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Home Affordable Modification Program

President Obama’s Mortgage Modification Program - Do You Qualify?
Published by mortgageloanmodification October 15th, 2009 in Finance.
Obama’s $75 Billion Modify Mortgage program can seem like a dream come true for many people who are at risk of losing their biggest investment - their home. But how do you know if you even qualify?
Even if you’ve been turned down by your bank in the past, you can still apply for this San Diego mortgage modification program. If you are two or three payments behind, or you foresee financial hardship in the near future, you can apply and get your mortgage payment reduced.

Here are the basic guidelines you need to adhere to in order to qualify for the mortgage loan modification plan:

The home that you live in must be your primary residence
Your total mortgage balance must be less than $730,000
Your monthly payment must equal 31% or more of your total monthly income.
Your mortgage must have commenced before January 1, 2009
Check If You Qualify.
You will obviously have to provide proof of your income and expenses in order to be considered for Obama’s Mortgage Loan Modification plan. Make sure you have all your documents, tax receipts, copies of bills, etc. to make your San Diego Ca Mortgage application. This is an extremely important step, as every applicant will be approved on a case-by-case basis.

Interested homeowners are encouraged by the U.S. Treasury Department to apply for Obama’s Home Loan Modification Plan and lenders are expecting a surge of applicants. There is no cost to apply, but it is advisable to take some time and learn everything you can about the process and what you can do to increase your chances of being accepted.

One way to increase your chances of being approved is to download The Complete Mortgage Loan Modification Guide. For a minimal charge, you will be guided step by step on what you need to do to apply, how to fill out the necessary forms, calculate your debt ratio and putting everything together in a professional looking package that you can take to your lender. This is your chance to get back on the path to financial independence.

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Source Pcql.com

Publisher- Michael Kench Uncategorized Case Basis, Complete Mortgage, Debt Ratio, Financial Hardship, Home Loan, Interested Homeowners, January 1, Lenders, loan-modification-ca, Minimal Charge, Mortgage Application, Mortgage Balance, Mortgage Loan, Mortgage Loan Modification, Mortgage Loans, Mortgage Mortgages, Mortgage Payment, Mortgage Program, San Diego, San Diego Ca, San Diego Ca Mortgage, san diego mortgage, Tax Receipts, Three Payments, Treasury Department, U S Treasury, U S Treasury Department

Predatory Mortgage Lending-Loan Violations

You may be entitled to restructuring your loan through a loan modification CA homeowners program if your loan

was subject to any of the following:

1. Miscalculation of Interest
2. Inflated Appraisal
3. Illegal Loan Origination Fees
4. Yield Spread Premium
5. Illegal Kickbacks
6. Non-Disclosure of Loan Terms-Federal and State Requirements
7. Discount Points
8. Undisclosed Pre-Payment Penalties
9. Switching Rates between initial Rates and Closing

Any of these violations may fall under the T.I.L.A “Truth In Lending Act” or under the R.E.S.P.A. “Real Estate

Procedures Act.”

A well qualified attorney who specializes in the “Forensic Loan Audit” process would be able to identify and violations in the law and determine if you are entitled to a Loan restructuring under a loan modification CA program and you may entitled to a refund of all points, fees in originating your loan and interest that has been charged on the loan which could result in thousands of dollars in savings to you.  Each case is unique and the outcome may be different, but you do have laws on your side to protect you as a borrower.

It has been estimated that 82% of loans written have some type and form of a violation.  These laws are violated daily by lenders and mortgage brokers who wrote, processed, submitted and approved the loans.

The laws were enacted to protect borrowers but through the greed of some unscrupulous loan agents and brokers have completely disregarded these laws and unfortunately some loan agents and brokers were not aware they were breaking these laws.  Your loan may be an unlawful loan and you may be entitled substantial damages for these violations.  If you suspect you have a violation it would be to your benefit to have a forensic mortgage loan audit on your loan to determine the violations and potential damages or resolutions to a home loan modification CA restructuring program on your loan.  If you are behind in payments, in a notice of default or in foreclosure it would be advisable to check it out. Drop me a post and I will recommend a qualified attorney who will provide a forensic mortgage loan audit free of charge.

