Loan Modification Help!!!

It's Difficult to accomplish a modification on your own.

When a person simply calls a mortgage holder and asks for a modification, it is very common for that person to experience extreme frustration and exhaustion due their lender’s stall tactics, delay techniques and disorganization (by design). Some homeowners are just completely ignored. To do this on your own is very aggravating, time consuming as well as risky.

If you try to negotiate your note on your own you may soon find that your lender is extremely unorganized - one hand usually doesn’t know what the other hand is doing.

Often times, lenders will even string you along with the hopes of getting your loan restructured, and instead force you into default or foreclosure and ultimately risk losing your home. Other times they will even offer a modification and then renege on the deal. The bottom line is that mortgage companies often take advantage of what most homeowners are not aware of.

That type of response does not occur for clients that we represent. We know the laws of lending and have a dedicated staff that is constantly communicating with mortgage companies to achieve our clients' goals. With many years of experience on our side, we know how to optimally proceed and best promote the client's interests in any loan modification matter. When you choose At Anew Home Loan Services we let the bank know that it's time to sit down and take you seriously.We have built relationships with the lenders and know just who we need to contact to get the job done.

We conduct a full Forensic Audit on your loan documents.

80% of home loans that were originated and funded within the past 10 years do not comply with the applicable consumer credit laws (loan fraud). The most likely way to get a loan modification accomplished is to uncover loan fraud violations. Simply put, the banks are overwhelmed with loan resolution requests and mortgage foreclosures. It is nearly impossible for them to keep up with all of the requests. If our forensic loan audit were to determine that the bank violated federal or state lending laws, you can expect that they would be interested in accommodating that borrower, since they could be avoiding potentially significant fines and penalties as well as a potential lawsuit for loan fraud related instances.

We do not collect any fees upfront! There are a lot of scams out there:

Please beware; most states have implemented laws against collecting fees upfront for a loan modification. Generally, only attorneys are allowed to collect fees upfront for mortgage modification. This legislation was put into place because “ABC Loan Modification Companies" were ripping people off, and performing with no results. Remember, loan modification companies are not Law Firms. You do not need a Attorney to get a loan modification either. You just need someone who knows the law and how to get you the help you need.

Thousands of homeowners across the country have fallen victim to loan modification scams, losing their money and their home in the process. Many of these scams advertise themselves as "attorney supported" or “attorney based” services, but don't be fooled. They generally are not law firms and are not bound by the strict legal and ethical rules that attorneys must obey.

Another stratagy "Produce the Note"

Asking your lender to produce the note could be the difference between keeping your home or losing it to foreclosure.  The strategy entails asking your lender to produce the note for your mortgage.  In order for a lender to proceed with a foreclosure, they must be able to produce mortgage note for the property.  The strategy can be effective since producing mortgage documents by the lender can be difficult if not impossible for them.  At the least it will give you time to get your finances together so you can get caught up or work something out with your mortgage lender.
The strategy is gaining momentum across the country.  If your bank will not issue you a loan modification, you may want to consider a produce the note strategy.  You really have nothing to loose.  This strategy is not intedt to help you get a free home, it is only intended to delay the foreclosure process and put pressure on the lender to negotiate better terms that you can afford.

What you need to know about refinancing

As a consumer if you are considering a refinance or a new purchase, you need to have all of your financial information available.  By having all the information available, the lender will be able to assist you and explain to you all your various options whether under a FHA financing program or another loan program.

It is important for the consumer to present the following items which visiting with a lender:

• Complete copy of last 2 years personal tax returns for all borrowers
• Copy of most recent paystub for all borrowers
• Complete copy of last 2 months bank statement on all types of accounts

Some programs may not require this type of financial information.  However, the more information provided to the lender allows for a smoother the transaction for the consumer.  In addition, it allows the lender to have a frank discuss with the borrower on the types of programs that will meet their financial requirements.

Debt Settlement is one option available.

Debt settlement is one option available to the consumer as a way out of their financial hardship.  Debt settlement deals with unsecured credit.  This unsecured credit can take the form of credit cards, medical bills and any other unsecured debt the consumer has incurred.

The consumer needs to realize there are two types of credit available to them. Secured credit means debt has some type of collateral backing -  your home, your car or in some cases, cash secured loans. The other form of credit is unsecured which is normally credit cards from lenders or retailers.

The unsecured credit is where the consumer has caused the majority of their financial problems.  The consumer has used credit card to purchase daily expenses, like their  groceries, gas, airline tickets, and on-line retail shopping. The credit card companies would offer points to the consumer to purchase items and give them reward points or points toward travel. In addition, the credit card companies would offer us new credit from higher interest rate cards to lower interest rate cards, if we transferred the balances.  It was like a shell game, moving balances from one card to other which allows us to have more credit.

