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Mortgage Modification Program Obama

Question: What is mortgage modification? Do I qualify?

My husband and I are current with our payments but, I recently lost my job. I am scared I am not going to find a job anytime soon and we will be in a bad situation. I have heard that all of the Obama programs are for people that are already late on payments or in pre foreclosure. I am not willing to blemish my credit report in order to qualify. Am I qualified for the modification and how exactly will it help me?

Thank you!!

Answer: You best bet is to call the bank NOW. A mortgage modification is where they rework your mortgage without refinancing you. If you claim financial hardship, they may slide you 2 months and tack them on to the end of your term. Hopefully a rate reduction would apply for you.

But here is where it gets tricky. You need to call them immediately before you are late on any payments. Especially if you have credit cards issued from the bank that holds your mortgage.

A slick practice that credit card companies are doing now is when a customer calls up and asks to lower their rate, the credit card company pulls their credit report. If they are late on ANY of their payments, not just to the bank you are talking to, but late on any creditors, they can legally raise your rate. So horror stories have these rates jumping up to 23%

For instance, you call bank A about your mortgage, with whom you also have a credit card. They pull you credit report, and find you have a couple of 30 day lates, they can raise your credit card rate. Then when bank B, another credit card holder, periodically pulls your credit and they see the lates, plus a rate increase by bank A, then they in turn raise your rate there as well.

This can snowball very quickly. They do this because credit cards are unsecured debt and this is their only recourse. So even if they modify your mortgagem they may still be able to get more money out of you thropugh other ways. Also, a loan modification can only be doen once. After that you would have to refinance.

Obama New Rescue Plan, Saving Over 9 million Homeowners. (Modification Program)

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Mortgage Modification Assistance

California mortgage modification
help comes in many ways.  If you are considering a loan modification for your residence or residences in California you want to make sure you get the right help.  The first step is making sure you help yourself.   How do you help yourself?  Do your homework.  Take the time to research any company you are considering helping you get a California mortgage modification.  Make sure they are reputable and can provide you with the assistance you need.   The steps to helping yourself are easy but important.  The first thing you want to do is find out if the business you are considering hiring is registered with the Better Business Bureau.  Find out if there are any complaints against them and if there are you want to know how many, how recently and what the complaints are.   Additionally, if the company is owned or operated by attorneys you want to confirm that they are licensed in the State of California.  Check with the Bar Association to determine if there are any problems with the attorney or law office.  The few minutes it takes you to research this online is invaluable.   When you find a company you are interested in you will want to call them and ask them questions.  Find out how experienced they are with California mortgage modifications. Ask them if they can provide you with help in determining whether or not a mortgage modification is the right decision for you.   As a homeowner you want to make sure you make the right decision.  To do that you want to do a little homework and ask the company you are using to help you as many questions as you have.  Ask questions specific to mortgage modifications as well as their business in general, etc.   Many homeowners in California need help getting a mortgage modification but help always starts with the homeowner taking the time to do their homework and choose the right company for their California mortgage modification.
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Source - California Mortgage Modification Help

Foreclosure Help Scams: Mortgage Modification too

Loss Mitigation Negotiation

When real estate investors envision what it means to invest in foreclosures, they usually fall into one of two camps. One camp contains investors who primarily focus on the REO process, and they typically purchase REO properties or HUD homes to build their portfolios or generate profits. The REO camp usually requires access to a little more capital to be consistently active so this may offer limitations to many investors, particularly those new to real estate.

The other camp, and the one that I have built my own real estate business around, focuses on preforeclosure properties and short sales. There is also fantastic money to be made here (if there wasn’t, I wouldn’t personally be doing it) and it offers more opportunities for the novice investor. It is primarily for this camp that I have created my landmark Preforeclosure Cash Flow System.

To get a free Foreclosure investing and short sale course, Go to: Loss Mitigation Training

Working the preforeclosure side of the foreclosure business is a natural draw for many investors interested in foreclosures because there is an abundant source of motivated sellers. That is only the tip of the iceberg, though. No matter how motivated a seller may be, real estate investors need to be well trained to be at their best. At the core of this need for training lies loss mitigation training.

What is loss mitigation? It is a general term that refers to working with a lender, whether you are helping a seller negotiate a payment arrangement or if you are working short sales. Lenders have their procedures they follow when processing foreclosures and so too should you have a process for working with loss mitigation.

Today’s preforeclosure business is more than just looking for free foreclosure listings on the Internet or taking the plunge and investing in foreclosure listings that carry a monthly or annual fee. Anybody can do this and what will set you apart as a foreclosure real estate investor and as a preforeclosure specialist is the type of loss mitigation training you have.

I’ve been in this business of foreclosures for a long time now and I’ve seen a lot of experts come and go whose best approach was simply to tell you about all the money there was to be had in preforeclosure and short sales. Where these others fell short was their inability to effectively train their clients in loss mitigation.

My business approach is a little different. Sure, I’m going to be honest with you and tell you that there is indeed a lot of money to be made in short sales and most any aspect of the preforeclosure business. I also back that up by providing the type of loss mitigation training that I have proven successful with my own business.

Friends, loss mitigation and short sales are incredible opportunities but it can also be a jungle out there if you lack the loss mitigation training you need to be at the top of your game. You owe it to yourself to check out my Preforeclosure Cash Flow System and the detailed, cutting edge approach to loss mitigation that is contained within it. I wish you the greatest success in real estate investing.

To get a free Foreclosure investing and short sale course, Go to: Loss Mitigation Training

Dedicated to Multiplying Your Income,

D.C. Fawcett

The Business Building Coach to the Foreclosure Industry

About the Author:

The author is a business building coach to The Foreclosure Industry. PreForeclosures is professional business of Real Estate Foreclosure Investing. For more information visit: www.realestateforeclosuresinvesting.com

Source - Loss Mitigation Training- an Essential Part of Any Preforeclosure Business

Live Loss Mitigation Call with Chase