Stop Foreclosure Loan

Mortgage Loan Modifications

Posted on January 11th, 2011 by

What should owners of homes know about dealing with today’s economy? The new words of “Short Sale”, “short refi”, “Loan Mods” and “Loan Mortgage Modification” are new terms that homeowners never thought they would need to hear or understand what they mean in order to possibly save their homes or their credit. No one planned for such a drop in home values and such a rise in costs.

With all the new terms and with all the sever changes in this economy, it is no wonder that homeowners fear doing anything when they are faced with financial hardship. Homeowners need not longer fear these terms and more importantly understand why loan modifications and short sale refinancing may make the difference between a homeowner keeping their home, avoiding bankruptcy and saving their credit.

We all heard about the great “bailout” of 2008 which congress passed that was to help control the foreclosure problem while encouraging new lending of home loans by banks and mortgage providers. We all heard both the pros and the cons with our government bailing out several banks, insurance companies, financial institutions and etc. However, the biggest pro for homeowners will come from this bailout. The pro is that mortgage companies are now starting to stop foreclosure sales, short sales and going back to the owners to modify their loans so to allow them to keep their home irrespective of their failure to pay their mortgage payments. Therefore, debtors will begin to see an order of process for homeowners to fight to keep their homes in these unprecedented times of financial suffering.

A loan modification will be likely the first step for homeowners to consider. A loan modification is simply a homeowner asking the mortgage company to modify the current terms of their mortgage. Homeowners will ask a mortgage company to modify their mortgage because of being late on payments, variable interest rates, too high of monthly mortgage payments and etc. Homeowners can seek this relief on their own directly with the mortgage company. However, the process is very time consuming and often frustrating for a homeowner. It recommended that you hire a law firm to help get you through the process.

If a homeowner cannot pay the loan modification that was negotiated with the mortgage company, a Short Sale may be the next option. A Short Sale is simply the sale of a home for less than the value of the mortgage owed on the property. It is no secret that most home values are much less than homeowners purchased their homes. Short Sales are a good option if the homeowner simply does not want to save their home and needs to get out from underneath the debt of the mortgage. The best part of a Short Sale for the homeowner is that any amount due owing to the mortgage due to the shortness of the sale the homeowner is released from liability coupled with a release of tax liability pursuant to the 2007 mortgage forgiveness relief act.

One very important point is that mortgage companies today are requiring that loan modifications be conducted first and attempted by the homeowner before they will even consider a Short Sale.

What is the gist of the forgoing? If you are struggling with debt; if you are inundated with creditors calling; if your home is in jeopardy of foreclosure, or simply feel overwhelmed by your financial responsibilities, there are a number of potential debt relief solutions at your fingertips.

As always, all situations relative to a strategy for bankruptcy and lien stripping should be discussed in detail with a bankruptcy attorney to understand all your avenues open to you.

Michael Goldstein, Esq.

Stop Foreclosure Saratoga – www.518WeBuyHouses.com

Posted on January 11th, 2011 by

www.518WeBuyHouses.com – Need to Stop Foreclosure We buy houses anywhere, any condition, any situation for cash. We are NOT realtors, just local investors in the New York capital region of Albany, Schenectady, Saratoga, and Troy…We pay closing costs!

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Unfair Loan Practices: Where can I join a Class Action against US Bank & Wells Fargo Trust?

