loanmodificationca.net

FREE Mortgage Loan Audit by Trained Attorney’s.  REDUCE YOUR PAYMENTS,  Interest, or Amount you Owe & KEEP YOUR HOME!! Do You want Competent Attorney’s toHOLD Your Lender(s) Accountable for Things they may have did Wrong in your Loan(s) regardless of if your behind or not? That’s Right You do NOT have to be behind to have your Loan Audited for FREE! Are You Behind in Payments? Going Through Foreclosure? Are Your payments, Interest or Loan Balance toHigh? Do you Owe More than your home is worth?Do You Want to keep your Home, but just can’t afford or want tosee if we can lower yourmonthly payments with no Penalties to you?
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GET RESULTS NOW AND FOR FREE no strings attached.It’s Simple email Mikekench@gmail.com or visit Loan Modification CA .net website
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Many Loans are Full of Mistakes made by lenders or contain Violations which can make your Lender(s), do one or more of the following: Reduce what you Owe, Adjust your Interest Rate or even lower your payments and STOP Foreclosure!And If you are Not behind But want a FreeAudit to see what, if anything, you can do to save money, WE DO THAT ALSO for FREE!  You have nothing to lose, but tons to gain.
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Let the ATTORNEYS Audit your loan documents for Federal & State Violations. You CouldForce the bank’s hand to reduce your Interest rate, Principal Balance, or Payments!
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Don’t let an unemployed ex-mortgage broker or real estate Investor or agent charge you Hundreds or even thousands of dollars up front only to tell you they were unsuccessful.

Has your lender told you that they can not modify your mortgage loan until you are in default?  Don’t let them ruin your credit by falling into this trap..
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Don’t lose your home, fight back and force the bank to Restructure your loan NOW!
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Email Mikekench@gmail.com a National known Loan Modification Educational Specialist

Publisher- Michael Kench Uncategorized Amp, Attorneys, Avoiding Foreclosure, California Homeowners, Competent Attorney, Educational Specialist, Email, Facing Foreclosure, Foreclosure, Foreclosures, Free Mortgage, Interest Rate, Lenders, Loan Balance, Loan Documents, Loan Modification, Loan Mortgage, loan-modification-ca, Loans, Los Angeles, Lower Your Payments, Mortgage Attorney, Mortgage Broker, Mortgage Loan, Notice Of Default, Orange County, Principal Balance, Real Estate Investor, Riverside, San Diego, San Francisco, South Bay, Thousands Of Dollars, Truth In Lending, Truth In Lending Act

If you were a victim of predatory lending, then you may qualify to have your loan restructured through a loan modification Ca homeowners loan program.

The best way to determine if you were a victim is by having a Mortgage Audit done on your home loan. Your mortgage lender or broker may have failed to follow the rules under the Truth in Lending Act, the Real Estate Settlement Procedures Act or other federal and state lending regulations  and statutes.  If you were a victim of these home loan mortgage procedures you may be entitled to the return of a portion, or all loan fees and interest and a restructure of your loan under a loan modification CA modification program.

If you have  received a “Notice of Default,” or your home is in foreclosure, or you are in a position where your loan is becoming un affordable due to rate and payment increases.  Having a mortgage loan audit by a qualified professional, preferably an attorney who specializes in the mortgage audit process may save your home from foreclosure and may also provide you with a restructered mortgage loan modification CA program to lower your payments, loan balance, or loan terms.

Most homeowners are unaware of the Laws that are in place to protect borrowers from violations in the law or Fraud.  And without a professional eye are unaware of these violations in their mortgage loan contracts.

These May Have Happened To You!

Were you charged high closing costs (Points and Fees?)
Did you have to provide proof of Income or did you just “state your income?” or did your loan agent or broker put a number in your application to qualify you?
Were all of your loan documents completely filled out prior to signing, or did you sign any blank documents?
Did your loan have any prepayment penalties?
Did you receive copies of all loan documents upon signing or loan closing?
Did the terms of your loan change at the last minute prior to signing
Were all loan fees or charges disclosed and properly explained to you in a clear, conspicuous and accurate way upon closing?

These are just a few areas that a mortgage loan audit would uncover violations in the law.  More information to follow.

