Many of us are feeling the crunch of slowing economy. Despite low interest rates, many of us no longer have equity in our homes. The credit market is not what it once was, and there is little to now possibility to refinance. We have all been undoubtedly touched in a negative way by the horrible economic crash, and there does not seem to be an end in sight. Sadly, people are coming to realize that losing their home to foreclosure is becoming a real possibility. Home foreclosure in America today is at an all time high and is affecting many homeowners that never believed they could lose their home to foreclosure.
The banks want you to modify your loan. Our law offices and pre-foreclosure prevention department have successfully reduced loan balances and attained successful modifications with rates as low as 1%. We have recently received successful packages for lenders such as:
Aurora Loan Servicing
Bank of America
Citibank
Chase
Countrywide
GMAC
Aurora Loan Servicing
Litton
EMC
Nation Star
Provident
Washington Mutual
Wells Fargo
Wishire
and more...
The banks have also realized that they would rather not have to foreclose on a property. They have learned that each delinquency and foreclosure is costly to administer, with a typical foreclosure estimated at $60,000, or about 20-25 percent of the loan balance (legal fees alone can cost $4,000), and those costs are expected to be even higher in times of home price depreciation. Banks already have an overwhelming number of properties in foreclosure, and they are finally recognizing their need to accept loan modifications via their loss mitigation departments.
The best time for Loan Modification is now! The time has never been better for consumers (who own homes) to take action and request that their loans be modified towards better terms and a lower interest rate. Moreover, with these new economic realities, a loan modification may be the only way for a homeowner to save their home.
The number of modification services
and the volume of loan modifications continue to increase as the federal
government forks out nearly $10 billion for seven servicers to perform modifications.
Bank of America Corp. said in its
first-quarter earnings report that it modified nearly 119,000 during the
period. BoA also said it launched a new program that utilizes affordability
measures to qualify borrowers for modifications.
Also, A report today from the
Federal Housing Finance Agency indicated 8,953 loans owned or guaranteed by
either Fannie Mae or Freddie Mac were modified in January, edging up from 8,688
in December and a monthly average of 8,000 during the fourth-quarter. Almost
two-thirds of January's modifications involved both a rate reduction and a term
extension.
Recently, large numbers of homeowners have been trying to complete “loan workouts” or loan modifications with their current mortgage lender to lower the interest rate and improve the terms of their loan. They have learned that negotiating with the bank for a modification of their home loan can be an overwhelming process. Major lenders such as Countrywide bank, Indy Mac bank, Wells Fargo, Bank of America, WAMU, New Century, Quicken Loans, Aurora, Aegis, EMC Mortgage, CITI Mortgage, Chase Bank, are inundated with defaults and foreclosures. Numerous calls, hours of time, repeated delays, transfers from one department to another, voice mails, faxes back and forth…how can you accomplish all of these things while desperately trying to live a normal life? Trying to take care of your family, trying to make a living, trying to make ends meet…
The Home Mod Help Advocacy Group and Legal Network is here to help you. Stop Foreclosure - Why it is the most important decision of your life.
- Foreclosure is AVOIDABLE. Modify your loan now and keep the roof over your head. - Foreclosure is a CHOICE, not an inevitability. Modify your loan now and avoid foreclosure. - You DON’T have to settle for foreclosure. Avoid it with a loan modification now.
Give us a call at 1.866.333.8443 or fill out the form on the left and reach out to us now. Let us help you!
You can also contact us directly for a free evaluation, or even a second opinion and free income and debt analysis today!
Our law office handles each loan modification directly, and each file is individually pre-screened and are attorney represented, whether you are late on your mortgage payments or not. Our proven system helps individually address the needs of both the client and the lender, ensuring that you position yourself and your family for the best result.
Our staff will help prepare the proper documents in order to present your lender with a professional loan modification request which will allow them to make a fast and firm decision that is in our client's best interests. Also, we are often priced below expensive companies that claim to have attorney help.
Turn you house back into a home again.
We have all your pre-foreclosure loan needs covered including conventional financing, VA/FHA, reverse mortgages, and short sales. We can negotiate your payoff lower to get you closed!
It does not matter how far behind you are, the size of your mortgage, your income, your credit history, or if you have been unable to get help before. We have solutions, and we get results! We will talk with your lender, handle the paperwork, get an immediate stop to your foreclosure, then negotiate the best plan for you.
We know that sometimes bad things happen to good people. We understand the stress, potential feeling of hopelessness, and confusion of all the companies and options out there. This is why we offer a completely free, no hassle, consultation to educate you on all your options to stop your foreclosure as fast as possible.
Call Us Today and let us help you save and protect your most important asset - YOUR HOME.
****** Nationwide Applicationpart 1 and part 2 ******
** Modification Warnings... The Bad Press and What you Need to Know.
There are still companies that are illegally soliciting homeowner's business, taking advanced fees and not completing the modification service and work. Remember to always use common sense in doing business. It is always good to ask who is involved in completing the service, what to expect (beware of guarantees!), how long the process takes, and has the company had previous success with completing previous modifications.
RECENT RESOURCES & NEWS:
FORECLOSURE ACTIVITY
INCREASES 9 PERCENT IN FIRST QUARTER
April 30, 2009 Foreclosure
filings were reported on 341,180 properties in March, a 17 percent increase
from the previous month and a 46 percent increase from March 2008. The March
and Q1 2009 totals were the highest monthly and quarterly totals since
RealtyTrac began issuing its report in January 2005 despite a decrease in bank
repossessions (REOs), which were down 13 percent from the fourth quarter of
2008 and 3 percent from February totals. Read
Full Story…
Obama
Administration Announces New Details on Making Home Affordable Program
April 29, 2009 The Obama Administration today
announced details of new efforts to help bring relief to responsible homeowners
under the Making Home Affordable Program, including an effort to achieve
greater affordability for homeowners by lowering payments on their second
mortgages as well as a set of measures to help underwater borrowers stay in
their homes. Read
Full Story…
Many Remain Skeptical over President's Plan to Modify
Last month, Obama revealed his plan to help the currently struggling housing
market, which he says will go a long way to help millions of Americans suffering
from plummeting property values. Proponents of the plan say it is designed to
help people who are really struggling, and not those who bought a house they
could never afford. But what about the rest, and how is it going to happen? Read Full Story...
Will the Government’s Loan Modification Program Help
Homeowners?
Millions of Americans burdened with negative home equity are losing faith in the
talk they hear coming from Washington, D.C., about loan modification. They just
don’t see the loan modification plan happening. Read Full Story...
6
companies to get $9.9B under mortgage program
The administration said the companies — including some of the mortgage
industry's biggest players — will receive a maximum of $9.9 billion in
incentive payments, which are designed to encourage mortgage companies
to lower borrowers' monthly bills. The government expects to finish
arrangements with other companies in the coming months. Read Full Story...
Foreclosures Now on the Rise
April 15, 2009 Foreclosure Moratorium for Making Home Affordable Program ending soon. Watch Video...
Shiller Calls for Redesign of Mortgage Business
The co-creator of the
Case-Shiller Home Price Indices said that the mortgage business needs to
correct some of the risk and inequity in the system. Read Full Story...
Economists Question Loan Modifications
A
new study from the Boston Federal Reserve indicates that mortgage defaults
mostly stem from job loss and not from bad mortgage terms. Read Full Story...
