Posted on Tue, Aug 11, 2009 @ 09:47 AM
by Scott Pfister
A lot of ‘buzz' is stirring around the newest tool for fighting foreclosure and obtaining a Loan Modification, and that is ‘Forensic Mortgage Audit'. A Forensic Mortgage Audit is a review of all the important documents involving a mortgage loan. These include:
- disclosures provided during the application process
- a copy of the entire closing package
- any correspondence from the lender during the servicing of the loan.
The purpose of the review is to find out if there are:
- errors in your mortgage documents?
- errors in how your payment is calculated?
- errors in the collection of tax and insurance escrow?
- errors in the closing of your loan?
It will also reveal if there was any fraudulent or illegal activity from the broker, loan officer, or lender. Any combination of errors that are found may give attorney's and loan modification requests the leverage that you need to get the end result that you are looking for.
WHAT DO THE DOCUMENTS REVEAL?
The documents you provide for Review may show errors in a variety of Federal and State statutes, including:
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Real Estate Settlement Procedures Act (RESPA)
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Truth-In-Lending Act (TILA)
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State High Cost and Predatory Lending
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Flood Act
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Regulation B (right to a copy of Appraisal Report)
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as well as other statutes.
The closing package may also reveal how the loan was underwritten, whether the lender reviewed all aspects of the file for an appropriate loan decision, whether there is suspected fraud or incorrect information on the application, and whether the property that was used as collateral was given an adequate value.
The documents may reveal a monetary amount that the lender would be due to you, or it may reveal that your loan is entirely unenforceable!
WHY PERFORM AN AUDIT?
During the big rushes of the refinance booms in the early and mid 2000's, brokers, loan officers, and lenders were pushing through loans to closing by cutting corners, to the extent that some lenders even allowed the loan officers to close the loans! Appraisal reviews were weak, underwriting was backed up and ‘stream-lined', credit exceptions were commonplace, and everyone was simply over-loaded.
Also during this time, many sub-prime loans, exotic loans, and loans that had negative amortization and interest-only payments were funded without regard to whether or not it was a good product for the borrower. Many ‘liar loans' were originated-loans that had income that was made up for the purpose of getting the loan approved. All of these occurred without regard to what the end result would be:
- borrowers who could not afford the loans
- borrowers who could not handle the increase in payments
- and borrowers who did not understand the loans!
Many of these loans have errors in them, and many of these errors can be used to defend against a foreclosure or obtain a loan modification.
Some experts think that over 80% of mortgage loans contain errors. Now some of these errors are smaller in nature and I am not saying that over 80% of all loans have some sort of mistake that we can use to get out of paying them. But what I am saying is that the numbers are in the favor of the borrowers, and not in the favor of the lenders. It could be that your loan has no error. Or, it could be that you were not given sufficient Notice of Right to Cancel and every penny of interest that you paid is refundable to you! The chances increase with the review of Refinances of Adjustable Rate Mortgages on Primary residences. If you have a sub-prime, negative amortization, or interest only ARM, you have a better chance at discovering mistakes in your documents.
CONCLUSION
A Forensic Mortgage Audit is a complete review of the Compliance, Underwriting and Transactional aspects of your mortgage loan. Only a complete, comprehensive review will dig up all the mistakes, biases, and potential fraudulent activity that a Review from My Loan Negotiator will reveal. This is the tool that the lenders don't want to see you waving when you confront them. They know there are massive errors and potential for large monetary awards. Your best choice is to consider a Review of your documents to see what errors can be found!
Thanks!
Scott Pfister - My Loan Negotiator
Audit Division
1121 E. Main Street Suite 430
St. Charles, IL 60174
1-800-905-2237 ext. 5303
630-207-3470 (cell)
630-818-2990 (efax)
http://www.myloannegotiator.com/
Compliance, Underwriting, and Transactional Auditing Services
Posted on Fri, Aug 07, 2009 @ 01:01 PM
by Adam D. Parks - My Loan Negotiator
Interesting news on low modification numbers could be encouraging for professional loan modification companies.
The Treasury Department released data this week showing just how much (or little) effect the government pressure on mortgage servicers is having on loan modifications.
Under the HAMP or "Obama Plan" so far only 9% of the "at risk" homeowners have been modified. The Treasury said the performance has been "uneven". With only 9% of the "at risk" homeowners being helped, that leaves a LOT of room for improvement. The data released this week should shine a light on the banks inability, or unwillingness, to work out enough modification plans to make a true impact on the situation at hand. Even while banks are continuing to collect government subsidies and bail outs, they apparently are still holding tight to the purse strings when it comes to helping American Families.
