Loan Modifications
See If You Qulife For A Loan Modification Program The objective of every change undertaken in a loan modification program is to provide loan modification help in finding ways for the mortgage holder to be able to continue to pay their modified mortgage within the financial resources they have available. It's understood that the mortgage is only one of many responsibilities a homeowner has and only a workable portion of one's income can go toward servicing a mortgage. Our professionals can help you accomplish a home loan modification that's tailored to your specific financial conditions. They realize that everyone is different and are ready to work with you to create a solution that works best. Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. With a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget rather than being an overwhelming monthly drain on already tight finances. Get Help Now! Get a loan modification, and cut your mortgage payments The Mod Your Mort Debt Relief loan modification program is an staff-assisted mortgage modification program designed to provide you with professional help for your mortgage debt. With this Debt Relief loan modification program, you’ll get help from experienced, licensed staff who are on YOUR side. Our STAFF will work with your lender to modify your current mortgage and negotiate lower mortgage payments that you can afford.* Get a mortgage payment you can afford — without refinancing If you don’t qualify for refinancing, you may still be able to get the help you need with a Think Debt Relief loan modification, whether you’ve been making your mortgage payments on time, you’ve fallen behind, or you’re facing foreclosure. Our Loan Modification program is designed to help ease the burdens of your mortgage debt, from making your mortgage payments more affordable to helping you save your home from foreclosure. We can modify more than one mortgage (if you have both a first and second mortgage on your house), as well as multiple mortgages on multiple properties: First Mortgages, Second Mortgages, Second homes, Investment properties. 97% of our qualifying homeowners get a modified home loan At our Debt Relief, 97 percent of our qualifying homeowners receive a loan modification through our nationwide network.* We work in all 50 states, and all our staff has had experience in negotiating mortgage loan modifications. Our staff will go to work for you to negotiate new terms for your home loan that can help cut your monthly mortgage payments. Your mortgage loan modification may offer you one or more changes to your current home loan*. This Is All You Would Need For A Loan Modification 1 MORTGAGE STATMENT 2 BANK STATMENT ALL PAGES 3 30 DAYS PAY STUBS 4 LIGHT BILL OR GAS BILL 5 2009 TAX RETURN 1040 ONLY 6 ID AND SS CARD 7 TAX BILL 8 INSURNCE DEBT PAGE You can call us @ (773) 941 4662 or (800) 706 2715 or e mail us @ www.mnr.services@yahoo.com New Up Dates As Of 05/12/2010 Many underwater homeowners-those who owe more on their home than it is currently worth-feel stuck. They can't sell without taking a major loss, and they often can't refinance because the appraiser's report doesn't past muster. If they want to take advantage of some mortgage modification programs, they're often told they need to be behind in their mortgage first. Here is what's on the table with HUD's latest program:
Look What Is New In The Loan Modifications WASHINGTON (AP) -- The Obama administration will announce Friday a plan to reduce the amount some troubled borrowers owe on their home loans, after months of criticism that it hasn't done enough to prevent foreclosures. The effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration, people briefed on the plan said. It would be funded by $14 billion from the administration's existing $75 billion foreclosure-prevention program. The people briefed on the plan declined to be identified because the details had not yet been announced. It has several additional components. The plan also will require the more than 100 mortgage companies participating in the administration's existing foreclosure prevention program to consider slashing the amount borrowers owe. They will get incentive payments if they do so. It also will include three to six months of temporary aid for borrowers who have lost their jobs. And there will be additional payments designed to give banks an incentive to reduce payments or eliminate second mortgages such as home equity loans -- a problem that has blocked many loan modifications. The changes "will better assist responsible homeowners who have been affected by the economic crisis through no fault of their own," an administration official said. To date, the administration's $75 billion foreclosure-prevention program has been a disappointment. Critics have complained the program does little to encourage banks to cut borrowers' principal balances on their primary loans. Nearly one in every three homeowners with a mortgage are "under water" -- they owe more than their property is worth -- according to Moody's Economy.com. Earlier in the day, Herbert Allison, an assistant Treasury secretary, cautioned that any new plan is "not going to mean that all underwater mortgages are suddenly in the program." Obama administration officials have been studying such issues for months. An expansion of its foreclosure-prevention program has long been expected because only 170,000 homeowners have completed the process out of 1.1 million who began it over the past year. And lawmakers have been frustrated by the lack of results. "It