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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

What May Cause A Loan To Be Illegal

Unaffordable Loan- You were put into a mortgage and your income is not able to pay the monthly loan payment because your loan payment is adjusting higher.

Making loans based only on the value of the collateral without regard to the borrower’s ability to repay the loan.

Bait And Switch- Were you promised a low interest rate, but then you ended up with a higher rate at closing?

Failure To Disclose Loan Terms- Federal and State laws require creditors disclose the terms of the loan to borrowers, and when those terms are not disclosed or are inaccurately disclosed these terms are in violation of the law.

If you were a victim of any of these predatory lending violations :

Misrepresentation
Fraud
Miscalculation
Mistake
Deception
Non-Disclosure
The T.I.L.A. “Truth In Lending Act”
The Real Estate Settlement Procedures Act
Federal and State Lending Provisions

You may be entitled to get back all of your origination fees “points” plus interest.  Have your loan restructured at no cost to you through a loan modification CA homeonwers program.  Obtain a better rate, new loan terms and lower payments.

To determine if you have any violations with your home mortgage loan you should have a qualified attorney who specializes in the loan mortgage audit process also know as a forensic loan audit.  I can offer some great recommendations if you need a loan audit completed on your loan and the attorneys will offer this Free Of Charge to qualified candidates.  Drop me a post or an email at mikekench@gmail.com

Publisher- Michael Kench Uncategorized Avoiding Foreclosure, Bait And Switch, Borrowers, Collateral, Creditors, Disclosure, Estate Settlement, Facing Foreclosure, Fraud, Home Mortgage Loan, Interest Rate, Loan Modification, Loan Mortgage, Loan Payment, Loan Terms, loan-modification-ca, Miscalculation, Misrepresentation, Mistake, Mortgage Loan Modification, Non Disclosure, Origination Fees, Predatory Lending, Provisions, Settlement Procedures, State Laws, 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

A new announcement outlining the Board of Governors of the Federal Reserve System interim Final Rule for Making Home Affordable Modification Ruling.

Offices represented:
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Office of Thrift Supervision

Released June 26, 2009

 Agencies Issue Interim Final Rule for Mortgage Loans Modified Under the Making Home Affordable Program.  Loan modification Ca homeowners would be affected by the new ruling.

The federal bank and thrift regulatory agencies today invited public comment on an interim final rule that provides that mortgage loans modified under the U.S. Department of the Treasury’s Making Home Affordable Program (MHAP)will retain the risk weight applicable before modification. On March 4, 2009, the Treasury announced guidelines under the MHAP to promote sustainable loan modifications for homeowners at risk of losing their homes to foreclosure. The interim final rule would provide a common interagency capital treatment for mortgage loans modified under MHAP. For example, mortgage loans risk weighted at 50 percent prior to modification would continue to be risk weighted at 50 percent after modification provided they continue to meet other applicable criteria.

The interim final rule, by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of Thrift Supervision, will take effect upon publication in the Federal Register, which is expected shortly.  Public comments must be submitted within 30 days after publication in the Federal Register. 

The Board Of Governor’s is allowing any public comments to be submitted within thirty days from the date of publication.  The pdf that details the new ruling can be found by clicking here.

The new ruling applies to Fannie Mae and Freddie Mac insured loans.  If you have a loan that is owned by one of these entities and are in need of a loan modification Ca program these new rulings will provide you with a guideline as to what options your lender has available to you under the new Home Affordable Modification program.  It would be advisable to review this final ruling before you attempt to modify your home mortgage loan.

Publisher- Michael Kench Uncategorized Applicable Criteria, Avoiding Foreclosure, Board Of Governors, Board Of Governors Of The Federal Reserve, Board Of Governors Of The Federal Reserve System, Comptroller Of The Currency, Comptroller Of The Currency Office, Currency Board, Department Of The Treasury, Deposit Insurance Corporation, Facing Foreclosure, Fannie Mae, Fannie Mae And Freddie Mac, Federal Deposit Insurance, Federal Deposit Insurance Corporation, Federal Reserve System, Freddie Mac, Hardship Letter, Home Loan Mortgage, Interim Final Rule, Loan Modification, loan-modification-ca, Mortgage Loan Modification, Mortgage Loans, Office Of The Comptroller Of The Currency, Office Of Thrift Supervision, Risk Weight