Loan Modification The Right Way
Sunday, December 13th, 2009
http://www.1strealestatedirectory.com/ a good place to find loan modification comapny.
also check http://www.badcreditmortgage-loan.com/ befor you sign any contract.
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Posts Tagged ‘Bank’
Quarter in U.S. Foreclosure Plan Late on Payments
Friday, December 11th, 2009
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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Home Loan Modification 7 – Mortgage & Real Estate Marketing Nov08 – Avoid Scams & Huge Loan Mod Fees
Wednesday, December 9th, 2009
Attorney Negotiated Home Loan Modification for Home Owners. Expert Advice on Real Estate and Mortgage. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com
Part 7 (Excerpt)
Watch out for scams; huge fees for Loan Modifications
Important to point out folks that Velocity Financial is a full service mortgage broker, the majority of our business is writing and originating and underwriting mortgage loans for homeowners, people to buy real-estate, people to refinance their homes, people can still refinance out there, loan modifications are not for everybody, in fact they are for a small segment of the market.
Im the founder of the Modification Hotline and we put that in place to help people right now, people dont need a salesman when it comes to these loan modifications, I heard a story today from a home owner that I just couldnt believe, this person that is trying to get loan modification told them that she had to pay them $1500 a month for 4 months and by the time she was finished paying them they guaranteed her some kind of ridiculous, I just dont understand why it is like that.
Right now we need to help you get through the situation, we are here for you, we are going to do everything in our power with our national network of attorneys, who are expert negotiators, so it is important that you call.
I just want to make the distinction so it is clear for everybody, Velocity Financial is a full service mortgage firm, all things mortgage related and the concept of todays show being loan modification program is a division of something that you kind of created and had some foresight about all of these issues that are effecting not only mortgage holders but the economy at large, thus this topic and wanting to help these people.
Thats correct, a year and a half ago I was approached by someone that I respected very much in the industry, asked me to get involved with the loss mitigation process and I essentially declined the offer, once I reanalyzed that a number of people calling us needed loan modifications. We did do some research and found the debt advisory alliance with a gentlemen that I have know for years, and he had already put together the national network of attorneys, so we are working with these people who have done thousands of these loan modifications.
We are the affiliate, we are doing the discovery and due diligence, they are taking care of the expert negotiations, thats not my job, that is not what we are good at, what we are good at is putting together a case that will get modified the best for you, and your kids and everything else to keep all of you in place…
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Five Million Homeowners Face Foreclosure
Tuesday, December 8th, 2009
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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Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance
Monday, November 30th, 2009
First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To http://RealEstateMarketingThisWeek.com
Part 2 (Excerpt)
The median income family can afford twice the median priced home; prices drop over 50%
And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan?
Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself.
As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.
There are a couple of points I want to make and it was something that Michael had said earlier. The first one was that 4% interest rate. Originally Obama said a couple of weeks ago, when he rolled out the mortgage plan, that they were going to take the $200 billion and use it to buy mortgage backed securities, well the article I was reading today said it appears that plan may have changed. Instead of buying the mortgage backs they were actually buying the stock of Fannie and Freddie to help support the company and keep these companies going under. I dont quite understand why being how they own them now.
Well youve got to hand it to the government they have really done a heck of a job helping Fannie Mae out, for instance today the stock is up to $0.41. Wow, doing so well, I remember when it was $150 or so, where it was at the top of the market.
Today, right now is definitely the best time even if rates dont get down to the 4% point. The beauty of it and were going to talk more about this in a later segment, is that we have seen a 51% decline in home values from the peak of the market. So you dont have to have the absolute greatest interest rate in order to be able to buy a house today. The median home price right now is $130,000 in Maricopa County, it was $264,000 just two years ago.
So the median home price is $130,000? We are going to talk a little bit about what a person has to make to actually qualify for that. Well it is definitely well within the means of a median income family. Right now a median income family makes about $64,000 in the state of Arizona according to the US Census Bureau and HUD. I ran some numbers today, I think at 6% interest and at that rate they can buy a $280,000 house. So you can buy twice the median home price if you are making just what the median income family would be in the state of Arizona. So the median household income buys double the median priced house in Maricopa County. That is correct, at 6% interest.
And the reality of it is interest rates are not even that high right now. So for people to be waiting for that perfect interest rate of 4% it doesnt really matter if it gets here or not because right now is such an incredibly fabulous time to be buying a house. There are so many foreclosures out there on the market right now, there are so many short sales out there on the market right now, and the point you made earlier is very important, that people have to get in and get prequalified, know exactly what they can buy. Now in many cases you are going to need a down payment, so get with your mortgage broker, get with Velocity Financial and start working on that program of getting those funds together for the down payment as well.
