Upside Down Mortgage

Posts Tagged ‘loan_modification’

Mortgage Modification Unemployment

Question: Anyone have hints - how do I prove my ex-husband's CASH ONLY business?

Going through child support modification and my EX has had a CASH ONLY scrapping business for 15+ years. He draws unemployment ($250/week) 6 months out of the year and still maintains a > $100,000 mortgage. Although he lives outside of his means, the burden of proof still lands on me. I have submitted pics of his business, his assets, I have turned in personal assets that he does not pay taxes on to the County Assessor's office.....only to find out that he currently has 12 vehicles titled in his name in the state of MO right now. YET, NO ONE IS WILLING TO HELP ME PROVE HIS INCOME!!! Any idea where I should go next with the info I have? First hearing is coming up May 15, 2008. (Just happens to be our EX- Wedding Anniversary..... Isn't that sweet?!?!?!?!?) Any federal organizations anyone has had luck with? that actually took you seriously or investigated complaints? I need all the help I can get on this one.

Answer: To prove cash income you have to work backwards.. you document the expenditures, and then it's on them to show how they're paying for all of that.

Utilities, car payments, house payment, gas, travel, vacations, clothing, food, hobbies, boats, etc etc.. if their average total monthly expenditures are $4000, and they're reporting income of $1500, well, they're screwed.

Green Shoots or Economic Delusion: Is The Recession Really Over pt.1

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Underwater Mortgage Options

Copyright (c) 2009 Frank Patrick

The Next Foreclosure Wave is Just Beginning

You probably already saw the news trumpeted at the end of May that said a record 12 percent of homeowners with a mortgage had fallen behind in their payments in the first quarter, according to the Mortgage Bankers Association. The Association also predicted that the trend would continue until the end of 2010, six months after unemployment figures are expected to finally begin heading downward. That means REO listings will continue to rise for at least another two years.

What?s behind the continuing growth of defaults and foreclosures? The fact that so-called ?safe? homeowners are now beginning to feel the pinch of the recession.

The REO home boom began when subprime mortgage holders, who bought in the heat of the housing market run-up, couldn?t keep up payments on over-leveraged loans on ridiculously overpriced properties.

This new wave of record foreclosures comes as people being laid off and downsized are finding it hard to keep up with their bills. The number of people receiving unemployment benefits hit an all-time high in May with a record 6.78 million requesting financial assistance.

Credit counseling agencies are getting an increasing number of calls from homeowners with normal fixed-rate mortgages, who can?t keep up with payments because of business failures, loss of jobs or just loss of overtime pay.

Debbie Kohl, a housing coordinator trying to assist struggling homeowners in Henderson, Nevada, says, ?We?re hearing this from all walks of life: plumbers, electricians, dentists. I talked with a dentist recently who said nobody?s coming in anymore unless it?s an emergency.?

A common alternative for someone not able to pay their mortgage is to sell the house and become a renter. Now, however, that?s not an option in many areas where homeowners can?t sell their properties at a price that would pay off the remaining mortgage balance.

Banks are also not motivated to negotiate mortgages with homeowners who don?t have a certain amount of cash flow coming in on a regular basis. As they see themselves being stuck permanently underwater with their home, these homeowners will often simply walk away from their properties ? and there are services online that help them do just that. When you can rent a home that?s similar to the one you already own for $1000 less than your mortgage payment, why continue to put yourself in that kind of stressful situation?

This troubling second wave of mortgages just means more and more REO properties will be added to the already historic numbers that are being listed by REO sellers and agents. The good news is that, as the wider economy stabilizes, REO homes are more and more being seen as an amazing value and terrific investment ? so sales are moving upward. That means more and more opportunity for all REO professionals.

About the Author:

ASREOS is the first REO trade association founded by REO experts, and it features advice from top REO agents, access to an exclusive database of over 130 REO sellers, and profiles of its members in an online searchable directory of REO vendors that banks, lenders and asset managers can utilize when looking for local agents to list and sell their REO properties. Find out more at http://www.ASREOS.com .

Source - REO Listings: "Safe" Homeowners Now In Trouble Too

Defending Homeowners / Foreclosure Defense Talk Radio 20081115 6

Do It Yourself Loan Modification Software

With the new amount of Loan Modifications coming into Mortgage Companies today it seems like an impossible task to handle and stay on top of all them. The very definition of a loan modification is Paperwork. It is essentially a legal process to renegotiate or modify an existing contract. Time management couldn't be more important when handling this process. If you want to do it right and in significant volume you had better have a good workflow management system to keep your deals moving, yet keep them tightly managed.

Staying on top with loan modification software will give you the advantage you need to keep up with the workflow--helping you to help more troubled borrowers in less time.

Managing Customer Inquiries

In this market, loan modification requests are coming in all day and non stop. If you don't have a system to manage these inbound leads and efficiently distribute them to loan counselors, your operation is dead on arrival.

The importance of serving loan modification customers is to show them urgency. Troubled borrowers are running against the clock--pending foreclosure, lost job, or other looming disasters. You are running against that same clock. Speed is key in renegotiating the loan. You want to be as fast as possible or your likely to lose the bank or investor their entire loan.

Qualifying Customers

Managing the flood of loan modification inquiries is only half the battle. After this work has been completed you most segment these customers into programs. Your loan modification software should assist you in managing customers through an organized pre-qualification process.

Lead management software can facilitate worksheets, calculators, and checklists to guide agents through a consistent process. This process should help you tag and route leads to the appropriate team or modification program.

Pipeline Management

Getting a loan modification done takes a lot of hand-holding of borrowers. That means managing a large pipeline. You are going to need to collect documents, review qualifications, make adjustments, and follow-up with customers.

Pipeline management tools within a CRM or lead management software will keep your loan modification deals moving through the process. Simple automation like emails, alerts, and task lists allow you to stay on top of every lead, increasing each agent's total capacity.

Process of Getting the Loan Modified

Using loan modification software will increase the volume of loans you can process and in the end you will be modifying more loans. Loan modifications require careful and consistent processes. Lead management systems can enforce those processes and ensure all of your agents are being as efficient as possible.

About the Author:

Increase the volume of loans you modify with CRM and lead management software. Keep your deals moving and tightly managed with sales pipeline management .

Article Source: ArticlesBase.com - Pipeline Management: Manage a larger pipeline of Loan Modifications

Save Thousands on a Loan Modification, Do it Yourself.