Publisher- Michael Kench Uncategorized Avoiding Foreclosure, Borrowers, California Homeowners, Estate Settlement, Facing Foreclosure, Foreclosure, Fraud, Home Loan Mortgage, Homeowners Loan, Loan Agent, Loan Balance, Loan Contracts, Loan Documents, Loan Fees, Loan Program, Loan Terms, loan-modification-ca, Mortgage Lender, Mortgage Loan Modification, Notice Of Default, Payment Increases, Prepayment Penalties, Professional Eye, Proof Of Income, Restructure, Settlement Procedures, Truth In Lending, Truth In Lending Act

Home Prices Decline Beyond Expectation including major California Cities
The latest S&P/Case-Shiller index reports huge decline of 19.1% for the first quarter of 2009 home prices.  Foreclosures and short sales have caused real estate prices to decline in all major real estate markets.  This has all lead to 20% decrease in home prices and for most homeowners who are distressed and upside down in their mortgage are trying to make the more difficult choice should I try and modify my mortgage thru a loan modification Ca program, or sell my home thru a short sale or as a last result loose my home to a foreclosure.

The following was the real estate home value decreases for the first quarter of 2009:    
 
S&P/Case-Shiller 20-city home price index, a National real estate barometer recorded the following.
Metro area 1-year change (%)
Phoenix -36.0%
Las Vegas -31.2%
San Francisco -30.1%
Miami -28.7%
Detroit -25.7%
Minneapolis -23.3%
Tampa -22.4%
Los Angeles -22.3%
San Diego -22.0%
Chicago -18.6%
Washington -18.4%
Seattle -16.4%
Atlanta -15.7%
Portland -15.3%
New York -11.8%
Charlotte -9.3%
Cleveland -9.0%
Boston -8.0%
Dallas -5.6%
Denver -5.5%

Composite-20 -18.7%
 
Source:S&P/Case-Shiller

This index dropped 18.7% year-over-year and it fell 18.5% during the last three months of 2008. The index has fallen 32 staright months in a row. 

The big problem now is that Apprasiers have ignored foreclosures in the past when evaluating home prices.  However, when markets with foreclosures out number non foreclosed properties, now the foreclosures have to be used in the market comparable pricing models which lead to more homeowners in need of a lower rate to lower their monthly payment are unable to qualify based on new property valuations which will lead more homeowners to seek a loan modification Ca program on their home loan. 

Cities with the largest year over year declines were Phoenix down 36%, Las Vegas 31.2% and San Francisco down 30.1%.  Phoenix is down 50%, and Las Vegas is down 50% from their August 2006 highs. It was reported from Economist Mark Zandi, the founder of Moody’s Economy.com, he is optimistic that the market will stop falling sometime this summer or fall. “We need to focus on the mortgage modification program,” he said. “If that plan doesn’t work or only works as well as the other modification programs have, we’ve got a problem.”

Source: reported in Money.cnn May 26, 2009

On a further note: Existing Home Sales were reported at 4.68 Million which was actually
higher than industry expectations of 4.65 Million. The unsold inventory of homes rose to a
10.2 month level from April’s reading of 9.6, below the 11
month reading of November 2008. There still is a large supply of
homes above $750,000, which now stands at a 40-month supply. The government has done very little in providing availability of jumbo loans to help these home owners with refinancing programs.

If you are considering a loan modification Ca program on your home mortgage, it would be advisable to start the process now rather than later.  The loan modification process can take on an average of 90 days to complete the process.

Publisher- Michael Kench Uncategorized Area 1, Avoiding Foreclosure, Barometer, California Cities, Case Shiller Index, Decline, Declines, Expectation, Facing Foreclosure, First Quarter, Foreclosed Properties, Foreclosure, Foreclosures, Home Price Index, Home Value, Index Reports, Last Result, Loan Modification, loan-modification-ca, lower payments, Metro Area, Pricing Models, principal-reductions, Property Valuations, short sale, Staright

Another Toxic Wave Of Bad Loans

It is no hidden secret that the most recent melt down in the real estate market was due to all the toxic loans that were originated prior to the year 2009. This led to the first wave of defaults in “sub-prime” mortgages that sparked today’s economic meltdown.  Homeowners that were effected by the first wave of mortgage defaults have had to resort to loan modification Ca programs to save their homes, or worse became victims of a foreclosure, or a bankruptcy.