Posted on January 9th, 2011 by

Downey failed and was bought by US Bank. US Bank states that Downy sold my loan to a “Secondary Market Investor” after the loan was originated, which turns out to be Wells Fargo Trust. It was sold into “Scrutinized Trusts.” US Bank is the Servicer, Wells Fargo is the Master Servicer. They are telling me although I qualify for the HAMP loan modification which is a Making Home Affordable program, they have to deny me help because the loan was sold and the agreement with the new owners of the loan is to offer no loan modification to me under any circumstances. — I feel this is just their way of burying the bad paperwork and getting the house out of my hands and into a new package with someone new so I will go away and the bad paperwork won’t have to be dealt with. — I found in my County’s Recorders office no other paperwork has been filed with the County to show a new owner, which apparently is the Wells Fargo Trust. Only the original Downey Note Claim from 2005. Since then, the loan was sold and assigned to Wells Fargo Trust & US Bank. There are no records from either bank with my County’s Records office. So if US Bank and Wells Fargo Bank tried to Foreclose on my house, well, are they really the Owners? Do they have the right? Did they even have the right to sell my loan to a Trust? I’ve owned this house for 10 years. I did a refi in 2005. Now this. – I am a victim of The Banks being greedy and giving so many loans in 2005, 2006, 2007 during the boom and to lessens their processing load, they sold my loan like a poker chip for less than it’s worth to a Scrutinized Trust. These banks don’t want to help people with these sold Trust loans because the Banks make MORE money off foreclosing a home rather than helping the “owner”/Loan Bearer into a more affordable loan. They get Reimbursement money off of their Insurance Policy that they Hold in case the borrow defaults on their loan. That is another reason why they deny Short Sales by the way, because they make Insurance Money off Defaults and Foreclosures. They won’t even offer a forbearance. The greedy banks caused this economy problem in the US. They affected the Companies and companies had to lay off people. Well I am in HR – Staffing Manager and Senior Recruiter and was laid off during this economy crash, they caused me to loose my job in a RIF with half of my company. When there are no jobs, who needs a Staffing recruiter? I was out of work for over a year. I spent my whole savings trying to pay my bills and save this house. Now I have had a job for 6 months making Half of what I made before in my job of 3 years that they caused me to loose. Now that I can pay and keep this house, they are denying me help! This is absurd! So I would like to find a Class Action suit I can join to try to stop this Foreclosure and have my Loan Payment plan be adjusted permanently or temporarily so I can be helped. Please advise me to the contact the right people! I want my old life back! If I can’t get it, then at least help me get the help the US Government set up and asked the banks to promote, which is a HAMP Loan Modification under the making Home Affordable Program. Shame on you Downey, US Bank and Wells Fargo Trust! —- Any direction, contacts, web sites that you can suggest to me to help would be so appreciated! (P.S. I have sent a QWR and other docs recently… so I have that in process. Loansafe.org has been somewhat helpful in info) I need to find a lawyer to help me get leverage over the banks to leverage them in to granting me my HAMP Assistance! Thanks!!!!

I feel your pain, I talk to people in situations similar to yours much more than I would like.

The problem with HAMP is that it is voluntary for the lenders, they are under no obligation to participate.

The horses are already out of the barn, we bailed out the banks and they in turn are not under much scrutiny or requirement to help keep people in their homes.

Yes, they can sell your loan. They do it all the time.

I do not know of a solid lawyer or firm that is taking up this charge. Why? Because there is very little they can do. What the banks are doing is wrong, but it is not illegal.

I would suggest you keep hammering on your lender for a modification.

Is a Deed in lieu of Foreclosure a good option? by Tulsa's Loan Modification Specialist Jerry Powers

Posted on January 2nd, 2011 by

Is a Deed in lieu of Foreclosure a good option for you? How will it affect your credit score? What are the benefits and drawbacks to a deed in lieu of foreclosure? We answer those questions and more. For more information contact us at http://www.LoanSaverConsultant.com/Panda

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Unfair Loan Practices: Where can I join a Class Action suit against US Bank & Wells Fargo Trust?

