Upside Down Mortgage

Archive for October, 2007

Loss Mitigation Attorneys California

Residential mortgage brokers are looking for a new line of work, but many of them are still seeking the fast buck. Gone is the residential mortgage business in a world where houses doubled in value in a matter of months. Have you wondered where all these mortgage brokers have gone?

You may see advertisments for Mortgage Loan Modifications and behind the fancy terms like loss mitigation and forensic audits, you're going to see some of the same faces. I'm wondering as should you, how these same people can assess your ability to apply for a mortgage loan modification, when they are some of the same people who sold you a terrible loan to begin with. Just a thought. One, perhaps worth pondering.

In California, there is a Foreclosure Consultant Act which clearly defines what is permissible. Accepting money upfront for work yet to be completed is against the law. I don't know about you, but I'd be cautious about giving money to somebody who was recently selling residential mortgage loans.

Please don't get me wrong. Before the mail starts rolling in, I acknowledge there are many professionals with a wealth of experience. Many of these loan brokers have a sterling reputation for honesty and their ethics are beyond reproach. It's the other guys I'm talking about. The huge numbers, who, together with greedy lenders have brought this country to it's financial knees.

If you apply for a Mortgage Loan Modification, try to sign up with a company, like mine, who has an attorney as a principle owner of the firm. Attorney's are exempt from the Foreclosure Consultant law and have always been able to legally accept fees upfront. After all, attorney's have too much to lose and the majority I deal with are forthright and honest.

What should you expect from a Loan Modification Company? Initially, there will be a lot of paperwork as the Loss Mitigation team determines your ability to qualify for modified terms. This will require honesty on your part, because the figures you provide will have to be documented and proved with tax returns and bank statements.

The telling point will be an underwriters ability to think like a lender. Will a lender buy the deal? Is it possible with just a few hundred dollars more, you will be able to stay in your home and make the reduced payments on time? This ability to see through the financial forrest is what makes a good loan modification team. 

You're going to need people who have dealt in numbers and are experienced enough with financial statements and ratios. Look carefully, but if you're serious about keeping your home, act quickly.

About the Author:

Chuck Machado is a partner with CMA Capital Funding Inc and is considered a commercial mortgage specialist. He is currently working with homeowners in and their lenders in Loss Mitigation and Loan Modifications. In his spare time, he manages New Mexico Chile Company, makers of award winning sauces from the southwest.

Article Source: ArticlesBase.com - Don't Pay Upfront Fees for a Loan Modification

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Predatory Lending Practices

Question: Subprime meltdown is vindication of islamic economics?

We know the financial meltdown was caused by predatory lending practices by rapacious financiers, that too to people with bad credit history, in an unregulated environment (called capitalism). Is this a vindication for the interest-free, market based financial system advocated by Islam, in place of the conventional interest-based, banking financial system?

Answer: No, the US model of capitalism is flawed, and the interconnectedness of the international banking system brought it undone. It would work if they used the same rules and regulations everywhere, instead of the "no-holds barred" economic version shoved down everyone's throats by Bush.

In fact I believe it was an act of Congress which mandated that the banks provide low doc loans, in an attempt to fix "housing affordability" for the poor.

In most other countries, they provide grants/assistance directly to the poor. US capitalists hate this because it smacks of socialism. Of course it isn't socialism, merely social responsibility. In the US, they'd rather have their poor living out in the snow.

Good Lending Practices versus Predatory Lending (Spanish)

Mortgage Relief America

Question: Anyone-Please-what do you think of my situation-especially Americans-and any immigrants I welcome your input?

I am a widowed white American woman who has an 8 & 9 yr old to raise. We have lost our health insurance due to hubbys death. I went to try and get Medicaid until I can get a job and insurance. I was turned down because I own a home-still paying mortgage-but pay city, county, state and school taxes and have for 18 yrs. I was in Medicaid office with 21 immigrants of Mexican and Guatamalan discent and was told reason they get is because they have had babies born in this country and are entitled to this help. Do you think this is wrong-unfair-predjudicial on my behalf???
Now my son was kicked in the chin-broke 2 front permanent teeth, and also kicked in scrotum which needed a $85 Dr. check and this kid and mother are from Haiti and she is refusing to pay for dentist or dr. bill and cannot get any thing without taking to court. The only relief I have is the son has a battery charge against him. What is wrong with America???

Answer: Wow that is So Messed up, but the only advice I could give you is to talk to a lawyer to see what could be done. You sound like your in a bad situation, ask around for some pro bono lawyers.
And this is a perfect example of why many Americans are getting fed up, when we don't take care of our own there is A Big Problem. I would start calling,emailing, writing letters to my Representative, news papers, local elected officials. (anyone and everyone)
Hope things get worked out.

foreclosure relief, American Foreclosure Relief Agency Wilson NC