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!

Bank of America and Foreclosure Freeze

Bank Of America – Foreclosure Review

Over a month ago Bank of America declared a foreclosure review that would give customers confidence that they were being treated fairly. However, there are a lot of questions yet to be answered.

America’s largest bank, B of A, put a freeze on foreclosure sales in 23 states last month and then broadened the freeze to nationwide a few days later. The bank continues to review its process stated Rick Simon a spokesperson from Bank of America.

Bank of America said it is going over their procedures and individual cases, and has admitted that it has changed some practices as a result.

Bank of America – Lack of Disclosure

However, there are a number of things Bank of America has not disclosed:  B of A hasn’t released what changes have been made.  B of A has been vague concerning the number of foreclosure files it has reviewed, the number of errors and the types of mistakes it has found, and not to mention, how long it may take to finish the process.  Needless to say, Bank of America, hasn’t even addressed if foreclosures thus far have even been legal.

Bank of America – Details MatterBank of America

These ‘little’ details actually do matter because Bank of America’s reach is so wide.   A minimum of three times over the past month, B of A has stated in public statements that “the basis for our foreclosure decisions is accurate.”

Simon says that statement is founded upon a review of customer’s financial details, such as borrowers’ payment history and how much debt they have. Bank of America stresses that borrowers who are not behind on their loans aren’t getting tossed out. By Bank of America’s assessment a third of the properties foreclosed on and sold in the third quarter were empty, and the homeowners were on average behind on monthly mortgage payments by eighteen months.

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.

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

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

Resources:

http://finance.fortune.cnn.com/2010/11/02/what-we-still-dont-know-on-bofas-foreclosures/

Do you have a Bank of America loan?

Loan Modification

Loan Modification – Does It Really Work?

Recently in a hearing, called by the bipartisan Congressional Oversight Panel, which was given the responsibility of monitoring the government’s foreclosure bailout programs, the panel members pounded the Treasury Department for the shortcomings in its mortgage loan modification process.  This hearing came only days after a report issued from the inspector general showed the agency’s efforts didn’t have clear benchmarks and fell horribly short of its original goals.

Despite early expectations that the Home Affordable Modification Program would assist millions of troubled Americans rework their loans and keep their homes, the loan modification program thus far has resulted in fewer than 500,000 permanent loan modifications. While this is significant, it pales when compared with the more than 7 million homes facing foreclosure.

Loan Modification Program – Falling Painfully Short Of Expectations

Panel member Richard Neiman, superintendent of banks for the state of New York, stated the loan modification program has “fallen far short of our hopes.” J. Mark McWatters, another panel member, an attorney and accountant, said the administration had “failed to provide meaningful relief to distressed homeowners” and that its original projections had generated false hopes and expectations in that the loan modification program would help far more homeowners.Loan Modification

Phyllis Caldwell, head of the Treasury Department’s homeownership preservation office, took up for the Obama administration efforts, saying that the impact of its foreclosure mitigation programs should not be judged by the number of permanent loan modifications alone.

Loan Modification – Trial Program

She said a trial loan modification – which consists of three months of reduced mortgage payments – have given families desperately needed time and space, even if they don’t become permanent. She also said the Treasury Department is changing and expanding the loan modification programs in hopes of reaching more troubled homeowners.

Maybe you’ve tried a loan modification and it hasn’t helped. 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. 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

Loan Modification – is it worth the trouble?

Loan Modification Failures Get Help

Loan Modification – Is It Worth Trying?

A year and half ago, the government launched a loan modification program to help homeowners. The federal government’s loan modification program is unfortunately not helping as many homeowneloan modificationrs facing foreclosure as hoped for.

Of the Phoenix area borrowers that hoped to lower their monthly payments through the Home Affordable Mortgage Program in April, over half, left the program by the end of July and they didn’t have their payments permanently lowered through the loan modification program.

Loan Modification – Good News

Good news is that some of these borrowers actually did receive help from other programs that were available; however, in my opinion, not nearly enough have been helped and way too many have lost and are still losing their homes.

Loan Modification – Bad News

Bad news is that far too many other homeowners were denied a permanent loan modification after making several months of “trial” payments and have lost their homes to foreclosure.

Some housing advocates have said that too many homeowners were strung along with a trial loan modification through the federal government’s program, known as HAMP, when the lender knew a foreclosure was not going to be avoided.

Lenders defend the trial loan modification, by saying they didn’t know all of the rules for the new federal program, so they placed a lot of homeowners in a  temporary loan modification to help them avoid inevitable foreclosure. I guess it  could be true they did not know the rules, but I doubt it, it’s their job to know the rules.

Now, it is quite possible a number of homeowners just didn’t meet the program’s complex and burdensome requirements, even though they had been approved for a trial loan modification.

