Tom Brady is a Loss Mitigation Specialist for LIG Loan Modification Services, a loss mitigation company that offers loss mitigation services such as loan modification, short refinance, forbearance, short sale, and deed in lieu of foreclosure. To see how your loan can be modified, visit http://www.LIGloanmods.com or call 1(888)220-9787.
Archive for loan modification
Dec
14
Stop Foreclosure, Lower Your Mortgage: Modify Your Loan
Posted by: | CommentsAvoid Foreclosure San Diego
To have a foreclosed property is a nightmare. In most cases, it is part of a series of devastating events. A sudden loss of job could spark a chain of these unfortunate events. To lose your home during these occasions would be very damaging, to say the least. This nightmare has undoubtedly increased the number of sleepless nights for homeowners in the state of Massachusetts.
Despite all measures to prevent a foreclosure, some unexpected things may come along the way, draining you of all the resources necessary to pay for the house. Having lost a sense of control with the situation makes it even more depressing.
At the same time, paying more for a property than its actual worth is excruciating. What’s even worse is receiving a notice that you have to pay a higher amount in the course of your succeeding payments.
But the good news is defaulted borrowers can regain control even in the face of a foreclosure. Mortgagors paying unreasonable bills for their homes can do something to cut their monthly payments. And even if you are not in this kind of situation right now, options are available for you to stop foreclosure or to make your loan more acceptable to you. The right knowledge, reliable ally, and quick response are all that are needed to successfully circumvent a foreclosure or reduce your payment.
Modifying a loan to stop foreclosure or lower the monthly installment is becoming a highly favored choice both among defaulted and up-to-date homeowners. In loan modification, the lender, usually a bank, agrees to adjust the terms of the mortgage loan. Changes could be any of or combinations of these – reduction in the interest rate, reduction in principal portions of payments, or an extension of the amortization in order to decrease overall payment obligations, or reduction of principal balance. These are the common adjustments that are most acceptable to the lenders.
In almost all cases of loan modification attempts, procedures can get extremely complicated. This can be very intimidating and frustrating. Just setting up an appointment with the lender’s decision makers is much like a hunt for Osama Bin Laden. They just can’t be found. Preparing all the necessary documents even at the onset of the process is very daunting.
This is the reason that loan modification companies, like LIG Loan Modification Services, are sought after by Massachusetts homeowners. They can provide expert analysis of your situation based on their experiences in this field and offer you workable plans to make your lender modify your loan and save you from foreclosure or unjust loan terms.
Having loan modification services working for you means increasing the possibility of success. Over the years, they have developed methods, to resolve the kind of situation you are in, by negotiating with all types of lenders. They are capable of delivering the best results to your greatest advantage.
©2008 Tom Brady
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How To Avoid Foreclosure San Diego
Nov
25
How to Stop Foreclosure? Some Preventive Measures
Posted by: | CommentsAvoid Foreclosure San Diego
First off, the lender will contact the borrower about the payment status and discuss some arrangements to prevent foreclosures, but if the borrower continues to default on paying his loan installments, the lender can automatically process foreclosure proceedings. It is a tool of security in the hands of lender and is being practiced by most companies including high street banks and lending investors.
As soon as the foreclosure has been processed the borrower has to give up his collateral (the property) to the lender, because it then becomes the lender’s rightful property, he may then have the right to sell the property depending on the cost of the foreclosures, and some of these properties are valuable and resalable such as the house, lot and even cars.
How to stop foreclosure?There are some measures that deal with stopping foreclosure and short sale is one of the best options in the hands of lenders.
What is short sale?Short sale method is an option that can prevent a borrower from going to foreclosure, wherein an agency will negotiate with the lenders or the banks to allow the borrower to sell his property in the quickest possible time; however, at a lower market value of the property. Short sale could be a win-win situation for both the lender as well as the borrower. There are other options besides short sale and these include loan modifications, filing of temporary restraining order (TRO) against the lender, forbearance of agreement, and private money reinstate allotments that can refrain a lender to go to foreclosure and protect the borrower’s interest.
Foreclosure servicesWhen the short sale option fails to deliver the lender would go for other options including various online foreclosure services that offer assistance to preventing foreclosures. People who have been experiencing the situation seek help on the Internet, for some reliable and fast services. If you consider one of these services, there are a huge number of agencies that are accessible online. You can have a consultation through the comforts of your home, and save your money, time and effort to check on with the processing requirements, a series of follow-ups that sometimes could lead you to a very stressful and frustrating situation. Remember, you didn’t buy a property just to lose it on the bank and other lending investors, you didn’t get to lose your good name and reputation without doing something, so for as long as you can keep what you have, you must have to do something.
If your aim is to get maximum benefit while you still are not in a comfortable financial situation you need an expert to stop stop foreclosure and who can assist you on how to stop foreclosure. Only an expert online foreclosure services can change your frustrating scenario! Check on with the site Westopforeclosureusa to know more about the foreclosure options, so you can take an informed decision.