 The one way to get out of debt is to look for a debt settlement company.  Debt settlement may not be for everyone. It requires the consumer to start saving money monthly until enough monies are available on the lowest outstanding balance credit card before the debt settlement company to begin negotiations.

Yes, there are drawbacks to this approach as there is to other options.  This is not an overnight fix it may take anywhere from 12 to 48 months. However, the first step is to discuss with a debt settlement company the ways in which they may be able to assist you out of debt. But if the consumer is really wanting to do something and get out of this financial hardship, call us today to discuss your options. Call us at 800-385-0502 for more information on Debt Settlement.

You have a Responsibility

You Have a Responsibility!

The federal government is once again getting involved in the mortgage lending sector. They haven't done well in the past when this has happened. They create regulation to help the consumer that has been so far over the consumers head that it confuses everyone.

There are many who believe that the reason the mortgage industry is in the current mess is because of the mandates that were imposed on the industry by congress to increase homeownership. (Here is one article and if you want all the detail go here and there are many, Google them) There is regulation already in place that should have prevented the mortgage melt down if the government had not imposed additional requirements that made banks lend to borrowers who were not credit worthy or could not afford their mortgage loan.

I have been in the mortgage business for over 20 years and I have also seen the greed that added to the problem. But... none of this could have happened if the consumer had taken responsibility for their own best interest.

I designed this blog to help educate anyone that is looking for a mortgage loan. This will help you decide if you really are ready for home ownership or to refinance your home. You will understand what type of loan you are getting and if it is best for you. Do not depend on the government, your loan officer, or anyone to tell you if you can afford a home until you have done your home work.

Remember do not sign anything you do not understand!

First and For Most Set a Budget!

First and For most Set a Budget

As Americans we overspend! We self indulge! Bankruptcy and foreclosure is the highest it has been in decades. Filing bankruptcy or having your home go into foreclosure is a painful process. These avenues where set up to help us out when those unexpected things happen in life like catastrophic illness or loss of employment etc. Too often these steps are taken because of lack of planning on the consumers’ part.

Now is the time to set a budget. I have always set a budget but have advoided meeting with a financial planner because I thought they would take away my freedom to choose what I wanted in life. I found out that their goal is to help me get what I want in life sooner. You may or may not want to get with a financial planner but make sure you at least commit to a budget.

Before you set down to do a budget think about (if you have a significant other include them) what you want to do in life. How soon do you want to retire, what kind of vacations you want, what major expenses do you have coming up such as education etc.. List the things that you want to accomplish and list the debts you have. Decide how much money you can spend a week for an allowance to eat out, go to the move or what ever your interest is. Make sure you allow for income tax and charitable donations and a must 401k/savings. Once you have your list together you are now ready to look at what income you have to work with.

Do you know how much money you really make? Review you pay checks and what your take home pay is. Did you have to pay taxes last year? Are you paying enough federal and state taxes, do you need to inculde more taxes in your budget?

After you have compared your income to your current debt and what your goals are ask your self how much can my house payment be (this must include your house payment, property taxes, hazard insurance, mortgage insurance if applicable and any homeowners association fees) ?

Lenders like to see housing between 28-31% of your gross monthly income of course lower is always better. Personally I could never afford a housing ratio of 28-31% I like other things too much. My housing debt has typically been around the low to high teens.

Mortgage brokers/lenders don't usually want to see your total debt over 38-41% of your total monthly income. This is your housing debt along with consumer debt (does not include utilities, taxes, charitable contribution, day care)

There are some good web sites out there to help you get started on a budget.

Problems don't just go away, contact us today!

Call Now to speak to a Loan Modification Specialist!

800-385-0502

You can also email me at:

tracey@anewhomeloanservices.com

Good News! Here are what just of the few lenders are doing!

IndyMac Federal Bank will start a new program to systematically modify bad mortgages with a loan modification.
What Loans Are Eligible For Mortgage Modification With IndyMac?
The streamline loan mods will be available for borrowers who have a first mortgage that is owned or serviced by IndyMac that are seriously in default and are facing foreclosure.  IndyMac will work with owners show are unable to make their mortgage payment because of a reset or change due to an arm mortgage reseting. As with all loan modifications, to be eligible you must be able to demonstrate an ability to make your mortgage payment at the adjusted level.  If you have no income or not enough income you will most likely not be eligible for a loan modification.
IndyMac is not the only lender that is doing mortgage loan modification.  Some of the other banks like Countrywide, Wells Fargo, Washington Mutual, Hsbc and others are doing loan modifications to help their customers stay out of foreclosure.

On the Positive side!

According to a recent article in the Los Angeles Times, mortgage interest rates are at their lowest levels in five weeks, and not surprisingly more people are seeking home loans.  This is can be seen as a positive sign that the value in homes are increasing slightly instead of homeowners being upside down on their mortgages.

