President Obama In Mesa, Arizona To Unveil His Administrations Foreclosure Plan
President Obama was in Mesa, Arizona on Wednesday to discuss an aggressive “Stop Foreclosure Plan” his administration plans to put in place over the next few weeks. The plan essentially was broken down into two major parts with the finer details to be disclosed within two weeks.
The first program is to help 4-5 million struggling home owners with loans owned or guaranteed by Fannie Mae or Freddie Mac to help them refinance. AdjustMyLoan.com interpreted this as a way for upside down homeowners why were “playing by the rules” as Obama mentioned to get a guaranteed refinance to a set interest rate.
Does this mean homeowners who qualify for this solution will not need an appraisal? Are they going to refinance these homeowners to todays values or just reset the interest rate? Also, who is to set the interest rate? A government agency?
The second program is a Loan Modification Plan with government subsidies to lenders to reduce their monthly interest payments. Finally someone is speaking our language! Below are some bullet point how the plan will work:
Lenders who participate will be responsible for bringing down interest rates or doing principal balance reductions so the monthly mortgage payment is no more than 38% of pre-tax income.
After that the government would match the amount reduced by the lender to bring the payments down to 31% of their pre-tax income.
$1000 incentive for servicing agents (who collect fees for refinanced or delinquent mortgages) to work with qualified borrowers to modify loans. They will get $1000 for each loan they modify plus another $1000 per year for each year that homeowner remains current on their modified loan!
Homeowners who recieve this Loan Modification will recieve $1000 a year for five years off of the principal amount owed as long as they stay current! (HUGE)
Government money will be used to help homeowners avoid default all together by giving a $500 incentive to lenders and $1500 incentive to homeowners if a loan gets modified before the homeowner goes into default.
The final part of the plan would allow bankruptcy judges to “Cram Down” primary residences and complete forced loan modifications if a homeowners qualifies for bankruptcy protection. This would allow judges to lower interest rates, extend out the length of the loan, and reduce the principal amount owed (cram down) on the mortgage! (HUGE)
Currently homeowners who owe more than 80% of their homes worth have a difficulty refinancing or selling in today’s market. This plan should help about 9 million homeowners nationwide and cost about $75 billion dollars but will be well worth it if implemented correctly.
AdjustMyLoan.com is a national Loan Modification Company based out of Phoenix, Arizona that specializes in loan modifications and forbearance agreements. Our loan modification experts audit, package, propose, and negotiate loan modifications on our clients behalf. We offer FREE LOAN MODIFICATION CONSULTATIONS and never charge an upfront fee for our service! Call the loan modification experts at AdjustMyLoan.com today and get the professional help you deserve.
HOW TO RUN A LOAN MODIFICATION BUSINESS WITH HONOR AND INTEGRITY!
This is Cody Sperber one of the managers of www.AdjustMyLoan.com. I created this post because I have had the concept of “running a loan modification business with honor and integrity” on my mind and I thought it would be a good idea to share some of the core beliefs we believe in at AdjustMyLoan.com with you (our potential client).
With the news constantly looking for a worthy story, and many fly-by-night loan modification companies popping up everywhere, I feel like we (meaning everyone who does loan modifications) get pegged into the same corner as vultures who take advantage of homeowners facing major financial difficulties. And even though there are many who do take advantage of the situation, there are a few companies like AdjustMyLoan.com that are trying to position themselves to provide a valuable service with full disclosure and a pay system that protects both the homeowners and us as businessmen. We believe we have created a check and balance system that all Loan Modification companies should mirror if they are going to do business self regulated, ethical, and legal! We have taken some of our concepts from the Better Business Bureau as well as the United States Navy (which I am proud to have served for). We have researched the most aggressive foreclosure rules and laws (which happen to be in California and Florida), and implemented them into our contracts even though the great state of Arizona does not enforce these strict policies. Below is a list of responsible and ethical practices found at AdjustMyLoan.com that we wanted to share with you:
We are not in the business of coaching homeowners. We empower them through education of their situation and possible solutions. If any of our employees gets caught coaching homeowners to not make mortgage payments etc…then we let them go immediatly. We constently have training of how to interact with homeowners and their questions.