The Treasury Department is now encouraging banks to RAMP IT UP... OR ELSE.
If the servicers don't
"ramp it up" then Rep. Barney Frank, the Massachusetts Democrat, is going to get back on the soap box and start pushing for the "cram down" legislation. The "Cram down" gives power to the bankruptcy judges to decide to modify a person's mortgage and adjust the terms of that mortgage.
This is bad for not only the banks (who could stand to lose a LOT more revenue) but also for professional loan modification companies which could stand to lose a lot of potential clients. If the power goes to the judges, this is not good for either.
The other unfortunate fact is that this will force more people to file bankruptcy who otherwise would not have. This is great news for bankruptcy attorneys but bad news for credit scores across the country.
The only true solution is to continue to put pressure on banks, encourage them to start offering and, more importantly, approving more files. 9% is not even scratching the surface of attempting to fix the problem!
Rep. Frank Barney said "If this last effort to produce significant modifications fails, the argument for reviving the bankruptcy option will be extremely strong". The President continues to show support for the bankruptcy legislation but the administration officials have indicated they would rather see the modification program working at full speed first.
"If that's the only option left, then [bankruptcy] might be appropriate in some cases, but if we can reach people with modifications, as we are doing now, that is a much better outcome for homeowners than bankruptcy," said Michael Barr, Treasury's assistant secretary for financial institutions.
"We shouldn't make people have to go through bankruptcy to get their mortgages modified or refinanced," he said on Monday. "The modifications are starting to ramp up."
There are encouraging signs too. Now Freddie Mac is being put in charge of auditing the modifications to see if there may have been those who were denied when they shouldn't have. Those homeowners now may get a second chance.
Professional Loss Mitigation firms or "Loan Mod Companies" should see a busy second half of the year. With only 9% of eligible "at risk" clients being modified so far and 10,000 new foreclosure filings every day, it's a good time to be in the business of saving homes.
Click for more information on Loan Modifications photo by www.old-pictures.com
Adam D. Parks
Partner/Director of Business Development
MyLoanNegotiator, LLC
1-800-905-2237 x 5306
http://www.myloannegotiator.com/
Posted on Sat, Aug 01, 2009 @ 02:05 PM
When a family buys their first home, it is a time filled with happiness, excitement and great promise for the future! Many step into home ownership with much hope, but without letting reality fully guide them through the process. Some, unfortunately, find out the hard way that dreams of owning the perfect home do not necessarily "sync" with the reality of what they can actually afford.
Your lender approves an amount for your home loan they feel you can afford based on your household income and personal circumstances. The key is YOU have got to be financially comfortable with paying that mortgage. Your present situation dictates that you can afford that enticing adjustable rate mortgage (ARM) the lender is offering to you. What if something happens later? Life guarantees very little, especially in these turbulent economic times...
That's not to say that following the dream of owning a new home isn't a good thing to do, but remember, while pursuing that dream NOT to go full-throttle and buy a home for the highest amount for which you qualified.
I know of a family who did just that, with devastating results. Everything started out beautifully for them. They finally had their "dream" home. Beautiful neighborhood... Idyllic settings... All was well until the family's financial circumstances suddenly changed. Now it was a struggle to make the monthly mortgage payment. To make matters worse, the interest rate on the ARM "adjusted" resulting in a higher monthly mortgage payment. They were truly struggling, now. "Mortgage Delinquency" was banging loudly at their door - a totally unwelcome visitor.
The family was a very proud one, hard-working, law-abiding, good citizens. The parents wanted their children to grow up in a good neighborhood, attending quality schools. They wanted the typical American Dream. They worked hard to get where they were, yet their dream was slipping away and they were too proud to reach for help. They were afraid of being stigmatized because of their financial troubles. The family was evenually forced to give up their home.
Along the way, a well-intentioned soul suggested they find someone to help with a mortgage loan modification. They thought about it for a while, but decided against it. Remembering news stories about companies that swindled homeowners out of their homes, they were reluctant to pursue the idea. They thought they had no other recourse once they became delinquent on their mortgage to avoid foreclosure.