Dan Havey we talked in the past about whats available for financing these days, interesting to give little pat on the back for Velocity Financial is one of less than 15% of all of the lenders in the state of Arizona that are qualified to do FHA financed homes. Now FHA financing, people used to think it was only for first time home buyers, thats no longer the case. The FHA loan which only requires 3.5% down payment it doesnt matter if you have owned a home before and in many cases you can own another home now so long as your new purchase is going to be your primary residence you can utilize FHA financing and put only 3.5% down.
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Feb 19th Loan Modification Announcement
Thursday, November 26th, 2009
http://www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD
Reporting from Washington — The housing plan unveiled by President Obama on Wednesday goes further than any previous effort to break the vicious cycle of declining home values, rising mortgage defaults and frozen credit that triggered the country’s worst recession since the 1930s.
Duration : 0:4:37
Mortgage Fraud, Forbearance and Foreclosure
Sunday, November 22nd, 2009
Many people today are suffering the loss of their jobs, their income and their homes. Legislation has been passed by Congress in an attempt to help these diligent home homeowners, who through no fault of their own are losing their homes to foreclosure proceedings by the banks and lenders. These desperate homeowners are contacting their banks and lenders in an attempt to modify their loans, for example by reducing their monthly payments, by reducing interest rates or tacking unpaid mortgage payments on to the end of their loan.
The banks received TARP funds, bail out monies, from the Federal Government with the intent to enable the banks to begin loaning money and/or modifying existing loans to stimulate the economy and assist these desperate homeowners who have fallen on hard times. However, no matter what you hear, the banks are NOT loaning money.
Instead, homeowners are being given the run around. Homeowners make innumerable calls to their lender inquiring about a loan modification. Most of the time, the homeowner is met with no answer. Messages are left on the lenders voice mail; however, the messages are seldom returned. When a homeowner is fortunate enough to speak to a lenders representative, phone calls are put on hold, disconnected, transferred, shuffled from person to person and department to department. Some homeowners state they have made over twenty (20) phone calls in a month and sent multiple copies of requested documents to their lender. When the homeowner is finally able to speak by telephone to an agent he/she is repeatedly informed that the agent could not find the homeowners documents, that the homeowner needs to call another department (often ultimately directing the homeowners calls back to the first person to whom they had spoken, or, that the homeowners documents were under review). The homeowner is often presented with a plan which is not a loan modification but a forbearance plan in which the homeowner is offered a payment plan (take it or leave it) with monthly payments in excess of their original monthly payment. This was not the intent of the Congress when they agreed to bail out the banks. In fact, this creates an even greater hardship for the homeowner. Meanwhile, the bank or lender is instructing its servicing agent to start foreclosure proceedings against the homeowner who is behind by several months payments while trying to communicate with and negotiate with their lender for a loan modification. While the bank/lender has started foreclosure proceedings through its servicing department/agent, at all times the homeowner is continually reassured that the bank/lender is processing their paper work for a loan modification; or that the homeowner is in compliance with a forbearance agreement for mortgage payment between the parties. At worst, this is intentional. At best this is a case of the left hand not knowing (or caring) what the right hand is doing. Ultimately, the conscientious homeowner, while believing he/she is in negotiations for a loan modification with the lender, is served a Notice of Default and notice of foreclosure proceedings.
The banks/lenders are acquiring property through misrepresentations and unlawful and fraudulent means. The banks/lenders are in violation of a variety of laws meant to protect the consumer and help desperate homeowners. These violations include, among others, the Home Affordable Modification Program (HAM), enacted March, 2009, Truth in Lending Law (TILA), Regulation Z, the Homeowners Equity Protection Act (HOEPA), Real Estate Settlement Procedures Act (RESPA), the California Translation Act, Civil Code §1632, et seq., California Consumers Legal Remedies Act, Civil Code §1750, Californias Rosenthal Fair Debt Collection Practices Act, Civil Code §1788, et seq., and in violation of Californias Business and Professions Code, §17200, et seq. Lenders/banks through misrepresentations, fraud and breach of contract, in addition to the violations of the statutes referenced above have demonstrated a calculated and malicious intent to obtain an interest in the homeowners property, by causing the homeowners property to go into foreclosure. Instead of helping the homeowner, the lender is stuffing its own pockets by building its own real estate portfolio and subsequently packaging the homes foreclosed upon and selling them off as mortgage backed securities, therefore making a profit on the backs of homeowners.
