Loan Modification

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http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members

For me, the housing market implosion became personal. If youre reading this article its likely that the crisis has become that way for you, too.

Never in history has so much wealth evaporated so rapidly. It became a global problem, too, as mortgage-backed securities and derivatives are traded on exchanges around the world.

Approximately 15 million Americans purchased homes at the height of the housing bubble (from 2004-2006). Today they find themselves at Ground Zero in the housing crisis. Some experts say more than 8 million homes (16%) will go into foreclosure before 2012.

Over 600,000 loans were modified in 2008. That number is expected to quadruple in 2009. The burning question on the minds of homeowners today should be, How much and how rapidly can I modify my home loan?

In 2005 I purchased a long neglected home with big dreams of rehabbing it for my own. It seemed like a sweet real estate deal and it was until the U.S. housing market collapsed. Unfortunately, by that time I had already sunk $90,000 into improvements, so I resigned myself to riding out the housing downturn. At least the home turned out lovely and my wife of 34 years was pleased.

When my income declined too much, it became clear I couldnt meet my obligations. I racked my brain for a solution: Where could I cut back? What is the absolute minimum I could pay? Do I have any stocks or investments to sell?

I Wanna talk about ME!

I have always been conservative. I take pride in working hard and dreaming big. Like most Americans, I dont expect handouts. Im proud of my ability to care for myself and raise a happy family with solid moral values and work ethic.

You get the pictureIm probably a lot like you! Salt of the earth! But I began to feel that the economy had fundamentally changed, especially the housing market, and normal homeowners were being left behind to carry the burden.

New tales of corporate excesses are revealed daily. We learned of VIP loans for Senators and platinum parachutes for executives at Countrywide; Detroits big three automakers flew into Washington on private jets to pick up their government handout; Wall Street theif Bernard Madoff admitted to cheating clients out of a cool $50Billion; and on and on! It looked like a collapsed house of cards.

Remember Blazing Saddles? It contains a scene in which Gene Wilders character describes good, traditional citizens. He says, They have unchanging values, the salt of the earth people you know morons! Thats how I felt. Thats how I still feelmoronically passive while getting robbed!

My first loan modification was absolutely torturous. I actually failed three times on it before I finally cracked the code! I read through hundreds of pages of information published by non-profits, spent hours on hold with the bank, and attended one of the first Loan Modification live events designed to assist homeowners in distress. Instead of the anticipated turnout of 200, some 2,000 people showed up. Many of them waited over 5-hours just to talk with a bank representative. It was impossible not to see the similarities to the long lines of desperate Americans in line for soup and bread during the Great Depression.

Well, it certainly shook my psyche a bit. But sometimes reality bites!

The mod that came out of that meeting saved me $686 per month and almost $194,000 over the life of the loan.! Do I have your attention now?

Needless to say, it got my attention! How often do we get the opportunity to reduce monthly expenses by $686? Most people have to get a 2nd job to earn that much and thats taxable income! And, here is the financial benefit to me:

I had gone from inept bumbler to laser-focused loan mod mercenary. I was fast, fearless and dead serious about getting the best loan modification! Now, my experiences can help you.

Learn more about the opportunity to modify your mortgage with a free CD called 60 Minute loan Modification Secrets. Get it at my site http://www.60MinuteLoanModification.com.

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http://easyhomeloanmod.com/ for more information.

Getting approved for a Bank of America mortgage loan modification can be tough. In this video, i show you exactly how you can get approved for a bank of america mortgage loan modification.

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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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http://www.60minuteloanmodification.com – LOAN MODIFICATION: IS IT RIGHT FOR ME? I have a free 60-Minute Loan Modification CD that teaches you how I modified 6 of my own mortgages and now teach others to do the same. Follow the link above.

WHO QUALIFIES FOR LOAN MODIFICATIONS?

First:

You must have a genuine hardship. This can be a loss of employment, a rate increase, a decrease in property value, or other hardship which has made it difficult to make their monthly payments. You must be willing to write a hardship letter as part of the application process.

Second:

You must have made the decision to keep your home. You have to be sure that you want to absolutely keep your home and you will continue to stay current on the new monthly mortgage payments, once negotiated.

Third:

You must be able to afford the new terms of the modification – the monthly payments.
FREE LOAN MODIFICATION FORUM:
http://www.60minuteloanmodification.com/members

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http://www.60minuteloanmodification.com – LOAN MODIFICATION: IS IT RIGHT FOR ME? I have a free 60 Minute Loan Modification CD that teaches you how I modified 6 of my own mortgages and now teach others to do the same. Follow the link above.

IS A LOAN MODIFICAITON A REFINANCE?

No. Refinancing is not a great option right now. Its slow, expensive, and time consuming. Loan Modification is MUCH easier and offers more opportunity.

