Upside Down Mortgage

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Loan Modification Secrets

“The evil that is in the world almost always comes of ignorance, and good intentions may do as much harm as malevolence if they lack understanding.â€

Albert Camus’ quote about good intentions accompanied by ignorance doing as much harm as evil perfectly describes the recent Fox News “Investigative Report†on free methods for home loan modification. Let’s give everyone report the benefit of the doubt and say they all seemed very earnest, sincere, and full of good intentions. Let’s also grant that a one minute and fifty-three second report can completely cover the complexities of loan modifications. Then let’s take a look at the quotes from the report to see if the ignorance presented could possibly do as much harm to those considering paying for a loan modification as the evil in the world.

·         “The exact same information is available, and it’s free!†– Wow, it sounds like Fox News just learned about the internet, where there is so much information on loan modifications that if all of it was put on paper there wouldn’t be a tree on the planet left standing. Let’s be clear, in loan modifications as well as a thousand other subjects what matters is expertise, specifically an attorney’s expertise. We’re talking about your family’s home here and Fox News arms you with a brochure and sends you in against a lender’s group of attorneys with decades of experience. Who do you think is going to come out smiling?

·         “They can get the service for free from so called housing counseling agencies†– Umm, ok. What kind of experience does my housing counselor have in this arena? Is my counselor going to represent my interests to my lender in a manner that gets me the best loan modification possible? Is my counselor going to represent me at all?

·         “If we can’t modify their loan they’re not out any moneyâ€, as quoted from a seemingly well-meaning woman from The Inland Fair Housing Board – Yes, this is exactly the attitude I want in the people trying to save my home. “I was incompetent and didn’t understand the small print hidden in your mortgage doc’s. Because of that you lost your home. Hey, at least you’re not out any moneyâ€.

·         “In fact, dozens of agencies in the Southland are certified by the U.S. Housing Dept.†– The real name is actually Housing and Urban Development (HUD). Anyway, if go to the site to get a link for a local agency you get this warning: “HUD cannot attest to the accuracy of information provided by linked sites. Linking to a website does not constitute an endorsement by HUD, or any of its employees, of the sponsors of the site or the products presented on the site.†Now that’s an endorsement! Honey, I think our home is safe now.

·         “We are the best kept secret in the U.S.†– Another quote from the “they’re not out any money†lady. You could have fun with that statement for a week but really, don’t you think that if these free loan modification services were kicking butt and taking names that somebody would be out there with a case study or two?

·         The Compton event where they did 1,600 loan mod’s in one day for â€free, free, free†– It’s a certainty that the much maligned lenders that attended this event got a ton of “free, free, free†positive publicity. The only thing that could have made it any better for the lenders that day would have been to have their best negotiating teams cutting fast deals with homeowners that had no legal representation and only a vague idea of what kind of terms to ask for. Oh wait, that did happen. Yet again, who do you think came out smiling?

The sad thing about an “investigative report†like this is that there will be families that take the well intentioned ignorance put forth by Fox News as valuable information from a trusted source. Sadder yet, will be the consequences they face for believing that they could save a few bucks while risking it all in a game that they were simply not prepared to play. For more information call 1-800-470-0865 or visit Feldman Law Center.

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guarantee, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

About the Author:

The Feldman Law Center is one of the premier loan modification companies in California, and our skilled loan modification professionals are trained to successfully and carefully guide homeowners through the loan modification process.

Source - Fox News – Free methods for home loan modification

Loan Modification Secrets: FAQ 1

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Loss Mitigation Lawyers

Foreclosure takes place when a property owner cannot make principal and/or interest payments on his/her loan, gradually leading to bleak act of the property being seized and sold at a foreclosure auction.

No one can be said to be perfectly safe from the venomous sting of the fiend call foreclosure. Even the most conscientious can find himself suddenly caught up in a black hole that just keeps sucking him closer and closer. He can be bewildered with circumstances that in one fell swoop could desecrate and lay waste years or even decades of careful planning and cautious action. Several millions who took on the responsibilities of mortgage thinking they are well up for the challenge now find themselves overwhelmed by the impending foreclosure, forcefully driving them out of their very own homes.

Unknown to most homeowners, along with the rapid growth of that monster called foreclosure also sprung different mortgage foreclosure solutions to combat the menace. You will be able to take foreclosure head on and emerge victorious if you take time to research on the different solutions available, make the right choice and bring it to realization. Or if saving your home is no longer possible, you can at least mitigate your losses by saving your credit reputation through maintaining a record free of ay foreclosure.

Speed is of outmost importance when it comes to mortgage foreclosure solutions. As early as you start asking yourself where you can possibly get the next monthly house payment, proper action should be taken. Do not panic or fell demoralized when a notice of foreclosure arrives, doing nothing or thinking of ways to run away will be of no help. Doing such will just be wasting your time and letting foreclosure draw nearer. It is best that you seek help immediately. Find a partner that will help you with the war for your home. Contact a mortgage foreclosure specialist as soon as possible. No one can help you more in setting up a barricade to keep foreclosure out, and you and your family in.

Just like foreclosures who are so rampant in wreaking havoc everywhere, mortgage solutions specialist are also all around and easy to find. You can find thousands with a simple click of a button in an online search. You just have to be careful in choosing who to place your trust on. It is always best to deal with lawyers or companies with lawyers in their payroll as they are familiar with foreclosure laws. Don not compromise precaution for time. Take necessary means to get some background information about any consultant you are considering because the current foreclosure crisis has given birth to monsters called foreclosure scammers who are like scavengers that feed on those already being munched by foreclosure. They not only hasten up the process of you losing your home but they will also get as much money as they can from you, leaving you with barely anything.

You can also choose to begin your crusade for mortgage foreclosure solutions with loss mitigation or loan modification agencies, which may aid you reach agreements which will make payment of your loan realizable while at the same time be in terms amenable by your lender. Your loan can then either be restructured or negotiations can be made to enable you to sell your home prior to foreclosure.

What most you homeowners don’t realize is that their bank is not keen on putting your home in a foreclosure sale, and a very simple but powerful way of saving your home is actually taking time to have a dialogue with your banker to discuss the available alternatives you can take to prevent foreclosure. There is certainly no bank that would prefer to have o indemnify and sustain an empty home. Given enough assurance, banks may even let you stay in your home just to avoid foreclosure.

The most basic but most vital of all is that you should take time to learn as much as you can about foreclosure, especially your rights. Familiarize yourself with terms associated with foreclosure so you can actively take part in conversations to save your home. You, above all, have the highest stake in the outcome of the negotiations. You are the owner of your home, its future lies in your hands and never on someone else.

If in need for guidance CallComLeads is always happy and willing to shed light for you.

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Source - Foreclosure: Homeowner Enemy #1

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Loan Modification Citi

Question: Loan Modification Question?

My home loan is with Citi Mortgage. They are the worst lender I have ever dealt with. Does anyone know how I go about doing a loan modification? They do not have anyone in the branches that can help me. Everything is over the phone which is not very helpful...

Answer: Call the customer service line that should be located on your original loan contract. Tell them you would like to get a loan modification, and ask for the 888 number to the loss mit department. Above all else, be patient. Citi has over 5000 loan modifications currently waiting to be modified under the new HAM government program. Now the time frame you are applying in, you will need to make 3 payments before the modification will take affect, since you will be modified under HAM guidelines, as opposed to FDIC (1 payment in last 30 days) As far as Citi not wanting to modify anyone's loans, that is not true. I have seen countless loans come through where the people did not need a modification (some having over 5,000 dollars in disposable income a month) and getting a modification.

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