Upside Down Mortgage

Archive for March, 2008

Loan Modification Company Requirements

Shortly after the government urged them to step up their loan modifications, mortgage loan modification servicers are finding it hard to keep up with requests and inquiries from thousands of struggling borrowers. Borrowers, on the other hand, are beginning to get frustrated at the long waits.

A performance report by the Treasury Department showed that response times varied widely from one Mortgage Company to another. Many borrowers who try to get loan modifications either have to wait several months, get evasive excuses, or get no response at all.

The report also showed that only a small fraction of troubled homeowners have benefited from the government’s loan modification program. Only 9% of borrowers who meet the loan modification requirements had been given lower monthly payments as of July.

In a joint letter to mortgage servicers, Treasury Secretary Timothy Geithner and Housing Secretary Shaun Donovan said that much more progress would be needed to help struggling borrowers. They urged the companies to stay more consistent in their goals, particularly in converting trial modifications into permanent fixes.

Mortgage companies replied that they were doing their best to work out more loans, but the volume of requests was simply overwhelming.

John Dalton, president of the Housing Policy Council under the Financial Services Roundtable, said that servicers were not accustomed to handling such a large number of modifications. According to him, around 3 million people were currently 60 days overdue on their loans.

Dalton added that the industry is currently “reinventing” itself to adapt to its new role, from payment collector and processor to aid provider.

Many homeowners simply have a problem with the processing times. Often, experts say, they would only talk to the representatives, who would decide when to forward applications to the decision-makers. With the longer processing, however, many homeowners are left in line, and some end up in foreclosure before they could be helped.

About the Author:

For more information on Loan Modification please check the premier loan modification assistance resource at www.cdloanmod.com or check the latest loan modification news articles at www.cdloanmod.com/loss-mitigation-news

Article Source: ArticlesBase.com - Loan Modifications Slow Down as Servicers Get Swamped

Loan Modification company putting pressure on the banks

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Loss Mitigation Assistance

What is loss mitigation?
You can be sure that there are a lot of people who do not have the faintest idea what this expression means. For that matter, there are a lot of terms in the finance field that are rarely used by most people in everyday conversation.
If you are now facing a home foreclosure, you are looking for answers-
answers that will explain what all this "foreclosure" terminology, means in simple-to-understand words. Rather than define all these confusing financial terms at once, let's look at loss mitigation and explain how it may be a "weapon" that you can use to defeat your home foreclosure.

Loss Mitigation...
A course of action that is available to you, the homeowner, and a process that will enable you to stop home foreclosure. That is correct; you the homeowner have the power to request negotiations with the lender.(Imagine that)
Not only can it stop the foreclosure process, but it can help you save your family home and the equity you have built up. The lender agrees to assist the borrower (you) by working out an agreement to help you stay in your home and restructure your loan payments. Loss mitigation is a set of tools the lender uses to stop foreclosure.
Which could include:

> Special forbearance agreement
> Loan modification / Mortgage Refinance
> Partial claim
> Pre-foreclosure sale
> Deed-in-lieu of Foreclosure

An agreement between the lender and homeowner to repay past due payments within an agreed upon period of time is the goal of loss mitigation.
Any of the previously mentioned tools or combination of each can be used by the lender to enforce the agreement.
Your current situation...
Your current situation is important in the process, because you are now behind on payments and in danger of defaulting on your home loan. This information needs to be very clearly and succinctly described to the lender. Communication with your lenders is very important.
Do not hesitate to tell your lender all the facts. When they understand your situation completely, your lender will be more able to help you find the right solution.
You must remember this is business and the lender will approach the negotiations that way. Your job is to put a face/family in front of them and make sure they understand the situation you are facing. If you have recently faced any hardships such as:

> being laid off at work
> going through a divorce
> medical bills
> health issues - resulting in loss of income

The lender MUST know this information.
These few are just examples of what the lender will take into consideration when trying to help you stop the foreclosure process. Your hardship and financial circumstances will be taken into consideration.
The negotiations...
The outcome of the negotiations usually results in your existing loan being re-established or modified to some degree. Loss mitigation does not involve you losing your home or the equity you have accrued. In addition loss mitigation is not dependant on your credit rating.
There is help...
As stated earlier loss mitigation is a process available to you. That does not mean that you have to go into your lender alone. In fact if you use a reputable firm, your chances of negotiating with your lender (to benefit you) elevate significantly.

This is not a game; you are facing the possibility of losing your home to foreclosure. Be sure you check out the company before you consider using them. You definitely want to work with a reputable establishment.
The loss mitigation firm will work with you to customize a plan that will fit your individual circumstances.

The benefits of loss mitigation negotiations...
It is a process that you and your lender enter into. This course of action is meant to cut the losses incurred by both parties. If the lender has to foreclose on your property it actually will cost
them more than taking time to work out a solution with you NOW!
You keep your home and equity, and the lender has halted the foreclosure process and has an agreement with you to continue your (altered) mortgage payments.

One final point...
You must always remember when you are facing a home foreclosure that time is your enemy. The clock is always running. Even while you are
negotiating with your lender...the clock never stops ticking.

Tick-tock, tick-tock, tick-tock...
The best of luck during your Loss Mitigation negotiations.

About the Author:

Jeff Manzanares is the president / owner of Bridges Finance Inc. a finance companay in Orange County CA. Jeff is also owner of Home Foreclosure Help a website dedicated to helping a homeowner keep their home when they are facing foreclosure.

Article Source: ArticlesBase.com - Loss Mitigation - a Set of Tools to Stop Foreclosure

Loss Mitigation Help Get An offer To sale Your Home Before

Loan Modification No Upfront Fees

Question: LAWYERS SCAM... look into this?

Is it legal for lawyers to charge for loan modification upfront fund as fee... I have received no response regarding this and i have paid $2,100... URGENT..... I have just got this from the internet while googling it.. and found out that you don't need to pay'em for the modification any kind of upfront fees, Its free in the govt. site.... and why do they charge me.. they told me that the govt. is providing the 31% will be reduced from my mortgage anything like principle or, reduced payment.. something like that.... IS that legal for them to charge while the govt. is saying no upfront fees or cost

Answer: Watch the must see movie: 2012
u will get the reply......

Loan Modification California & Nationwide-Absolutely No Upfront Fee