We offer FREE LOAN MODIFICATION CONSULTATIONS and charge NO UPFRONT FEES for our Arizona Loan Modification Service. We utilize FIDELITY NATIONAL TITLE to create an escrow account and escrow the money homeowners give us until we perform the services outlined in our contract. If we fail to perform, then the money automatically gets refunded to the client with no questions asked.
Our contracts are clear and to the point. We have a 3 day right of recession policy and we clearly outline our services and explain when it is that we will earn our money.
We have a standard fee we charge for our services and do not charge a percentage of the loan balance like some companies.
We are a member of the Better Business Bureau, D&B, and have a strict privacy policy where we do not rent or share any information with third parties without full disclosure and permission. Our offices are kept secured and only files we are actively working on are taken out of their locked file drawers.
We own the building that we are in (brick and mortar) and do not go to homeowners houses to sign people up at their kitchen tables!
Our management constantly has training from our legal counsel to keep us up to date on current foreclosure rules and laws.
Our employees were recruited directly from the banks we are negotiating with and go through extensive training before working on client cases.
Lastly, we only accept clients whom we truly believe we can modify their loan(s) for. We are not a chop shop that takes on any file that comes through the door only to throw it against the wall to see what sticks. We carefully pre-qualify all potential files before acceptance into our program.
In the end, integrity is a core concept that either a business centers itself around or completely ignores. There is no middle ground or grey area in the loan modification business. The talented Arizona Loan Modification Professionals at AdjustMyLoan.com want to earn your trust as well as your business and show you what an ethical loan modification company looks like.
CALL US TODAY FOR YOUR FREE LOAN MODIFICATION CONSULTATION
AdjustMyLoan.com Specializes In Countrywide Loan Modifications! Get The Professional Help You Deserve…Call AdjustMyLoan.com Today!
Countrywide Home Loans might just be the worst servicer in America!!! YES THEY ARE DOING WORKOUTS….NO THEY ARE NOT AS EASY TO GET AS YOU MIGHT THINK! If you are struggling to make your monthly mortgage payments, and you have a Countrywide home loan, then call the Arizona Loan Modification Experts at AdjustMyLoan.com and get a Countrywide Loan Modification done today. Dealing with a large lender such as Countrywide Financial can be frustrating and time consuming. While Countrywide is offering loan work out plans to many of it’s distressed homeowners, not everyone will qualify. Take a second and educate yourself on what a lender like Countrywide is looking for and what documentation you will need when requesting a Countrywide Loan Modification.
First, realize that when you initially call your lender you are going to be speaking with an employee that has zero ability to help you in any way except regurgitate information! Stay calm no matter what they tell and keep pressing the fact that you are no longer able to make your mortgage payments and need to qualify for a workout / loan modification. Ask them to send you out the necessary documentation you will need to fill out and DO NOT GIVE THEM FINANCIALS OVER THE PHONE AT THIS TIME. You want to take some time and develop a strategy that will support your loan modification request and if you start giving them information this soon, you might shoot yourself in the foot and get denied a loan mod because you make too much money!
Second, gather the following documentation you will need to support your case:
Paycheck Stubs (at least 2)
Tax Returns (2 years)
Recent Bank Statements
Write A Hardship Letter Explaining Your Situation (see link for examples)
Any Documents That Support Your Case Such As Death Certificates, Medical Bills, Lawsuit Paperwork etc.
You need the above documents to support your request and are part of a Countrywide Loan Modification package. By creating a complete professional looking proposal, you are making the home retention negotiators job easier and they will be more likely to work with you if you try and do this on your own!