Duration : 0:3:54
Wells Fargo Bank defrauds automobile mortgage consumers
Wednesday, November 18th, 2009
Republican neofascists from Wells Fargo Auto Insurance defrauded me and other auto loan consumers out of year of mortgage payments and illegally changed number of my auto mortgage account, added sixth year of monthly installments in a foul fraud.
Duration : 0:10:15
Mortgage Recovery: Financial Benefits of Loan Modification
Wednesday, November 18th, 2009
Seth Hoerth, CEO of HOEM, Inc, discusses the financial benefits of Loan Modification to both banks and homeowners.
Mortgage Recovery fights to find the most equitable solution available to ensure clients receive the best possible Loan Modification.
Mortgage Recovery completes a full forensic audit of each client’s file to ensure they have not been the victim of predatory lending; as a precursor to assembling a thorough Loan Modification proposal. The result is more successful Loan Modifications and more families saved from foreclosure.
Duration : 0:2:47
Real Estate & Mortgage Marketing 1 – Home Loan Modification Dec08 Licensed Attorney to Negotiate
Monday, November 16th, 2009
Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com
Part 1 (Excerpt)
Why you should use a licensed attorney to negotiate your loan modification
Dan Havey thanks for taking the time to be with us tonight. Thank you Michael for having me and you are absolutely right 2008 for many people was a very tough year. Tough year for pretty much everybody that I know, how many banks have we lost in 2008? Hopefully the bleeding is gone; hopefully there arent too many more banks to fail. Quite a few banks have picked up some of the slack, but the reality of it is so many people have been faced with such hardships, we have solutions that we are maybe going to talk about today that they can look forward to, to make 2009 a great year.
Definitely that is what we are doing here with your organization at Velocity Financial and with the Modification Hotline and with many of the other things I am working on right now to help people out. When I first got into this business it was back in the late 80s, I moved here from Wisconsin after getting a degree in finance and I started selling repos for Fannie Mae, Countrywide, and the RTC. The Resolution Trust Corporation was responsible for getting rid of all the real estate owned by the over 1,800 S&Ls that failed. So I cut my teeth selling those reposed properties and got to know a lot about the laws and worked with a lot of attorneys and then in the mid 90s I moved into the mortgage business, and I immediately started there working with bankruptcy attorneys for the most part.
I was helping people get out of their bankruptcies, chapter 13 bankruptcies, to avoid bankruptcies, to stop foreclosures and I did that up until the fall of 2007 and at that point the market really changed for me as we know most of the subprime financing went away. Some people might look at me and say, my god you gave people subprime loans, well if you are in a chapter 13 bankruptcy and your payment to the trustee is $1,500 a month and I can get you out of bankruptcy and reduce your total monthly outlay by $1,200, your mortgage payment would go up a little bit, I think this is a really good use of a subprime loan. And I certainly never had any complaints from anyone when I got them out of bankruptcy or I stopped their foreclosure and saved their home.
So late last year I moved out of the mortgage business for a while but I never really left it because it is pretty much what I have done my entire adult life. Over 20-25 years I have been involved with real estate, mortgages and finance and I worked for a while for about 6 months last year on a model for an idea that we came up with of being able to accurately predict the top and bottom of all real estate markets and we perfected it for Arizona and most of California. It worked really well to the point that we could actually predict the bottom of the market 6 months in advance and then after the bottoms hit all across the country we kind of stopped working on it.
It is one of the things I am going to start working on again over the next few months. The title of the book is Real Estates Future and you can go to my website at http://realestatesfuture.com and get a copy of that if you want to, it is not available yet but just put in your information and I am going to give away a whole bunch of free copies of it.
The reason why I went through this entire story is because a few months ago Michael and Velocity Financial came to me and said he was going to do loan modifications and I had been approached by other people and I had seen a bunch of garbage on the internet and the thing that he said to me that sold me was, You know Dan, you have to understand, were using attorneys to negotiate these loan modifications.
And that is, I didnt mean to interrupt but that is the key; that is one of the reasons it took us so long to get in. Even though Velocity Financial was at the very beginning of this mad craze, heck you cant drive down the street without seeing a sign that says loan mod, kind of like back in 2006 in the heyday of the mortgage business where you couldnt drive down the street and see a sign that said, if your mortgage payment is more than 1% you are paying too much. Well now everybody is jumping into the loan modification game and it is dangerous.
And that is exactly it, it is every unemployed loan officer has gotten into the loan modification game and I guess I am guilty of the exact same thing. It is just after having 20 years experience of working with attorneys, I know what they are capable of doing, I know how they can go in and negotiate and the biggest thing is they are there to protect the home owner, to protect the consumer, to protect their client because they have a fiduciary responsibility to that client…
Duration : 0:6:29