This family did not know their well-intended friend was actually correct, there are ways to avoid foreclosure! As with anything, you must due diligent research to find a firm well-qualified to handle such a task. Good loan modification firms are out there. If you would like additional information, click here.
Marcia Oviedo
My Loan Negotiator
O 312-445-3400
C 312-593-4351
F 312-254-1441
Posted on Sat, Aug 01, 2009 @ 10:31 AM
An increasing number of consumers have heard the term "loan modification," but really do not know what it is or how to choose a company providing this service.
A loan modification is a process where the lender modifies your current mortgage payment, making your payments more affordable due to a verifiable hardship. The intention is to assist the homeowner with making more affordable mortgage payments, as a result of the hardship. This modification is usually in the form of an interest rate reduction; it could involve converting an adjustable rate mortgage (i.e., ARM) over to a fixed loan on a permanent basis (usually a 30 year fixed term).
CONSUMERS BEWARE...
One problem for consumers these days is how to recognize a legitimate loan modification? As with any major decision, it always pays to do your homework before-hand. So many people are presenting themselves as loan modification specialists, but many are no more than cookie-cutter modification mills.
Most recently, ABC's Nightline documented Congresswoman Maxine Waters' frustrating efforts to assist constituents in her district who were struggling to do their own loan modification. This revealing documentary illuminated just how widespread the problem with homeowners attempting to handle their own loan modifications has become. Homeowners start out attempting to take care of this negotiation process themselves, but get so frustrated along the way that they settle for much less than they would have attained had they sought professional help. Lenders take advantage of the fact that the homeowners lack much knowledge and negotiation expertise, and use this fact to their advantage. This isn't to say it can not be done by the homeowner. IF the homeowner decides to take on this process, he or she should make absolutely sure they have a thorough knowledge of the process, deadlines, and other related priorities that can make a successful modification, or derail it.
When a lawyer or loan modification firm is involved in this process, the proverbial run-around is avoided. The desired results are much more attainable, and this can make the difference between keeping or losing your home!
HOW CAN YOU TELL IF IT'S A VALID LOAN MODIFICATION COMPANY?
- One way to distinguish a bona-fide company is to see if the firm has licensed attorneys involved in their processes. They should not be using displaced mortgage loan underwriters for their negotiations like a company flying under-the-radar.
- Legitimate companies conduct a forensic loan document audit, which reviews the file for efficacy, RESPA (Real Estate Settlement Procedures Act) violations, TIL (Truth-in-Lending) violations, fraud, or predatory lending violations. This is crucial, it gives you more negotiations leverage.
- A good company will not "nickel-and-dime" you for fees. The fee will be all-inclusive, and fixed. They will offer a 100% money-back guarantee, and everything they promise will be provided in writing.
- The company will be affiliated with organizations like the Better Business Bureau, for example. Do check on these associations when selecting a company.
- The company should be able to demonstrate a solid client success rate, not promise a rate that's impossible to achieve.
- Does the company offer a lender "Cease and Desist" letter? (this prevents lenders from contacting you directly, and sends them to the loan modification company, instead).
- What is the average timeframe that loan modifications are completed?
Click here if you are interested in Loan Modification Free Consultation?
photos by www.bigfoto.com
Posted on Thu, Jul 16, 2009 @ 11:05 PM
The mere mention of the phrase "loan modification" these days is enough to strike terror into the hearts of the average homeowner! Boundless horror stories exist about homeowners caught in the web of unscrupulous loan modification companies. These are selfish individuals whose ultimate goal is fueled by greed, pure and simple. These poor homeowners sought help to stay in their homes while at a very low point in their lives, and got stripped of their homes in the process. Desperation forces rushed decisions which can result in pretty devastating consequences. Before signing on that dotted line (whether you take matters into your hands or let someone assist you), there are some things to be considered... photo by Nova Development
CONSIDER THIS...
You could do your own loan modification. If your lifestyle lends itself to having a lot of time on your hands, all is good. Save money where you can... take that savings and apply it to another area of your household's budget. The do-it-yourself option is good for those who are "uber-organized," as a rule.
The Do-It-Yourself Option involves:
- being able to keep up religiously with dates, times, persons contacted and the results of those conversations.
- religiously keeping up with the numerous deadlines for form and document submission
- meticulous follow-through with the respective representatives of your lender.
You will be advocating on your behalf, with your lender.
ANOTHER CONSIDERATION... 
How will your lender approach your negotiations?
- They will be thinking "This customer is talking about getting out of that financial hole they're in, but can they actually do it?"