Third, decide if you have the time - energy - and skill set to deal with your own Countrywide Loan Modification. If you do, fill out the forms the bank sends you and try and negotiate it yourself. But if your like most people, you will want to hire a professional representative with real negotiation experience to help you get the best loan terms possible. They layers of beurocratic bullcrap as well as the fact that Countrywide is mainly a Servicer for investors on Wallstreet make the negotiation process difficult, time consuming, and most of all…FRUSTRATING.
AdjustMyLoan.com has hired negotiators directly from Countrywide’s Loan Modification department. We figured if we wanted to get the job done right, hire directly from the lenders you are trying to negotiate with! 1,2,3,4,5,6,7…. The list keeps getting bigger of Countrywide Loan Modifications we keep getting done because we understand their process, we know what they are looking for, and yes, we DO HAVE INSIDE CONTACTS AT THE HOME RETENTION DEPARTMENT!
In Arizona, 13,000 homeowners will be receiving a letter from Countrywide offering a loan modification because our great foreclosure fighting Attorney General Terry Goddard who helped spearhead a settlement that uncovered Countrywides deceptive lending practices! If your one of the 13,000, then you should send Terry Goddard some flowers and a thank you card…if your not, you should call AdjustMyLoan.com and get some professional help.
AdjustMyLoan.com is a national loan modification company based out of Phoenix, Arizona. Our professional Countrywide Loan Modification Experts can help you audit, package, propose, and negotiate a Countrywide Loan Modification today. Call our toll free number 1-800-557-7573today and receive a FREE COUNTRYWIDE LOAN MODIFICATION CONSULTATION.
ADJUSTMYLOAN.COM EXPLAINS ARIZONA’S ANTI-DEFICIENCY LAW
Okay…first a quick disclaimer: AdjustMyLoan.com (Arizona Loan Modification Experts) is not giving you legal advice, stop foreclosure advice, or creating any type of client-Attorney relationship. This is informational only and we suggest you speak with a trained real estate / tax attorney about your specific situation and the rules / laws in Arizona as they pertain to Arizona’s Anti-Deficiency Statutes. Now, on to the good stuff.
When a homeowner purchases residential property in Arizona and defaults on their loan(s), their lender(s) have certain remedies they can pursue. They can sue the borrower directly or conduct either a Judicial or Non-Judicial foreclosure. Since Arizona is a Trust / Deed state, in most cases lender(s) file for foreclosure (sending you a Notice Of Default) and conduct a Trustee Sale (non-judicial foreclosure).
In some states, when a home is sold at a foreclosure sale and the amount it sells for is not enough to cover the underlying debt secured by the real estate, the lender can come after the homeowner for the Deficiency. Arizona has two “Anti-Deficiency” statues that will often apply to loans secured by residential real estate that can protect you from this happening! The first one applies to mortgages that are foreclosed on judicially (this practice is rarely used anymore but if you want to learn more, see A.R.S. 33-729(A)). The second Anti-Deficiency statute applies only to deeds of trust when foreclosed via a trustee sale (see A.R.S. 33-814(G)).
This is the anti-deficiency rule most homeowners care about and the one we will focus on.
In order to be protected under this statute, you must have residential property that is used for single-family or dual-family dwelling, and on 2 1/2 acres or less. (Commercial properties and Multi-Family units larger than a duplex are not protected under this statute) Next, you want to understand what kind of money you borrowed. Answer this question; Did the money you borrowed pay for all or part of the home you purchased?
PURCHASE MONEY
If all or part of the money you borrowed was used to purchase the property, NO DEFICIENCY will be available except in the case of voluntary waste (A.R.S. 33-729(A)). Voluntary Waste is when you damage the home and diminish the value (so if you are short selling your home or letting it go to foreclosure, don’t hire a salvage company to come gut the property…you can be held liable for all damages!!!) We consider money borrowed to purchase the property as “Purchase Money” because you basically went to a bank and borrowed money to buy a home and the home itself was the only security for the loan!