Loan Modification – It’s Not Possible To Know -Yet

It’s impossible to know why so many homeowners were and still are being denied a permanent loan modification because lenders simply won’t comment on specific cases, and the Treasury Department hasn’t released a list of borrowers who had their trial loan modification canceled.
Don’t let this happen to you. 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/

Resources:
http://www.azcentral.com/12news/news/articles/2010/09/05/20100905loan-modification-program-phoenix.html
Loan modification – Do or DON’T?

Loan Modification Gone BAD! Ends in Foreclosure Filing

Loan Modification – Alright Things Are Going Great

According to reports, to Feliciano Mendez’ delight, Bank of America sent him a letter stating that his loan modification was approved.  Of course, he began making payments, as this was most certainly a great relief to he and his family.  Like many other hard working Americans, he ran into financial hard times because of a decline in his trucking business.

Feliciano stated that he begged the bank to work with him. Bank of America sent him a loan modification that looked good, so he signed it and sent it back to them.

Loan Modification Docs Again?

Sometime later, Bank of America sent him a second loan modification document. It looked just the same to him and he says his loan officer assured him that it was simply a duplicate loan modification and therefore, he didn’t need to sign it if he had already signed the first loan modification.

loan modificationWell for the next nine months, Feliciano Mendez paid the loan modification amount with a money order, as the bank had directed.

Loan Modification Ends in Foreclosure Anyway – What??

He then called in May, asking whether he could start paying the loan modification with personal checks instead the money orders he was sending. Mendez says that the bank informed him it had decided to foreclose on his home and had already posted a sale date of June 10.

Needless to say Mendez said he and his wife were shocked when he was found out about the bank’s decision.  Actually his wife took it harder then he did.

Even today, he said, his wife loses sleep, can’t concentrate on work and sometimes can’t bring herself to answer the front door because she is so distraught over the possibility of losing her home.

Mendez successfully filed a lawsuit, which temporarily blocked the foreclosure. But lawyers for Bank of America  are trying to dismiss the case.

Mendez’ attorney, Brian Andrews, said Bank of America blames the foreclosure on Mendez [what else is new!] They say that it was his failure to sign the second agreement for loan modification. However, Andrews says that before filing suit, he called four (4)  Bank of America employees and they all confirmed Mendez’s account – that he had been told not to sign the second set of loan modification documents since he had already signed the first set.  Andrews stated that they say it’s all a ‘mistake’ on the part of the bank.

Are you thinking about doing a loan modification?  Well, please think again and watch you back.  Do your best to not let this happen to you.  Instead of, or along with, a loan modification, you may have other avenues.  I provide a Free No Obligation review of homeowner’s loan documents to help you with other options and lots more.

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

Resources:
http://www.signonsandiego.com/news/2010/aug/31/mortgage-modifications-still-lead-foreclosures/

Are you thinking about doing a loan modification?


Foreclosure Expert Videos-2

Foreclosure Expert Loan Modification

In today’s market experts feel that loan modifications are a good foreclosure solutions avenue for homeowners to take to stop a foreclosure.

But like myself some experts realize that much of the time a loan mod does not work because the bank has little motivation to do a loan modification until creditor/lender finds out that the homeowner is  one of the that has gained expert help and found out about the banker’s law violations in the creation of the loan and the homeowner can fight the banker on it and possibly win.

When the lender/creditor or current beneficiary realizes that you are one of the few homeowners that has sought out real foreclosure solutions and found out about the creditor’s breach of the mortgage and promissory note contracts way before your default and the lender violated the law in the process then the current creditor has more motivation to treat you fairly and possibly do a loan mod to stop the foreclosure process. But, if they have no such motivation from you showing them you are aware of the bank’s violations then the banker is likely to not do a loan modification in the end of a long drawn out process of you requesting it and doing all the paperwork associated with the request.

In addition, like many others, if you are the kind of man or woman that is not satisfied with the idea of the bank getting your home that you worked so long and hard for, but you want to keep your home and property, then you can also use the information concern on banker violations of the law to possibly prevent the creditor from foreclosure on you, and you can keep your home. The ball is now in your court when you have been given the informational tools that banker hopes you will never find out.

Here at Help To Stop Foreclosure you can find the information of the banks violations and other help and foreclosure solutions you need to fight for your home and motivate the bank to do a loan modification that can help you keep your home.

Here you can get a free preliminary audit of your paperwork to see if I can help you. Get the help you need, give me a call right away or fill out the email form and I will call you back to talk with you about your particular needs before it is to late. Call (888) 819-6554 or fill out the Stop Foreclosure Help email form, Click Here —>> http://help-to-stop-foreclosure.net/

Foreclosure Expert Loan Modification Video