Upside Down Mortgage

Posts Tagged ‘Commercial’

Loan Modification Assets

Question: I am thinking of short selling a home that I paid 300k for it is now only worth 150k. I need to find a lawyer?

I live in Miami Florida area. Also note that this is an investment home - speculation that went bad. The builders and the bank were the ones that really ripped me off in the first place. But I do not want that bank to be able to put a lean on my other main home which does have some positive equity. I want a Lawyer who can tell me what types of accounts or assets that I should protect of pay off prior to doing this Short sale of my other house. Also what is the best case senario on how bad my credit will get ruined. I currently have a 750 score. But this is 150k loss. There is no way that this house will go back up in value that fast. Credit is important but I cannot afford to loose $150 K and I cannot afford to keep making payment to this house anymore. I already work 2 jobs and I cannot make enough money so it is either a Short Sale, Loan Modification or a Walk away foreclosure that I am having to pick from.

Answer: David, this is an investment property. You can short sale it, but you will still owe the rest of the money. The only way to not pay them back is to file bankruptcy, which will not likely be possible since you own other assets that can cover your loss.

This is not your primary residence, you will receive no special treatment.

Loan Modification Software: Video SX3 Default Assets Liabil

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Loan Modification Government Guidelines

The climate of the subprime mortgage era and its loose lending guidelines are long behind us.

The subprime lending practices have left many homeowners on the brink of foreclosure due to risky ARM mortgage loans written between 2002-2006. The government recently started a rescue package bailing out insolvent banks. In this package there is a provision for these bank and hedge companies to place a moratorium on subprime mortgage foreclosures. This is mutually beneficial for the bank and the homeowner. The bank will see less losses due to foreclosure proceedings,and property values in return will eventually stabilize. The Hope Now program recently passed in government mandates that the lenders that got us into this mess, are to work with borrowers to curtail any further losses for the bank in foreclosure. This is great news for the struggling homeowner in forclosure. The lender is now, more than ever, willing to modify your mortgage(loan modification) to keep you in your home and agree on a reasonable monthly payment. You must be able to demonstrate a reasonable ability to pay, but a loan modification is about keeping you in your home.

Foreclosures are costly for neighborhoods and for banks. Foreclosure involves attorney retainers for 1000's of loans on a banks books that could benefit from a loan modification. Some of these properties that could benefit from a loan modification have little or no remaining equity. A loan modification is a better alternative that a short sale for the homeowner and the bank. (SHORT SALE: Is where the borrower sells the property for less than the mortgage balance) A Short sale drives a neighborhood price down, the only person who benefits is the investor that buys the property via short sale. Your neighbors suffer a lower property value, The bank sustains losses, and you still have to leave your home with no money to rebuild after a significant set back. If the bank does a loan modification, gives you a more affordable payment, they lose potential interest gain. The bank secures interest and principal and you secure your home. The most costly proposition is a consummated foreclosure.

The bank does not want your home. The bank with do a loan modification if you or your attorney supervised counselor communicates with them.  The first step and first advantage of having a representative petition your mortgage servicer is the loan document audit. This is something that involves a knowledge of apr calculations,state fee thresholds,compliance regulations,and RESPA. The average homeowner is not aware that what the mortgage company did is illegal. We are seeing staggering numbers of TIL,RESPA violations. The predatory lending laws that are state specific have been the main culprit second to TIL (Truth In Lending Act) violations.

The lender is required to disclose the APR in the TIL. The lender that is in violation knows that litigation may be imminent if they don't do a loan modification for a borrower in trouble. A loan modification needs to explain the reason for financial hardship. The lender will want to see that by modifying the loan you have the means to support the modified payment. A loan modification is not an interim solution. It is a long term conversion for an ARM to a lower,affordable monthly payment without closing costs.

If you or a loved one are facing foreclosure or fear you may not be able to make your next mortgage payment, you need to call me for a free consultation.

The longer you delay the further you become from HOPE NOW.

About the Author:

Shawn Peck is an active approved loan modification specialist. Mr. Peck has spent 10 years working with Chapter 13 debtors as a home loan modification specialist.Mr Peck works in tandem with attorneys who handle all apects of preparing forensic TILA,RESPA loan audits for his office. Mr. Peck has succesfully modified many mortgages notes on behalf of his clients in partnership with HUD's Hope Now.
go to
www.learnloanmodsnow.com
for more info.
email the author
[email protected]

Source - Hope Now Loan Modifications,loan Modification as a Chapter 13 Buyout Alternative

California Homeowners Save Your Home with Loan Modification

Subprime Loan Lenders

Question: Why isn't the justice department targetiing the predator lenders of the subprime debacle?

It appears that there is evidence that the lender like countrywide target blacks and poor people for loans in the subprime debacle. Countrywide was bought bfor 4 billion by BoA and people are losing their homes. There is a disproportionate amount of single parent homes that have been hit particular with women head of households,

Answer: As a victim of the subprime loan and loan servicing debacle that has been building over the last ten years, I have often asked myself that question. I believe the answer lies partially in the way that different states treat laws regarding foreclosures, sheriff's sales and the like. Some states require only that a law firm write you a letter, publish you in the paper and sell your home.

It is difficult to prove that the subprime mortgage servicers aren't simply inefficient and slow to post charges. It takes an enormous amount of paperwork to prove negligence and attorneys are usually the only ones able to make it through the quagmire. In my case, ten years after an admitted default in a loan due to a family illness, I was still fighting in Bankruptcy Court (the second) because the mortgage servicing company failed to honor the order of a District Court Judge and tried to foreclose for the third time. Fortunately, I was able to sue under wrongful foreclosure statutes. I live in a poor county, was assumed to be black and had a subprime loan. My ex husband was disabled and we were targeted.

Many people, as you state, are older, poorer and more vulnerable to those who prey on the weak. The voice mail mazes are designed to discourage people to complain about their service, and western union payments are lost, delayed; certified mail is the only way to make sure your payments are received.

If this was a rhetorical question, I just blew it. LOL!!

Subprime Loans