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Loan Modification & Stop Foreclosure Now
Stopping your home from foreclosure by paying the amount of unpaid mortgage and late payments to your bank are preventing you from qualifying for refinancing of your home, a loan modification can stop foreclosure now and save you from losing your home to foreclosure. In fact, a loan modification can stop forclosure now, immediately.
Our loan modification program does not require you to any credit qualifications as a traditional refinance does, although you will have to prove hardship, an ability to repay the new loan modification amount. Our loan modification lawyers will not only stop foreclosure but will be reviewing and comparing the debt that you have to see that you are able to maintain the new mortgage payment without any future default after the loan modification. Our loan modification lawyers will work with the lender to negotiate a payment, stop foreclosure now so that it will work for both parties. Our loan modification lawyers will qualify your situation first, to see if a loan modification is right for you. If you are in forclosure now our loan modification lawyers can stop the forclosure from preceeding. If you find yourself in foreclosure now, its not too late, our loan modification lawyers can stop foreclosure now and start a loan modification process to help you keep your home.
Our loan modification lawyers stop foreclosures with Citi Bank, Wells Fargo, Bank of America, Chase, Suntrust, Countrywide, Wamu, and US Bank as well as many others. If you are in foreclosure now it's not too late, but you need to get started now, don't delay. You worked too hard to let your home go to foreclosure without a fight. Our qualified loan modification lawyers help you get back on track with your mortgage payments so you can keep your home.
Final Tip: When comparing loan modification companies, seek out a loan modification lawyer who can stop forclosure and who has worked with Citi Bank, Wells Fargo, Bank of America, Chase, Suntrust, Countrywide, Wamu, and US Bank.

Responses

  • G
      Sep 02, 2009

    HAMP – The Home Affordable Modification Program is NOT working. To date, only 235, 000 loans have been modified under this program, while funds have been set aside to modify up to 4 million loans. To find out if you technically qualify for a modification based on HAMP guidelines, click here to access the 5 question quiz on the government website.

    The banks have all kinds of excuses why borrowers do not qualify for this program. But the number 1 excuse banks are using is that the guidelines are too rigid. For instance, your mortgage payment cannot exceed 31% of your gross income. First of all, loans were not originally underwritten with this 31% number, so technically this makes almost all borrowers eligible for HAMP. But loan servicers are saying the formula is too narrow and does not take into account all the other debt borrowers have or are piling up during the economic slowdown. CitiMortgage, which services one out of every ten mortgages in the U.S., says the formula is the #1 reason why borrowers are being excluded from the program.

    Some banks are using the excuse that they do not actually own the loan, but only service it, so they cannot modify a loan they do not own. This is a tired excuse that most of the major news networks have already covered. Servicers CAN modify loans, regardless of this excuse they are throwing around.

    Some servicers are coming up with their own plans for modifying loans. From what I am hearing from my readers, and from other media reports, most of these “plans” are a joke, intended to benefit the lenders, not the borrowers. Here's an example of one such "plan. This lender, Carrington Mortgage is switching people out of fixed rate mortgages into variable rate mortgages, and while deferring delinquent payments, and adding them to the principal, (AND still reporting the borrower delinquent to the credit bureaus), they are putting this borrower at the mercy of the market. This is a stop gap measure at best, and another money maker for the lender in the long run.

    Other lenders are allowing borrowers to stay in their homes as renters, while following through on the foreclosure process. This sounds to me like the banks protecting only themselves, while borrowers are really taking it on the chin. Sure, you stay in your house, but the bank owns it, literally can throw you out at their whim. In the meantime, the bank does not have to put the house back on the market during this depressed valuation cycle, or leave it vacant, because they have a renter in there to maintain the property, and carry the debt.

    Still other lenders are putting people into modifications on a “trial basis.” While we don’t have details on these “trials, ” what we do know is that as long as the bank “modifies” the loan, the collect government incentives, unless the house is sold. This explains allowing the now non-owner of the house to remain in the property. Technically the house has not been sold? But it has – the bank owns it now, not the borrower.

    What is clear is that the guidelines for the HAMP program require drastic revision, or it will never work. I am not advocating that all delinquent borrowers should get a 2% modified rate for the life of the loan.
    Perhaps dropping the rate to what is truly affordable, given all a borrowers current debt, and current income, for a period of time, perhaps 2 years, and then gradually increasing the payments to a reasonable market level of 5% perhaps for the remainder of the loan, makes more sense than the “innovation” that banks are using now.

    In any event, the push is on to get banks to modify loans, so the government is again handing out money to banks to make this happen. The banks slated to receive the largest sums of money for this program right now are Countrywide (now owned by B of A), Chase, Wells Fargo, and Lehmans. I’m sorry, but aren’t most of these the very same banks that just reported hundreds of billions of dollars in profits last quarter? When do we stop rewarding banks for their failures and poor management, and start taking care of the people in this country?

    Today is September 1. Congress is back in session, and there is word that HAMP will be addressed again. Maybe they will come up with a plan that will actually work this time?

    CNBC reported this morning that banks are easing up on "short sale" approvals to try to assist homeowners facing foreclosures.

    0 Votes
  • L
      Sep 11, 2009

    Obama administration's $50 billion mortgage relief program gains traction

    The Obama administration's $50 billion mortgage relief program is finally picking up speed after a sluggish and disappointing start.

    Nearly one in five eligible homeowners has been offered help, the Treasury Department said Wednesday.

    Launched with great fanfare in March, the Making Home Affordable program had been slow to get going. But more than 571, 000 loan modification offers, or 19%, have been sent to nearly 3 million eligible

    homeowners, up from 15% at the end of July.

    More than 360, 000 borrowers have three-month trial modifications, which are supposed to be extended for five years if the homeowners make their payments on time. Nearly 50 mortgage companies are now involved in the program, and 500, 000 loan modifications are expected to be in place by Nov. 1.

    Yet housing advocates still say getting approved is a time-consuming, bureaucratic nightmare

    Read more: http://www.nydailynews.com/money/2009/09/10/2009-09-10_obama_administrations_mortgage_relief_program_gains_traction.html#ixzz0QpCFJzRE


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