There is another wave that is on the not so distant horizon and no one is talking about it. This second wave of toxic loans is larger than the current  loans that put us in this situation in the first place.  This loans are know as “option arm” or “Alt-A” loans.  These loans are expected to hit there peak somewhere around the year 2011. 

 
The first wave of bad loans caused the banks to write down billions of dollars in bad losses and the caused the U.S stock market who purchased these toxic mortgage loans to lose trillions of dollars in market losses.  Many of these loans were purchased by middle income investors who were led to believe that these loans provided multiple options that regardless of what happened with the economy they would have several payment options they could choose to get them through any situation.  And since the general consensus at the time that real estate was going to keep going up they could not use a simpler, better loan product on their real estate purchase.

Many borrowers were mislead!  They were not properly explained the downside to negative amortization of the loan provision.  They were not explained properly how much these loans could adjust upwards.  Many homeowners that hold these type of mortgage loans are not aware that some of these type of loans could reset making their home mortgage payments double which will lead to more homeowners needing a loan modification Ca program on their home loan or worse eventually lead to foreclosure on their home.

If you have a bad loan and have the ability of refinancing out of this loan a good source would be Home Loan Refinance Online  for the best refinance rates and loan programs.  If you home loan is up side down in value more than 105% loan to value you should consider a home loan mortgage modification on your loan to get out from under this bad loan so when interest rates start moving back up or your loan resets you will not put yourself in a crisis situation.

Publisher: Michael Kench

Publisher- Michael Kench Uncategorized Amortization, Amortization Loan, Borrowers, Distant Horizon, Downside, First Wave, Foreclosure, Home Loan Mortgage, Home Mortgage Payments, Loan Modification, Loan Product, Loan Provision, loan-modification-ca, Market Losses, Mortgage Defaults, Mortgage Loans, Negative Amortization, Payment Options, Second Wave, Sub Prime Mortgages, Trillions, U S Stock Market

During the loan modification process, one of the main components of a successful mortgage loan modification program will require the submission of a Hardship letter.  It is important to provide your lender with a true picture of your situation and put the lender in your shoes in understanding your situation. Here is an example of what a Hardship letter could look like to provide you with a format for a loan modification Ca homeowners agreement on your home loan.

HARDSHIP LETTER EXAMPLE:

Date:
Borrower’s Name:
Borrower’s Address:
Borrower’s Phone #:
Our mortgage payments will be increasing soon due to our interest rate adjusting to a much higher rate. Due to the recent decline in the real estate market, we have no equity in our property.  We now owe more on our loan than what our home is worth. Currently, we are paying a total of $__________on our mortgage/mortgages. We have had no payment delinquencies.  After the rate increase in________________, we are looking to pay an additional $____________ per month. We are requesting a loan modification preferably a 30 year fixed rate mortgage with a lower payment. Ideally, we would like our mortgage payment to be $_________per month.
Although my wife and I both receive an income, my husband is the primary provider. However, with the currenteconomy, my husband, who is in the automotive industry, has not been receiving any overtime which cut his income in half. My position with the XYZ is also vulnerable at this time, with discussions of impending layoffs. We are asking for help now because we are trying to avoid an eventual foreclosure of our home. We have cut our expenses as much as humanly possible, and it is coming to a point where we are concerned about putting food on the table and can not handle a rate increase on our home loan.

We love our home and the city we live in. We would like to keep this house and raise our new born daughter here while making new memories.

Thank you for your time regarding this matter and for considering us for a loan modification Ca agreement on our home mortgage loan.

Kindest Regards,
Borrower’s Signature, Date
Co-Borrower’s Signature, Date

This should  provide you with a guideline for writing a hardship letter, just remember to be honest with your situation and you will be one step further to a successful loan modification.

Publisher- Michael Kench Uncategorized 30 Year Fixed Rate, 30 Year Fixed Rate Mortgage, Automotive Industry, Born Daughter, Delinquencies, Fixed Rate Mortgage, Food On The Table, Foreclosure, Hardship Letter, Home Loan, Layoffs, Letter Example, loan-modification-ca, Mortgage Loan Modification, Mortgage Mortgages, Mortgage Payment, Mortgage Payments, New Memories, Rate Increase, Xyz, Year Fixed Rate Mortgage