has failed," said Rep. Jackie Speier, D-Calif., at hearing of the House oversight committee on Thursday. "It has failed miserably and unfortunately we are incapable of saying: OK, this was an experiment, it didn't work, let's try something else." The program is designed to lower borrowers' monthly payments by reducing mortgage rates to as low as 2 percent for five years and extending loan terms up to 40 years. To complete the program, homeowners need to go through a three month trial period and provide proof of their income, plus a letter documenting their financial hardship. Though $75 billion in funding is available to the more than 100 lenders who have signed up, only a tiny fraction has been spent. Lenders had received $58 million in incentive payments as of last month, according to the Government Accountability Office. Meanwhile, one long-delayed piece of the government effort is finally getting off the ground. Citigroup Inc. on Thursday joined the government's program to modify second mortgages such as home equity loans. With Citi on board, now four big owners of second mortgages have joined. Earlier in the week, Bank of America announced that it would forgive some of the principal for homeowners who owe more than their homes are worth. The Charlotte, N.C.-based banking giant said its plan would help about 45,000 of its most troubled borrowers. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth. Making things more complicated are second mortgages, or so-called "piggyback loans." Many lenders made such mortgages during the boom years, allowing consumers to make a small or no down payment. Worrying that they won't be repaid, lenders who extended second mortgages have been using their veto power to block borrowers' efforts to modify their primary mortgages. Bank of America spokesman Rick Simon said "a good portion" of the bank's private investors have authorized it to modify the mortgages. He said, however, the principal reduction process gets more complicated when dealing with second mortgages owned by outside investors. But part of the government's relief program, which modifies second mortgages, could eliminate that hurdle. Citigroup became the fourth large lender to commit to the program, part of the Obama administration's $75 billion loan modification plan. Bank of America, Wells Fargo & Co., JPMorgan Chase & Co. already participate. IS THIS NEW OR IS IT THE SAME OLD THING?????? WILL THIS HELP YOU WITH YOUR MORTGAGE AND SAVE YOUR HOME?? NEED HELP ? DO THE BANKS WORK WITH YOU ON THIS??? CAN YOU DO THIS YOUR SELF? New Up Dates As Of 2/3/2010 About 5.1 million mortgage holders (or roughly 10% of Americans with mortgages) will own homes that are worth 75% or less than what they owe on their mortgages by mid-June. This is the conclusion of a new study by First American CoreLogic given exclusively to The New York Times. One of the firm's senior economists, Sam Khater, told the paper, "People's emotional attachment to their property is melting into the air." The most astonishing number in the study is that it would take $745 billion to get mortgages to the point where no home loans in the U.S. were underwater. Obama presses for financial industry overhaul AP NEW YORK -President Barack Obama is asking the financial industry to support his push for changes he says would help prevent another economic crisis and would be good for the country in the long run. Obama made his plea Tuesday night a Democratic Party fundraiser in New York City, speaking to donors who paid $30,000-per-couple to hear him just two weeks before the Nov. 3 elections. Obama defended administration efforts to bail out the financial industry, calling it unpopular but the right thing to do. Now, he says the right thing for the industry to do would be to support the changes he has proposed, including creating a federal agency to protect consumers. Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. 2009-10-20 19:16:30 As Of 11/30/2009 WASHINGTON – The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday. The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said. "We are taking additional steps to enhance servicer transparency and accountability," Reilly said. She said the goal was to increase the rate that troubled home loans were converted into new loans with lower monthly payments. Industry officials said the new effort would include increased pressure on mortgage companies to accelerate loan modifications by highlighting firms that are lagging in that area. The Treasury is also expected to announce that it will wait until the loan modifications are permanent before paying cash incentives to mortgage companies that lower loan payments. Under the $75 billion Treasury program, companies that agree to lower payments for troubled borrowers collect $1,000 initially from the government for each loan, followed by $1,000 annually for up to three years. The government support, which is provided from the $700 billion financial bailout program, is aimed at providing cash incentives for mortgage providers to accept smaller mortgage payments rather than foreclosing on homes. The program has come under heavy criticism for failing to do enough to attack a tidal wave of foreclosures. Analysts said the foreclosure crisis is likely to persist well into next year as high unemployment pushes more people out of their homes. Rising foreclosures depress home prices and threaten the sustainability of the fledgling economic recovery. A report last week from the Mortgage Bankers Association found that 14 percent of homeowners with mortgages were