Bank of America Loan Modification Finally Gets Streamlined
On March 14, 2009, President Obama announced to the American public that a program would be put in place to help struggling homeowners achieve affordable and sustainable mortgages. This program was called the Homeowner Affordability and Stability Plan.
What most Americans don’t know is that when President Obama announced this plan, Bank of America and every other lender and mortgage servicer in the country was also hearing about it for the first time. The result of Obama’s announcement was overwhelming, flooding mortgage servicers with requests for “Obama’s Plan” to modify mortgages to a promised 2% interest rate.
Bank of America Loan Modification in particular was by far the most inundated. Servicing millions of homeowners, Bank of America scrambled to deal with the onslaught of customers in default or facing foreclosure. The result thus far can best be described as a radical departure from what Obama promised the American public. Not only have modifications from Bank of America been rather difficult and time-consuming, many of the loan modifications that have been produced between March and July seemed to be computer generated, did not deal with individual hardship, and set millions of borrowers up for what is known as “payment shock”.
“Payment shock” is when a forbearance or modification plan is not permanent and at the end of the plan, reverts to a mortgage product that will raise the payment, possibly above the original PITI payment.
Adjust My Loan is proud to announce that just last week, we received a call from the first Bank of America LoanModification negotiator. We know he is the first because he called from a temporary number, at a temporary desk, and he filled us in on the truth behind Bank of America’s ridiculously long turn around times.
This call was incredibly significant as the negotiator explained to us not only why Bank of America has put the reliability of assisting default borrowers in a computer program, but also how Bank of America has struggled since March 14th to create a staff to handle the immense number of requests for loan modification. In short, they simply did not have the man power, the software, a centralized office, or the knowledge on how to process Obama’s plan.
As of July 10th, the Bank of America Loan Modification Department has a staff of negotiators out of Plano, Texas in place to address all of those issues. Now, Bank of America negotiators can go over the terms of loan modification, assess what is affordable in terms of monthly payment, and go over the specific rules and/or guidelines that investors are looking for to approve loan modifications. This news is incredibly exciting because it means that now Bank of America has a trained staff to deal with the intricacies of every mortgagor’s specific and mutually exclusive hardship situation.
No two mortgages are the same and the same can be said for hardship situations. Until July 10th, Bank of America was processing loan modifications by simply putting income figures into a web-based software system that would automatically generate a loan modification and in many cases, the outcome was not only not affordable, but completely contrary to the hardship situation.
We here at Adjust My Loan are already beginning to see the outcome of this wonderful news. Modifications through Bank of America are coming through with more comprehensive results, with sustainable & affordable payments, and in a much more timely manner. For more information about Bank of America, loan modifications, and the Homeowner Affordability and Stability Plan, visit www.adjustmyloan.com or simply give us a call! We would love to hear your feedback on this exciting news!
An announcement from HUD Secretary Shaun Donovan raised the HARP Program’s LTV from 105% to 125% allowing homeowners who are current on their mortgage but underwater to participate in the Making Homes Affordable Plan. “This decision is part of our ongoing efforts to maximize the effectiveness of the Making Home Affordable program and adapt to an ever-changing housing market,” said Treasury Secretary Tim Geithner. “By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. It’s a crucial step in our broader efforts to get America’s housing market and economy on the path to recovery.”
The old plan only qualified homeowners who where no more than 105% upside down on their mortgage. This means if you owed $210,000 but your house was only worth $200,000 you could qualify for the refi. This barely helped out anyone here in AZ. Now you can owe $250,000 and have your home only worth $200,000 and get help.
This jump in LTV shows that the original plan is not curtailing foreclosures like they originally thought it would and more drastic measures are needed. We believe another expansion will come in the future!
Even though the loan modification experts at adjustMYLOAN.com only focus on the loan mod side of the Making Homes Affordable Plan, we are happy to hear there is a broadening solution for homeowners who are upside down, want to stay in their homes, and want to stay current on their mortgage payments. “We get hundreds of calls each month from Arizona homeowners who are current on their payments, but drastically upside down” says Cody Sperber owner of AML. “This is a step in the right direction, but it is still not enough for homeowners in states hit hardest by depreciation! We need a loan modification plan that guarantee’s to reduce principal on homes that don’t qualify for HARP. We need a refinance plan that allows homeowners to participate with homes as much as 150% underwater for it to be effective in states like Arizona, Nevada, California, and Florida.”
Below is the press release fr0m HUD that announces the expanded eligibility:
HUD SECRETARY DONOVAN ANNOUNCES EXPANDED ELIGIBILITY FOR MAKING HOME AFFORDABLE REFINANCING
WASHINGTON - U.S. Housing and Urban Development Secretary Shaun Donovan today announced an expansion of the Obama Administration’s Home Affordable Refinance Program to include participation by borrowers who are current but up to 125 percent underwater on their mortgage. Under authorization provided by the Federal Housing Finance Agency, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will now be allowed to refinance those loans according to the terms of the Home Affordable Refinance program established earlier this year.
