Tried to refinance but were turned down because you do not have enough equity?  Well, you are not alone.  An estimated 12 million American mortgage holders now owe the bank more than their homes are worth. And with housing prices sliding still and the credit crunch worsening, the number of so-called upside-down mortgages is expected to rise to record levels.  A loan modification is quickly becoming the only viable option for homeowners trying to find a way to save their home from foreclosure.

Within a year, Moody’s Analytics predicts, a whopping 30% of all U.S. mortgage holders will owe more on their homes than they are worth. In some California communities, according to real estate service firm Zillow.com, negative equity already is the norm.

The effects of this are many.

The risk of default rises-and it’s good to recall that it was people defaulting on their home loans last year that set much of the current economic crisis in motion. Home equity lines of credit-even for people who pay their mortgages faithfully-will be harder to come by. And woe to those who lose a job or get sick.

“If you have some kind of disruption to your income and you can’t make your mortgage payment, it’s going to be very hard for you to refinance or anything like that,” said Mark Zandi, chief economist for Moody’s. “This was the bedrock of most people’s savings, their home.”

The upside-down effect will change the financial equation for millions of people who face an immediate crisis.  Short sales have become very common, but even a home listed well below value can languish on the market for months due to a lack of buyers and increased inventory.  Meanwhile, the clock is ticking for delinquent homeowners trying to salvage their credit and security.

The bright side for some homeowners who owe more than the house is worth is the home becomes less attractive for the lender to foreclose on.  The foreclosure process costs the bank about $50,000, and when added to the amount the lender will lose when the home is sold, the bank is less likely to pursue that option first.  A loan modification is the most cost effective and beneficial option for all parties in cases like this.  A loan modification will offer the homeowner the affordable payment they need to maintain ownership, and the lender turns a delinquent loan into a performing asset-it’s a win-win for everyone.

Home Edition Loan Modification Kit

To find out if a loan modification is an option for you, learn everything you need to know in The Complete Loan Modification Guide.  This is a low cost, easy to ready home edition handbook that you purchase and download right online.  The Complete Loan Modification Guide will provide you with step by step instructions on how to prepare a professional loan modification application for your lender.  The Complete Loan Modification Guide is the most complete and up to date source of information available today, all in one easy to follow handbook.  Order and download The Complete Loan Modification Guide today and get started on the path to home based financial security.

If you would like more information about loan modification, please visit us at:  http://www.myloanmodificationcenter.com

Save Your Home

Paulson- Treasury Will Force Loan Modifications
September 24, 2008 – Starting off his remarks to a key (and often contentious) hearing with members of the House Financial Services Committee by offering a concession on executive pay, Treasury secretary Henry Paulson clearly wanted to get off on the right foot with key legislators that have become increasingly critical of the Bush administration’s proposal to bail out Wall Street at the expense of Main Street.

B of A Rolls Out $8.4 Billion Loan Mod Program
October 6, 2008 The mortgage bailout for Main Street has officially begun, in the shadow of a $700+ billion bailout of Wall Street signed into law on Friday afternoon by President Bush. A slew of lawsuits against Countrywide Financial Corp. led Bank of America Corp. to announce late Sunday evening what will likely end up being the single largest predatory lending settlement in US history.

Bailout dilemma- How hard to squeeze the banks on loans – As the new owner of some gigantic number of troubled loans, the government also would be in a position to order loan modifications that could forestall foreclosures. If that shrinks the glut of homes on the market, it could brake the decline in prices. And if people begin to believe the bottom has been reached in housing, confidence in the economy and the financial system should improve.

IndyMac’s Fast-Track Mortgage Modification Program – More than 3,000 borrowers  have signed on to a fast-track loan modification program launched by IndyMac, the insolvent California lender seized by the feds in July. Officials from the Federal Deposit Insurance Corp. have moved quickly to tackle the 60,000 delinquent mortgages in IndyMac’s portfolio of 742,000 home loans.