either behind on payments or in foreclosure at the end of September, a record level for the ninth straight quarter. The Congressional Oversight Panel, a committee that monitors spending under Treasury's bailout program, concluded in a report last month that foreclosures are now threatening families who took out conventional, fixed-rate mortgages and put down payments of 10 to 20 percent on homes that would have been within their means in a normal market. Treasury's program, known as the Home Affordable Modification Program, "is targeted at the housing crisis as it existed six months ago, rather than as it exists right now," the report said. Scott Talbott, senior vice president of government affairs for the Financial Services Roundtable, said the industry supported many of the changes Treasury was proposing. But he said the foreclosure problem, which began with heavy defaults on subprime mortgages, was expanding to more traditional types of mortgages because of unemployment which has now hit a 26-year high of 10.2 percent. "The subprime problem has regrettably morphed into an unemployment problem," Talbott said. He said there was no government program to help the unemployed who are in danger of losing their homes but "many private lenders are modifying loans for the unemployed on their own." Treasury's Reilly said the expanded program would, among other steps, make more aid available to struggling borrowers and expand the number of organizations providing help. Where can I learn more?The following documents were recently released by the Department of Treasury. Home Affordable Modification Program Outline Mar 4, 2009. Home Affordable Modification Guidelines Mar 4, 2009. How it works.1. Determine your eligibility by using the resources located on this site. 2. Complete the form on this page for a free Loan Modification Consultation 3. You’ll be contacted by a Loan Modification Provider who will answer your questions and submit the necessary documentation to get your loan modification approved with your lender. Start by filling out the form on this page to register for your free Loan Modification Consultation “We’ll make up the gap between the old and new payments”
“If lenders and homebuyers work together, and the lender agrees to offer rates that the borrower can afford, we’ll make up part of the gap between what the old payments were and what the new payments will be. And under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income. ” - Barack Obama, Feb 18 NEED HELP SAVING YOUR HOME? WWW.MNRCREDITREPAIR.COM CAN HELP What You Need For A Loan Modification 1 Mortgage Statment 2 30 Days Bank Statment 3 30 Days Pay Stubs 4 A Light Bill Or Gas Bill 5 2008 Tax Return and 2009 last pay stub or 2009 W-2 6 ID And SS card You Can Fax To mnrcreditrepair.com @1-800-706-2715 Let us help you today by lowering your MORTGAGE PAYMENTS and INTEREST RATE... Up Dates as of 5/20/2009 Loan Modifications are now tacking up to 45 days or longer so don,t wate you can loss your home... There are Ways to Avoid Foreclosure! We may help you find a solution. Save Time - Getting a loan modification completed can be an exhausting process. Is the best use of your time spent waiting on hold for hours with your bank? An Advocate for You - Dealing with banks is scary, especially with your home at stake. You want an advocate working for you that speaks the banks' language. Consider All Options - Many loan modification firms can also help you with a forensic loan audit, refinance or short sale if itss determined that a loan mod is not the way to go. How to use this site Fill out our form now to connect with Loan Modification specialists that may work with you and your lender. Do it now. Time is running out! Fill out our short form describing your current situation We match you with loan modification specialists based on your situation You review their proposals and decide what works best for you Time is Your Enemy According to the New York Times, "About 1 in 11 Mortgage Holders Face Loan Problems" Mortgage foreclosure filings nationwide have increased 93% over the last year Projections call for 2 million more foreclosure filings in 2008 You must ACT NOW to Save Your Home The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. As of 05/13/2009 Washington, D.C. — Attorney General Lisa Madigan has filed two lawsuits in Cook County Circuit Court against Chicago-area mortgage rescue fraud schemes seeking temporary restraining orders to immediately stop the defendants from providing mortgage rescue services. Madigan made the announcement as part of a press conference today in Washington, D.C., with U.S. Treasury Secretary Timothy Geithner, U.S. Attorney General Eric Holder, Federal Trade Commission Chairman Jon Leibowitz and U.S. Housing and Urban Development Director Secretary Sean Donovan, to discuss a coordinated effort by federal and state authorities to protect at-risk homeowners from mortgage foreclosure rescue fraud. “Struggling homeowners need to know that free help is available,” Attorney General Madigan said. “We have repeatedly found that these operations are swindling desperate homeowners out of money they can’t afford to lose. The lawsuits I have filed prove they don’t provide any help. They don’t call your lender, they don’t modify your loan, and they don’t represent you in court if you’re in foreclosure. All they do is take your money.” Madigan filed complaints against Centurion Loss Mitigation Group, a Chicago-based operation and its owner Carlos A. Gomez, and Cash VIP, a Melrose Park, Ill.,-based operation and its owner