Secretary Donovan made the announcement while touring a neighborhood in Las Vegas with Senate Majority Leader Harry Reid (D-NV) and Congresswoman Dina Titus. Las Vegas leads the nation in foreclosures and approximately 67 percent of the current mortgage holders have mortgages that are higher than the worth of their homes.
“I am here in Las Vegas because it is ground zero of the foreclosure crisis,” Secretary Donovan said. “I am pleased to join Senator Reid and Congresswoman Titus to make this announcement today, which I believe will make a critical difference in our ability to help many more Americans, particularly those here in Nevada, to stay in their homes. The president’s Making Home Affordable plan is already helping far more families than any previous foreclosure initiative and with today’s announcement we will extend its reach still further.”
“I am pleased Secretary Donovan accepted my invitation to come to Nevada and see firsthand the challenges homeowners here are facing,” Senator Reid said. “His announcement that the loan-to-value requirement for the Administration’s refinance program has been raised to 125 percent is good news for Nevadans fighting to stay in their homes. The neighborhood we visited today represents the hardships caused by the housing crisis and the hope that is being restored through the neighborhood stabilization program and the Home Affordable Refinance Program.”
“I am pleased to welcome Secretary Donovan to Las Vegas and thank him for coming. This is an opportunity to show him firsthand the magnitude of the foreclosure crisis in Southern Nevada,” Congresswoman Titus said. “His announcement that the Making Home Affordable program will be expanded to help those further underwater, something I have advocated for, is welcome news that will help thousands of Nevadans stay in their home. I will continue working with Senator Reid, Secretary Donovan, and the rest of the Administration to find more ways to help the hardest hit areas like Southern Nevada, as every new foreclosure prolongs the housing crisis and hampers our country’s ability to move out of the current recession.”
“This decision is part of our ongoing efforts to maximize the effectiveness of the Making Home Affordable program and adapt to an ever-changing housing market,” said Treasury Secretary Tim Geithner. “By expanding refinance eligibility, we can bring relief to more struggling homeowners more quickly. It’s a crucial step in our broader efforts to get America’s housing market and economy on the path to recovery.”
Currently, only those borrowers whose first mortgage does not exceed 105 percent of the current market value of the property are eligible for the Obama Administration’s Home Affordable Refinance Program. For example if the property is worth $200,000, the borrower must owe $210,000 or less. Today’s announcement will allow more homeowners to become eligible for the program, by increasing the eligibility to 125 percent.
Making Home Affordable, a comprehensive plan to stabilize the U.S. housing market, was first announced by the Administration on February 18. In just a few months, more than 200,000 borrowers have received offers for trial loan modifications, tens of thousands of refinances and trial modifications are under way, and informational mailings about the program have been sent to more than one million borrowers who may be eligible.
Donovan toured a neighborhood that has experienced several foreclosures in recent years, negatively impacting the property values of surrounding homes. The neighborhood has been targeted for Clark County’s Neighborhood Stabilization Program, which will use funds to purchase and rehab foreclosed homes, provide downpayment and closing cost assistance to those purchasing foreclosed homes, and provide housing counseling to potential buyers.
Donovan also announced his plans to deploy HUD Foreclosure Rapid Response Teams to assess the areas hardest hit by foreclosure, starting in Las Vegas. The Las Vegas team will consist of two senior-level HUD Field staff with experience in Single Family Housing and in community outreach. Their task in the next two weeks will be to determine the needs in Nevada and in surrounding areas based on delinquency rate data at the zip code level, as well as listening sessions with local stakeholders such as housing counseling agencies, lenders, and members of the public. Based on the Foreclosure Rapid Response Team’s assessment, HUD will commit two full-time employees to implement their recommendations. Additionally, HUD plans to deploy two Fair Housing equal opportunity specialists to the Las Vegas HUD office, which will provide the opportunity to conduct outreach and education locally, receive discrimination complaints and more readily conduct full investigations.
HUD receives about 100 complaints of housing discrimination every year from residents of Nevada, well over double what was received as recently as 2005. With a local presence, HUD’s Fair Housing & Equal Opportunity office should make it easier for Nevada residents to obtain justice and relief, to educate housing consumers about predatory lending, and to conduct program compliance and monitoring in the over 3000 public housing units and over 8500 Section 8 vouchers.
