http://www.Modifications.com/
Mortgage Loan Modification can Stop Foreclosure and save your home. Mortgage Modification is your answer to late payments and debt relief. Free consultation to discuss Mortgage Loan Modification options 1-866-332-8595.
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http://www.mtgmodadvice.com Free Home Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts.
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http://www.60minuteloanmod.com LOAN MODIFICATION Hardship letter – IS IT RIGHT FOR ME? Free 60 Minute Loan Modification info CD
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.
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http://www.mtgmodadvice.com/free How to get a Home Loan Modification Approved. Get everything you need to know. We can prevent foreclosure or mortgage by using a home loan modification service.
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Home Loan Modification video showing our Loan Modification Software that we name Simple Home Loan Modification which is loan mod software designed to help Home Owners save their home with valuable tips and feedback that helps them prepare the Hardship Letter and Loan Modification Packet
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http://www.mtgmodadvice.com/free Foreclosure prevention Florida – Free Advice. Get everything you need to know about Loan Modification. We can prevent foreclosure by using a loan modification service.
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http://www.mtgmodadvice.com/free Foreclosure prevention Florida – Free Advice. Get everything you need to know about Loan Modification in Florida as an Alternative to Foreclosure.
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Utah Attorney Jeremy Eveland helps homeowners keep their houses that are currently in foreclosure. Bankruptcy, loan modification, forebearance agreements, and litigation to keep or sell their homes.
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Nova Dean Pack is an attorney licensed with the California State Bar since 1974. The Law offices of Nova dean Pack have taken a stand of advocacy for homeowners who have been affected by the current financial crisis.
Homeowners who are experiencing hardships due to a loss of job or cut in income or who’s mortgage(s) has recently adjusted may qualify for one of the various programs available to homeowners.
Hope For Home Owners (H4H)
On October 1, 2008 the U.S. Department of Housing and Urban Development (HUD) instituted the Hope for Homeowners Program. This program was designed to help those homeowners who have or are experiencing any of the following situations:
Their mortgage exceeds the value of their home.
They are on an adjustable rate mortgage.
They have a high fixed interest rate.
They are behind, or in foreclosure.
May have income/job issues.
The program effectively reduces the current mortgage (including second mortgages, late payments, attorney fees, and etc) to 90% of the homes CURRENT market value based on a FHA approved appraisal. This can save tens of thousands in mortgage balance, and hundreds to thousands in mortgage payments.
Credit score does not matter, and even homes in the foreclosure process qualify. These are the lowest 30 year FIXED rate mortgages with NO prepayment penalties and these new loans are also FHA insured. If you cannot afford your current loan, do not own a second home, and your mortgage was originated before 2008; you can qualify for help with this new program.
Loan Litigation
The Law office of Nova Dean Pack provides forensic audits to examine and find any possible defects or irregularities in the truth-in-lending and HUD-1 documents you received at the close of escrow when you originally received your mortgage loan. We audit the Annual Percentage Rate (APR) and the closing costs for regulatory compliance. If the truth-in-lending statement doesnt match the HUD-1 closing-cost sheet you received at closing, or if the APR is not accurately stated, you might have a cause of action against your lender that holds a mortgage on your property. This procedure may yield results that may be used to pursue litigation or may be leveraged when negotiating with the lender to grant a beneficial loan modification.
Forbearance
The Law office of Nova Dean Pack can often negotiate a forbearance agreement with your lender. Most mortgage lenders will initially try to entice borrowers with a forbearance agreement. This type of arrangement calls for the borrower to catch up the back payments, fees, and interest over a very short period of time (usually three to twelve months). The result is a much higher monthly mortgage payment and often a large lump sum up front to initiate a forbearance agreement. If the homeowner client cannot make the current mortgage payments, how will the homeowner client make even a larger monthly payment? Thus, this usually is not the best option.
Loan Modification
The Law office of Nova Dean Pack believes the best solution is a loan modification if the client desires to keep possession of his or her home. In situations where the mortgage lender has been convince by our law firm that a repayment plan or forbearance is the appropriate course of action, a loan modification is often considered and successfully negotiated with your lender. A loan modification involves changing one or more of the terms of a mortgage in order to help you bring a defaulted loan current and prevent foreclosure. This option generally is considered for homeowners whose financial problems are expected to be more long term. Often, your payments will be lowered through a new lower interest rate, which will bring down your payments. We will inform you of the negotiations being done, but you, as the client, will have the final decision to accept or reject the loan modification terms agreed by your lender.
9229 Utica Ave. Suite 100 Rancho Cucamonga,
California 91730
California State Bar License #62338
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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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