Loan Modification – Can Be A Nightmare

Loan Modification

According to a recent posting on Bloomberg, Richard Neiman, the New York State superintendent of banks stated that mortgage companies make the loan modification problem worse because they actually lose paperwork. The California Reinvestment Coalition found in a survey they conducted of 40 counselors that represent around 14,000 homeowners, these counselors all said servicers had either ignored or even lost loan modification paperwork.

Regarding loan modification paperwork being lost, Joe Ridout, a spokesperson for ConsumerLoan Modification Action, an advocacy and education group based in San Francisco said, “It’s more common to hear that banks have lost paperwork than to hear that they received it and properly handled it”.

This sloppy and uncaring practice leaves HAMP participants open to the foreclosure nightmare, which has been further scrutinized by allegations of ‘robo- signing’.  ‘Robo-signing’ is a process which mortgage companies signed and submitted court documents to justify the seizures of homes without verifying these documents were properly compiled and accurate.

Loan Modification To Lower Mortgage Payments

A HAMP loan modification is designed to lower mortgage payments to 31 percent of a borrower’s monthly gross income. This loan modification process often ends up in a bigger mortgage as accrued interest and additional charges are added onto the balance. Some HAMP loan modifications even add balloon payments to the loan that are must be paid when a house is sold or the mortgage paid off.

Loan Modification Programs Performing – Really?

According to a phone interview the loan modification program, Andrea Risotto, a spokesperson for the Treasure said, “The program continues to perform well,” she also stated “The target of affordability that HAMP put in place – this idea of 31 percent debt to income — which was far more aggressive than what was done historically, is helping homeowners sustain the modification over time,” but this does not take into consideration the many people that report having been put into foreclosure as a result of this HAMP process, discussed in other articles on this site and other sites.

I offer a Free – No Obligation Consultation And Preliminary Audit-review of your loan modification/mortgage situation as a first step to getting you help to stop foreclosure.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.bloomberg.com/news/2010-11-02/mortgage-modifications-meant-to-save-u-s-homes-push-them-into-foreclosure.html

Thinking About A Loan Modification – BE AWARE!

Foreclosure

Foreclosure – In The News NowForeclosure

In a recent hearing, called by the bipartisan Congressional Oversight Panel,  which was given the responsibility of monitoring the government’s foreclosure bailout programs, Sen. Ted Kaufman (D-Del.), the panel’s chairman said “if investors lose confidence in the ability of banks to document their ownership of mortgages, the financial industry could suffer staggering losses. The possibility is especially alarming coming so soon after taxpayers spent billions of dollars to bail out these very same institutions.”

Phyllis Caldwell, head of the Treasury Department’s homeownership preservation office, noted the delay in foreclosures caused by law enforcement investigations, pending litigation and self-imposed slowdowns by lenders, saying those actions “may have both immediate and longer-term consequences.”

And in my opinion the foreclosure bailout programs are just above a waste of time, due to the fact that foreclosures are on the rise even with these so-called government foreclosure bailout programs.

Foreclosure – Causing Real Estate Prices To Plummet?

Caldwell said that because a foreclosure is taking longer this will probably force down sale prices, especially on vacant homes in the market, and sow uneasiness among buyers about whether the homes have a clear title. [If I were buying a home from foreclosure I would be wary too.]

“This would hurt homeowners and home buyers alike at a time when foreclosed homes make up 25 percent of home sales,” Caldwell said in her written testimony. “Together, these two factors may exert downward pressure on overall housing prices both in the short and long run.”

Foreclosure: Bottom Line

Caldwell also offered a glimpse at why large mortgage servicers have not helped more homeowners modify loans and why they relied on “robo-signers” and other questionable practices when churning out foreclosure filings. “They did not have the systems, staffing, operational capacity or incentives to engage with homeowners on a large scale and offer meaningful relief from unaffordable mortgages,” she said. “Moreover, the expansion of private securitizations during the housing boom left servicers in a complicated legal situation.”

Yep – you read it right.  Many corporations, banks included, do not put a face to the number.  Their bottom line – P R O F I T S.  The foreclosure mess, here in America, is due in large part to the fact that the corporate big wigs want to fatten their pockets.