- The lender will be sceptical. You'll probably catch a great deal of grief during the process, so expect the "third degree".
It CAN be done, with a large amount of determination and a will of steel on your part.
It won't happen overnight...
Some lenders may decide to work with you; some may not. Again, determination and a will of steel on your part... photo by MNDesign
photo by Nova Development
THE FLIP-SIDE OF THIS SITUATION IS...
You decide to hire a loan modification expert. You have done much in-depth research on the loan modification process, and concluded that although you can do-it-yourself, you don't want to do-it-yourself:
- The best laid intentions have a way of disappearing
- Once you started the process, you see there is ALOT more time involved in doing it yourself than you expected.
- Lenders have so many deadlines...and you've got to work, too. You've got to maintain your household's income flow.
- That proverbial time clock is ticking on your mortgage.
WHAT SHOULD YOU LOOK FOR IN CHOOSING A PROFESSIONAL LOAN MODIFICATION COMPANY TO ACT ON YOUR BEHALF?
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How long have they been in business?
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What consumer organizations they're affiliated with?
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Do they have Brick-and-mortar office?
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Licensed to operate in your state?
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Do they ask for money up-front before they even evaluate your case?
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Do they offer you options?
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What about a money-back guarantee?
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Are they affiliated with an attorney, should your situation warrant it?
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Is each case handled on a case-by-case basis?
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Exactly what do fees include?
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Apporximately how long the process takes?
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What is the company's success rate?
DECISIONS, DECISIONS...
Do-It-Yourself Loan Modification
OR
Loan Modification FREE Consultation
Posted on Thu, Jul 09, 2009 @ 05:32 PM
$75 Billion Dollar Plan Unleashed:
President Barack Obama recently unleashed a $75 Billion dollar plan aimed at effectively curbing the foreclosure epidemic that is running rampant through our country. What the President is trying to save up to four million struggling homeowners through modifying their existing loans, causing a pause in the current foreclosure hurricane.
53% of Modified Loans Defaulted Again in 6 Months or Less:
What the President noticed was that about 53% percent of loans that were modified at the beginning of 2008 defaulted again in six months or less. While others are focusing on the declining value of homes,
Obama is focusing on his belief
that people will STAY in their homes
IF THEY CAN MAKE THEIR PAYMENTS!
The President is setting his sights on saving people in their primary residencies. He is NOT trying to save those who purchased investment properties, gambled on them and lost. Those people are concerned with property values and the like; Obama's plan is to save the average American family only.
According to Warren Buffett, billionaire investor who offered the President advice when he was putting together this plan, most foreclosures occur "not because a house is worth less than its mortgage [or "upside down" in real estate jargon] rather, foreclosures take place because borrowers can't pay the monthly payment that they agreed to pay." So the President is taking steps to make sure people can afford their monthly payments.
Why Should Loan Servicers Participate?
If loan servicers participate in President Obama's plan:
- They would be required to have the borrower pay no more than thirty-eight percent of their income on their mortgage
- Obama's administration would sweeten the deal by "chipping in" to bring that number down to thirty-one percent.
- The interest rate would be reduced to no more than 2 percent
- If more help is needed still, the term of the loan will be extended from its regular thirty years, to forty years, resulting in yet a lower payment.
It should be stated here that Obama's plan DOES NOT advocate the lowering of the principle, which some people thought he should.
The next step in his plan to is to offer cash incentives:
- Lenders/services will be paid $1000 for each loan that is modified, and will receive $1000 for the next three years if the borrower keeps paying on time.
- If payments are made on time, the borrower will get $1000 knocked off their principle for up to five years of making the new payments.
To Be Considered Eligible:
In order to be considered eligible, the owner must reside in this house. One of the major factors in participating lenders determining eligibility for a loan modification under Obama's plan is they must be able to prove financial hardship, such as loss of income, or death of a income earning member of the family. The lenders/services will do a thorough verification process to see if the borrowers should be able to receive help.
Furthermore, the lender/servicer will do a test to assess whether it is in their best financial interests to modify a loan. This test will measure the amount of money an Obama-modified loan will bring in (which includes government funds and incentives) verses an unmodified loan. If, and only if, the Obama-modified loan is profitable for the bank, will the bank agree to a loan modification. The federal government funds will tip the scales toward modifications, in some cases.
