Save Your Home

Amid growing concerns about proper procedures not being followed on foreclosed properties, foreclosures have been halted in 23 states by Bank of America, Chase and GMAC.  The courts are now reviewing the manner in which these big lenders have repossessed the homes of borrowers, and are finding that there are some serious reasons for concern.

Borrowers who were trying to get a loan modification due to financial hardship were often moved ahead to foreclosure without being notified.  How can the bank have one department working on the loan mod and another department not be aware of this and go ahead and sign the foreclosure paperwork?  Well, it seems that bank employees were simply signing the documents without any review, stating that they had too many files to take the time to actually read them!

Federal Plan

Borrowers who are trying to find a way to save their home may now have a second chance to contact their bank and ask for consideration for the federal loan workout program, HAMP-Home Affordable Modification Plan.  Now that the lenders have been caught speeding, they just may be more open to trying to workout a solution to avoid foreclosure.  It is a window of opportunity that should not be missed by borrowers in the midst of potentially losing their home.

The states that are affected are among some of the hardest hit during this housing meltdown.  Here is a list of the states that have been affected by this foreclosure suspension:

Connecticut
•Florida
•Hawaii
•Illinois
•Indiana
•Iowa
•Kansas
•Kentucky
•Louisiana
•Maine
•Nebraska
•New Jersey
•New Mexico
•New York
•North Carolina
•North Dakota
•Ohio
•Oklahoma
•Pennsylvania
•South Carolina
•South Dakota
•Vermont
•Wisconsin

The Attorney General in California has also ordered Chase to halt foreclosure proceedings until a complete review of their procedures has been done to ensure that they are operating in compliance with state law.  More states may follow as the angry mob of homeowners is finally being heard and the abusive practices of the big lenders are coming to light.

The foreclosure suspensions provide a unique opportunity for those borrowers who would like to get a loan modification.  Even those who were facing imminent foreclosure now find they have a reprieve and some additional time to work out a solution to avoid losing their home.  It makes sense to contact the bank now, and ask to apply again for HAMP or any other loan workout plan that is available.

Know the Guidelines

The best way to make certain that your loan modification application is approved is to complete the forms correctly-especially the financial statement.  The approval guidelines are standard and are based on a formula set out by the federal government.  If this formula is used when preparing the monthly budget, then the homeowner will know if they fit into the program or not.  To make this simpler, a software program is available which was designed specifically to help borrowers apply and qualify for HAMP.  The goal is to fine tune your figures until all the approval guidelines are met-the software program shows you all the pertinent calculations immediately so that you can make any necessary adjustments on your application.

It isn’t very often that the homeowner gets an advantage over the big banks, but this foreclosure suspension action has opened a window of opportunity that should not be missed.

Prepare your application correctly!

Susan Gregory is the author of two resource books for homeowners and real estate professionals, the best selling The Complete Loan Modification Guide Kit and The Stimulus Book-HAMP & HAFA Edition.  She also teaches workshop training classes for the federal programs to help real estate professionals assist homeowners with home retention and exit strategies.  The Complete Loan Modification Guide kit provides a valuable resource for borrowers that includes a step by step handbook, required forms, and a software program that mimics the federal approval triggers for loan modification.  An advocate for homeowners, Susan also offers free 30 day email support for all of her clients who purchase her publications.  Thousands of homeowners have been helped using these materials.  Visit http://www.myloanmodficationcenter.com for more information.

Save Your Home

There are over 5 million homeowners facing the possibility of foreclosure.  But, President Obama does not want you to lose your home to foreclosure-and he has funded a program that you may qualify for so you can keep your home.  This plan is called Home Affordable Modification and it is designed to give you a new mortgage payment with an interest rate as low as 2%.  Find out how you can apply and qualify for this government program-there’s no time to waste if you are facing the prospect of losing your families home.

Obama’s home rescue plan is paid for with $75 billion in stimulus money.  This bailout plan is part of your tax dollars, so do not hesitate to ask for help.  The goal of this loan modification program is to provide an affordable and sustainable mortgage payment so that you can stay in your home and stop foreclosure.  The idea is to allow the housing segment to recover and our economy to get on track.  That is why you may be eligible for this government program-the government does not want any more foreclosures as this keeps the recession from improving.

Federal Plan

An important part of the Home Affordable Plan is how it can delay or stop the foreclosure process.  Obama has mandated that every homeowner who requests consideration under this program must be considered.  During the application review, all foreclosure proceedings must be halted.  If you qualify for the plan, then your loan will be brought current, late fees, penalties and miscellaneous charge will be waived.  You get a fresh start with your bank and can get back on track.

Although everyone is encouraged to apply, not everyone will be able to meet the standard approval guidelines.  However, you can greatly increase your chances of approval by simply learning those very same guidelines your bank will use to decide if you qualify.  You can learn prepare your own application, make adjustments to your budget, and submit an acceptable proposal so that you know you fit into the guidelines for approval ahead of time.