Refinance loans also fall under this protection as long as you did not get a “Cash Out Refi”. The law is a little unclear if a lender can actually come after you if you did a “Cash Out Refi” because the Anti-Deficiency protection under A.R.S. 33-729 (A) applies to loans used for payment of all “or part” of the purchase price! (See Bank One v. Beauvais, 188 Ariz. 245, 937 P. 2d 809 (App. 1997)) So if you did a “Cash Out Refi” and you are being sued for a deficiency, you may have a chance….but probably not!
NON PURCHASE MONEY
If the money you borrowed was not used to purchase the property “Non-Purchase Money“, then you might have a problem (Home Equity Lines of Credit fall under this type of money). Your lender can choose to either sue you directly on the note and waive security of the mortgage or deed of trust, file a Judicial Foreclosure and after the sale sue you for any deficiencies, or just continue with a Trustee Sale. If they just continue on with the Trustee Sale, then you are in the clear and should be protected against further judgements (See A.R.S. 33-814 (G)). If the lender decides to file a Judicial Foreclosure they will file a lawsuit and seek a judgement foreclosure on the mortgage or deed of trust. This process is expensive and time consuming (sometimes lasting up to 12 months). If this happens, the homeowner will have up to 6 months from the date of the filing to bring the loan current, but if they fail to do so, the property will be sold at a sheriff’s sale and the lender will have up to 3 months to sue for the deficiency. The amount of deficiency is typically limited to the difference between the total amount owed and the fair market value of the property (not necessarily the auction price). Lastly, the lender can just sue on the note, forgoing any security in the property. They would do this if you have little or no equity, have other collectible assets, and they do not want to wait up to a year for a Judicial Foreclosure to work its way through the system. THIS IS THE ONE YOU NEED TO BE WORRIED ABOUT AND IF YOU DO GET SUED…HIRE AN ATTORNEY IMMEDIATLY!
FHA, VA, AND HUD LOANS
These type of loans have different collection rules and can result in action against the person. If you have these type of loans, we suggest you get real proactive real quick when working with the lender(s) and if you do get in trouble, hire an attorney to represent you!
SUMMARY OF ALL THIS LEGAL MUMBO JUMBO
Arizona is a Trust / Deed state meaning we use Deeds of Trust to secure residential real estate. If you have a single family or duplex home on 2 1/2 acres or less, and your loan is “Purchase Money”, you are protectedfrom deficiency regardless if the lender uses a trustee sale or judicial foreclosure.
If your loan is NOT “Purchase Money” you may be liable for any deficiency if your lender uses a Judicial Foreclosure, or waives the deed of trust and sues directly on the note. If your lender decides to do the traditional Trustee Sale, you are protected from further deficiency judgements!
CAN AN ARIZONA LOAN MODIFICATION GIVE ME DEFICIENCY PROBLEMS?
No, an Arizona Loan Modification will not trigger a deficiency judgement because you are not selling the property, you are just recasting the mortgage. AdjustMyLoan.com helps homeowners audit, package, propose, and negotiate loan modifications on their behalf. In every loan modification proposal we build, we ask for a reduction in the principal amount owed (Principal Balance Reduction). Many homeowners are “upside down” in their mortgage(s) and owe as much or more than their home is currently worth so we attempt to reduce the amount owed to reset the loan back to current market values. If approved by your lender(s), this Principal Balance Reduction can trigger a tax event and the lender could issue a 1099(c) in the amount that was written off, BUT WILL NOT AFFECT OR CAUSE A DEFICIENCY EVENT! We ask all lender(s) to waive their right to 1099(c) our clients as part of the acceptance of our proposals…in most instances this works and the lender absorbs the tax ramifications as part of the deal!
ADJUSTMYLOAN.COM “ARIZONA LOAN MODFICATION EXPERTS” WANTS TO EARN YOUR BUSINESS!