This is both a positive and a negative for some homeowners.  On the positive side, this means they are able to refinance their homes at a lower rate and take advantage of equity in their homes.  But on the negative side, this assumes that the borrowers who are purchasing new homes still have good credit, can make at least a 20% down payment on residences with value of no more than $417,000.

Two important keys to this type of program:

• Loan amount available up to the maximum JUMBO FHA limit in your area
• FHA financing is for Everyone and not limited to first time homebuyers

FHA loans are guaranteed by the government and offer more flexible guidelines than traditional mortgages.  Some of these features are:

·         Down payment of 3.5%

·         Allows for lower credit scores

·         Cash out refinance transactions up to 85% of loan to value

·         No minimum or maximum income limits

When considering to refinance or purchase, a new property, the consumer must be prepared to present a complete financial package to their lender.  By having all the financial information available, this will allow your loan expert to find the correct loan program to fit your financial requirements.

Debt Settlement is better than Bankruptcy

Credit Debt Settlement Is Better Than Bankruptcy For Settlement Of Debt?  Millions of Americans are facing a mountain of debt and unsure about how to pay for it.  What are the options of getting out of debt when you have your back against the wall?  You can consider credit settlement, debt management, debt settlement program or debt consolidation.  Bankruptcy should be your last of the debt solutions you should choose when trying to get rid of or manage your debt.  Remember that a bankruptcy can have a negative effect on your credit for up to 10 years.  A credit debt settlement program will have no negative effect on your credit.  A credit debt settlement program is not reported to the credit bureaus.  The the credit companies it just looks like you paid off your delinquent debt.
Is Credit Settlement A Scam?
Credit Settlement is not a scam.  However you do need to check out the company carefully.  Before signing up for a credit card settlement program check with the better business bureau.  You may even want to google the company name and see if anyone has blogged or written anything negative about the company.
Before signing up for any credit debt settlement program you should consult with your professional adviser.  This information is of general interest only and should not be relied on.

Free Information from Certified Loan Specialist!

Anew Home Loan Services are Debt Negotiators and Loan Modification Specialists.We are giving away  free information on loan modifications.
Getting behind on your mortgage can be a very stressful experience.  Working with your bank to try and work out new loan terms can be scary if you do not know who to talk to and what questions to ask when trying to do a loan modification.
We can give you free information to guide you through the loan modification process.  The Government Bailout has mandated that lenders work with homeowners to re work mortgages.  This is the best time for a home loan modification.  Our team will guide you through the loan modification process and the loan modification requirements.
Do not let your home go into foreclosure, we can help you.
Our loan modification information is free.  You do not need to pay anyone to do this for you.  You can modify your own loan.  Just call your lender and ask them what you need to do to get started.

Start with an ADVANTAGE!

Anew Home loan service will give you the advantage that you need to get your loan modified.....Quickly and  Efficiently. We guarantee our services. Call us,  we offer free advise. Our Consult is free! Check out our services today! Problems don't just go away, get started today! The sooner you act the better workout we can provide you with. Call Tracey at 800-385-0502

We are here to answer all your questions.

Call Now to speak to a Loan Modification Specialist!

800-385-0502

You can also email me at:

tracey@anewhomeloanservices.com

We are currently working with several clients to get loan modification help.

Currently assisting Homeowners with loan modifications using the Making Home Affordable, HAMP, and HARP programs. We are currently working with the following lenders and/or servicers: Citi Mortgage, Bank of America, Countrywide, Wachovia, Wells Fargo, GMAC, HSBC, Beneficial, HFC, Litton Loan Services, One West, Indy Mac Bank, Chase, JP Morgan Chase, Aurora, Saxon Mortgage, OCWEN, LBPS, EMC, Wilshire Credit Corp., MetLife, Fannie Mae and Freddie Mac among others, these are just a few.

We have built strong working relationships with lenders.

ANEW HOME LOAN SERVICES

WE are a team of seasoned Professional and Certified Negotiators who have your well being at heart. WE are honest and have integrity, you can put your trust in us. We will do what we promise. WE will provide you with the best representation. WE do not want to see you go through the foreclosure process. WE will help you save your home. If anyone can do it, WE can!! We know we can, We have been in business for 8 years. We have help 100's of families save their homes from foreclosure. Let us be your advocate!

Our consultation is free, you are not obligated to use our services. All we ask is that you talk to us and see if we are a good fit for you.

We offer free counseling and advise you of all your options. We will review your information to determine your eligibility. We will carefully evaluate your situation to assure that you qualify for a mortgage reinstatement program. We do not collect any money from you, till after we have consulted with your lender and are very confident that we can get you a workout.

 Let us remove the burden from your shoulders right now. We can do that by providing you with the critical information and professional representation you need to get the best possible solution to your mortgage problem. 

 Problems don’t just go away, Do not delay, Contact us today!