As you can see from these recent articles, the mortgage loan modification solution is becoming more readily available to homeowners and will be booming for the near future, approximately 24 – 36 months.  Considering that 1 out of every 6 homeowners is in some way struggling with their mortgage, there is certainly no shortage of homeowners who could benefit from a mortgage loan modification .

Home Edition Loan Modification Kit

Please visit us at: http://www.myloanmodificationcenter.com

I

Save Your Home

Millions of homeowners are desperately seeking help to get out of their bad, unaffordable home loan and into a home loan they can afford.  If you are one of these borrowers looking for answers, I have compiled some of the most commonly asked questions from homeowners wanting to find out if a mortgage loan modification is an option for them.  Perhaps this will help you as you start your own search for assistance.

1. Who qualifies for a loan modification-can I qualify?  If you can prove to your lender that you have suffered a hardship, have an adjustable rate or sub prime loan that you can’t afford, AND that you do have the means to pay a lower loan payment if given the mortgage loan modification, you are a good candidate for a loan modification.
2. What is an acceptable hardship situation?  While each situation is unique, the lenders will generally consider the following to be an acceptable hardship:  death in family, military service, loss of job or reduction in hours, job relocation, medical issues (bills,hospitalization), divorce, separation.  Part of the mortgage loan modification application is writing a hardship letter explaining your circumstances to the bank.
3. My house is not worth what I owe on it-can I still get a loan modification?  Actually, that might work in your favor, because a lower home value will make the lender think twice about foreclosing as they stand to lose even more money.  Foreclosure is expensive and keeping you in the home making payments may be the most cost effective option for everyone.
4. Does everyone on the original loan have to agree to the mortgage loan modification?  Yes, anyone who signed the original loan documents must agree to and sign the modified loan documents.  The only exception is if one borrower is deceased or you have a power of attorney.
5. I have tried to call my bank but they won’t talk to me until I am late on my payments-do I have to miss payments to get help?  Every lender has slightly different criteria, but my experience has been that bankd are prioritizing their loan modification applications so that homeowners facing imminent foreclosure are being helped first.  BUT, if you foresee a problem arising in the not too distant future you should start the mortgage loan modification process now.  Many lenders are reaching out to borrowers who are not yet delinquent but face adjustable rate increases soon.
6. 

   Pay a Company?

   6.  What about these mortgage loan modification companies saying they will represent me and give me a better chance to get a loan modification?  Most of the loan modification companies are new businesses that have set up shop to get in on the beginning of the loan modification boom.  Since some homeowners do not feel comfortable speaking directly with their lender, or do not feel they have enough knowledge to assure the right result, a loan modification company will represent you with your lender for an upfront fee.  Some of these companies are reputable and have every intention of helping you to the best of their ability, others however, have already been sanctioned by several District Attorneys for not providing any service at all after taking an upfront fee.  Basically, before you agree to anything make sure to do your homework by learning about the loan modification process so you know what questions to ask.

7. My loan is with one of the “failed” banks-now what?  Really, it’s business as usual for most of these banks, the new owners have taken over and in some cases are very motivated to clean all the delinquent loans up so they look better on paper to the FDIC.  This could really work in your favor as the lenders need to turn these banks around quickly.  That being said, there is some transition time involved and some homowners are experiencing delays while the new procedures are implemented.
8. I did not understand my loan when I got it and I feel like I was taken advantage of, payments and fees changed throughout the transaction-do I have any other options?  There are some lending laws that require certain disclosures and procedures be followed during the loan application process.  If violations occured, then you may be entitled to a full refund of all the interest you paid on your loan.  The TILA and RESPA statutes are taken very seriously and lenders will pay attention if you bring this to their attention when negotiating a mortgage loan modification.
9. There is alot of information on the internet about loan modifications-what should I trust?  The internet is a great source of information, unfortunately, there is no “truth filter” so you have to do your due diligence when researching any subject.  Check our several different sources of information, unbiased sites such as www.hud.gov or www.hopenow.com offer accurate detailed information.
10. 