Fernando Rios, also known as Fernali Ferrice. With these new filings, Madigan has brought lawsuits against 24 mortgage rescue fraud schemes. Of those, the Attorney General, to date, has received judgments in nine cases, including more than $1.8 million in restitution for homeowners. In each of today’s lawsuits, Madigan alleges that the defendants advertise in Spanish-speaking communities that they can help homeowners who have fallen behind on their mortgage payments and, for an upfront fee, will negotiate with mortgage lenders to reduce the payments and save consumers’ homes. However, according to Madigan’s complaints, after the fraudulent operations collect the upfront fees, they fail to negotiate or perform any services on behalf of the homeowners, leaving consumers at even greater risk of losing their homes to foreclosure. According to the lawsuit, Centurion, which claims to be a community counseling agency, allegedly charges a $1,500 upfront fee for negotiation services that it promises will help lower homeowners’ mortgage payments or interest rates, thereby improving the consumers’ credit rating. Madigan’s Consumer Fraud Bureau received a complaint against the operation showing that a consumer lost her home shortly after contacting Centurion for help. In the Cash VIP lawsuit, Madigan alleges the defendants sell credit and foreclosure “orientation” services, which require consumers to enroll in a one-year “membership club” and pay an upfront $575 application fee, $50 enrollment fee and a monthly fee of $69-89, as well as a final “success fee” that ranges from one to two percent of the loan amount. Although the defendants purport to provide credit services, they have never registered with the Illinois Secretary of State as a credit services organization as required by law. Madigan’s Consumer Fraud Bureau is aware of 29 complaints against the company. Both lawsuits allege the defendants’ fraudulent tactics violate Illinois’ Mortgage Rescue Fraud Act, which prohibits companies from requiring upfront payment from consumers prior to completing all the terms of a mortgage rescue contract. The law also requires businesses to fully disclose to a homeowner the exact nature and terms of the proposed rescue services and the homeowner’s right to cancel the contract. In each suit, the Attorney General is seeking a temporary restraining order preventing the defendants from collecting upfront fees and a permanent injunction barring the defendants from engaging in mortgage rescue operations in Illinois. Madigan also is asking the courts to award restitution to consumers and to order each defendant to pay a civil penalty of $50,000, additional penalties of $50,000 for each act committed with intent to defraud, an additional $10,000 for each act committed against a senior citizen, and costs for the investigation and prosecution of the cases. The Attorney General also is asking to immediately receive a complete list of the companies’ current Illinois customers, including contact information and details on the sums they have already paid to the companies. This information will allow Madigan’s Consumer Fraud Bureau to work with consumers to help them stay in their homes, either through the direct assistance of the Attorney General’s office or through referral agencies. Madigan’s lawsuits illustrate how she and state attorneys general are using their enforcement authority to prosecute mortgage foreclosure rescue fraud across the country. In Washington, D.C. today, Madigan joined federal agencies to discuss the importance of a coordinated federal and state effort to tackle crippling economic issue. “On the state level, more than 150 enforcement actions have been brought against mortgage rescue companies across the country, and the states are increasingly sharing information and leveraging resources with our partners at the federal level,” Madigan said. “By combining our powers in pursuit of this common purpose, state and federal authorities are sending a clear message to operators of mortgage rescue scams: It is not a question of if we’ll come after you; it is only a question of when.” 04/01/2009 Updates The most common identity theft victims tend to be middle-aged married females, divorcees, or those who make more than $75,000 a year, according to a newly released survey. 03/30/2009 President Obama's Making Home Affordable initiative, announced on March 4, 2009 makes it easier for your bank to offer you a cut in your monthly payment (mortgage modification). If you haven't yet received your loan modification amount, please visit www. Making Home Affordable .gov You'll need to enter your street address and zip code to see your home's worth as of today. Making Home Affordable ....................... Repayment Plan: A Repayment Plan is used when you have experienced a temporary reduction in income or financial hardship. This option is structured to cure the delinquency over a period of time by paying a full amount, plus a partial payment on the delinquent amount, each month. An initial down payment is required. The amount of the partial payment will be based on your financial situation and your initial down payment. It is important to note, a repayment plan will only be considered if there has been a positive change in your financial situation. For example, if you were previously unemployed but have found employment, we may consider a repayment plan provided you are able to make an initial down payment, and you have the ability to pay the increased monthly amount due while keeping your real estate taxes paid current.
