Has your Mortgage Been Sold?

Posted on July 28th, 2010 by Fred

If your lender has any knowledge of your mortgage being handed off to another servicer or mortgage company then he needs to let you know this fact at closing. Mortgages get sold everyday and it is your right to know if there is a chance of this happening to yours. Those who purchase your mortgage could be any type of financial institution, a bank or credit union, another mortgage company or an investor. There are companies that specifically go out to buy mortgages in order to make money off of them. Many people find that their mortgage passed through a few different owners throughout its term.

A mortgage servicer is going to do a few different things for you. It will be up to the mortgage servicer to collect your monthly payments from you and their responsibility to process them as well. It is also this service that will send the payment to those who own you’re your mortgage. In essence this service is working for your lender and not you.

It is also this service that will be the ones paying your taxes and your insurance from the escrow account that has been set up for this reason. They should also send you a mortgage statement that will show how your mortgage payment is broken down. This statement will also show any adjustments to your payments for the next year.

It is also the job of this service to counsel you in how to mange your mortgage. This means helping you to sort out any problems that happen due to missed payments. They have things in place such as forbearance or a deferral of principal and interest payments that can help you to deal with any difficulties that you have run into in your finances. And if you cannot sort out your finances and foreclosure is the only option left to the lender it is the service that will carry this order out.

Mortgage servicers have to follow some rules and guidelines. If your loan gets passed off to a new servicer it is the responsibility of both servicers to let you know of this fact in writing. And the new servicer cannot completely change the conditions of your mortgage when they take over.

When the new servicers take over there is a chance that your insurance will be affected, if this is the case then you should be notified of these changes immediately. You will also have a grace period of 60 days in case that you send the payment to the wrong place.

Sometimes when you have a new servicer you will have some initial wrinkles that need to be ironed out. You will need to put these issues to the servicer in writing. But never stop paying, keep paying even while you are trying to work out the problems. It is the law for the servicer to look into all of your claims. They need to address any problems within 60 business days.

Keep an eye out for any mistakes on your mortgage statements. You need to be sure that all of your payments have been recorded and made on time. And keep all records of everything that you get from the service, this means any checks or letters that you have received and copies of things that you have sent just in case you need them down the road

Martin Lukac

Loan Modification for Do it Yourselfers

Posted on July 28th, 2010 by Fred

Visions of a glamorous lifestyle, back yard barbecues and pool parties that were fueled by teaser loan rates, not to mention negative amortization loans, wooed millions of homeowners into a false sense of security in the early years of this millennium.  House prices soared overnight and the dream of having a solid piece of real estate in a safe neighborhood, close to good schools, took on the utmost importance in the minds of millions of would-be homeowners.

The results of years of unchecked desire to become a buyer combined with irresponsible loan management have put American homeowners into a financial panic.  Over 2.2 million foreclosures were filed in 2007 and that was up 75 percent over the previous year.  The year 2008 is certainly sliding into the record books as well.

If these facts threaten to include you this year, STOP!  If you don’t want to join them, then this is the time to make some clear determinations about what you will do.  It could take approximately 30 days for you to gather and present your case to your lender with the expectation that in the end you will have renegotiated your loan to include figures you CAN live with.

          You can request a modification from your lender without having to use an attorney or loan modification company.  You will need to gather all the same documentation that they would request from you to handle your case, so why not save the $2500 – $4500 that would be charged by using an attorney or loan modification company. 

          You may ask if it wouldn’t be better to pay a financial expert to do this for you.  Maybe, but if you had the extra money to do this, you probably already took that route. And, like everything else in life, they cannot guarantee that this will work.   On the other hand, and without investing a lot of money, you can do this yourself and save thousands in the process.  The Loan Modification experts could not proceed without a great deal of input from you, so before you prepare to part with any more of your hard earned cash, consider handling the process yourself.

          Do not wait until the lender is ready to complete the foreclosure on your home, it may be too late to save your home by that point.  You will want to contact your lender as soon as you know that you are running into a problem with your payments. 

          There are many options that the lender may present to you other than a loan modification.  If your financial loss was due to some hardship, an illness, divorce, death of spouse, or some sort of unexpected tax levy, sick child or disability or other hardship, you can talk with your lender about a loan modification or one of the other options explained below.

          FOREBEARANCE – Forebearance happens when you have fallen behind in payments and are moving into the dangerous area of foreclosure.  It is designed to bring your past due payments current over a specified period of time.  As one of the most common options, it encompasses a written agreement that you will make your full payment each month and a partial payment on your delinquent amount.

          An example of this is that if you have missed three payments you will agree to make the full payment and then you will spread the amount of the missed payments over a 6 to 12 month period in order to catch up and be completely current.