    Knowledge is Power

    10.  OK, I want to find out a mortgage loan modification for my family, what should I do to get started?  First step: start researching and learning as much as you can about the loan modification process and what is involved.  Check out your lender’s website for their policy on loan modification-look under loss mitigation or homeowner assistance.  Sit down with your family and put together a workable, sustainable family budget so you know how much you can afford to pay each month for your home loan payment. Then put together a plan of action and get started-time is not on your side, act now to try to save your home.

An excellent source of mortgage loan modification information in one low cost, easy to read handbook is The Complete Loan Modification Guide.  You can purchase and download The Complete Loan Guide right online, and get started learning everything you need to know about your loan workout options.  You are given step by step directions on how to prepare a professional and successful mortgage loan modification application.  The Complete Loan Modification Guide will provide you with all of the required loan modification forms and detailed instructions on how to complete them properly.  You learn how to calculate debt ratio, write a compelling hardship letter, your legal rights and much more.  Give yourself a fighting chance to save your home, get informed and get going!

Home Edition Loan Modification Kit

Modification

If you would like more information about loan modification options, visit us at:

http://www.myloanmodificationcenter.com

Learn how!

The Federal Government has stated that over 2 million homeowners could benefit from a mortgage loan modification to help them avoid foreclosure.  Frustrated, confused and angry homeowners are desperately seeking the help they need to undertand their loan modification options and put a plan in place to save their home.  But if you are one of the millions who need mortgage loan modification help, where do you start?  You might have been taken advantage of with a sub prime or adjustable rate loan-so do not  be taken advantage of again.  Here are the pros and cons of hiring a loan modification company or working with your lender directly for a mortgage loan modification:

Loan Modification Companies:  OK, just Google the words and hundreds of ads pop up.  All of these companies are relatively new to the loan modification business, let’s face it, 2 years ago the word “loan modification” wasn’t even on the radar.  Now it is almost always mentioned along with toxic loans, mortgage meltdown, housing crisis and predatory lending.

Pay a Company?

Most of the companies are staffed with former mortgage brokers and loan officers who pay for leads from another new industry, the loan modification lead generator businesses.  These companies mine the public records for late paying borrowers and homeowners who have fallen into default, then the information is sold to a loan modification company.  If you are one of these borrowers, you have probably gotten a mailing or phone call.  Not that this is a bad thing, with millions of homeowners needing help, there is a need for trained, experienced professionals to assist borrowers who don’t feel they can negotiate with their lender on their own.

Just be sure that before you pay a mortgage loan modification company thousands of dollars to represent you (usually with no guarantee of the outcome) that you have done your own research and learned as much as you can about the mortgage loan modification process.  At least then you will know what questions to ask and have a pretty good idea of how the transaction should be handled.  You might be more comfortable retaining the services of a firm that has an attorney on staff.  An attorney experienced in real estate law can bring some legal pressure to bear on the bank, for such things as lending and disclosure violations.  Of course, the attorney based firms are more expensive.

Do it Yourself:  You might say, “I don’t know the first thing about mortgage loan modifications, so how would I even know how to get started”.  Listen, it’s not rocket science-you just need to learn a few calculations and how to complete the mortgage loan modification forms properly.  The secret to a successful loan modification is HOW IT IS PRESENTED.  Let’s face it, no one is going to work as hard as you to get your loan modification approved-after all, you have the most to gain and the most to lose.  You may be like the thousands of homeowners across the country who simply do not have the few thousand dollars to pay a loan modification company.  It’s not hopeless-you can learn the basics, take your time, and learn how to submit a professional mortgage loan modification application.

Knowledge is Power

Whether you decide to hire a mortgage loan modification company or on a do it yourself loan modification, it is only smart to first learn all you can about how the loan modification process works.  A smart, educated, informed homeowner is harder to take advantage of-remember when you got the home loan you have now?  Don’t be intimidated again-your home is too important to lose without a fight.

