Upside Down Mortgage

Archive for January, 2007

Loan Modification Specialist

Question: Loan Modifications...is Hope Now Foundation a trustworthy company?

They claim to be loan modification specialists. Does anyone out there know of them and their credibility?

Answer: I had intended to deal with them to avoid forecllosure..... and
had authorized a $ 225 auto deduction from my checking giving them my check number and account#..... yes I was a
complete fool...but an hour later I called my bank to stop all
payments to HOPE NOW FOUNDATION in that amount....
7 days later I see a deduction from my account in that amount of money $ 225... I had the bank research it for me
and the withdrawl was done in the name of "Local Realty LLC"...my conclusion...they realized the stop of the Hope
Now withdrawl but they still had my check # and my account
number!!! I transfered all my money out of the account now
and have to work with our local police department to than
get paper work for my bank to take action. What an idiot I
was ..for only 1 hour ... but an idiot none-the-less

How to Find the Best Loan Modification Specialist

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Mortgage Default Mediation

JUDICIAL FORECLOSURE PROCEEDINGS

Judicial foreclosures are processed through the court system. The lender files a complaint stating what debt is owed with an explanation of why they should be allowed to recover the property from the borrower in lieu of debt settlement. A notice of Lis Pendens usually accompanies this complaint. A Lis Pendens means a notice of pending action.

The home or property owners are notified that there is intent to cure a default by mail and publication to have an opportunity to protect their interest in the court. If the court finds probable cause of default in debt settlement, it is then ordered that the amount owed is valid along with court costs. The property is then to be sold at public auction. When the property is sold, it is then presented in front of the court to protect the lender’s interest.

NON-JUDICIAL FORECLOSURE PROCEEDINGS

Sometimes Non-Judicial foreclosures are referred to as power of sale foreclosure. This procedure does not involve the court. The mortgage company sends a notice of default or a right to cure default and files a recording in the county recorders office. Often local publications are used along with these proceedings. There are some states that do not require a notice of default and can proceed without any direct contact with the owner. Most states require a time period for these proceedings and after this lapse the public auction is held and the property is sold to the highest bidder. Homeowners are generally allowed to redeem the property in a process called Statutory Redemption. This time period varies from 30 days to one year, depending on each state law.

Facing a foreclosure is frightening and often times confusing since each state is different. You should not face this alone. Act now to contact your lender to see if you can work out a repayment option to settle the debt. If this isn’t satisfactory solution, get a foreclosure expert to help you with the foreclosure. There are too many laws and terminology that the common man might not understand. You really need to take a look at a your finances to see where your problem lies and be upfront and honest with your lender.

A Foreclosure Prevention Service has numerous foreclosure options that can help you deal with the foreclosure process. Under the law, you have a right to remain in the property for a certain period of time. You may not be aware of this law. Foreclosure Prevention services explain this to you depending on your state law. They work with not only you but your lender to work out a program that will keep you in your home. The lender does not want your home, and are often more willing to work with a prevention mediation service. You should get help with foreclosure to protect you and your families before you agree to anything. After a Notice of Default has been filed you do not have a lot of time before the foreclosure is final. Do not turn away; act now. Get experts to help you save your home.

About the Author:

Has over 10 years experience in the Foreclosure assistance industry with a specialization in Residential Foreclosures. For free consultation on any foreclosure issues contact http://www.mortgagebuyerbasics.com/

Article Source: ArticlesBase.com - Differences Between Judicial and Non-judicial Foreclosure

Government Loan Modification Rules

Just recently the U.S. Treasury Department has approved six new lenders to its Home Affordable loan modification program. Under the terms of this agreement's loan modification rules, these six banks and lending institutions may now process applications for loan modifications. They may now participate in the subsidy program offered by the federal government and get the incentive payments that both lenders and homeowners are eligible for. Having been approved, these organizations will now be looking for qualified homeowners for whom they can modify a loan. Check to see if your lender is on the approved list of institutions that can offer modifications under this plan.

The Obama administration is trying to add any lending banks that wish to participate in its new program. The government, which is offering almost $9 billion in incentive payments to both banks and homeowners who successfully negotiate a loan modification, is hoping that most lenders will participate in its program. Every qualified loan modification means the lending institution receives an upfront payment. Homeowners who are able to keep their modified payments up to date will receive $1,000 a year for up to five years as a bonus. This Home Affordable plan will give successful applicants an interest rate as low as 2% for up to 40 years. The first six lenders have been approved and they are:

1. Saxon Mortgage

2. Wells Fargo Services -- Wells Fargo and Wachovia

3. Citimortgage -- Citibank mortgages

4. Chase -- J.P. Morgan Chase, EMC., and Washington Mutual

5. Select Portfolio Mortgage

6. GMAC

There are many large banks that offer mortgages that have not yet been approved to offer this plan. Bank of America, which owns Countrywide Bank and controls 20% of American home mortgage loans, has not yet been approved but is currently undergoing the approval process. It is thought that they will be able to start offering loan modifications through the Home Affordable Plan any time now. Mortgage holders who are thinking of applying for a modification should start gathering information, getting their paperwork in order, and begin filling in their applications so they will be ready to move forward when Bank of America is approved.

Anther company that will soon be ready to get final approval is Ocwen Financial Corp. which has already started taking applications from homeowners seeking loan modifications under the Home Affordable Plan. Again, borrowers interested in applying should start getting ready now so things will move faster when they are approved.

If you bank has not yet been approved to offer Home Affordable Plan home loan modifications, keep checking with them and in the meantime, get your paperwork ready so once they do get approved, you will not experience any delay. This is the relief homeowners need and have been seeking. Now is the right time to take the steps needed to complete your loan modification application so you will have the best possible chances for getting approved.
About the Author:

For essential tips and facts about how to get approved for a Loan Modification, Visit our simple, no nonsense loan modification guide and resource: http://MortgageModificationLoan.net/

Article Source: ArticlesBase.com - 6 Lenders Recently Approved For Obama's Federal Home Affordable and Loan Modification Plan

What role does the government play in loan modifications? G