Here is why: If you have very little or no equity in your home, or if you have missed a payment in the past 12 months, or if you have bad credit, refinancing would not be an option for you. With a loan modification we can lower the payment and interest rate even with negative equity, missed payments, and/or bad credit.

FREE LOAN MODIFICATION FORUM:
http://www.60minuteloanmodification.com/members

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http://www.loanmodification.cjb.net make this one of your loan modification guide programs and find all the information to get you going. Learn more about loan modification now at http://www.loanmodification.cjb.net

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http://www.60minuteloanmod.com – LOAN MODIFICATION: IS IT RIGHT FOR ME? I have a free 60 Minute Loan Modification CD that teaches you how I modified 6 of my own mortgages and now teach others to do the same. Follow the link above.

LOAN MODIFICATION & DEBT TO INCOME RATIO

Debt to income ratio is most important, but lenders also look at your household disposable income.

D.T.I.R. is calculated by adding up all your car payments, minimum credit card payments, installment loan payments, and your house payment using the modified ideal loan payment) plus property tax and insurance. That is the Debt part. The Income part is your gross monthly income.

So if your monthly debt service comes to $3000, and your income is $6000, your DTIR is $3000/$6000 or 50%. That is the most critical number. As a general rule, lenders are looking at 50% or lower but there are even exceptions to that.

FREE LOAN MODIFICATION FORUM:
http://www.60minuteloanmodification.com/members

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Attorney Negotiated Mortgage Loan Modification for Home Owners. Expert Advice on Real Estate and Finance. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 5 (Excerpt)

The Loss Mitigation Department at the Bank is not on your side

Welcome back once again my guest Brett Fallon, Brett is a regular guest on the show, he is a registered financial consultant with RG Capitol and AIG Financial Advisors Brett W Fallon welcome back to the show.

It is nice to have the financial advisors perspective on some of these things so many people dont have a financial advisor so for thousands and thousands of people listening right now you are their only option for that, financial advisory services are typically not for the masses but again you are here to help and your services are available to quite a number of people you actually work with fortune 500 companies is that correct?

Yes, I do a number of workshops for fortune 500 companies that are headquartered here around the valley, the idea is to help people create efficiency with all assets, understanding that their home and home mortgage is typically the largest asset that most Americans have and if you are not treating that with efficiency, the retirement accounts and investments accounts, and all the other stuff has to work in concert, so Im happy to weigh in with information and give you my viewpoints and my perspective.

We were talking just a few moments ago about utilizing an expert negotiator when trying to do a loan modification, people are getting mail from bogus service sources, we have already covered that, but from their servicers saying if you need help with your mortgage, help is here, give us a call. Im certainly not going to tell everyone in the world that they cant do their own loan modification because some people are qualified to negotiate on their own behalf, though in my opinion they will still be emotionally attached to it and if they hear something that sounds good, it may be enough for them to essentially bite at the offer which is exactly what the loss mitigation department wants you to do.

It goes back to the disinterested third party, that expert negotiator, negotiator being the key word in that phrase. One of the things we were talking about and I want to make sure that we address this especially in this segment, we are talking about loan modification of mortgages of people that have some financial constraints, some pressure whatever the source of pain is, for them knowing that this option exists to take an existing mortgage loan and modify it to their best or better interest, from what it currently is, so who should and who should not do a loan modification, lets start with that.

Ill tell you and lets start with people who shouldnt do a loan modification. Someone who thinks their interest rate is too high and owes more than the house is worth, feels that they are entitled to a loan modification, is not really a good enough reason or a hard enough hardship for those types of people unfortunately. This is essentially a handout that is being offered because of some of the malpractices, if you will, that were happening within the mortgage industry over the last several years.

With these big huge banks offering these products that were teaser loans, toxic mortgages, as we call them now. We certainly didnt call them that then when the consumer calls me up and says I want that 1% loan thats going to be my ticket. Unfortunately people took theses loans but what they didnt realize is that someday this loan with the ridiculously low interest was going to reset and their payment was going to quadruple and who on earth could have known that the economic times would be as bad as they are and they would have no option to get out of these loans.

So someone who simply finds themselves upside down on their home, owing more on the house than the actual value of the house, does not necessarily need to consider a loan modification. No they may not qualify on those merits alone in most cases.

I just want to make a point, I was reading an article in the wall Street Journal about this stuff and basically the gist of the article was that the average foreclosure on any property in the United States costs the lender $50, 000 from start to finish…

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(Click “More Info” to see full video script!)
http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members

Your fears are well-founded. On top of your anxiety about foreclosure you must ALSO be leery of assistance scamsphony professionals who seek to profit from your pain. These phonies use half truths and outright lies to sell services that promise relief and then fail to deliver. They seek quick profit through fees or mortgage payments they collect from you, but do not pass on to the lender. Sometimes, they assume ownership of your property by deceiving you. Then, when its too late to save your home, they take the property or siphon off the equity.