Publisher- Michael Kench Uncategorized Array, Avoiding Foreclosure, Borrowers, California Homeowners, Disclosure, Foreclosures, Greed, Home Loan, Home Loan Mortgage, Illegal Kickbacks, Initial Rates, Lenders, Loan Agents, Loan Modification, Loan Origination Fees, Loan Terms, loan-modification-ca, Miscalculation, Mortgage Brokers, Mortgage Lending, Mortgage Loan, Mortgage Loan Audit, Mortgage Loan Modification, Non Disclosure, Notice Of Default, Predatory Loan Violations, Predatory Mortgage, Resolutions, Substantial Damages, Thousands Of Dollars, Truth In Lending, Truth In Lending Act

Foreclosure Alternatives Program “FAP”

The Obama Administration Announces Financial
Incentives and Uniform Process for Short Sales

Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who are unable to retain their home under the Making Home Affordable Loan Modification Ca Program, the servicer may consider a shortsale or, if that is not successful, a deed-in-lieu of foreclosure.

Participating servicers must comply with program requirements so long as they do not conflict with contractual agreements with investors. Late July is the Treasury Department’s current target for issuing guidelines and forms necessary to start the program. Borrowers (Homeowners). Borrowers/homeowners qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a home loan modification Ca program or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate. Incentives.

The government is providing incentives to lenders who follow the FAP guidelines: Incentives include: (1) $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; (2) $1,500 for borrowers/homeowners to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders). Standardized Documents.

The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option. Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.

Timeline:

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.

The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received. No Borrower Fees. Servicers may not charge fees to borrowers/homeowners for participating in the FAP. Program Expiration. The program

is in effect through 2012.

As a last result the lenders who can not provide a home loan modification Ca program will have the option of accepting a Deed-in-Lieu of Foreclosure Option. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

Source: National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001

Publisher- Michael Kench Uncategorized Association Of Realtors, Avoiding Foreclosure, Borrowers, Complexity, Contractual Agreements, Deed In Lieu, Deed In Lieu Of Foreclosure, Facing Foreclosure, Financial Incentives, Forbearance Agreement, Home Loan, Home Loan Mortgage, Junior Lien, Lien Holders, Loan Modification, loan-modification-ca, Minimum Eligibility Requirements, Mortgage Loan Modification, National Association Of Realtors, Offer Acceptance Letter, Property Valuation, Relocation Expenses, Shortsale, Target, Treasury Department, Trial Period, Uniform Procedures

Obama Refinance Plan and California Homeowners?
 
The federal government’s Home Affordable Refinance program is designed to help homeowners refinance their mortgages even if they owe slightly more than the current value of their homes, up to 105% of home to loan vaue. An example of this would be if your home was valued at $100,000  and your current loan amount was $105.000 then you could finance under this current program.  Most homeowners do not fit this scenarior, and some homeowners fall into a different category in which they may qualify for a loan modification Ca homeowners program. The new loan refinance program has several layers of rules to follow to qualify for a mortgage refinance program.  First there is a maze of special offers from different lenders.  Which is the best?  Each program has different qualifications, terms, incentives so you need to way each one accordingly.

The government refinance program is complicated because the federal government has their set of rules; Fannie Mae and Freddie Mac have their own separate sets of rules; and lenders, loan servicers and mortgage insurers generally have their own rules to follow through the refinance maze.  the sad part is that a majority of homeowners do not qualify for this program which was slated to help 5 million homeowners.  With the drastic decline in home values this program will fail many homeowners as the “Hope” for homeowners government plan failed.  If you are in a situation where you can not refinance, yo are having trouble making your monthly payments or you behind.  Then a home loan modification Ca homeowners may be the ticket for you.  The government is offering incentives to lenders to perform a loan modificatio on your mortgage loan. If your are in this situation take action now and see what your lender can do for you today.

Publisher- Michael Kench Uncategorized 5 Million, Avoiding Foreclosure, California Homeowners, Current Value, Drastic Decline, Fannie Mae, Fannie Mae And Freddie Mac, Federal Government, Freddie Mac, Government Plan, Home Loan, Home Values, Incentives, Lenders, Loan Modification, Loan Servicers, loan-modification-ca, Maze, Mortgage Insurers, Mortgage Loan, Mortgage Loan Modification, Mortgages, Special Offers

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