Get Someone Working for YOU, the Borrower:
Keep in mind, the lender will only do what is in their best financial interests. BUT, there are companies out there that will work for the borrower, not the lender, such as My Loan Negotiator. While I commend Obama for even coming up with a plan, I don't think it will have a lasting effect because it doesn't force lenders to help out the masses; it is basically a small carrot in front of a very full and bloated horse.
If you would like to see what a loan modification might do for you, and would like to have someone on your side, fighting for you to help get your mortgage payment reduced, contact My Loan Negotiator. We can help!
Critical Component of a Loan Modification Request
One critical component of a loan modification request is the Hardship Letter, which is submitted along with your Loan Modification Request. It should be as well written as possible, to present your situation positively. If you are not comfortable with its preparation, DO seek the assistance of someone familiar with this task (either another trusted family member or friend, or a professional loan modification firm).
Your letter must clearly present your situation yet should not appear "cookie-cutter" in style. You do not want to lose the lender's attention to (and interest in) your letter before the first paragraph is over.
Explain your specific circumstances which brought you to the default (or which are about to bring you to that point). Take care to be truthful, but most certainly not "whiney." Detail any steps you may have already taken toward correcting this situation. Proactive borrowers present more positively to the lender than those who appear "whiney". This, in and of itself, can help to go a long way on your behalf. Try to stick to the "K.I.S.S." principle [keep it simple, stupid] as much as possible, while showing the lender you are earnest in working with them to bring your loan current and keeping it that way.
Lenders realize there are some life events you just cannot control... They include:
- death of one of the heads of household
- divorce
- lay-off or unemployment
- salary cut
- an ARM resetting resulting in a rise in monthly mortgage payment
- hardships due to unusual medical circumstances
The lenders' acceptance of these changes is not a problem IF you are able to legitimately verify the circumstances particular to your household situation.
A guide you can use follows:
Do keep in mind this is only a example, and not to be followed word-by-word. Remember, you are not going after "cookie-cutter." It has to read as if it is truly genuine - from your heart.
Date
Lender Name
Address
City/State/Zip
RE: (YOUR LOAN ACCT # HERE)/ THE NAME(S) THE LOAN IS IN
To Whom It May Concern:
I am writing to explain the uncontrollable circumstances which have caused me/us to default with our mortgage. I/we want to remain in our home, and are very sincere about working with you to modify our loan. This modification would enable me/us to comfortably afford making the monthly payments, and would be mutually beneficial.
The reason(s) I/we have fallen behind in my/our mortgage is/are (detail reasons here, but remember "K.I.S.S." to avoid appearing "whiney"). I/we have already attempted to correct this situation on my own by (detail what you have done here - items you have sold/other non-essential "luxury" type items you have already cut). In spite of these efforts, we are still unable to meet our current mortgage payment, and need some assistance in doing so.
A loan modification would allow me/us to remain in my/our home for many years to come. I /we hope to be able to bring our loan current and attain a more affordable mortgage. Thank you for your consideration. I/we hope to be able to work out a mutually satisfying solution to our modification request.
Sincerely,
(Your Signature Here)
Your Name(s)
Address
(Area Code) & Phone Number
Hang in there!
Click here for additional information on the Loan Modification process!
Posted on Sat, Jun 20, 2009 @ 03:33 PM
The economic situation today has affected a lot of people. Some close to us and some we don't know. With the high level of unemployment and the rising cost of living, people are finding it hard to stay on top of their bills and mortgages.
In most situations, people are losing their homes or filing for bankruptcy. As an alternative to foreclosure or bankruptcy, loan modifications have become common and can serve as a more desirable solution. Loan modifications are really helping people stay in their homes and saving them the troubles of going through the foreclosure process.
WHAT DOES A LOAN MODIFICATION DO FOR YOU?
- Lowers the interest rate
- Negotiates a fixed rate
- Lowers the principle balance
- Lowers the monthly payment
- Allows the homeowner to get current on their mortgage
Unfortunately, with today's economic situation comes an increase in scams and con-artists that prey on individuals. With all the panicking and confusion out there, it makes it easier for individuals to let their guard down and trust people they don't know when they are offered a possible solution to their economic situation.
COMMON FORECLOSURE SCAMS:
- The most common foreclosure scam involves the homeowner paying an upfront fee ranging from $1,000 to $10,000. This fee is payment for the "rescue" and company's help in negotiating with the lender. Once the homeowner pays, the company disappears.