          Do you have an FHA/HUD loan?  You may want to consider PARTIAL CLAIM, which is an interest free loan available to owners of that type of loan.   If this is negotiated, the delinquent portion can be tacked on to the end of the original loan and will go into effect after the first loan is paid in full.

          Next, look at SHORT SALES.  Your lender may allow you to sell your home to someone for less than you currently owe.  The main focus in this scenario is to talk with your lender first because he MUST agree to take a payoff that is lower than the current mortgage balance before the sale is final.

Last, but not least, is the LOAN MODIFICATION.  This changes the terms of the loan to include lower payments, longer term loans, interest only, principle reduction or any combination that the lender is willing to work out with you.   

It is very important to present a complete package to your lender when requesting any type of modification from your lender. You need to be prepared to document every hardship you claim with all of the encompassing legal paperwork.

 “The Complete Handbook on Loan Modification” that is presented by LoanModificationDIY deals with helping you get a successful Loan Modification. 

To learn about the different options that the lender may propose to you and how to prepare the best loan modification package, please visit <a href:”www.loanmodificationdiy.com”>LoanModificationDIY.com. </a>

Eli Zaken

Get Help With Phoenix Foreclosures

Posted on July 28th, 2010 by Fred

Owning a home is the great American dream. Losing that home to foreclosure in Phoenix can seem like the end of the world. However, Phoenix foreclosures are completely avoidable and can be prevented if you are willing to weigh your options. For starters, you need to know that there are alternatives to Phoenix foreclosure, and you can avoid the process. Whether you’re trying to sell your home before time runs out, or if you just don’t know what to do but can’t afford your home. You need to research Phoenix foreclosures to make sure that you’ve done everything that you can to stop the process. When it comes to Phoenix foreclosures, you should first consider any companies you can find that are willing to buy a foreclosure in Phoenix or will work with a Phoenix foreclosure. These companies are usually made up of real estate investors, and work with cash, so that mortgages aren’t needed. This is one great alternative to Phoenix foreclosures.

Waiting for an individual buyer for your home can jeopardize your time, as well as your financial well being. Phoenix foreclosures don’t happen overnight, but can be a fast process if you’re not prepared. Taking the time to learn about Phoenix foreclosures is the best thing that you can do. If you do nothing about Phoenix foreclosure, you’ll likely face foreclosure in Phoenix much faster that you might have imagined. It doesn’t matter why you are facing this problem. With the current state of the economy, Phoenix foreclosures can happen to anyone, so you need to take them very seriously.

The companies that you can find who invest in Phoenix foreclosures are usually real estate investing teams that can turn your nightmare into a profit for their company. It doesn’t matter what shape your home is in when it comes to foreclosure in Phoenix. You can even avoid Phoenix foreclosure if your house isn’t perfect. It doesn’t matter if the home is in need of repair or just ugly, many companies will take Phoenix foreclosures however they can get them. Phoenix foreclosures are a popular item right now, because of the present state of the economy. It’s unfortunate, but too many people have gotten in over their heads. By educating yourself and getting out before it’s too late, you can avoid becoming another statistic of Phoenix foreclosures.

Even if you feel like you’ve tried everything and failed, that isn’t necessarily true. While your mortgage lender might not be willing to work with you, you can find another company or investor that will when it comes to Phoenix foreclosure. Understanding the process of Phoenix foreclosures is essential to your success. By taking the time to educate yourself and learn about Phoenix foreclosures, you can be certain that you’ll have a better experience than if you were ill informed and did nothing. Facing foreclosure in Phoenix might be scary, but it can be avoided. You need to take the time to learn about Phoenix foreclosures and what options you have. If taken seriously, Phoenix foreclosures can be avoided quite easily.

Reed Lattin

stop foreclosure wisconsin

Posted on July 27th, 2010 by Fred

stop foreclosure wisconsin, video giving people ideas to help them through the foreclosure process. visit www.freezeforeclosurefor.me for more detailed infromation

Duration : 42 sec

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Facts and Myths of the loan modification process

Posted on July 27th, 2010 by Fred

The loan modification process is rife with myths and misinformation. Many people seeking help or looking to stop foreclosure are mistaken about what lenders will actually do for them. I want to seperate facts from Myths about the process of loan mod. Distributed by Tubemogul.

Duration : 3 min 2 sec

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Stop Foreclosure Jacksonville FL

Posted on July 27th, 2010 by Fred

Stop Foreclosure Jacksonville FL, If you are behind on payment for your home DO NOT wait.See this video and contact us we can help you to avoid or stop Foreclosure. Foreclosure process can be stopped and we know how to do it. Visit Komelot.com for details

Duration : 52 sec

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How To Stop Foreclosure in Kalamazoo [Foreclosure & Short Sale Specialists]

Posted on July 27th, 2010 by Fred

Learn your options for stopping foreclosure on your Kalamazoo house. Tips and traps from Michigan's #1 Foreclosure Solution & Short Sale Team.

