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Archive for February, 2009

Free Loss Mitigation Training

Countrywide loan modifications are not impossible to get anymore. After the merger with Bank of America, Countrywide was forced to change their criteria and open up their doors to more modifications. And after the new government modification plan under Obama, Countrywide has become one of the easier lenders to acquire a modification from. But just because countrywide loan modifications have become easier to receive does not mean they are a walk in the park.

Before you do anything else, ensure that you are clear on their modification requirements. A quick call to the loss mitigation department can clear up any misunderstandings you may have and for you to get a good idea of what they're looking for in a applicant.

You can also call the loss mitigation department to find out what kind of programs countrywide loan modifications can come in. Finding out the requirements and programs they offer is an important part of being approved and can change the way you handle the modification altogether.

Next, decide how you would like to approach Countrywide about a modification. You can either approach them directly or go through a loan modification attorney or specialist.

Only take the task on yourself if you are skilled in negotiating, know how to fill out the forms the way they would like, and are sure you fit into the requirements. The majority of people who apply on their own do not succeed because they make some sort of mistake on the application forms or on the hardship letter they are to send in with the application.

There are two choices for outside assistance: Attorneys or workers through the FHA. Both are trained to assist homeowners to get loan modifications, but the help from the FHA is free. While almost anyone would choose the free alternative to a paid service, it's worth noting that in most cases there are waiting periods to get assistance from these professionals. A specialized attorney or company would not have this wait.

The hardship letter is a critical factor in getting countrywide loan modifications. Some homeowners do entirely forget the letter, which is means for instant disqualification. The letter cannot be too drawn out or whiny, but must be very convincing for your case of financial hardship. If you decide to work through a professional service, they will assist you in writing the letter.

Getting countrywide loan modifications takes the same amount of time and effort as any other lender. And if you choose to go about it yourself but are denied, consider a consultation from a professional to see if you fit into the requirements, and if so have them work on it with you.
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For additional information and useful resources for home loan modifications, visit the #1 loans modification spot on the net: http://HomeLoanModifications101.com

Article Source: ArticlesBase.com - Countrywide Loan Modifications - Easier Than Ever

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Loan Modification Minneapolis

 Newsmax.com

Home Prices Fall by 19.1% to 2002 Levels

Tuesday, May 26, 2009 3:25 PM

NEW YORK -- National home prices are at levels not seen since the 2002 Winter Olympics, but a closer look at a housing index released Tuesday shows real estate is indeed local with some prices in certain cities falling to pre-2000 values.

The Standard & Poor's/Case-Shiller National Home Price index reported home prices tumbled by 19.1 percent in the first quarter, the most in its 21-year history. Home prices have fallen 32.2 percent since peaking in the second quarter of 2006.

But in cities across the country home prices varied dramatically, depending on affordability, foreclosure activity and the local economy. The bottom may be in sight in some markets, but nationally home values are expected to decline _ though at a slower pace _ for the rest of the year.

"By our estimation, the composite 20-city index is perhaps two-thirds of the way through its ultimate total decline in this cycle," according to Joshua Shapiro, chief U.S. economist for MFR Inc.

It's hard to believe it could get much worse for homeowners in Detroit. Homes there are worth what they sold for in 1995. And while that's good news for homebuyers, the implosion of the auto industry and economic fallout means fewer buyers have the money to qualify for a mortgage.

"I feel like houses here are free," said Detroit area real estate agent Rose Marie Jouan with Re/Max Showcase Homes. Her house that she sold in 2004 for $200,000 is on the sales block, bank-owned, for $86,000.

In Phoenix and Las Vegas, where prices have plunged by half since their peaks, home values have receded to levels not seen since the beginning of the real estate boom. Phoenix prices are at early 2001 levels and Las Vegas values hover at mid-2002 prices.

Home values in Charlotte, N.C., Portland, Ore., and Seattle are steady at 2005 prices, the best showing of all 20 cities in the Case-Shiller report. All three were some of the last to fall into the housing slump.

The Case-Shiller report offered other hopeful signs the worst may be over for some cities. Denver prices posted an increase over February, while Dallas prices were flat.