How To Avoid Foreclosure San Diego
Oct
31
Avoid Foreclosure San Diego- Stop Foreclosure Using the Law
Posted by: | CommentsAvoid Foreclosure San Diego- Stop Foreclosure Using the Law
Here’s an idea some people have never thought about.
In some cases, you can use the law to help you stop your mortgage foreclosure; but you need to know what your options are and what you are looking for.
Your best bet is to contact a real estate attorney to look at the foreclosure documents you received from your lender; as well as the loan origination documents that you signed at closing for any mistakes.
The Truth in Lending Act may be the perfect ally for you to stop mortgage foreclosure if you want to call into question the validity of your mortgage loan.
If you want to go this route, you will need to prove that your originating loan documents were wrong. The area where this really comes into play is if your mortgage company made any mistakes in disclosing vital financial information required by law in your loan documents.
If this is the case, it is possible that your loan itself could be canceled. Here is where it is very important to have an attorney who is familiar with Regulation Z in the Truth in Lending Act.
Common mistakes in the Regulation Z of the Truth in Lending Act that could help you stop mortgage foreclosure that you might want to have your attorney look at on your loan documents include….
- Your mortgage company having more money in your escrow account than they are allowed.
- Not adjusting your ARM (adjustable rate mortgage) correctly.
- Not including referral fees to the originator of the mortgage.
- Not including information in the documents that describes how you can eliminate your private mortgage insurance.
If you are going to try to use the Truth in Lending Act to stop your foreclosure, you are going to need to make sure that your attorney goes through all of your loan origination documents with a fine-tooth comb.
Any errors, mistakes, or discrepancies could mean the difference between being able to stop foreclosure and losing your home.
Some other legal recourses that you may have available to you to stop your foreclosure include…
- If you can prove that your mortgage company lost any of your payments
- If you have an FHA-insured loan, you should have received information about preforeclosure counseling. This is required by law for FHA-insured loans.
- If your mortgage company accepted payment from you after foreclosure was filed on the home.
If you are looking for ways that will help you stop foreclosure, some of these legal avenues may be a viable option for you. Take the time and get a little more information on them to see if they can help you stop foreclosure.
Many homeowners facing foreclosure simply don’t know what to do. You can learn exactly what your options are, and what to do next. Take a minute and check this site out… It’s absolutely free.
How To Avoid Foreclosure San Diego
Oct
24
Stop Foreclosure With a Loan Modification
Posted by: | CommentsAvoid Foreclosure San Diego
Stop Foreclosure helps the borrowers who cannot make loan payments and hence helps them save their home from foreclosure. If any homeowner has a fear of loosing his/her home, he/she has a wide choice to help him save his home from foreclosure. Whatever may be the situation of the borrower the financial institutions offer great help to them and hence stops foreclosure on their home. However to benefit from the stop foreclosure with loan modifications the borrowers should take assistance from a number of mortgage institutions that are willing to help him to get a loan modification done with the approval of the lender and help him save his home on stop foreclosure. All the borrower needs is to do a bit of documentation process and provide the details accurately to the mortgage company. The mortgage company further evaluates the information provided by the borrower and then provides a number of options for loan modification to the eligible borrower. The borrower is eligible for stop foreclosure with loan modifications if he has a valid reason to miss his loan payment. This may happen if he looses his job or may fall ill, or due to an increase in genuine expenses or simply fall short of funds to make loan payments. The mortgage company helps the borrower to modify his loan and assist him to save home by stop home foreclosure. If the borrower fails to make loan payment for the first time, the investor or the bank charges you a 30-day late fee. For this the investor or the bank sends a prior notice as a reminder for non-payment. The bank also discusses forbearance plan with the borrower to work on the missed loan payment and to bring you again on path. This special plan helps the borrower to reduce his payments or delay payments to help the borrower to repay the loan. The investor or the bank may also help by refinancing the loan and helps make the payment more reasonable. For this the borrower should confirm that he will anyhow handle the modification made on payments. But if you are unsuccessful to initiate your bank or investor and further avoid payments you may be charged late charges for 6 months , then 9 months and so on…till this period you loose your credit ratings and may even loose to gain from the forbearance plan or refinance assistance provided by the bank helping you avoid home foreclosure. If the borrower can not make payments for 90 days, the bank or investor charges you with an NOD (Notice of Default) which states that the borrower has 30 days to make his loan current for which the borrower may approach the court or be prepared for foreclosure. The court orders an auction for your home to sell it within seven days. If there is no buyer for the home on auction, the bank or the lender takesover the ownership and starts with legal formalities like name transfer public notice etc… Other way round, if the borrower pays all the charges like legal fee, late fee, foreclosure fee he might be saved. A foreclosure leads to a tremendous drop in his credit ratings and may not be further eligible to borrow loans for at least four years. Luckily there are other simple ways by which a borrower can stop loan foreclosure without a big deal: a) Refinance b) Forbearance Plan c) Partial Claim d) Pre-foreclosure e) Deed-in Lieu of foreclosure f) Real estates short sales Refinance is the help offered by the bank that enables the borrower to easily pay off the loan for he should be qualified to make the payments. Forbearance Plan helps to ease or suspend payments till the payments are current again. A partial claim plan allows the borrower to make advance payment to the lender by a Promissory Note. HUD helps to grant a partial claim. A pre-foreclosure helps to sell the homeowners home with less effort and thus avoid foreclosure. Deed-in Lieu helps the borrower to stop foreclosure by selling back the property to the lender or the bank itself. Hence avoids foreclosure but at the cost of the borrowers home. Thus the borrower under a financial burden who can not make the payments to the bank or the investor can stop foreclosure by opting a number of ways mentioned above and thus saves his home with Stop Foreclosure with Loan Modifications.
