mortgage loan modification
San Diego A+ BBB Rated Mortgage Loan Modification Company | Carlsbad, San Marcos
January 6, 2010 by homestartloanmod · Leave a Comment
For A+ BBB San Diego Mortgage Loan Modification Services CLICK HERE
The declining housing market has left many Americans facing the possibility of losing their homes. California cities have been hit especially hard, accounting for the majority of the highest metro city foreclosure rates in the country. While Los Angeles has the highest number of foreclosures in the state, San Diego is following right behind it, listing over 18,000 new foreclosures in the third quarter of 2009. What many homeowners don’t realize is that even if you’re behind on payments it is not too late to get help. HOMEstart is a loan modification company that may be able to renegotiate the terms or your loan to make payments more affordable.
Many homeowners have not been informed about the Homeowner Affordability and Stability Plan (HASP), created in early 2009 by the Obama Administration in hopes of putting a stop to widespread foreclosure throughout the United States. The $75 billion dollar plan calls on major banks such as JP Morgan Chase, Wells Fargo, and Citigroup to participate in modifying distressed mortgages, keeping borrowers in their homes. The losses these banks incur will then be refunded by the $75 billion HASP budget. These Loan Modifications involve the renegotiation of loan terms, often reducing monthly mortgage payments and even the principal balance. Almost any home owner with legitimate financial hardships can qualify for a mortgage loan modification, and for many it can make the difference in saving their home.
HomeStart is a loan modification company based out of San Diego, California that specializes in these cases. HomeStart has been accredited by both the Better Business Bureau (BBB) and the California Department of Real Estate (DRE) to provide trusted and effective service. Given our tenure and attention to customer service, HOMEstart has been successful with close to 90% of submitted loan modification applications. Contact HOMEstart at anytime to discuss your financial hardship, we will listen and maintain the highest level of confidentiality. We have an entire team of experienced loan modification consultants who will help answer any questions you may have, regardless if you pursue a loan modification through HOMEStart. We are here to help; start new, not over.
Here is one recent example of a loan modification performed by HomeStart:
Property in San Diego, CA
Total monthly savings of $1,132.38/month
- Primary Residence:
Loan amount of $298,819 with an interest rate of 5.875% and monthly mortgage payments of$2,445.30. - Modified to:
Interest Rate of 3.875% and new monthly mortgage payments of $1,312.92 fixed for 5 years; final interest rate of 5.375% and $1,481.94 monthly payments.
For more information please visit www.YourHomestart.com
mortgage loan modification
Salt Lake City A+ BBB Mortgage Loan Modification Program | No Upfront Fees
January 6, 2010 by homestartloanmod · Leave a Comment
For A+ BBB Salt Lake City Mortgage Loan Modification Help CLICK HERE
Utah currently has one of the highest foreclosure rates in the country, listing just shy of 18,000 foreclosures. The majority of these foreclosures are coming from their state capitol of Salt Lake City, which has one of the top five metro foreclosure rates. According to RealtyTrac, in August of 2009 Utah reported the eighth highest foreclosure rate in the country, with one in every 282 houses receiving a foreclosure filing. Don’t let this happen to you! If you are having trouble with monthly mortgage payments, call HomeStart to discuss the possibility of a loan modification.
In 2009 the Obama administration established a loan modification program under the “Making Home Affordable” initiative to help homeowners avoid foreclosures and to keep people in their homes! One of the main issues is that most homeowners do not really know what options they have when it comes to doing a loan modification.
A Loan Modification is a permanent change in one or more of the terms of your loan. The purpose of a loan modification is to allow the borrower to meet the new loan modification terms, allowing them to prevent foreclosure. A loan modification is not a refinance; it is the restructuring of the loan terms. In other words, a loan modification is a contractual agreement between the Lender and the Borrower to provide long term relief from unaffordable loan terms. Loan modifications can lower your interest rate(s), monthly mortgage payment(s) and even the principle balance (loan amount). Remember the cost of foreclosure to the Lender is higher than new loan modification terms; therefore, lenders are open to loan modifications to prevent foreclosure.
The Better Business Bureau (BBB) awarded HOMEstart as an A+ rated mortgage loan modification company. This A+ rating signifies the fact that HomeStart is operating in a trustworthy manner, and has never received a complaint from a customer. HomeStart is the only business in California with an A+ rating from the BBB in both loan modification and real estate loan modification. While the California DRE reported approximately 495,000 registered Real Estate and Mortgage Brokers in California in August 2009, only a mere 300 were licensed to perform mortgage loan modifications. So start with a company you can trust, call HomeStart today.