The Complete Loan Modification Guide handbook is a low cost, easy to follow Loan Mod Book that will take you step by step through the loan modification process.  You will learn everything you need to know to decide which option is best for you, all of the required forms are provided and you are given detailed instructions on how to complete them properly.  Get help computing your debt ratio, writing an acceptable hardship letter, learn your legal rights, and much more.  Purchase and download The Complete Loan Modification Guide now and get started on the path to home based financial security now.

Home Edition Loan Modification Kit

If you would like more information about loan modification help, please visit us at:

http://www.myloanmodificationcenter.com

This last week saw two major programs roll out that will benefit troubled homeowners across the country facing delinquent home loans and rising foreclosures.  Bank of America, owner of Countrywide, announced a new, aggressive and systematic mortgage loan modification program as part of the largest predatory lending settlement in U.S. history.  Here are the highlights of this offer and the benefits it will give to Countrywide home loan customers:

• $8.7 Billion allocated for assistance and mortgage loan modifications for current Countrywide customers
• 400,000 loans to be reviewed for potential mortgage loan modification offers
• Foreclosure proceedings will be suspended on delinquent loans pending approval
• Late fees and pre-payment penalties to be waived
• Additional lump sum payments made to borrowers who cannot afford their monthly payment even after a mortgage loan modification and to those who lose their homes in foreclosure in the future

Effective October 1, Hope for Homeowners rolled out a government sponsored mortgage loan modification plan that offers government insured, low, fixed rate loans for distressed and delinquent homeowners.  Originally signed into law last July, the Hope for Homeowners was part of the Housing Rescue Bill and will offer the following benefits to qualified homeowners:

• $300 million earmarked to assist distressed homeowners refinance out of bad loans
• Qualified borrowers must have taken out the loan between January 2005 and June 2007
• The property must be the homeowners principle residence
• The deal calls for the current lender to forgive 90% of all debt over the homes current appraised value.  This reduction in principle will serve to more accurately reflect the property’s current market value & restore lost equity
• This is a voluntary program and homeowners must ask their lender if they will agree to participate

Lenders, loan servicers and the government all seem to finally realize the magnitude of the housing crisis facing millions of American homeowners.  Mortgage Loan Modification programs are being encouraged and procedures are being put in place to allow more borrowers the chance at changing their bad loan into an affordable, sustainable monthly mortgage payment.  Homeowners thinking about a mortgage loan modification need to start learning and be prepared to present an acceptable application to their lender for quick approval.  Not all borrowers will qualify, so it is important to know exactly what your lender needs to see to approve your loan modification application.

There is a lot of information available on the internet about mortgage loan modification options.  Many companies are now offering to represent distressed homeowners during the loan modification process with their lenders.  Most of these firms charge an upfront fee, up to $5000, and there is not guarantee of the outcome.  Borrowers can also learn about the mortgage loan modification process themselves and work directly with their lender to find a loan workout solution.  Many homeowners can successfully modify their home loan with just a little preparation and instruction.  It may be time consuming to wade through all the information online, but it is time well spent for a homeowner who want to find a way to keep their home from foreclosure. 

The Complete Loan Modification Guide is an easy to follow, step by step handbook that you can purchase and download online.  You can start learning everything you need to know about how to prepare a professional and acceptable mortgage loan modification package that your lender will review quickly.  You will be provided with everything you need and given detailed instructions so you can confidently work with our lender to find a loan workout solution that fits your unique situation.

Purchase and download The Complete Loan Modification Guide handbook now and get started on your path

Home Edition Loan Modification Kit with Customer Assist

to financial security.  Please visit us at: http://www.myloanmodificationcenter.com

Frustrated homeowers are confused about their options and need to know how to figure out all of the loan modification programs and other options that are available to them.  The mortgage meltdown has affected millions of families and if you are one of these homeowners stuck with a bad home loan, you need answers and solutions so you can get your life back on track and get a fresh start.

The Treasury Department and many lenders have announced new loan modification programs aimed at providing streamlined and systematic loan workout solutions to help stop the rising foreclosure rate and keep American families in their homes.  You need to get educated about all of your options, learn as much as you can, then make the best decision for you and your family.