AdjustMyLoan.com is a national loan modification company based out of Phoenix, Arizona. Our Loan Modification Experts want to educate homeowners on any “Stop Foreclosure” options available to them and teach them how a loan modification can help them avoid foreclosure, lower their monthly mortgage payment, and maintain their credit. We are a member of the Better Business Bureau and have many referrals and testimonials to prove our business ethics. We offer FREE LOAN MODIFICATION CONSULTATIONS to see if you qualify for any Arizona Loan Modification Programs and have a tracking system so you can follow your loan modification progress from start to finish. If you are interested in learning how a loan modification can help you and your family, call the phone number below today!
BELOW IS A LIST OF FAILED BANKS COURTESY OF THE FDIC. THESE “BLACK SHEEP” LENDERS HAVE BEEN TAKEN OVER BY THE FDIC OR SOLD TO OTHER BANKS AND ARE MOTIVATED TO MODIFY THEIR LOANS TO CLEAR THEIR BOOKS!!! IF YOU EVER WANT A FREE LOAN MODIFICATION CONSULTATION, CONTACT THE ARIZONA LOAN MODIFICATION EXPERTS AT ADJUSTMYLOAN.COM OR CALL OUR TOLL FREE NUMBER 1-800-557-7573.
FDIC FAILED BANK LIST
The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.This list includes banks which have failed since October 1, 2000.
Below are a few advantages of a Loan Modification, as well as general qualifications to get accepted in a Loan Modification Program. We put this list of Loan Modification Informationtogether to help you understand what most banks are looking for before they choose to proceed with a work-out plan! If you are considering conducting a Loan Modification, www.AdjustMyLoan.com would love to earn your business. We offer FREE LOAN MODIFICATION CONSULTATIONS and can let you know quickly if we think their is a solution to your housing problem. Call our toll free phone number 1-800-557-7573 today and get the professional help you deserve.
AdjustMyLoan.com Comments On Whether Bankruptcy Judges Should Be Allowed To Force Lenders To Do Loan Modifications?
This post is a result of Citigroup announcing ( http://www.usatoday.com/money/economy/housing/2009-01-08-citi-mortgages_N.htm) its support of a “controversial bill in Congress to let bankruptcy judges reduce what debtors owe on home mortgages in an effort to stem the USA’s rising tide of foreclosures.” On the surface, the Professional Loan Modification Experts at AdjustMyLoan.com support this bill, but we do want to take a look at both the positive and negative affects it could have if passed! On the positive side, homeowners that are falling behind on more than just their mortgage payments and have to file bankruptcy, would have a real solution to clearing their debt, lowering their monthly mortgage payment, and saving their home from foreclosure! Also, it could cause other forms of loan modification programs to come to existence as a direct result of the bill being passed. Any movement towards Principal Balance Reductions on the amounts homeowners owe on their mortgages is a good move for everyone!
On the negative side, it may force many homeowners who just have a “housing problem” and not problems with their other bills to file bankruptcy just to qualify for some relief. Also, it could cause prices of mortgages to increase for everyone due to the lenders risk. What about the contracts between lenders who are acting as servicing agents and the Wall Street investors who purchased Mortgage Backed Securities? Would these “forced loan modifications” violate their rights? Lastly, is giving one person the power to decide how much, if any mortgage help necessarily a good idea? I guess we will have to wait and see what the pre-qualifications are outlined in the bill. With an estimated 8.1 million homeowners risking foreclosure, it could revamp the appraisal industry if every home within these programs had to have a certified independent appraisal!!!
Below is the article from USA Today about Citigroup’s backing of this bill:
By Julie Schmit and Stephanie Armour, USA TODAY
Lending giant Citigroup (C) on Thursday threw its support behind a controversial bill in Congress to let bankruptcy judges reduce what debtors owe on home mortgages in an effort to stem the USA’s rising tide of foreclosures.
The proposal, pushed by Democratic lawmakers, could be included in economic stimulus legislation.