For much more, check out http://www.HowToStopMichiganForeclosure.com

Whether you are trying to avoid forclosure in Kalamazoo, Portage, Oshtemo, Galesburg, Paw Paw, Mattawan, Plainwell, Otsego, Vicksburg, Schoolcraft, Comstock (or any other part of Kalamazoo County), this video will help you.

Are you in any of these situations? This is a must-see video!

Help With Foreclosure Laws
Behind On Payments
Bill Collecting
Pick Foreclosure Attorney / Lawyer
Need Payment istance
Want Mortgage istance Programs

Duration : 5 min 55 sec

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Stop Foreclosure Help in Utah

Posted on July 27th, 2010 by Fred

Check out this short video on how you can get help in Utah to Stop your Foreclosure. http://www.StopForeclosureNorthernUtah.com

Duration : 38 sec

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Why does 0bama want to stop foreclosures? I mean, if you cant pay, you lose your home.. ?

Posted on July 24th, 2010 by Fred

Why does he not believe in personal responsibility?
1) personal responsibility to pay your debt
2) personal responsibility to buy a home you can afford
3) personal responsibility to read loan documents and not sign on
something you dont understand?

Now if the Mortgage Banker commited fraud, i.e signed the papers themselves, then they should go to prison

But if for instance, the Banker puts down on the loan docs that you make $10k per month, and you make $2k per month, then you sign that document, and right next to the signiture it says "i swear everything on this document is accurate, under penalty of law"…. YOU NOT ANYONE ELSE IN THE WORLD ARE AT FAULT.

NOW, I run a company that services bad loans… You would be shocked at how people are… The day the loan closes, they shake your hand with tears in their eyes, thanking you for taking the chance, then 2 months later when they dont make their 1st payment, they yell at you for taking advantage of them….. Also more people than you think sign for mortgages for a relative who has bad credit, then learns why that relative has bad credit, the hard way… Also what would surprise most folks are the # of people who thought they would make a fortune "FLIPPING" properties, so went out and bought 4-5 houses on the same day, before the credit bureau could updat, and looked clean…. then 2 mos later all are in default…

Now i know there are some hard luck stories out there, but in the billion dollare portfolio i oversee, it is 10% or less of the portfolio…
My company bought these loans for 10 cents on the dollar
OBAMA just said 10 minutes ago "I want to stop all foreclosures"

Why does he not believe in personal responsibility? Why doesn’t either candidate believe in personal responsibility? Because no one does in America anymore. The government insurance fund will be there no matter how many bad decisions you make.

Are you a homeowner that took out a mortgage you can’t afford? Just wait until the government steps in and buys your home. Then you can negotiate a lower balance and lower monthly payments.

Are you a subrpime lender that made a bunch of loans that defaulted? Sell your company to a large financial firm that is in the business of securitizing bad loans and pawning them off on hedge funds in Australia.

Are you a Wall Street firm and no one is buying your toxic mortgage securities and you’re stuck with a bunch of subprime lenders that aren’t making loans anymore? Wait until the government offers to invest in your company, offer you guaranteed loans, or gives you Treasury securities in exchange for the mortgage securities that are now worthless.

Why would anyone in America believe in personal responsibility for paying their debts anymore? Everyone defaults, from families with mortgage to corporations holding those mortgage securities. In either case, the government is offering to step in and "help" (i.e., steal from other people and inflate the currency) to "address the crisis."

Banks haven’t made a good financial decision since… well, probably before 1913 or so. And every investment they’ve made in emerging stock market sectors (regional S&Ls, Mexican pesos, SE Asian countries, Russian bonds, tech stocks, real estate loans) has gone bad, and they’ve received a bailout in every case.

Personal responsibility? In America? Please. Just get in line behind the other companies and individuals requesting a bailout like all the other good comrades.

What happens if half of the underwater homeowners in my state simply stop paying their mortgage payments?

Posted on July 24th, 2010 by Fred

Here is what would NOT happen: the banks would not foreclose and try to evict them BECAUSE

– the courts in my state are already swamped,
– there are people on the local news in my city who openly admit they have not made a mortgage payment in two years
– whole suburbs have now suffered 50% loss of property values since 2007; there are vacant homes all over the place; rental of a 3 bed/2 bath home built in 2004-2007 is about $800/mo.
– the Sheriff is letting people stay for 1-2 months after an eviction order has been signed by a court (i.e. don’t worry, there is plenty of time to find a rental even after foreclosure occurs).

Here is my question rephrased: what is going to happen when 250,000 homeowners stop making mortgage payments in 2012 or 2013??

Please do not argue "this cannot happen" or "it is immoral not to make mortgage payments".

Restated: what will our city be like if people stop giving money to the banks?

It could create a collapse in the mortgage industry and our FED GOV would have to come in and bail them out.