly the software generates a new possible mortgage payment, based on your current economic situation; giving you the much looked for financial relief.

If you have been notified of a pending foreclosure or notice of trustee’s sale then you need to proceed immediately to the video “Steps to Stop a Foreclosure Sale NOW!”

If you are getting behind or you foresee you will be getting behind in your mortgage payments you need to watch the remaining videos and then give us a call at (262) 573-4477.

Because this service is provided by a non-profit organization, there is a minimum of costs. Congress is passing laws to protect you from scams so real help can be given from authorized organizations that will negotiate the best payment for your budget.

It’s about helping America. It’s about helping you!

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http://www.sellnow703.com/behind-mortgage-payments.aspx Sometimes you find yourself struggling to make your house payment while all your other bills continue to pile up. Often, it becomes very difficult to catch up those payments when you find yourself two or three payments behind and the fourth is due next week. Mortgage Payment is Behind? What to do when your mortgage payments are behind and to avoid foreclosure and losing your home.

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Millions of Americans could lose their homes this year and next as the rate of foreclosures across the United States rises to the highest in decades. The foreclosure crisis has worsened despite ongoing efforts by some lenders and the government to help borrowers manage their mortgage payments. VOA’s Chris Simkins reports on how one homeowner in the southern US state of Virginia is fighting to keep his home

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Intro to Money Merge Acct system to rapidly reduce debt and mortgage interest

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See how the banks are manipulating the foreclosure market. You can use this information to buy foreclosures by timing your purchase.
December 8, 2008
Look at my video ‘ Real Estate market bottom’ to see how to tell the bottom.
See also video “make more money on sale of house ”
It is now apparent that there is a detailed plan to take money away from investors by conning them to buy foreclosures, and have the entire market deflate. Go to
http://www.financialsense.com/editorials/reality/2005/0403.html
You will notice this is a 2005 article.

May 23, 2008. The existing home sales came out today with an average loss of $1500 per month for the median US Home price over the last year. Most people have no conception how this is impacting their lives. If you had $200,000 in equity last year, you just lost 7% of your equity. In California, it was probably more. If you had sold your house last year and moved into a rental, you would have zero cost for living in the rental. If you had moved into 2 specific real estate purchases, you could have increased your capital and retained your mortgage deduction. You would actually be further ahead.
Losses in home equity will accelerate for the next year. If you become underwater in your present equity, you could be stuck in your present property for many years or have to come up with substantial separation money to preserve your credit rating.
The foreclosure bailout proposed by the congress is just window dressing in order to forestall a panic. What is going to happen is that this will only delay the panic, not forestall it. If you read the fine print, the lender has to agree to provisions of the bill. How likely is that?
What you see happening in the market today is that 25% of the sales are due to sale of foreclosed homes. Because of the banks holding back inventory, there are at least 4 bids for every sale.This will change shortly.
The subprime loans that are supposed to reset this summer,means that the house are really going to be back on the market by June 2009. The logic goes like this. The notice of reset for August 2008 have already gone out. In August , the owner of the subprime loan is going to do his/her best to make the payments. He will get a 2 or 3 job in some cases. Maybe his wife will too. In any case, the owner uses up his savings and cannot make the payments. This takes 2 months, on average.
The owner realizes it is impossible to continue and finally stops making the payment. His savings are exhausted, and now he has to acquire money to be able to move.He needs the mortgage payment to restore his savings, so he can move. Minimum average move is going to cost $5000 or more.
The lender now starts the foreclosure process. Sometimes the lender takes more than 6 months to prosecute the foreclosure.
Then there is another month or 2 in which to prepare the property for sale.

So, let’s see how this all adds up. 2 + 6 + 2 = 10. 10 months from August 2008 is June 2009.
So the majority of the resets will not even hit the market until June 2009. And the average length of time to sell this property will be 11 months, if not longer. So the minimum time for the market to hit the bottom will be after May 2010.
The average price decline, here in California, will be more than $2000 per month. If you invest in property today, you will lose almost all of your equity.

What no says today, is that the property that has an equity line of credit will also reset to a higher interest rate once the property falls below 110% of the initial loan amount. This is a huge overhang to the market, and could make these loans now subject to default.Who knows where this will end?
Based on this scenario, what is the best way to make money in real estate today?
Sell any real estate that you have, even into today’s declining market. Then wait for the turn in the market to buy back, better than ever. That time is more than 2 years away.
July 27, 2008 update:
As I write this, the senate just passed the foreclosure help bill. The immediate effect is to raise the interest rates on homes. Why? Because the lenders will now have to calculate how they are going to get a reasonable return on their money that they lend. They now have to include the cost of taking a writedown on their loan if the buyer defaults. The net effect of higher rates means that the price of the house has to go down if the buyer cannot increase his payment. In Stockton Calif., 1 house in 25 is now in foreclosure.

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Report and analysis by Ellen Braitman of Bloomberg News (Market Pulse)

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Obama Plan May Cut Mortgage Payments for Nearly Five Million Families By Next Year

Families fighting to avoid foreclosure or simply save money on their mortgage payments have a new ally: “Making Home Affordable.”

“Making Home Affordable” is the Obama Administration’s plan for offering aggressive refinancing and loan workout options to a wide range of America’s borrowers. This new effort is being implemented nationwide by Freddie Mac and others and is expected to help millions of borrowers refinance or modify their mortgages, avoid foreclosure, and stimulate the economy.

In this video, Ingrid Beckles, Senior Vice President, Freddie Mac, explains how borrowers can determine their eligibility for “Making Home Affordable” and use the President’s plan to refinance their current loan, or if they’re already behind on their loan or facing a financial hardship, get a modification that makes their loan more affordable. Ms. Beckles also helps homeowners in distress spot con artists and avoid their scams.

You can find out more about “Making Home Affordable” by going to www.MakingHomeAffordable.gov. To explore all of your options, you should contact your servicer as soon as you start experiencing problems paying your mortgage.

Produced for Freddie Mac

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