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help to stop foreclosure during this foreclosure crisis.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.washingtonpost.com/wp-dyn/content/article/2010/10/27/AR2010102705228.html?sid=ST2010102705416

Foreclosure

Fighting Foreclosure

Fighting Foreclosure – Don’t Just Roll OverFighting Foreclosure

How long will it be before the nightmare of home foreclosures is over? Ask Mike Dillon, who’s been fighting foreclosure to keep his New Hampshire home for the majority of the past decade.

Mike did miss 2 payments in 2002, he then caught up and was current on his loan by later that year, that’s when his mortgage problems started and he began fighting foreclosure on his home.

Fighting Foreclosure – How It Can Start

The story is his loan servicing company did not properly credit his monthly payments to his account and it placed the loan in default. As he fought to straighten out the bookkeeping, even with canceled checks for proof, the servicer began adding additional fees for property inspections, insurance and other charges.  That’s how the nightmare can begin and fighting foreclosure starts in many cases.

A New Hampshire judge, in 2005, agreed that the servicer’s “sleight of accounting resulted in improper assessments” against Mike and, citing a “predatory scheme of penalties,” barred the foreclosure and ordered that the loan be reinstated without penalties as of August 2005.

Fighting Foreclosure – Does It Ever End?

Understandably, Mike probably thought the fighting foreclosure battle would end.

Well kinda, 5 years later, Mike Dillon is still in court fighting to resolve the dispute. While he is no longer fighting foreclosure, he is still is trying to get clear title to his home. “I’ve got nine years of my life tied up in this case, and it’s done a lot of financial and emotional damage to me,” said Dillon. “This isn’t about money in the long run. This is about the principle of the issue — somebody tried to steal my house.”

Maybe this has happened to you or someone you know. I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation as a first step to getting you help in fighting foreclosure. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, I can help you find foreclosure answers

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:
http://www.msnbc.msn.com/id/39874969/ns/business-personal_finance/

Fighting Foreclosure – You Can Do What Mike Did – You can do it Yourself.

Loan Modifications Don’t Work

According to two Republican Congressmen, President Barack Obama’s plan to help homeowners avoid foreclosure is a failure.

According to a resource, Rep. Jim Jordan, R-Ohio and Rep. Darrell Issa, R-Calif communicated to Treasury Secretary Timothy Geitner a letter, which was sent not too long ago, telling him to “end immediately” the Home Affordable Modification Program known as HAMP.

Since Pres. Obama announced the program in Mesa in February 2009, [over 1 year ago] only 340,000 homeowners have had their mortgage loans permanently modified through the program.

President Obama said 3 million to 4 million homeowners would be helped by the program.

Did you know that even homeowners who are granted long-term modifications often still end up in foreclosure?  “Why”, you ask? Well, because in many cases the payments are still simply too high for them to afford.

People have said we are simply in a death spiral, but in lots of cases it doesn’t have to be that way.  I offer a free audit of your mortgage documents and may be able to help you avoid foreclosure long-term.  Just give me a call to discuss your particular circumstance, I will be happy to see if I can help you just like I have helped other homeowners fight foreclosure.

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>  http://help-to-stop-foreclosure.net/

Resources:

http://www.kpho.com/news/24205219/detail.html

Foreclosure Avoidance

Home foreclosures are unfortunately still a serious problem in our country. Though, foreclosure rates are down in areas such as Atlanta, that’s not the case in most of America. Each month, there are thousands of foreclosures in newspapers across the country and many predict the numbers will  stay the same for some time to come.

Many attorneys that handle foreclosures are saying that they think what we’re seeing now will continue and foreclosures will continue on a steady pace.

There are alternatives to a foreclosure, one being something called a short sale; however not everyone qualifies.  You see, it’s very costly for a bank to foreclose a home, then put it back on the market, and in many cases have to repair the house prior to placing it on the market.

Another alternative is to fight your foreclosure. I have successfully helped many of my homeowners stop the auction of their home by their banks and remain in their homes.  I offer a free preliminary audit of your mortgage documents to see if I can help.  I lost my home to foreclosure years ago and decided then and there to never let that happen again and to help anyone I can to avoid the same.

I offer a Free – No Obligation Consultation And Preliminary Audit of your mortgage situation.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form,

Click Here —>>   http://help-to-stop-foreclosure.net/

Resource:

http://www.walb.com/Global/story.asp?S=12792338

What Is Foreclosure?