- Another common scam involves the signing over of property to the fake foreclosure rescue company by using methods of confusion and persuasion. Homeowners are led to believe that they are signing an application for a new mortgage or other documents that supposedly could stop foreclosure. Unfortunately, once the property ownership has been transferred, the con artist will be free to use whatever equity is left in the property.
These foreclosure scams have become increasingly common as the national foreclosure rate soars to record levels. In the last two years, almost three million homes entered some level of foreclosure, effectively causing home prices to decline and home sales activity to slow down. According to the Federal Bureau of Investigation, the problem with foreclosure scams will most likely rise and could even become as huge as the mortgage fraud crisis; which started this mess in the first place.
HOW CAN I TELL A LEGIT LOAN MODIFICATION COMPANY?
Most legit loan modification companies do not have an upfront fee. You can verify that they are a trustworthy establishment by making use of resources such as the Better Business Bureau or Federal Trade Commission. It's good for you to always be aware of what is going on and to be the last one making the final home loan modification decision. The most important element is that you and your lender should be in agreement at the end of the home loan negotiation, making sure all the details are clear and exposed.
Always remember that the agreeable amount of your monthly mortgage payment should be in your affordable threshold. You should always make sure you can keep your side of the agreement before finalizing the home loan modification. With so many companies offering these services, make sure you are getting a good deal and with a company that you can verify legitimacy. These companies are part of the solution and not the problem causing this economic situation.
Click here for answers to common questions and more information on Loan Modifications!
If you would like us to contact you, please provide your information at the following page.
If you want to modify your loan, why not modify your debt. -free debt settlement details
Posted on Tue, Jun 16, 2009 @ 10:13 AM
I just finished reading an interesting article published in the 1/26/09 edition of
The Realty Times, about some of the
Top Myths Involving Loan Modification. It is always interesting to me to see how the "outside" world sees this financial tool. I think you may find these results interesting, too.
TOP MYTHS ABOUT LOAN MODIFICATION:
- Lending Institution wants the property back
- Homeowner must have a good credit score to qualify
- Homeowner must be late on payments to qualify
- Homeowner might as well file bankruptcy
MYTH #1: Lending Institution wants the property back. This is the most popular myth. The average homeowner thinks once they have fallen on hard times with their mortgage payments that their lending institution wants the property back. This, generally, is not the case. Both the homeowner and lender stand to lose quite a bit if the lender takes possession of the property. Not only does the homeowner lose their beloved home, causing mental and financial anguish for both the homeowner and their family, but it is not in the best interest of the lender to foreclose. The lender gains more financially when the homeowner stays in that home and is able to continue making payments. With foreclosure, they lose the income from the monthly payments, must pay foreclosure costs, costs to rehab the property prior re-sale (dependent upon the property's condition), and will incur additional costs hiring an agent to sell the property. Since property values in today's real estate market are extremely low, selling the property at this point would not be very beneficial for the lender.
MYTH #2: Homeowner must have a good credit score to qualify. The second most popular myth attached to loan modification involves having a good credit score to qualify. This is not an impediment to loan modifications - it is only applicable to requests for refinancing. With a "refi," the homeowner must reapply and qualify for a totally new home loan. With a loan modification request the homeowner stays with their present lender. During the course of a loan modification, the terms, and sometimes the loan balance, are reduced making the monthly payments more affordable for the homeowner to maintain long term. Documentation must be provided by the homeowner justifying a hardship exists causing a negative impact to their household finances, to support this reduction. When the homeowner verifies this hardship and shows the reduction will allow them to make monthly payments, the loan modification is usually approved by the lender.
MYTH #3: Homeowner must be late on payments to qualify. Still another myth is that you have to be a specified amount of days late to qualify for a loan modification. These days, this is generally not the case. It is more advantageous for the lender to keep you in your home, and approve this modification request than it is for them to incur all the costs of foreclosure. The homeowner does not have to even be behind in their mortgage payments to qualify. If the homeowner knows of a pending change in their household situation that will negatively impact their ability to continue paying their mortgage, he/she can apply for a loan modification.
MYTH #4: Homeowner might as well file bankruptcy. The "file bankruptcy" myth generally is not a good option to consider. On one hand, you are off the hook (to a point) for responsibility for your home. On the other hand, you could have a judgment filed against you for the difference the lender receives for that property and the remainder you owe on the mortgage balance. In other words: filing bankruptcy leaves a HUGE blemish on your credit bureau file.
