…..Borrowers who have lost their jobs, not surprisingly, may have difficulty meeting their mortgage payments. Thus, increases in unemployment in certain areas, such as states in the Midwest struggling with job cuts in the auto industry, are another major factor contributing to higher delinquency rates.

Duration : 0:1:25

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Frequently asked question number eight will a loan modification have a negative impact on my credit? A loan modification does not have a negative impact on your credit report. In fact, a loan modification may be the very best way to maintain good credit as long as it makes your monthly payments more affordable. My 60-minute loan modification includes powerful credit repair secrets to help you rapidly achieve great credit, if you have fallen behind on payments.

Duration : 0:1:3

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Duration : 0:3:28

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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

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for more info visit: www.gmfinancials.com

Duration : 0:7:59

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Duration : 0:5:26

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Duration : 0:3:19

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Loan modification programs are designed for homeowners regardless of your equity position. If you are upside down on your home or have been recently turned down for a refinance, there is help available to you. You can modify your loan into new payments you can afford.
An attorney which specializes in loan modifications knows exactly what the lender needs and knows how to negotiate on your lowest payment on your mortgage settled.
Loan modifications are the altering of the characteristics of a loan without refinancing or in order to prevent foreclosure.
These are the people that a loan modification program will help stop foreclosure and keep you in your home.
An attorney based loan modification program will force the banks loss mitigation department to analyze your situation in order to modify your loan into something that the bank and yourself can agree upon.
No matter what situation you are in, an attorney based loan modification program can help you tremendously!
If you owe more than your home is worth there is a good chance that attorney based loan modification specialists, will be able to force them into lowering your principal balance as well as your interest rate
A Loan modification attorney will analyze your loan documents and your financial situation. If they find a violation you will be saving hundreds of thousands of dollars over the life of your loan.
There are basically three ways you can address your loan modification needs: Yourself, thru a civilian modification service and thru an attorney based service. There is a very wide variety of homeowners qualify for loan modification.

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Duration : 0:8:32

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Part 3 (Excerpt)

Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism

One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much.

Duration : 0:6:19

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A loan modification will adjust your mortgage payments, according to your present financial condition, this is not a refinance.. Financial hardship due to loss of job or pay cut, facing foreclosure, your house is upside down meaning you owe more than the house is worth today. Your credit has nothing do with a loan modification. Watch our 2 films from MSNBC News and ABC Niteline.

What are the qualifications for a loan modification? They might be many different versions, but the main ones are:
1) Inability to refinance due to loss of equity.
2) Financial hardship due to loss of job or other inability to work.
3) Facing foreclosure due to delinquency.
4. Your house is now upside down meaning you owe more than the house is worth.
5, All you need is income and that can be from anyone that lives in the house including rentals.
4) Credit has nothing to with a loan modification.
5) No Appraisal fees.
6) An attorney is the best way to get a loan modification. Banks respond quicker.

Duration : 0:9:46

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