Your loan is at least 4 months delinquent, but no more than 12 months delinquent, and you are able to begin making full mortgage payments. When your lender files a Partial Claim, HUD will pay your lender the amount necessary to bring your mortgage current. You must execute a Promissory Note, and a Lien will be placed on your property until the Promissory Note is paid in full. The Promissory Note is interest-free and is due when you pay off the first mortgage or sell the property. What documents must be provided by the borrower when discussing foreclosure alternatives with the lender? Before we can recommend the most appropriate workout option, it is important that we have a complete understanding of your current financial situation. As part of this process, we may need you to provide certain documentation, such as tax returns, recent pay stubs, bank statements, and a hardship letter outlining the events which have caused you difficulty in maintaining your monthly payments. Additionally, please have your Chase loan number available. How to contact Chase: To receive more information on options listed above, please E-MAIL US @ www.mnr.services@yahoo.com NEWS ABOUT RELIEF PROGRAMS UNDER THE BALLOUT In addition, Treasury will invest $20 billion in Bank of America from the Troubled Asset Relief Program in exchange for preferred stock with an 8 percent dividend to the Treasury. Bank of America will comply with enhanced executive compensation restrictions and implement a mortgage loan modification program. Treasury exercised this funding authority under the Emergency Economic Stabilization Act’s Troubled Asset Relief Program (TARP). The investment was made under the Targeted Investment Program. The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security. Separately, the FDIC board announced that it will soon propose rule changes to its Temporary Liquidity Guarantee Program to extend the maturity of the guarantee from three to up to 10 years where the debt is supported by collateral and the issuance supports new consumer lending. With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy. As was stated in November when the first transaction under the cTargeted Investment Program was announced, the U.S. government will continue to use all of our resources to preserve the=2 0strength of our banking institutions and promote the process of repair and recovery and to manage risks. Term sheet (77 KB PDF) 2009 Banking and Consumer Regulatory Policy The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Please note that Wisdom may receive compensation from the foreclosure consultants for that introduction Mnrcreditrepair.com is not a mortgage lender and does not provide refinance loans. Mnrcreditrepair.com is not a government sponsored website. Mnrcreditrepair.com matches consumers with companies that offer foreclosure prevention services. To access information on government sponsored assistance, please visit makinghomeaffordable.gov The Home Affordable Refinance Program (HARP) lets qualified borrowers refinance a first home mortgage even if the size of that mortgage is as much as 125 percent of a home's value The program aims "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices," according to President Barack Obama. It's designed to lower the interest rate and payments on your home loan. It could also help you replace an adjustable rate mortgage with a more stable fixed rate mortgage. However, potential borrowers must show that they are employed and will be able to make their payments. There's no minimum credit score to participate though a low score could effect your interest rate. Applicants are immediately disqualified if they have been more than 30 days late on any home loan payments in the past 12 months. Do You Need Help ? See If You Qulife For A Loan Modification Program The objective of every change undertaken in a loan modification program is to provide loan modification help in finding ways for the mortgage holder to be able to continue to pay their modified mortgage within the financial resources they have available. It's understood that the mortgage is only one of many responsibilities a homeowner has and only a workable portion of one's income can go toward servicing a mortgage. Our professionals can help you accomplish a home loan modification that's tailored to your specific financial conditions. They realize that everyone is different and are ready to work with you to create a solution that works best. Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. With a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget rather than being an overwhelming monthly drain on already tight finances. Get Help Now! Get a loan modification, and cut your mortgage payments The Mod Your Mort Debt Relief loan modification program is an staff-assisted mortgage modification program designed to provide you with professional help for your mortgage debt. With this Debt Relief loan modification program, you’ll get help from experienced, licensed staff who are on YOUR side. Our STAFF will work with your lender to modify your current mortgage and negotiate lower mortgage payments that you can afford.* Get a mortgage payment you can afford — without refinancing If you don’t qualify for refinancing, you may still be able to get the help you need with a Think Debt Relief loan modification, whether you’ve been making your mortgage payments on time, you’ve fallen behind, or you’re facing foreclosure. Our Loan Modification program is designed to help ease the burdens of your mortgage debt, from making your mortgage payments more affordable to helping you save your home from foreclosure. We can modify more than one mortgage (if you have both a first and second mortgage on your house), as well as multiple mortgages on multiple properties: First Mortgages, Second Mortgages, Second homes, Investment properties. 97% of our qualifying homeowners get a modified home loan At our Debt Relief, 97 percent of our qualifying homeowners receive a loan modification through our nationwide network.* We work in all 50 states, and all our staff has had experience in negotiating mortgage loan modifications. Our staff will go to work for you to negotiate new terms for your home loan that can help cut your monthly mortgage payments. Your mortgage loan modification may offer you one or more changes to your current home loan*. This Is All You Would Need For A Loan Modification 1 MORTGAGE STATMENT 2 BANK STATMENT ALL PAGES 3 30 DAYS PAY STUBS 4 LIGHT BILL OR GAS BILL 5 2009 TAX RETURN 1040 ONLY 6 ID AND SS CARD 7 TAX BILL 8 INSURNCE DEBT PAGE You can call us @ (773) 941 4662 or (800) 706 2715 or e mail us @ www.mnr.services@yahoo.com |