Below is a brief outline of the loan modification programs and options available to homeowners facing rising, unaffordable home loan payments.

 Each homeowner faces a unique situation and depending on your circumstances, your lender may be able to work out a loan modification program that will help you get out of default and back on the path to financial security.  Don’t give up without a fight-new loan modification programs are being offered every day to assist distressed borrowers.  Take the time to get informed and learn as much as you can about the loan modification process. Don’t be a victim again-there are options you can work on.

There is a lot of information on loan modification programs on the internet, but truthfully, most of the information is out of date, incomplete or worse-inaccurate.  If you want the best chance to successfully modify your home loan, you need The Complete Loan Modification Guide.  This is an easy to follow Guide that you can purchase and download right online.  The Complete Loan Modification Guide takes you step by step through the loan modification process with easy to follow instructions, all the loan modification forms you need and detailed instructions on how to complete them.  Learn how to write a compelling hardship letter, compute your debt ratio so it is acceptable to your bank, know your legal rights, and much more.  This is not rocket science, but you do need to take the time to learn and prepare so that your loan modification application will be approved and you can get a fresh start with your lender.  Thousands of homeowners just like you have successfully modified their home loan-you can too!  Download The Complete Loan Modification Guide and get started now!

Home Edition Loan Modification Kit

For more information about loan modification programs, please visit us at:

 http://www.myloanmodificationcenter.com

Millions of distressed homeowners across the country need help to fix their bad loans with a loan modification.  Loan modification application help is available to borrowers who are currently delinquent on their home loans and facing possible foreclosure.  Some homeowners, stuck with adjustable rate loans, will need loan modification help in the near future to avoid payment shock when their interest rate adjusts.

President Obama, Congress and lenders have all begun to realize the magnitude of the financial crisis caused in big part by the irresponsible lending practices of recent years.  New laws and procedures have been implemented to help borrowers find streamlined and timely loan modification application help to get out of their bad loans and into affordable and sustainable home loan programs.  The Affordability and Stability Act aims to offer loan modifications to almost 5 million borrowers.  Do you know if you qualify for this new plan?

What is the best way to get loan modification application help and get back on track with your finances and credit?  Most lenders have already set up departments and trained staff to handle the requests for loan modifications.  These loss mitigation departments are already working with thousands of distressed homeowners to find a loan workout solution.  In fact, they are flooded with requests from desperate homeowners who are facing long processing times and unanswered phone calls, letters and faxes.  It can be a frustrating and stressful procedure, unless you know some insider secrets to get your loan modification application moved to the front of the line and processed quickly.

Listen; there is a lot of information on loan modifications on the internet.  The truth is that a lot of it is out of date or incomplete.  All the loan modification application information and help you need is available in one easy to read, step by step guide you can purchase and download right online.  The Complete Loan Modification Guide handbook is the most up to date and complete source of information available today.  You are guided step by step through the loan modification application, provided with all the required loan modification forms and given detailed instructions on how to complete them.  The Complete Loan Modification Guide gives you negotiating tips, will tell you about your legal rights, how to write a compelling hardship letter, and how to put it all together into a successful loan modification application package that your lender will approve.  Save yourself hours of stress and confusion, before you contact your lender, take the time to learn and be prepared-thousands of homeowners have gotten loan modification help and you can too!

Home Edition Loan Modification Kit

 Bank of America announced its new Countrywide loan modification program as part of a lending abuse settlement.  This loan modification will offer systematic mortgage loan modifications for nearly 400,000 Countrywide customers nationwide.  This new program has earmarked as much as $8.7 billion dollars to assist Countrywide loan modification applicants achieve affordable and sustainable mortgage payments designed to head off defaults and foreclosures.

Many troubled homeowners with a Countrywide home loan originated prior to December 31, 2007 will have the opportunity to convert their sub prime loans or adjustable rate mortgages.  This Countrywide loan modification will include lower, fixed interest rates, principle reduction or a change in the loan term.  The plan also includes a foreclosure freeze for borrowers who are likely to qualify until Countrywide has determined their eligibility.  The plan ranks as one of the largest predatory-lending settlements in history.