Learn how you may be able to stop foreclosure and get the help you need to apply and qualify for a loan modification by ordering the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes.

Home Edition Loan Modification Kit with Customer Assist

Learn how to qualify for the Obama Federal loan modification plan. Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Save Your Home

Struggling homeowners have been given some extra time to try to obtain loan modification help under a law now in effect that halts a foreclosure action for 90 days.  This law has been enacted to give borrowers the opportunity to work with their lender and modify the terms of their loan so they can afford to stay in the home and avoid foreclosure.  You might be able to use this California Foreclosure Prevention Act to your advantage-here is some basic information to help you get started.

1. Terms of the CFPA-Prevents a foreclosure sale for an additional 90 days in order to allow the homeowners and lender to workout a loan modification.
2. Purpose of the California Foreclosure Prevention Act-Gives the homeowners and their lender time to try to find a plan to avoid foreclosure-including a loan modification.
3. Loan Modification terms-This varies depending on your bank, program and your particular situation.  The interest rate may be reduced to as low as 3%, loan term extended to 40 years and some principal deferred or reduced.
4. Timeline for California foreclosure-Once a Notice of Default has been filed and recorded with the County Recorder’s Office, the homeowner has 90 days to redeem the property.  The lender will publish a foreclosure date within 20 days after the 90 day redemption period has expired.  Under the old law, a minimum of 111 days had to elapse from the date the Notice of Default is recorded before the foreclosure date.  Under the CFPA, an additional 90 days will be added, making the total redemption period 201 days.
5. Who may be eligible?-Homeowners must be able to meet certain criteria to qualify for this extension, including:  Loan originated between 1/1/2003 and 01/01/2008, first liens only, owner occupied property, Notice of Default has been filed
6. Who is not eligible?-Public housing agency, Calhfa and VA loans, borrower has already surrendered their home, those homeowners in bankruptcy

The California Foreclosure Prevention Act is another opportunity for homeowners stuck in an unaffordable loan to apply for a loan modification with their lender.  This 90 day extension is a second chance to apply and work directly with your bank to find a workout solution.  It is extremely important to understand how to qualify for a loan modification and what your lender will be looking for to approve you before you begin the loan modification process.

You cannot afford to miss this chance to save your home from foreclosure.  Make sure that you take the time beforehand to prepare your paperwork correctly.  This is not the time to take any chances-be informed and prepared before contacting your lender to apply-it could be the difference between approval and denial.  It just makes sense-gather all of your documents, prepare your application forms and make any necessary adjustments so that you can meet the approval guidelines-then contact your lender-armed and ready.

Start Now-You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com

Save Your Home

If you are facing foreclosure, there are some methods you can use to stop the foreclosure process.  Some of these methods will enable you to keep your home, like a loan workout, while other will provide an exit strategy.

Forbearance:  This is commonly used once a Notice Of Default has been filed.  The lender will allow you to delay or reduce your monthly payments for a pre-determined length of time, with the understanding that you will bring your account current within the pre-determined time frame.

Special Forbearance:  An option when you have an FHA loan and you have suffered a short term financial hardship and your loan is 90 days delinquent.  This offers a longer repayment plan-up to 24 months.

Partial Claim: FHA mortgages only, this is a one time payment from the FHA Insurance Fund in the form of a promissory note with HUD for the delinquent amount.  A lien for that amount will be placed on the property, and the loan will be brought current immediately.  The note will be interest fee and no payments will be due until the home is sold or refinanced.

Loan Modification:  The lender agrees to re-negotiate the terms of the original note to a more affordable plan so you can stay in the home and continue making payments.  This may include a reduction in interest rate, term modification or reduction in principle, or a combination.

Deed in lieu:  This is also known as a voluntary reconveyance, where you sign a deed conveying all interest in the real property to the lender.  You lose your home, but are able to avoid all the stress and expense of foreclosure proceedings.

Bail out loan:  A new loan whereby the defaulted mortgage is paid off.  Ususally a high interest, high cost temporary solution to avoid foreclosure.

Chapter 13 Bankruptcy:  A legal process that allows a debtor to enter into a court approved repayment plan

Before you make a decision affecting your home, family and financial future be sure to weigh all of your options carefully.  Take time to become an educated and informed homeowner.  There are many resources available for distressed homeowners, a very good source of information is The Complete Loan Modification Guide.  This Guide will provide you with the information you need to learn about the various options available to homeowners facing default and foreclosure.

In addition to giving general information about retention options and exit strategies, you will learn about

Home Edition Loan Modification Kit with Customer Assist

the Loan Modification process and if you may qualify with your lender for a Loan Modification.  You will learn the 7 Steps to a Successful Loan Modification, as well as insider tips and negotiating secrets.  The Complete Loan Modification Guide also provides all the necessary loan modification forms, along with detailed instructions on how to complete them.  This easy to read and easy to follow Guide will give you the information you need to decide how best to help your family and save your home.

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

http://www.myloanmodificationcenter.com