These are the Warning Signs

If youre looking for foreclosure prevention help, avoid any business that:

guarantees to stop the foreclosure process no matter what your circumstances
instructs you not to contact your lender, lawyer, or credit or housing counselor
Collects a fee before providing you with any services
Accepts payment only by cashiers check or wire transfer
Encourages you to lease your home so you can buy it back over time
Tells you to make your mortgage payments directly to it, rather than your lender
Tells you to transfer your property deed or title to it
Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
Offers to fill out paperwork for you
Pressures you to sign paperwork you havent had a chance to read thoroughly or that you dont understand.
Fails to offer unconditional, money-back guarantees
Fails to offer a list of past clients with contact information
Where to Find Legitimate Help

If youre having trouble paying your mortgage or you have gotten a foreclosure notice, you must do 3 things immediately 1) listen to my free CD about my experiences with my own mortgage modifications (you will be encouraged and amused!), 2) withdraw any funds you have on deposit with the lender you will be negotiating with and 3) prepare your budget and hardship letter so you are well-prepared to answer questions the lender will ask. Then cntact your lender immediately! When you contact the lender insist on a pre-qualification (verbal only) in which they review with you your situation and recommend programs for which you may qualify.

My services help YOU to help yourself get a good workout solution with the lender. I have successfully negotiated five of my own mortgages modifications and helped hundreds of others to negotiate great settlements. My experiences will help you be more effective and will speed the process for you.

Learn about my story on a free CD called 60-Minute Loan Mod Secrets. Order it at http://www.60MinuteLoanModification.com

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Attorney Negotiated Mortgage Modification for Home Owners. Expert Advice on Real Estate and Loan Mods. Avoid Foreclosure Scams and Fraud. Prevent Bankruptcy. Go To http://RealEstateMarketingThisWeek.com

Part 4 (Excerpt)

Home Owner Negotiated Loan Modifications may have too many pitfalls

Yes, I think that makes perfect sense, the only analogy that I can come up with is I could probably figure out how to change the oil in my car, but its not my expertise. Im certainly not going to take the time away from what I have expertise in in order to figure out how to do that, Im going to have a professional do that, and it is the same idea with when someone is considering a loan modification.

You can probably call up that loss mitigation department of that lending institution versus going through the legal department and try to work through that scenario. But you dont know what you dont know, and if you take that approach and make that attempt it could cost you money, it could cost you a higher interest rate, it could cost you something that you are not even aware of. Thats where your team and the loan modification professionals and this attorney network that you exclusively work with come into play.

Again you talk about choosing to not change your own oil, of course you could figure it out, you wouldnt operate on yourself, if you got yourself into some legal trouble and you were an attorney you wouldnt represent yourself. Even though you may know what to do and how to do it, you are just not going to do it because you need an unbiased, 3rd party that is truly going to fight for your rights.

And who has expertise in this particular area, specifically focused on working on the mortgage holders, the consumers best possible outcome.

Thats right and that is a great point, we have example after example of people who have tried to do the loan modification on their own and most of the time what we see is a situation that is best for the bank, a temporary fix, well people dont need a temporary fix.

Temporary being the key word there, well make it better for one year, three years, five years,
whatever it is, but we will tack it onto the life of the loan. One of our strategic partners was just sharing a story on the break about someone he knows personally that did this, they did this themselves without the benefit of an attorney and the end result was a temporary, short term fix today, all of the back interest, costs etc. were tacked on to the other side of the loan, of this mortgage. That is not what you are after, with a loan modification.

And when you think about it a temporary fix is what put most of these people in the situation to begin with it, were a temporary fix. Remember the billboards that said if your mortgage payment is only $500 a month you are payment too much, call us for a 1% interest rate. Give me a break, people fell for it, everybody fell for it, it was a disaster. You dont need a temporary fix you need a real fix.

A real fix that is going to meet your needs as a consumer, that is going to meet the needs of your family so you can stay within the home and thats going to meet the needs of your cash flow monthly, to get a reduced payment, whatever it is going to be for you and your family, that is the whole idea behind modifying your existing loan.

Another important item we hammer down on so many of these issues, a loan modification is not for somebody who doesnt care. This is if you care and it appears that you will be faced with foreclosure, if you are late on your mortgage, if it is getting ready to go up, any number of genuine true hardships financially that happen to you. Your main goal has to be that you want to stay in your house, keep your family in that house, you need to call, we are here to help, we are not salesmen.

If you are able to find another solution, you know what we are happy for you, the more people in my opinion that are affiliates of my firm that are out there to help us through this process the better off we all are, the sooner we get through this loan modification, these toxic mortgages, the sooner all things economic will recover. The housing market is the basis for this economic crisis and everybody knows that.

There is no question and a number of experts that have weighed in and who have credibility that I receive advice from in terms of helping my own clients, they talk about the stock market in terms of when does it improve and when do stocks get a foothold and go forward and the economy starts to rise and recession come to an end and all those things.

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