It may not be too late to request a loan modification. If you're still in your home, and it hasn't been sold at auction, you may still have a chance. If so, it's time to seek professional help if you've "hemmed and hawed" for too long past that first missed payment...
Sign up for a Loan Modification: http://www.myloannegotiator.com/Loan-Modification/Process.aspx
Posted on Thu, May 21, 2009 @ 10:20 AM
Americans are feeling the financial squeeze in every possible way in today's economy. From the financial giants on Wall Street, to small and medium sized business owners who employ ten to fifteen people, to the cash register people at your local connivance store, we are all under pressure financially. Additionally, it seems the bigger the enterprise, the more money they need from the government to stay afloat. All you have to do is turn on the news and you will hear about government bailing out huge multi-national corporations using billions of taxpayer dollars. What is perturbing about these so-called "bailouts" is this: these companies are supposed to have the brightest of the brightest people working for and running their organizations, how could they need billions of average Americans money if this is so? How could these companies with a straight face ask, no force Americans to give BILLIONS to them, as if we contributed to their problems? If any other business were to suffer from bad decision making at the top, resulting in them going bankrupt then that would be the end of it. The government feels it is up to the taxpayer to bailout these corporations at the expense of us, average American, while at the same time forcing us to pay for a war in Iraq. My question I pose to you is this; who is going to bail you out, Middle America? While we have no choice in sending upwards of a trillion dollars to Iraq and companies like AIG, who receive money to stay afloat, all the while paying millions to top brass at the company in the form of bonuses? Who is going to help out the man who is working two jobs getting paid ten dollars an hour at each job, who has kids, who has a mortgage and bills to pay - these bills from companies that also need bailout money who in turn take it and give bonuses? This system in place is destined to fail, because we keep on squeezing the life out of the backbone of America, the taxpayer. I feel one way to keep the backbone of America strong and straight is to offer programs to help ease the financial pressure facing many Americans. The most important issue facing Americans is the mortgage situation; offering loan modification programs to them can ease this pressure. Companies, who offer loan modifications, for no money upfront, such as My Loan Negotiator, are leading the way in lending a helping hand where it is needed most. Lenders realize that property values have dropped dramatically in the last five years, and people should not have pay on a loan for a property that is no longer worth what it once was. What companies like My Loan Negotiator does is simple - we are the middle man between the average American, and they giant corporation. The staff at MLN literally forces lenders to stop taking advantage of Americans and bring these very high, wrongly structured loan agreements down to a level where the average American can breathe a little easier. The fact that we here at MLN do not charge people an upfront fee is news to people's ears. We understand that people are hurting, and we want to do our part to ease their pain. Finally, people have someone on their side to go up against these greedy corporations who basically steal from average, taxpaying Americans and fatten their already laden pockets. So please, call us here at 312.445.3425 and speak to one of our experienced staffers here at My Loan Negotiator. We know how to get your mortgage payments lowered and we do it for no money upfront.
To learn about how you can settle your debt click here.
Posted on Thu, Apr 16, 2009 @ 12:44 PM
Hardship Letter
• Provide a letter detailing the events which have made it difficult for you to make your payments.
• Provide a photo ID, copy of social security card.
Employment / Income Verification
• Provide 2 month's worth of paystubs
If paid weekly: 8 paystubs
If paid biweekly: 4 paystubs
If paid monthly: 2 paystubs
• Provide the last 2 years of Tax Returns. Must include all pages & W-2's.
• If self employed, provide an income statement showing the past 2 months of income along with a copy of last year's IRS filing.
• If you received Child Support or Alimony or Retirements documents to prove or show income (if applicable).
Assets
• Provided the last 2 bank statements. Including checking/savings and all others. Must include all pages.
• Provide the latest statement of your 401K, IRA, Profit Sharing or any other retirement account (if applicable).
• Provide the latest statements of any Investment accounts such as Mutual Funds, Stocks, Bonds, etc.
Mortgage Information
• Provide the last Mortgage Statement. (1st and 2nd Mortgage) Any letters or notices sent by the lender(s).
• Taxes and Insurance Statements.( if not included in mortgage payment).
Utilities
• Provide the last statement or bills for the following:
• Water bill
• Electric bill
• Gas bill
• Phone / cell phone bill
• Additional Town services, such as garbage pickup.
• Home insurance Policy
• Home owners Association bill / dues