Bank of America noted that employees will be trained to carry out this Countrywide loan modification program by December first, and would then begin reaching out to eligible customers.  Officials acknowledged the program is not perfect, but said they have some money for people who already lost their homes and they have money for people who may get foreclosed on later.  And there are some very significant payment reductions for people that will allow them to stay in their homes.

What are the primary features of this Countrywide loan modification program? 

• Loan modifications featuring reduced interest rates, reduction in principle balance
• Suspension of foreclosures on delinquent loans while loan modifications are being reviewed
• Waived late fees
• Payments to delinquent borrowers or homeowners already foreclosed on
• Waived prepayment penalties for borrowers whose loans are modified, paid or refinanced.
• Additional payments to borrowers who can’t afford their monthly payment after loan modifications and who lose their homes to foreclosure in the future

If you are stuck in a sub prime or adjustable rate mortgage loan, then this Countrywide loan modification may be the second chance you need to get back on track.  Get started now to learn about how to qualify for this new program so you will be prepared to work with Countrywide loan modification representatives.  There is alot of information available online about loan modifications, but one of the most complete and up to date sources that will teach you everything you need to know is The Complete Loan Modification Guide.  This is a low cost, easy to follow Guide that you purchase and download right online.  You will be given step by step directions on how to complete your Countrywide loan modification application to assure it will be approved.  The Complete Loan Modification Guide handbooks provides you with all of the required forms and gives you detailed instructions on how to complete them properly.  You also learn how to write a compelling hardship letter, what your legal rights are and invaluable

Home Edition Loan Modification Kit

negotiating tips to ensure you get the very best loan modification.  Don’t miss out on the opportunity for a Countrywide loan modification-get informed and be prepared.

If you would like more information about loan modifications, please visit us at: http://www.myloanmodificationcenter.com

How does all the turmoil on Wall Street, the recent bank failures and bank take overs affect your chances of getting a loan modification?  Well, all those financial storm clouds may have a silver lining if you are in a bad loan that you can no longer afford.  There is more incentive now to offer troubled homeowners a quick and cost effective solution to avoid foreclosure and clean up the mess these banks have caused.  The government is strongly encouraging lenders to offer loan modifications to their delinquent and troubled borrowers.

This is a window of opportunity you should not miss-if you are facing foreclosure, or in a toxic, unaffordable loan and have not been able to refinance, NOW is the time to contact your lender about applying for a loan modification.  There are billions of dollars of bad mortgage debt that needs to be re-structured and turned into performing assets for these failing banks.  The fastest, easiest and most cost effective way to do that is to give homeowners a fresh start with their existing home loan.  Your lender may be willing to offer you a lower interest rate, a longer loan term and even forgive some principle balance to arrive at a new, lower payment that will keep you and your family in your home and stop foreclosure.

You should get started immediately by learning all you can about the loan modification process-what it is and how it works.  There is a lot of information available on the internet about loan modifications that you can refer to.  In fact, there is so much information online, especially with many new companies popping up and offering to help you for a fee, it may be hard for you to get the most accurate, up to date and unbiased information.  It is imperative to do your research and be prepared before you call your lender.

One very good source of accurate information contained in one easy to read source is The Complete Loan Modification Guide handbook.  This is a low cost book that you can download right online that

Home Edition Loan Modification Kit with Customer Assist

will provide you with step by step instructions on how to prepare a successful loan modification application.  You will be provided with the necessary loan modification forms, as well as given detailed instructions on how to complete the forms properly.  There is hardship letter advice, as well as invaluable negotiating tips to use with your lender to make sure you get the very best loan modification you can.  Utilize the 7 Steps to a Successful Loan Modification so you have a fighting chance with your bank.  Take the time to research, learn and prepare-saving your home is worth your time and effort.  So get informed and get going!

If you would like more information about loan modifications, please visit us at:

http://www.myloanmodificationcenter.com