When a homeowner fails to repay their debt in full and defaults on their mortgage a foreclosure takes place. The lending institution will sell the property to repay the debt to make up for the loss on their books. The cause for foreclosures vary and in today’s financial crisis, some of the main causes of foreclosure is income reduction due to job loss, ridiculously high credit card bills and the list as you know goes on.

There are key elements that make up a foreclosure and the foreclosure process. One of the keys to keep in mind about the foreclosure process is the fact that time-lines and/or requirements that mortgage lenders must follow are different in each state. Therefore, a foreclosure may take as long as 3 years in one state but only three months in another to wrap up the foreclosure process. Not to mention that currently mortgage lenders are over burdened with foreclosures and this too will have an effect on how long the foreclosure process will take.

There are options, and understanding how a foreclosure process works will greatly help you in any situation that has to do with the foreclosure of your property or home.

If you are facing the same tragedy that too many others have gone through, please give me a call because I have helped many families avoid foreclosure and maybe I can help you too.

I offer a Free – No Obligation Consultation And Audit of your mortgage situation.

Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/

According to Center For Responsible Lending Foreclosures Are Here To Stay And Unfortunately For A Long Time To Come.

null

The Center for Responsible Lending estimated that a whopping 2.5 million foreclosures would  be completed during the first 3 years of the foreclosure crisis, which was be from January 2007 through 2009.

It is my understanding that these mortgages were taken out between the years 2005 and 2008 and the majority of these foreclosures were on Owner Occupied properties.

Per an article from Center for Responsible Lending:

• The majority (an estimated 56%) of families who lost homes were non-Hispanic and white, but African-American and Latino families were disproportionately affected relative to their share of mortgage originations.

• Among recent borrowers, experts estimate that nearly 8% of both African Americans and Latinos have lost their homes to foreclosures, compared to 4.5% of whites.

• The racial and ethnic disparities in these estimated foreclosure rates hold even after controlling for differences in income patterns between demographic groups.

As the title of this piece states it looks like this horrible situtation is far from over.

According to a press release in May 2010 from the Mortgage Bankers Association’s National Delinquency Survey (NDS), the proportion of mortgages in the foreclosure process [in the 1st qtr of 2010] is at a historical high of 4.63%.

I urge you to look into your options. A Foreclosure can be stopped. Help to Stop Foreclosure assistance has successfully helped homeowners just like you from having their property unlawfully sold by the scrupulous banks and should be able to help you too.

I offer a free audit of your paperwork to see if I can help, so give me a call to discuss your particular needs. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/

Increasing Numbers of Homeowrners are Filing Suit to Avoid Foreclosure

Accordning to Mercury News and writers Tracey Kaplan and Maria J. Ávila López “Increasing numbers of Californians are suing lenders to avoid foreclosures”

Statewide Federal Court Filing in California to stop foreclosure by homeowners has risen from 29 in 2005 to 1,395 in 2009, per PACER.

Like Californians people all over the country are finding out that they can fight back to keep their home

You Can too!

To get help to stop your foreclosure go to:

http://help-to-stop-foreclosure.net/wp-content/stop-foreclosure-fast-form.html

Foreclosure Solutions Video Podcasts

Help To Stop Foreclosure is introducing new foreclosure resources, video podcasts.  This new member of the sites foreclosure solutions arsenal of resources will include foreclosure help and assistance through foreclosure videos and foreclosure podcasts. The first foreclosure video podcast has been added.

This first and new foreclosure podcast covers a fantastic tips and secret that you can learn more about in the in the new eBook to help you stop your foreclosure. The first podcast tip can help you void your mortgage and bring the lender/bank back to the negotiating and bargaining table.  It can help you avoid and prevent foreclosure and keep your home and property.

Help To Stop Foreclosure is the place you can find many different areas of discussion on how to stop foreclosure, from TILA, RESPA and HOEPA to Bailout and Notary violations and fraud issues.

Check out the foreclosure video podcast and stay tuned/subscribe for many more.

Click here for the latest foreclosure podcast.

Click here for the first podcast.

Foreclosure Resources For Help To Stop Foreclosure

Help To stop foreclosure has two members of it’s list of resources to help you stop foreclosure.

The two newest additions to the Help To Stop Foreclosure resources are the Help Desk and the Frequently Asked Questions FAQ’s.  Check them out today to get some the assistance you need to prevent or avoid foreclosure on your property.

For the Help Desk CLick Here.

For the Frequently Asked Questions FAQ’s CLick Here.