Posted on January 1st, 2011 by

Downey failed and was bought by US Bank. US Bank states that Downy sold my loan to a “Secondary Market Investor” after the loan was originated, which turns out to be Wells Fargo Trust. It was sold into “Scrutinized Trusts.” US Bank is the Servicer, Wells Fargo is the Master Servicer. They are telling me although I qualify for the HAMP loan modification which is a Making Home Affordable program, they have to deny me help because the loan was sold and the agreement with the new owners of the loan is to offer no loan modification to me under any circumstances. — I feel this is just their way of burying the bad paperwork and getting the house out of my hands and into a new package with someone new so I will go away and the bad paperwork won’t have to be dealt with. — I found in my County’s Recorders office no other paperwork has been filed with the County to show a new owner, which apparently is the Wells Fargo Trust. Only the original Downey Note Claim from 2005. Since then, the loan was sold and assigned to Wells Fargo Trust & US Bank. There are no records from either bank with my County’s Records office. So if US Bank and Wells Fargo Bank tried to Foreclose on my house, well, are they really the Owners? Do they have the right? Did they even have the right to sell my loan to a Trust? I’ve owned this house for 10 years. I did a refi in 2005. Now this. – I am a victim of The Banks being greedy and giving so many loans in 2005, 2006, 2007 during the boom and to lessens their processing load, they sold my loan like a poker chip for less than it’s worth to a Scrutinized Trust. These banks don’t want to help people with these sold Trust loans because the Banks make MORE money off foreclosing a home rather than helping the “owner”/Loan Bearer into a more affordable loan. They get Reimbursement money off of their Insurance Policy that they Hold in case the borrow defaults on their loan. That is another reason why they deny Short Sales by the way, because they make Insurance Money off Defaults and Foreclosures. They won’t even offer a forbearance. The greedy banks caused this economy problem in the US. They affected the Companies and companies had to lay off people. Well I am in HR – Staffing Manager and Senior Recruiter and was laid off during this economy crash, they caused me to loose my job in a RIF with half of my company. When there are no jobs, who needs a Staffing recruiter? I was out of work for over a year. I spent my whole savings trying to pay my bills and save this house. Now I have had a job for 6 months making Half of what I made before in my job of 3 years that they caused me to loose. Now that I can pay and keep this house, they are denying me help! This is absurd! So I would like to find a Class Action suit I can join to try to stop this Foreclosure and have my Loan Payment plan be adjusted permanently or temporarily so I can be helped. Please advise me to the contact the right people! I want my old life back! If I can’t get it, then at least help me get the help the US Government set up and asked the banks to promote, which is a HAMP Loan Modification under the making Home Affordable Program. Shame on you Downey, US Bank and Wells Fargo Trust! —- Any direction, contacts, web sites that you can suggest to me to help would be so appreciated! (P.S. I have sent a QWR and other docs recently… so I have that in process. Loansafe.org has been somewhat helpful in info) I need to find a lawyer to help me get leverage over the banks to leverage them in to granting me my HAMP Assistance! Thanks!!!!
I know it’s long. Not enough people are online talking about his problem by people like me. I hope you home "Owners"/borrowers out there know you are not alone in getting taken advantage by the banks!

The individuals in a class action suit rarely make anything worthwhile. The lawyer or team of is generally the ones that will reap the benefits of a successful class action suit.

Stop Foreclosure Salt Lake City Utah area, Keep it Simple

Posted on December 26th, 2010 by

Stopping foreclosure in utah does not have to be difficult. All you have to do is Keep in Simple, not Stress out, and understand your options to Stop Foreclosure Utah

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Sell House Stop Foreclosure Pompano Beach

Posted on December 19th, 2010 by

Sell Your House and Stop Foreclosure in Pompano Beach, FL

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How can I stop an illegal foreclosure if the bank won’t answer my questions and the law firm won’t respond?

Posted on December 18th, 2010 by

My bank is attempting a second illegal foreclosure. They stopped the first one with no explanation. I have an FHA insured loan, so they are required to follow FHA guidelines while servicing my loan. I am attempting to get my loan modified and the bank has stated in writing they are following "investor guidelines". The bank will not answer any of my questions and has completely stopped communicating with me. I have contacted the law firm involved, but the have also refused to return my calls or e-mail. I have filed complaints with HUD, the Office of the Comptroller of Currency, and my State Attorney General, but the bank keeps moving forward. The investigations are not complete, and I’m not sure if the bank is responding to the complaints, but is there anything else I could or should be doing? I have little money, so hiring an attorney is out of the question. I have been trying to find an attorney to represent me pro bono, but have had no luck. Any suggestions you have would be appreciated.

I would also call the 800 number on the making home affordable. gov website
They are the agency put there to help you with these problems since the government is doing everything possible to slow down foreclosures.
They will give you free advise.
From the site:
http://makinghomeaffordable.gov/
Call 1-888-995-HOPE (4673) to learn about Making Home Affordable and to speak with a HUD-approved housing counselor for free. If you are having difficulties working with your mortgage company, ask for “MHA Help”. …

Utah Short Sale Specialist Wants to Stop Foreclosure

Posted on December 12th, 2010 by

I am a Short Sale Specialist in Utah and I am interested in buying houses to help people Stop Foreclosure. To Stop Foreclosure in Utah through Short Sale contact me through my web site http://www.S-JRealEstate.com

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All of Your Options to Stop Foreclosure in Utah

Posted on December 5th, 2010 by Fred

All of your options to stop foreclosure in Utah.
Are you being contacted with only part of your optoins offered to stop foreclosure. Find out all of your options and you too can stop foreclosure

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