How to Best Achieve Debt Consolidation and Payment Reduction

Few online debt consolidation lenders will help debtors reduce their debts. Homeowners who are in over their heads in debt can use their homes as collateral to payoff their debts. The loans offered are given to the debtor to repay the debts; and then the debtor must payoff the loan in monthly installments. In other words, your bills are calculated and rolled into one monthly installment. If you have credit cards, then the interest rates will roll into the monthly installment, as well if you have personal or home loans or other types of loans, then the interest rates are rolled in to one balance per month.

Some debt consolidations make it easy and offer short applications, which will link you to an expert who will search for a solution to reduce your debts by assessing your information. Money Management International (MMI) is one of the many online “Consumer Credit Counseling Services” (CCCS) that is a non-profit organization that offers support to debtors. The non-profit organizations are sometimes safer to use than the organized services. Since MMI is a member of the Better Business Bureau, I will refer to this debt consolidation reduction organization to help you get an idea of what is available to you.

Once you sign up at an online debt consolidation reduction organization and are approved, then the professional financial guides will work with your creditors, asking for leniency. This means that the experts will work hard to get a reduction on your debts. For example, if you are paying $1000 per month in bills, some debt counselors will work to get your debts reduced to $500 give or take a couple hundred. This figure is half the amount you were paying in the first place. What a bargain!

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Posted via email from Marketing Elder Care and Marketing Senior Services

Even the most dyed-in-wool Democrat has to admit that the major promise of Nancy Pelosi and company in 2006, that is the promise to rid D.C. of the “culture of corruption,” has been utterly and completely broken.

And despite Barack Obama’s promise to bring change to D.C., he only brought with him the business as usual Chicago-politics style.

Take for example Senator Chris Dodd (D-CT). He is in deep trouble thanks to some whistle-blowers who have exposed him. But, contrary to the campaign promises of 2006 and 2008, the Dems are taking no action to get rid of the corruption that Dodd represents.

Michelle Malkin has this:

And what does Obama do in response to this evidence of corruption? Read on:

So far, Obama has not withdrawn his support.

But it isn’t just Dodd that is a problem. Many Democrats have their own corruption issues, none of which are being addressed by a president who made a campaign promise to address such things.

More:

And let’s not forget Tim Geithner who failed to pay taxes.

The Democrats, rather than nobly standing up to the corruption in D.C. (including that within their own party) are instead hypocritically engaging in the very corruption they promised to fight!

Obama, Pelosi, Reid and other Democrats have transformed the “culture of corruption” into their own “culture of corruptness.” Dems, instead of draining the cesspool, have jumped in and started splashing around.

You can access the complete column on-line here:

Dodd And Obama: Corrupt Birds Of A Feather
Michelle Malkin
TownHall.com
July 31, 2009

Very often, when someone contacts a loan modification attorney they really do not understand how the foreclosure process works or how to stop it.  People who do not understand foreclosure proceedings are often scared, timid and unwilling to do what it takes to stay in their homes.  Many think that if they just ignore their lenders, they will go away.  However, inaction is not any way to respond to a potential foreclosure.  The only way to mount a successful defense to foreclosure proceedings is to know how the process works, and talk to the loan modification attorneys who know how to stop it.

Foreclosure Process

The first step in the foreclosure process begins when a lender files a “Notice of Default” with the county recorder.  This often proceeds a period of non-payment by the borrower, meaning the homeowner is defaulting on the loan by not making payments.  This notice is mailed to the borrower and any other affected parties.  This is in no way the end of the process; in fact, up to five business days before the trustee’s sale, the borrower can pay off the default amount plus any addition fees and/or fines and stop the foreclosure process.  Obviously, very few people can simply cough up the thousands or tens of thousands of dollars it would take to pay this amount.

The second step comes ninety days after the Notice of Default is recorded.  A “Notice of Sale” must be posted on the property and in one local public location, such as a library or town hall.  The Notice of Sale is also published once a week for three weeks in a newspaper of some sort in the area.  The Notice of Sale must clearly state the date, time and location of the sale, as well as the property address, the trustee’s contact information and any other pertinent information.

Step three usually occurs about four months after the foreclosure process began.  The Trustee Sale Auction is held as a public auction at the time and place designated by the Notice of Sale.  It is conducted by the lender’s representative, almost always an attorney, and the successful bidder must pay immediately with cash or a cashier’s check.  The lender often bids in the amount of the balance due plus costs.  If no one else bids (which is usually the case these days), the property reverts to the lender.

