loanmodificationsandiego.info

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 loanmodificationsandiego.info 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, Foreclosure California, Foreclosure Prevention, Free Mortgage, Interest Rate, Lenders, Loan Balance, Loan Documents, Loan Modification, loan-modification-san-diego, Loans, Lower Your Payments, Mortgage Broker, Mortgage Loan, Mortgage Loan Modification San Diego, Principal Balance, Real Estate Investor, San Diego, San Diego Ca, San Diego County Loan Modification, Thousands Of Dollars, 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 San Diego 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 San Diego 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, California Homeowners, 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, Foreclosure California, Foreclosure Loan, Foreclosure Prevention, Interim Final Rule, Loan Modification, loan-modification-san-diego, Mortgage Loans, Office Of The Comptroller Of The Currency, Office Of Thrift Supervision, Risk Weight, San Diego Ca

5 Reasons California Loan Modifications Are Going Bad Again

In 2009 more loan modifications are going bad. Why?  To many borrowers that were at the mercy of their lenders accepted mortgage modifications that were not in the borrowers best interest.  Most home owners when presented with a loan modification San Diego program did not know how to negotiate better terms and accepted the first offer that was presented to them.  The loss mitigation representative who is negotiating the modification is representing the bank and has the lenders interest that they represent and they are trying to achieve a home loan mortgage modification that is in the lenders best interest and not necessarily the borrowers best interest.  So it is important to way all options before you accept a loan modification proposal on your home loan.

There are other factors that are affecting loan modifications to go bad which have caused some borrowers to give up and throw in the towel.  5 of the reasons are as follows

 
5 factors behind the trend:
1. Overextended borrowers: With the ease of credit and negative-amortized, adjustable, pick-a-pay, interest only loans.  Many unknowing borrowers were led into the American Dream of home ownerships, with ease of qualifying, the fear that many first time homeowners would simply miss the boat of owning a home with the rise in real estate values and the speculative gold rush of of home appreciation.  Many borrowers not only fell into the real estate trap, but also overextended their consumer credit cards, personal loans and luxury items. Unfortunately many of these over extended consumers won’t be able to make their payments even in the most generous of loan modification San Diego programs.
2. Underwater effect: IN several parts of the country for example California, housing prices have declined over 50 % in value and borrowers are having a hard time trying to deal with making a mortgage payment on an asset that is not worth nearly what it was when they bought it.  And in most cases even if they were to have they mortgage modified it would not address the negative amount of equity in their homes and know one knows when values will increase again.
3. Housing Market decline: Has the home market reached a bottom yet?  Is the housing market going to continue a decline?  These are questions that troubled homeowners have to deal with in deciding if the loan modification San Diego program they received is worth paying into an investment that will continue to devalue.  Historically speaking real estate prices have increased in value over time.  Unfortunately we do not have a crystal ball that will tell us when home prices will return and home appreciation will become a benefit of home ownership.  One thing most homeowners need to remember is that they will need shelter, and it may be better to own a home in the long run than to rent, taking into account that your home is still one of the only tax write offs you have and that if you get a loan modification that will work for you short term and long term you should focus on paying down and eventually off your mortgage so you can own your home free and clear. Owning a home without out payments and with the benefit of future appreciation.
4. Original loan modification San Diego terms: Some of the modified loans weren’t modified appropriately to make them affordable for troubled borrowers.  The loans could have been adjusted to more in line with the borrowers debt to income ratios to make there loan payments more viable for long term success.

5. Unemployment: This is another major cause of defaults on loan modification programs. Many homeowners who were successful in obtaining a mortgage loan modification were unable to maintain their mortgage payments due to a loss of employment, decrease in income, or other unforeseen events, which made it impossible to keep up with payments or to do another loan modification on their home loan.

Publisher- Michael Kench Uncategorized American Dream, Avoiding Foreclosure, Best Interest, Borrowers, California Loan, Consumer Credit Cards, Example California, Facing Foreclosure, First Time Homeowners, Foreclosure Loan, Foreclosure Prevention, Gold Rush, Home Appreciation, Home Loan Mortgage, Interest Only Loans, Loan Modification, loan-modification-san-diego, Loss Mitigation, Luxury Items, Modification Request, Mortgage Payment, Ownerships, Owning A Home, Personal Loans, Real Estate Values, Underwater Effect

I am often asked what is the best way to stop foreclosure. It depends on where you are in the foreclosure cycle, and what state you live in.  There are some very powerful techniques you can use, and what I have found to be one of the most comprehensive guides to avoiding foreclosure can be found at Hand-On-Guide-To-Saving-Your- Home by Leroy Chan.

This free 16 page guide guides you step-by-step through the process, I highly recommend getting a free copy today.

Publisher- Michael Kench Uncategorized Avoiding Foreclosure, Comprehensive Guides, Facing Foreclosure, Foreclosure California, Foreclosure Guide, Foreclosure Laws, Foreclosure Prevention

10 Tips to Avoid Foreclosure
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What do you do when you fall behind in your payments? If you fail to make your home mortgage payments, foreclosure may occur. Foreclosure is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued. If that happens, you not only lose your home, you also would owe your lender an additional amount. Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. Below are some tips on avoiding foreclosure.

1. Don’t ignore the problem.
The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.
Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.
The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.
Find your loan documents and read them so you know what your lender may do if you can’t make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.
Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet.

6. Contact a HUD-approved housing counselor.
The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.
After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other “unsecured” debt until you have paid your mortgage.

8. Use your assets.
Do you have assets — a second car, jewelry, a whole life insurance policy — that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, theydemonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.
You don’t need to pay fees for foreclosure prevention help — use that money to pay the mortgage instead.  If you do not get anywhere with your lender in California than you may want to seek a home loan modification San Diego company to negotiate a loan modification on your home loan. You can also contact a HUD-approved housing counselor that will provide free advice if you contact them.

10. Don’t lose your house to foreclosure recovery scams!
If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD-approved housing counselor.

These are the top ten most common ways to avoid a foreclosure on your home mortgage loan.  Take action do what needs to be done and don’t ignore the problem.  You have several resources available to you and if one of the resources does not work don’t give up.

Most content above from the U.S. Department of Housing and Urban Development

Publisher- Michael Kench Uncategorized Avoiding Foreclosure, Deficiency Judgment, Deficiency Judgments, Department Of Housing And Urban Development, Department Of Housing And Urban Development Hud, Facing Foreclosure, Foreclosure Laws, Foreclosure Loan, Foreclosure Prevention, Government Housing, Home Mortgage Payments, Housing And Urban Development, Housing Office, Hud Funds, Internet 6, Loss Mitigation, Mail, Mitigation Options, Mortgage Foreclosure, Prevention Options, San Diego Ca, Stockton California, Timeframes, Ways To Avoid Foreclosure