The banking industry has long fought such “cramdown” legislation, saying that it would raise costs for other mortgage borrowers.
But Citigroup’s backing - after winning some concessions on the proposal’s terms - may persuade other banks to do the same and encourage the passage of legislation, supporters say.
”This would help hundreds of thousands of people quickly reach loan modifications,” says Kathleen Day of the Center for Responsible Lending, which supports the measure. “If you can keep people in their homes, everybody wins.”
An estimated 8.1 million U.S. homeowners are at risk of foreclosure.
The compromise was struck between Citigroup and top lawmakers, including Sen. Richard Durbin, D-Ill., and Sen. Charles Schumer, D-N.Y. Schumer said several banks have expressed interest.
Citigroup, in a letter to lawmakers Thursday, said the change would be an additional tool to help troubled homeowners and “represent an important step forward.”
But the Mortgage Bankers Association said in a statement it remained opposed to cramdown legislation because it would destabilize an already turbulent mortgage market.
Under the bill, only loans originated before the measure’s enactment could be altered. Lawmakers had sought the change for all loans. Also, borrowers would have to show that they attempted to contact their lenders to modify the loans before they filed for bankruptcy.
Judges could lower mortgage principal, change interest rates or extend terms.
Currently, bankruptcy judges can alter loan terms for vacation homes and other debt, but not mortgages on primary residences. Giving judges that power would not only help troubled homeowners, but prod banks to do more loan modifications before homeowners go to bankruptcy court, supporters say. So far, banks’ voluntary programs have had only minimal success.
“Whatever (lenders) were doing was working really badly,” says Patrick Newport, an IHS Global Insight economist.
If you are interested in learning how a LOAN MODIFICATION can help you lower your monthly mortgage payment, avoid foreclosure, and stay in your home, or you just want to educate yourself on the qualifications needed to apply for a LOAN MODIFICATION, contact the LOAN MODIFICATION experts at AdjustMyLoan.com.
CLICK ON THE VIDEO TO SEE ADJUSTMYLOAN.COM ON THE NEWS TALKING ABOUT THIS TOPIC!
ADJUSTMYLOAN.COM EXPLAINS THE IMPORTANCE OF A WELL WRITTEN LOAN MODIFICATION HARDSHIP LETTER!
When requesting a Loan Modification from your lender(s) be prepared to create a loan modification hardship letter explaining your circumstances. This explanation is one of the most important parts of a loan modification proposal and is one of the first things your lender looks at. You only have one shot at convincing the bank that your situation warrants a loan modification so take time when creating your hardship letter. Have your Loan Modification Hardship Letter clear and to the point. No more than 1-2 pages, and handwritten is best. Tell them what was causing you to struggle, what you are doing or did to overcome the problem, and exactly what you want them to do for you. Below are two examples of Loan Modification Hardship Letters that should help you get an idea of what most banks are looking for:
Loan Modification Hardship Letter #1
August 10th, 20__
Regarding
Borrower: John and Rebecca Smith
Subject Property: 555 N. Baseline Rd. Mesa, Arizona 85202
1st TD With Countrywide Loan Number: ##########
2nd TD With National City Mortgage Loan Number: ##########
Dear Lender / Servicer:
I am writing this letter to explain our family’s unfortunate situation that has caused us to become delinquent on our mortgage. We have tried everything in our power to keep current on our payments but unfortunately since our interest rate adjusted, we have fallen behind and would like you to consider working with us to reduce our monthly payments.
The main reasons that caused us to become late are a decrease in our income, increase in our monthly obligations, current market conditions, our adjustable rate mortgage, and our inability to refinance.
I work as a waitress and my husband works at a marketing manager for a local screen printing company. Most of my income has been generated by tips and has decreased dramatically due to the unfortunate economic situation. My husband job is secure and he has been with the same company for 2 years. We have a 3 year old son and cannot afford daycare in order to get a second job.