Also, the rates of annual decline for the 10- and 20-city indexes slowed in March, the second straight month they didn't set record price drops. The 20-city index fell by 18.7 percent from the year before and the 10-city index lost 18.6 percent.

Still, there are no signs home prices nationally have hit bottom.

"We see no evidence that a recovery in home prices has begun," said David M. Blitzer, chairman of the S&P index committee.

All 20 cities showed monthly and annual price declines, with nine setting annual records. Fifteen cities posted double-digit drops and Phoenix, Las Vegas and San Francisco recorded declines of more than 30 percent.

Minneapolis posted a 6.1 percent decline from February to March, the biggest monthly drop on record for any metros in the indexes. Ron Peltier, chairman and chief executive of HomeServices of America, attributed the drop to a jump in distressed sales in March.

Economists will get a look at April housing data Wednesday when the National Association of Realtors releases sales data for previously owned homes, and on Thursday when the Commerce Department puts out numbers for sales of newly built homes. Economists surveyed by Thomson Reuters expect existing home sales to rise 2 percent from March to April, while new home sales are forecast to rise by 1.1 percent.

© 2009 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

About the Author:

Peter is the nation's leading authority on foreclosure prevention, attorney performed loan modification and loss mitigation strategies. His firm The Loan Modification Network connects homeowners with a team of specialsts in all fifty states to assist homeowners in foreclosure prevention solutions and loan modifications. Call1-877-840-MODS (6637) or go to http://www.us-loan-modification.com to learn more.

Article Source: ArticlesBase.com - What Goes Up, Must Come Down

Minneapolis Refinance

Obama Mortgage Relief Plan Qualifications

The Making Home Affordable loan modification plan was brought into effect in March 2009 by President Obama with the sole aim of restructuring mortgages to enable homeowners to make their monthly payments more easily, thus keep their homes and avoid foreclosures.

It is, in essence, a two step rebuilding plan. In the first place, it makes 4-5 million borrowers eligible for refinancing - something that may not have been an option for them before. In addition, by means of a second step, it has produced a more lenient and workable set of guidelines for loan modifications, in order that they work more in the favour of the borrower.

The economic downturn has led to massive numbers of job losses. This coupled with rising living costs has meant that there are millions of Americans who are finding themselves unable to meet their monthly payments and thus are at risk of losing their home to a foreclosure. Such problems have been addressed by these new plans, which allow homeowners to negotiate new terms to their existing mortgage in order that their monthly payment does not exceed 31% of what their monthly income (before tax) is. It's worth noting that homeowners do not have to be in arrears to qualify for this loan modification plan. Quite the contrary. Anyone who is up to date with their mortgage but who anticipates problems in meeting their monthly payment in the future for whatever reason, is also encouraged to apply.

Loan modification mortgage payment reductions are static for a minimum of five years. After this period, the lender can begin to gradually increase the monthly payment to the original terms.

There is also extra motivation for homeowners on the loan modification scheme. These borrowers receive relief on the balance remaining on their principal with every payment they make on time. As such, a borrower meeting their revised mortgage terms by paying on time each month for 60 months qualifies for a maximum of $1000 relief annually. By the same token, lenders are also in receipt of incentive payments for partaking in loan modification schemes and thus helping to reduce the number of foreclosures.

There are plans in place to ensure that short term investors, speculators or buy-to-lease landlords will qualify for this loan modification scheme. Qualification is subject to the mortgage being on a house that is actually occupied by its owner and the mortgage must have been taken out before 2009. A borrower may only qualify once and no more applications will be taking for loan modification after the end of 2012. One more term applied to this loan modification plan is that it will only be a possibility for those whose loans are insured by Freddie Mac or Fannie Mae.

To learn more about getting assistance from Loan Modification program for your home payment, visit http://www.mortgage-modification-loan.org where you'll find this and much more, including how to apply for a home loan modification with success.

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Find out how to use mortgage modification loan for ease of home loan payments without giving up your house.

Article Source: ArticlesBase.com - Loan Modification Plans aimed at reducing the financial stress on borrowers