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If you were a victim of predatory lending, then you may qualify to have your loan restructured through a loan modification San Diego 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 San Diego 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  loan modification San Diego 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 Array, Avoiding Foreclosure, Estate Settlement, Foreclosure California, Foreclosure Prevention, Home Loan Mortgage, Homeowners Loan, Loan Agent, Loan Balance, Loan Contracts, Loan Documents, Loan Fees, Loan Modification, Loan Terms, loan-modification-san-diego, Modification Request, Mortgage Lender, Mortgage Loan, Notice Of Default, Payment Increases, Prepayment Penalties, Professional Eye, Proof Of Income, San Diego Ca, Settlement Procedures, Truth In Lending, Truth In Lending Act

California Mortgage Mess

The current mortgage mess will lead to more bank failures, more foreclosures and a need for loan modification San Diego homeowners programs to curtail the problems homeowners are facing in this real estate market.

Interesting facts- Mortgage finance giant Freddie Mac(Federal Home Loan Mortgage Corporation)  which was founded in 1970.  Fannie Mae (Federal National Mortgage Association), the 2 government-sponsored enterprises owned or guaranteed $5.3 trillion of mortgages (out of $10.5 trillion nationwide) as of 12/31/08. Freddie Mac lost more money during the 2 years of 2007-08 (a $53 billion loss) than it made during the 36 years from
1971-2006
($42 billion of profits) (source: USA Today, Wall Street Journal and Federal Reserve).
$2 trillion of mortgages were packaged together into bonds and sold to investors, i.e.,
they were securitized (source: Inside Mortgage Finance, Wall Street

And now the tax payers are paying the price.  Homeowners who were sold these toxic loans are paying the price with higher payments, facing default and foreclosure.  Those who have taken action to prevent them selves from going into foreclosure have done so by negotiating a loan modification San Diego program on their mortgage loan. 

If your lender is unwilling to re-negotiate your mortgage loan than you may have to hire a professional to negotiate for you.  If, this is not an option you could consider a “Short Sale” on your home.  A Short Sale will still be negative on your credit but it is not as bad as a foreclosure.  And as a last result you could turn over the keys to the lender and do what is  called a “Deed In Lieu” of foreclosure.  If you go this option you should hire an attorney to protect your legal rights.  If you go the route of a loan modification be prepared before you attemp a loan modification so you can negotiate  a loan modification San Diego program that will make the most sense today and down the road.

What ever you decide to do take action and don’t wait for the problem to go a way, because it will not.

Publisher- Michael Kench Uncategorized Array, Bank Failures, California Mortgage, Current Mortgage, Deed In Lieu, Deed In Lieu Of Foreclosure, Fannie Mae, Federal Home Loan, Federal Home Loan Mortgage, Federal Home Loan Mortgage Corporation, Federal National Mortgage, Federal National Mortgage Association, Foreclosure Laws, Foreclosure Prevention, Freddie Mac, Government Sponsored Enterprises, Home Loan Mortgage, Home Loan Mortgage Corporation, Last Result, Loan Modification, loan-modification-san-diego, Mortgage Finance, National Mortgage Association, Usa Today, Wall Street Journal

Foreclosures exceed a 4 year high for the month of April

A recent report was released for the the Top 10 states
Where foreclosure filings are the highest.

The following are Ranked by State Households per foreclosure:

1 Nevada 68
2 Florida 135
3 California 138
4 Arizona 164
5 Idaho 255
6 Utah 312
7 Georgia 344
8 Illinois 384
9 Colorado 387
10 Ohio 411
 
Source:RealtyTrac
 
Just reported by CNNMoney.com — “Foreclosures in April exceeded even March’s blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.”

Industry professionals at realty trac were expecting April to take a nose dive after the exceedingly high foreclosures for the month of March.  That was not the case with Aprils number going off the charts and hitting a 4 year high of foreclosed properties.

It was reported that 1 out of every 374 homes had received a foreclosure filing in the month of April. This was a 32% increase over March filings which became a real shock to everyone following the foreclosure reportings.

As of this date 1.3 million homes have been lost to foreclosure since the market collapsed in the 2007.  It is predicted by Realty Trac that an estimated 3.4 million homes will be lost by the end of this year.  If the foreclosures keep up this pace they will far exceed these estimates.

What can a person do to avoid foreclosure proceedings in the first place?  As soon as you begin having trouble paying your mortage loan you should ontact your lender to work out a payment or a loan modification San Diego program to save your home and protect your family.

The top ten states accounted for 75% of the foreclosures.

Filings by state:

California had 95,600 filings the most for a state
California 1 filing for 138 households
Nevada 1 filing for 68 households
Florida 1 filing for 135 households

Top cities

Las Vegas 1 filing for ever 56 homes
Cape Coral-Fort Myers 1 in evry 57 homes

“Five other California metro areas ranked in the top 10: Modesto was fourth, Riverside-San Bernardino fifth, Bakersfield sixth, Vallejo seventh and Stockton eighth. Miami and Orlando rounded out the list. ”

A loan modification San Diego program can be the answer to save your home and protect your family.

Publisher- Michael Kench Uncategorized 411, Array, Auction Notices, Avoid Foreclosure, Bank Repossessions, California 1, Cape Coral, Florida 135, Foreclosed Properties, Foreclosure California, Foreclosure Laws, Foreclosure Loan, Foreclosure Prevention, Foreclosure Proceedings, Foreclosures, Foreclosures In California, Fort Myers, Households, Industry Professionals, Loan Modification, loan-modification-san-diego, Month Of April, Month Of March, Mortage Loan, Nose Dive, Realty Trac, San Diego Ca, State California, Top Cities