For the past several months we have been cutting back on our misc. expenses. We no longer have premium cable, go on vacations, or eat out. Our credit cards are getting maxed out due to us paying our mortgage on them and can no longer keep that up. We have currently missed 2 payments and wish to work out a payment plan with you after you reduce our rates to something we can afford.
My husband and I consulted mortgage professionals regarding a refinance but due to our lack of equity, the falling home prices in our community, and our lack of assets we were denied.
I have no other choice but to ask you to please consider my request for a loan modification. My family and I would really be grateful if you can help us work out a payment schedule we could afford. We do not want to lose our home. We wish to continue making mortgage payments on time for the remainder of our loan.
Sincerely and Respectfully,
Rebbecca Smith
Loan Modification Hardship Letter #2
Date
Lender name
Lender address
Attn: Loss Mitigation Department
RE: Borrower name, Loan number
To Whom It May Concern:
We are writing to you to explain our current financial situation that has caused us to default on our loan agreement. We don’t want to lose our home and will anything we can to work with you to remedy the situation and find a solution that will benefit us both. We first became delinquent on our mortgage payments due to [INSERT YOUR REASON HERE BRIEFLY]. We’ve tried to bring the account current, but haven’t been able to catch up by paying the full amount due. The trouble started approximately [INSERT DATE HERE] and we believe that this is a [TEMPORARY or PERMANENT] hardship.
We are now in a better position and would like to work out a plan to begin making payments again and stay in our home. We are hard working, responsible individuals willing to work to keep our home. We would appreciate it if you would consider a modification to our existing loan terms in order to lower the monthly payment and include some or all of the past due amount. We’ve created and implemented a new budget for our family and we are confident that we would be able to meet the new, lower monthly payment every month without fail. We’d appreciate any help or suggestions you could give to us regarding this matter. It’s an extremely difficult time for our family and we’d really like to get the issue resolved as soon as possible.
We hope these examples help you create a well written Loan Modification Hardship Letter that gets you the loan modification you deserve. If you need help with your Loan Modification, AdjustMyLoan.com is a national Loan Modification Company based out of Phoenix, Arizona that can help you audit, package, propose, and negotiatiate a Loan Modification on your behalf. Visit our website www.AdjustMyLoan.com or call our toll free phone number 1-800-557-7573 today.
WWW.ADJUSTMYLOAN.COM ANSWERS THE MOST FREQUENTLY ASKED LOAN MODIFICATION QUESTIONS!
WHAT IS A LOAN MODIFICATION?
Sometimes called Loan Restructuring or Mortgage Modification, a Loan Modification is an adjustment to your existing loan by your lender(s) as a response to your long-term inability to pay your mortgage. Loan modifications typically involve an adjustment of your interest rate, an extension of the length of the term of the loan, or a principal balance reduction all resulting in LOWER MONTHLY MORTGAGE PAYMENTS! A lender would choose to modify your loan if the cost of doing so would be less than the cost of default and foreclosure.AdjustMyLoan.com specializes in Loan Modifications and forbearance agreements.
CAN I ATTEMPT A LOAN MODIFICATION MYSELF?
Although in theory you could do your own loan modification, consider this: Do you have the experience, time, legal understanding, and energy to take on your own negotiations?Your lenders are never going to offer you the best loan terms right up front!In fact, they are going to push you in a direction that is in their best interest.
The loan modification experts at AdjustMyLoan.com audit, package, propose, and negotiate your Loan Modification to get you the absolute best loan terms available.
WHAT QUALIFIES ME FOR A LOAN MODIFICATION?
While there are some basic Loan Modification qualifications, each lender has their own requirements that continue to change.Typically, if you are stuck in a mortgage with a high interest rate, have a verifiable hardship that is preventing you from paying your mortgage, and provable monthly income you will qualify for most lender programs.
What if I am current?
Being behind on payments definitely helps motivate your lenders, however we have accomplished loan mods for homeowners with current mortgage payments.
