Upside Down Mortgage

Archive for August, 2007

Mortgage Modification And Bankruptcy

Question: Will Obama's mortgage plan undo over 200 years of contract law?

Obama is seeking to give judges the ability to rewrite mortgage contracts.

The plan also includes an endorsement of the idea that Congress might change the bankruptcy code to let judges write-down mortgage debt - a not-to-subtle reminder that if the mortgage industry doesn't play ball with voluntary modifications, a more imposing solution could be around the corner

So if congress allows this, will this undo over 200 years of contract law in America?

Answer: My question would be, who gets to write them down. I mean, just because I have made all my payments on time, should I not get a lower rate? It seems to me that if you cant afford the monthly payments, you should realize that before you sign the dotted line. Can you seriously believe that a person who make 3000 a month honestly thought they would be ok with a 2500/month mortgage. I think we are in this crap storm due to people not being responsible. Why is it the bank's place to tell someone what they can or can't afford.

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Loan Modification Tracking Software

Do it yourself loan modifications are booming in popularity due to the reluctance for homeowners to spend money on modification companies. Many homeowners go at it by hand, but an increasing amount are actually using software to do just about everything in the application process but to talk on the phone with lending companies.

Loan modification software is popping up all over the internet, for both modification companies and homeowners. They all have a variety of features, but the one for homeowners are the main focus.

Quality software for homeowners to work out their modifications with is hard to come by, though with some research and asking on forums on line good software can be tracked down.

The main feature that draws most people to use this software isn't the features, but the price. Software can cost anywhere from $30 dollars to $100 dollars -- both prices are much lower than any company. There are two downsides to loan modification software:

- The quality of the software is not always that great.

- You can't negotiate with software, and it's difficult for a homeowner to do so.

The lack of being able to negotiate in any form is a huge factor in many difficult or strange situations, and for about half of homeowners the lack of negotiations can just as well mean "lack of a loan modification."

However, for anyone who is confident in their eligibility, most software not only helps with the modification, but the budget.

They usually come with some sort of budget feature that allows anyone to work out the budget they will send the lender along with the application they create with the software. Budgeting can take hours by hand, but with software it can only take 30 minutes.

And that's not the only time-saving feature most software packages have. They all fill out the application seamlessly, with no errors and minimal effort, as well as provide hardship letter templates for you to just fill out and send, without the headache.

The bottom line is, loan modification software is great for any homeowner who is confident in their eligibility. With ease of use and a usually completely streamlined process (some even email the application to your lender), it is truly a no-headache experience. However; those who borderline on eligibility or have a complicated situation behind their financial hardship are better off working with a company. And easy process is great, but a human touch can get you much further.
About the Author:

For more information about mortgage loan modifications, visit the #1 loans modification resource on the net: http://HomeLoanModifications101.com

Article Source: ArticlesBase.com - Loan Modification Software - Applying in 1-2-3

Loan modification software web based

Loan Modification Lawyers In California

Stated income home loans are now a thing of the past as Fannie Mae and Freddie Mac suffer with more defaults. Now consumers must qualify with full documentation and won't be able to qualify due to debt to income ratios. This will affect over 70% of California and Florida homeowners needing to refinance their adjustable rate mortgage as well as many more across the country.

With so many people facing rate adjustments this year the only choice may be a work out with their lender or foreclosure . The problem is in most cases these people can not get their lender to listen or even take their call until they are in foreclosure.
One of the main wholesale lenders INDY MAC BANK just toppled and taken over by the FDIC as well as the others facing bleak portfolios consumed by option ARM's as well as subprime loans due to increase as much as 5.00%. Countrywide Bank, Wells Fargo, EMC, Washington Mutual, Downey Savings, Wachovia (formerly World Savings) to name a few, are all facing troubled times if they haven't seen enough already.

If a consumer is facing hardship and the bank refuses to listen what is one to do short of being foreclosed on and ruining their hard earned credit. What do you normally do when you are in trouble or over your head? Hire an attorney!

Most Banks will not even speak with you unless you are down 3-4 months or more on your mortgage and by that time your credit is shot and you may never qualify for a secured loan at a fair interest rate again. Loan Modification companies are crawling out the wood work to take your money and submit your paperwork to your lender and try to modify your loan(you can do this yourself).

The problem is the lenders/servicers are overwhelmed with defaults. They are understaffed and the staff they have is overwhelmed these days and it's about to get worse.

There appear to be a few Law Offices in California that specialize in negotiating with lenders and for much less than the cost of a refinance. A lawyer can work miracles especially if they find RESPA or TILA violations to use for leverage. They know how to talk their language and get the lender to the bargaining table. You hire an Attorney and next thing you know those people in the Loss Mitigation and legal department are your best friend. Sad but true!

About the Author:

Anthony Dean has helped many home owners with the loan modification process. See how he can help with your loss mitigation here
Loan Modification Help

Article Source: ArticlesBase.com - Loan Modification Help-What Is The Best Way To Get My Loan Modified

California Attorney Based Loan Modification