Contrary to popular belief, the lender or bank you got your mortgage from does not want your house back.  The entire foreclosure process costs the lender far more than it is worth.  The lender is not only losing money on the four months you aren’t paying your mortgage, but will most likely lose money paid to the attorney who runs the auction.  A loan modification attorney can help you avoid foreclosure and stay in your home.  Both you and your lender are interested in you keeping your home, and a loan modification attorney can help you avoid the headache, heartache and embarrassment of a foreclosure.

To learn more about loan modification process, loan modification programs and view loan modification companies reviews visit Loan Modification Help Center at http://www.loanmodificationhelpcenter.org

Feldman Law Center – News by Feldman Law Center — Part of Obama’s plan to overhaul regulation of the mortgage industry, unveiled last week, would create a Consumer Financial Protection Agency to monitor consumer financial products and change the entire process of getting a mortgage. With a stated goal of developing a mortgage process that is as simple as signing up for a retirement plan, the President’s proposal centers on an automatic offering of a “plain vanilla loan” to potential homebuyers. These loans would offer fixed interest rates and 30 year maturities, unless the borrower opts for a loan with riskier terms such as interest only or adjustable rates.
The plan has received vehement opposition from the mortgage and banking industries who say that government-approved mortgages would restrict borrowers’ options, make loans harder to get, and make them potentially more expensive. Powerful trade groups like the American Bankers Association, for example, oppose creating a consumer financial protection agency. Even lobbying groups open to the idea of a consumer-products regulator question whether the government should suggest which mortgages are best for consumers. “We don’t want to stifle innovation, and we don’t want to stifle competition,” said John Courson, president of the Mortgage Bankers Association.
One thing that would definitely be restricted, and one of the main factors behind these groups’ opposition to the plan, will be the potential commissions that mortgage brokers can charge when they sell a mortgage. For example, administration officials want to curb the fees that brokers and lenders receive tied to inflated mortgage rates. Brokers argue the incorporating those fees are a way for borrowers to amortize the costs of a loan without having to come up with thousands of dollars in closing costs. Another aspect of the plan would link compensation to whether the borrower ends up defaulting on the mortgage. “There’s no reason that we should have to assume that risk,” said Marc Savitt, president of the National Association of Mortgage Brokers. The group’s stance is that while a mortgage broker can facilitate a loan, the ultimate approval for the mortgage comes from the lender.
Mortgage brokers’ fees were typically highest on the most creative and dangerous of the mortgage varieties. With those mortgages a thing of the past, volume, commissions, and their share of new business has dwindled. Mortgage brokers’ share of new loans has dropped from a high of 60% to the current 20%, on much lower volume. Fixed rate mortgages have increased from a low of 50% of the total of new loans originated in 2004-05 to 95% today.
As the plan stands now, the newly created agency would approve a set of mortgages including fixed and adjustable rate mortgages. Approval for vanilla mortgages would be similar to the “prime mortgage” approval process. Potential home buyers could still get mortgages outside of the government approved versions but disclosure of risks and dire warnings will accompany them.
Supporters of the new regulatory agency say that it is needed as much to protect borrowers from themselves as from predatory lending practices. Many borrowers went through the process of getting their mortgage without ever taking the time to understand exactly how the loans they were applying for worked and where the risks were. Still, previous Congressional efforts to regulate the mortgage industry have consistently broken down over the years, even on simple issues such paperwork reduction, so the fight could be long, drawn out, and years in the making.

About Feldman Law Center
The Feldman Law Center is one of California’s top loan modification companies, providing excellent service to our clients and is completely focused on keeping everyone one of our clients in their homes.  Our loan modification experts work tirelessly to provide every homeowner we work with the information, guidance and support they need to modify their mortgages and keep the homes they’ve worked to buy.
About Loan Modifications
If you’re unfamiliar with what a loan modification is, a mortgage loan modification is quite possibly the most effective tool you can utilize if you are behind on your mortgage, and are in the midst of a financial  hardship, in order to save your home from interesting foreclosure.  A loan modification is literally is a process where the terms of a mortgage are modified outside the original terms of the contract agreed to by the lender and borrower (i.e mortgagor and mortgagee). In general, any loan can be modified.  The Feldman Law Center knows every law in California (and the country) that may be able to keep you in your home.  Lenders would rather renegotiate the terms of your loan, and possibly even negotiate a principle reduction, than let the house go into foreclosure.
With years of experience negotiating with lenders, as well as years of experience keeping people in their homes, the Feldman Law Center is one of the most experienced loan modification firms in all of California. To learn more about loan modification programs and loan modification process visit Feldman Law Center at www.feldmanlawcenter.com or call 800-588-0425.