Both primary and investment properties could qualify and your best bet is to call the loan modification experts at AdjustMyLoan.com for a Free Loan Modification Consultation: 1-800-557-7573 toll free or 480-968-5626 local.
HOW LONG DOES THE LOAN MODIFICATION PROCESS TAKE?
In most instances, a loan modification takes 60-90 days…but it could take longer, especially if we are requesting a principal balance reduction and your lenders legal department gets involved.By hiring professionals like those found at AdjustMyLoan.com you are assuring the fastest resolution possible.
You lender(s) would choose to accept a loan modification proposal if the cost of doing so was less than the cost of short selling or foreclosing on your home.In most cases a loan modification can be a win-win situation for both you and your lender…and a proper proposal is the key to conveying your situation.
Loan modification requests are paperwork intensive, and AdjustMyLoan.com’s Loan Modification Negotiators build proposals specific to your situation.
WHAT IS PREDATORY LENDING?
Predatory Lending is a term that refers to various illegal and immoral activities many lenders engage in when originating a home loan. Examples of predatory lending include equity stripping, asset-based lending, non-disclosure, and the notorious interest rate bait and switch.
These practices are a major cause of foreclosures, poor credit and unmanageable financial burdens. A Forensic Loan Audit by a trained professional can uncover these predatory violations and AdjustMyLoan.com conducts these audits on every qualified file!
WHY SHOULD I CHOOSE ADJUSTMYLOAN.COM OVER OTHER LOAN MODIFICATION COMPANIES?
AdjustMyLoan.com is a nationwide loss mitigation company based out of Phoenix, Arizona that specializes in loan modifications and forbearance agreements. We are a member of the Better Business Bureau and we have hundreds of happy clients and testimonials. In addition, we offer ongoing training for our professional staff and a tracking system so you can follow your Loan Modification progress. Our Loan Modification Blog is packed with loan modification news, do-it-yourself loan modification tips, and current loan modification programs. Lastly, we charge no upfront fee for our loan modification service and have a solid money back guarantee. If you are interested in a FREE LOAN MODIFICATION CONSULTATION, please visit our website www.AdjustMyLoan.com.
PROFESSIONAL LOAN MODIFICATION COMPANY ADJUSTMYLOAN.COM ADDS BILLBOARD ADVERTISING TO ITS MARKETING PORTFOLIO!
From Radio (KFNN tuesdays from 12-1pm), online video’s, AdjustMyLoan.com website’s, to LOAN MODIFICATION Billboards, AdjustMyLoan.com is truly a PROFESSIONAL LOAN MODIFICATION COMPANY that wants to earn your business. We spend thousands of dollars each month to spread the word that LOAN MODIFICATIONS can help you lower your monthly mortgage payment, AVOID FORECLOSURE, and keep you in your home! Our LOAN MODIFICATION EXPERTS can audit, package, propose, and negotiate a LOAN MODIFICATION on your behalf…AND WE DO NOT CHARGE YOU ANY EXPENSIVE UPFRONT RETAINER FEE’S!!!
BEWARE: THERE ARE MANY “FLY-BY-NIGHT” LOAN MODIFICATION FIRMS POPPING UP ALL OVER ARIZONA TRYING TO CHARGE YOU HUGE UPFRONT RETAINER FEE’S. THESE COMPANIES ARE NOTHING MORE THAN AMBULANCE CHASING ATTORNEY’S OR EX-LOAN OFFICERS THAT CANNOT HACK IT IN TODAYS REAL ESTATE MARKET! DO NOT GET STUCK PAYING THESE HUGE UPFRONT FEE’S WHEN YOU COULD CALL ADJUSTMYLOAN.COM AND GET BETTER SERVICE WITH NO UPFRONT FEES!
For a FREE LOAN MODIFICATION CONSUTLATION call 1-800-557-7573 (toll free) or 480-968-5626 (local).