For more information please visit www.YourHomestart.com
mortgage loan modification
About the Homeowner Affordability and Stability Plan
December 29, 2009 by mortgageloansmodification · Leave a Comment
There are certain guidelines or norms that the U.S. Department of Treasury has come up with for all the lenders who want to participate under the Homeowner Affordability and Stability Plan. There are two main proposals for the Homeowner Affordability and Stability Plan:
- Home Affordable Refinance
- Home Affordable Modification
It is estimated that the Home Affordable Refinance program will be able to aid approximately 4 to 5 million people who are currently suffering from the falling prices of their properties. It will also apply to people who own mortgages from Fannie Mae and Freddie Mac:
- This obama’s loan modification plan is available for people who are currently paying their installments. Thus permitting them to refinance at a lower rate or take benefit from the adjustable-rate mortgage.
- They cannot be late for more than thirty days in the last one year.
- It does not lessen on the principal amount but only the rate of interest.
- The loan to value ratio should be above eighty percent and less than 105%.
- There is no cash back mortgage possible.
The second plan will be help another 3 to 4 million people from the risk of default. It is applied on people who qualify for the Making
Home Affordable Program:
- The loan should be from the January 1, 2009 or from before that to qualify for the loan modification.
- For the mortgage loan modification, the home should be the primary residence of the person.
- The limit of mortgage is higher for people with more than one unit otherwise it has to be less than or equal to $729,750.
- It promises to reduce your mortgage payment to 31% from 38%.
- Whatever the reason, to qualify borrowers have to sign an affidavit due to the financial hardship.
- Whenever you feel you are having problems with repaying your debt you can approach the lenders that day itself.
- It does not qualify for any vacant or condemned property of the borrower.
- Loans will be modified only once.
- You can modify your second mortgage but then only the first mortgage would be qualified.
- The Home Affordable Modification program will end December 31, 2012
mortgage loan modification
Some Great Mortgage News
December 14, 2009 by jwest1234 · Leave a Comment
RESPA is changing the guidelines for fees and this will help borrower’s lower their cost in closing loans. RESPA(Real Estate Settlement Protection Act) is governed by HUD. The “initial” charges on the GFE (Good Faith Estimate) will now be binding and these charges will be what you see on the final HUD1 at settelment. Great News for Consumers and Mortgage Applicants. A report I found interesting informative and true about RESPA.
If you are one those who is seeking at lot of information about Mortgage Lending please take the time to search some areas that I have found to be beneficial. It is some great information from an experienced Mortgage Professional.
Important mortgage information, what do you know?
Mortgage Loan Modification Information
Choosing the right Lender
One cannot know enough these days about mortgage lending, protect yourself and be at ease about what you know. Prepare yourself and ask questions and get answers…it is about your life.
mortgage loan modification
What Is A Forensic Loan Audit and Do I Need One?
November 30, 2009 by Justin S. Richards · Leave a Comment
I find it amusing that so many in the mortgage business and the loan modification business toss these terms around as if everyone knows what they are. If you choose to attempt a loan modification on your own or with a competent professional it helps to know a little of the vocabulary that may be thrown your way.
So, let’s talk about a forensic loan audit and why you may want to consider having one done as part of your home mortgage loan modification.
If you’ll wind the clock back 4 or 5 years ago – really up until the current financial crisis began, banks, lenders, and mortgage brokers were very relaxed in their compliance with federally mandated guidelines for lenders. If your loan was created during this time period there was almost a 100% chance that it violates one or more laws relating to RESPA, TILA or Section 32. Not just the little banks – the big boys like Wells Fargo, Litton, AHMSI, PMC, GMAC.. and many others – were very relaxed in their interpretation of their compliance to these existing laws.
As a consumer, it’s not reasonable that you would be expected to know or be aware of all of the laws that pertain to lending… you went in your for mortgage closing and your title company, or they came to you, showed you where to sign and told you life would be great after you were done. You relied on their expertise as a professional to obey the law.
When an experienced attorney performs a forensic audit on your loan they will review all of the documents you were presented with and signed at the time your loan was created. They examine whether or not you signed the right documents, audit the math, examine the loan terms, perform a test to see if there was anything misleading about what was presented… etc. When the attorney has completed the forensic audit they’ll provide you with a report of their findings.
Understand this, in sever situations, mortgages can be wiped out completely because of violations and infractions of lending laws. So banks take the results of these audits very seriously. If you’re in a situation where you are trying to do a mortgage loan modification a forensic audit can be your best friend – especially when the bank you are working with won’t play ball.
You’ll find that prices will vary from different legal firms as to their fee for a forensic audit. I know attorney’s that specialize in forensic audits and they cost about $900 for the service. In our company we perform forensic audits at no extra charge for our loan modification clients when banks are being stubborn – from experience they are VERY effective in obtaining a favorable outcome for loan modifications.
If you’re trying to do a loan modification on your own this may be a great place to start. If you need a referral please e-mail the author and I’ll put you in touch with an expert in the field. If you’re using a professional to help with your home loan modification be sure they have the forensic audit tool in their arsenal.
If you know you need a loan modification our team would love to help – we use forensic audits regularly – to obtain the best possible outcome for our clients. Check us out at SureFast Loan Modification.com or (800) 510-1859 for faster service.