To get more help on loan modification and assist the over stressed borrower log on at Loan Modification and get a number of options to stop foreclosure at Loan” target=”_blank”>www.877youkeep.com/”>Loan Modification see more learn more and stop foreclosure at 877youkeep.com
How To Avoid Foreclosure San Diego
Oct
12
Everything You Need To Know About The Eviction Process
Posted by: | CommentsPast week I received a question from one person worried to receive an Eviction Notice:
“If you live in a house and are losing it , have been living in it for 6 months paying no mortgage, will they just show up at our door and say ok you have to leave? or will we get some kind of 30 notice to leave?”
Response: An EVICTION NOTICE SIGNED BY A JUDGE FROM COURT must be shown in order to legally take you out from your home. Nobody can do this without this notice. Check your Eviction Laws, though, because every state is different, so you need to understand it very well. You can go to foreclosurelaw.org to find the legal rules for your case. Check also if your state is a JUDICIAL or NON-JUDICIAL system as this is very important to know.
To understand the EVICTION PROCESS, you need to learn the following common points (although every state is different, and using different names for every point):
1.- DEFAULT: This period is between the first 30 days to 90 days being late in the payment of your mortgage.
2. Notice of Default (NOD).- At 90 days late, you will receive a Notice of Default from the lender, asking for the payment or your house will be foreclosed.
3.- NOTICE OF SALE: Generally at 120 days late on your mortgage, a Notice of Sale will arrive at your home from a lawyer or a trustee telling you what day and what place will be the auction of your home. You still have the option to negotiate your situation.
4. Foreclosure (FC).- After (generally) 2 months of the NOS, the foreclosure sale will be made. Some states take more months for this. (you can stay free at the property)
5. Reinstatement.- After the FC sale, there is a period of REINSTATEMENT, where you can apply to stay more in your property with the reason to find a mortgage that qualifies you to repurchase the property. (It is in around 50% of the states)
6.- EVICTION.- MUST BE AN OFFICIAL NOTICE FOR THIS. When the property is already sold, or the Reinstatement Period is over, you will be contacted by the new owner or a representative. They may offer you CASH FOR KEY if you leave the property the next couple of weeks (or more) in good conditions. If you didn?t leave after 30 or 45 days, the new owner MUST FILE A COMPLAINT IN COURT, to start the Eviction Process and get you out from the property under the eviction laws. Then, you will receive an EVICTION NOTICE from a Judge, stating that if you dont leave on a DETERMINED DATE, the sheriff will go to the property to take you and your family out of the property and lock the doors. You will not be able to take out your belongings after that.
Don’t forget you have legal rights. Homeowners can stay rent free into their home until receiving an official notice from court. See your eviction laws.
NOT EVEN A SHERIFF CAN TAKE ANY HOMEOWNER OUT FROM HIS HOME WITHOUT THIS NOTICE FROM COURT.
Many states allow homeowners to stay legally free at least six months without making mortgage payments. Other states allow up 18 months. See your state laws.
My suggestion is that YOU NEED TO LEARN HOW TO AVOID FORECLOSURE. You definitely can do it by yourself. Don?t be scammed by companies doing this for you.
Specifications: You have to understand I?m not an accountant, or a lawyer, or a tax analyst giving you tax, financial or legal advice. These suggestions are not a substitution for the outlook of a knowledgeable attorney. Nevertheless I?m a Financial Instructor in Arizona doing Business Coaching, Marketing Coaching, Real Estate investments, Credit Repair, Foreclosure Prevention, Residential and Commercial Loans, Mortgage Training and Origination since 2002, I dont declare Im giving legal guidance in this piece of writing to your exact circumstances. This writing was created to inform homeowners in mortgage stress. This writing should be not interpreted to be legal advice for your own conditions. This writing is only for individual information. Under no conditions this article should be understood as a legal advice to market, purchase or keep any house.
About the Author:
Looking to find the best information on the Eviction Notice, then visit www.foreclosureinprocess.com to find the most advanced information on The Eviction Process right now.