Upside Down Mortgage

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National Mortgage Help Center Scam

Question: National Mortgage Help Center Commercial Legitimate?

Anyone know if this company is legitimate or not?
We have seen their commercial and our mortgage company will not help us, do you think they can or is it a scam?

http://www.nmhcenter.org/

Answer: If they want you to pay an up front fee, run for the hills!!!!

DONT BE A VICTIM OF MCCAINS VOTE MACHINE FRAUD-CONFIRM VOTE

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Loan Modification Explained

Question: Can anyone explain what a loan modification is in layman's terms for me?? All the research Im doing is...?

giving me a headache and Im not seeming to understand. I lost my job for about a month... well, I have THREE children, a wife and A LOT of bills. Going ONE week without a paycheck is very damaging to us since I make a good amount of money but we live a good amount of life. I called the mortgage company and they said I qualify for a loan modification... but they would not explain to me what it even meant! Any help? I already have a very low interest rate 5.8% so I dont see them changing that...
I was already in the rears with them and paying 1/3 more every month just to get caught up.. but at the same time falling behind on EVERYTHING, and was digging myself into a GIANT hole.

Answer: Depending on the modification your lender is offering each could be different

1. Change the interest rate thus reducing the monthly mortgage payments.

2. Add the late payments to the end of the mortgage,thus you are instantly current. You would continue making your mortgage payment at the same amount you are currently making, Your terms would increase. Say you have a 30 year mortgage now which is 360 months. The lender would add additional months to include the missed monthly payments. If you are 6 months behind then an additional 6 months would be added to your terms.

3. Add your late payments as a 2nd mortgage thus you would no longer be behind.This type modification would require you to make 2 monthly mortgage payments. You would continue to make your 1st mortgage payment as it is currently. Your late payments would be added together and divided by the number of months you and the lender agree that would be feasible for you, thus your monthly payments would be established.

4. Reduce the loan amount to match the current value of the house.

These are a few of the modifications possible. Your lender will send you a modification packet. Once you complete and sign the modification application and return it to your mortgage company, the modification department will then make offers to you as which might be best for you. You and the lender would then select one that both might think is better.

I hope this has been of some benefit to you,good luck.

"FIGHT ON"

National Home Mortgage Help Center

There is a great quote regarding history that goes – those who do not study history are doomed to repeat it.  However, it seems that even as we are watching history play out, we are seeing people repeating it again and again.  A huge portion of our current economic crisis was caused by subprime mortgages and predatory lending practices.  Unfortunately, some companies are going back to the subprime concepts.

Toll Brothers Inc. is using a subprime tactic to lure new home buyers, offering a 3.75% interest rate for seven years on conforming loans. Many companies are expected to copy the concept, in spite of how badly the economy collapsed because of it.  During the housing boom, home buyers were tempted by loans that offered shockingly low rates, only to see them reset higher, sometimes very quickly, which resulted in crippling payments two and three times the original amount.  People who were banking on a home increasing in value were sorely disappointed.  This tactic is once again being used by mortgage companies to attract prospective homeowners, ignoring how this very tactic crushed large portions of the nation’s economic vitality.

If you would like to witness for yourself just how bad the financial carnage is, go to the office of any loan modification attorney and see the long lines of people hoping they can get some help in avoiding foreclosure and stay in their homes.  People with ARM loans which have adjustable interest rates watched their monthly payments spike, often sapping them of any financial security they had.  People paying two or three times as much for their monthly mortgage payment meant less money spent on food, clothes, healthcare, cars, etc.  This hurt homeowners as well as the economy as a whole.  The number of foreclosures in certain neighborhoods, especially in California, went through the roof, as people from San Diego to Eureka and from Needles to Santa Monica had to walk away from homes they’d lived in for years.

California loan modification attorneys have seen serious fallout from all the foreclosures; people who were once pillars of their community had to move to lower income housing in other neighborhoods because they could no longer afford their mortgage payments.  Sometimes, whole communities seemed to be uprooted, and entire blocks were just covered in “for sale” signs.  City and state governments were crippled because they were not bringing in property taxes and as a result municipal services shut down.

Much of this was caused by subprime mortgage practices, and the thought of these practices returning is terrible.  California loan modification attorneys have been working night and day since the economic crisis began to help people affected by the subprime mortgage crisis, and other homeowners as well.  Foreclosures ruined entire communities, and even with loan modification attorneys working tirelessly, sometimes it seemed like a never ending battle.  For many people facing foreclosure however, a California loan modification attorney might just be their best friend.  Loan modification attorneys can negotiate with lenders, file paperwork and effectively fight to keep people in their homes and off the streets.  Trying to do a loan modification on your own might be a losing battle because of how much work it takes.  However, having a seasoned loan modification professional could save you tens of thousands of dollars in the long run.

Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.

Legal Disclaimer

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 guaranty, 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.

Author: Greg Feldman

About the Author:

We are the #1 website for FREE loan modification help and mortgage assistance programs to stop foreclosure. Loan Modification Help Center has information about loan modifications and resources to help you with your home loan modification Learn what agreement, and government help is available today!

Source - Feldman Law Center - Are Subprime Mortgages Returning?

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