If you don’t qualify for the refinance part of the Making Homes Affordable Plan then you should contact the loan modification experts at adjustMYLOAN.com. We offer a no obligation FREE consultation to see if you qualify for a loan modification. Contact the experts you know and trust! If you need us, call:
The professional loan modification experts at www.adjustMYLOAN.com just wanted to take a second and thank the brave men and women in the Armed Forces that tirelessly defend our great country. Our owner Cody Sperber was a member of the United States Navy (honorable discharge) and understands the hard work and dedication each member of our military (and their families) go through each and every day. So to the past, present, and future soldiers of our great country we want to say thank you and happy Memorial Day 2009.
Obama Expands Foreclosure Plan To Include Short Sale Subsidies
Hooray for Arizona! Finally, someone is making sense and creating a solution for those of us whose house values have declined so dramatically it makes it impossible for us to sell our homes! Announced by Treasury Secretary Timothy Geithner, the Obama administration is expanding its 75 billion dollar Making Homes Affordable plan to include additional financial incentives to lenders willing to help homeowners unload their properties at a loss when they owe much more than the present-day value of their homes. The plan focuses on short sales and deed-in-lieu transactions as a way for homeowners to get rid of their homes due to the fact that they don’t qualify for the loan modification or refinance part of the Making Homes Affordable plan. The loan modification experts at AdjustMYLOAN.com think this is fantastic seeing how almost 40% of homeowners in Arizona are underwater and have no way of getting out of their properties. Cody Sperber, a manager at www.adjustMYLOAN.com has been negotiating short sales for four years now and has completed hundreds and hundreds of short sales over his career. “One of the biggest problems a Realtor experiences when negotiating a short sale is the fact that it takes so long. It is extremely frustrating to spend 40-50 hours negotiating only to have your buyers back out due to the fact that they found a better deal during the 4-6 months it took to get an answer from the lender(s)” says Sperber. This plan seems to address this exact problem and hopefully many lenders will participate in the program and speed things up! Below is the Arizona Republics article about the plans expansion:
Relief expanded for struggling homeowners
New U.S. programs to help those too far underwater to sell
Kevin G. Hall - May. 15, 2009 12:00 AM McClatchy Newspapers
WASHINGTON - The Obama administration unveiled new programs Thursday designed to make it easier for homeowners who owe far more than their houses are now worth to sell those homes at a loss and have their remaining debt forgiven.
The programs, announced by Treasury Secretary Timothy Geithner, are the latest additions to Making Home Affordable, an evolving $75 billion plan that tries to break the national housing crisis into separate pieces, attacking the problem on several fronts.
The first two legs of the program sought to help borrowers refinance into today’s low mortgage rates, or if they’re behind on payments, to seek loan modificationsto avoid foreclosure.
President Barack Obama described these steps at a town-hall meeting in Albuquerque on Thursday: “The bank has to lose a little bit of money on what they were expecting on principal and interest. On the other hand, the homeowner, if they make this agreement with the bank, they’ve got to agree that when prices start going up again, they give up a little bit of equity to repay the bank. But either way, everybody is better off, including the community, if people stay in their homes.”
Thursday’s announcements address situations in which borrowers can’t qualify for either of those programs and are at risk of losing their homes. The administration will now provide additional financial incentives to lenders willing to help homeowners unload their properties at a loss when they owe much more than the present-day value of their homes.
The incentives apply to lenders who agree to allow homeowners to conduct short sales or deed-in-lieu transactions instead of going into foreclosure and dragging down prices for neighbors and adding to the already large national inventory of empty homes.
In a short sale, borrowers sell their home at current market value and all proceeds go to the lender. The homeowner is then no longer responsible for the difference between what is owed and the home’s sale price. There’s still a hit to a borrower’s credit rating but not as damaging as it would be in a foreclosure.
When there are no buyers, lenders sometimes accept a deal in which the borrower transfers ownership of the property to the loan servicer, who acts as a bill collector for investors who own pools of U.S. mortgages. This sort of deal is shorthanded as a deed-in-lieu of foreclosure, or deed-in-lieu.
Under the new plan, servicers will receive compensation of up to $1,000 per short saleor deed-in-lieu transfer accepted. As an incentive to avoid foreclosure, borrowers could be paid up to $1,500 in relocation expenses. Because many homes have second mortgages, the Treasury will pay lenders up to $1,000 to accept the deals instead of going to foreclosure.
Borrowers will get 90 days to achieve a short sale and must list it with a licensed real-estate agent. Borrowers in areas of severe market downturn - such as Arizona, California, Nevada and Florida - will get up to a year to reach a short sale. After that, deed-in-lieu transfers occur.
To discourage borrowers from simply unloading their homes, they must first be deemed unable to get a loan modification. The program is voluntary for most lenders but mandatory for banks that received taxpayer-bailout money.
For homeowners in states where home prices have fallen sharply, the administration also rolled out Thursday a complex insurance program that will protect lenders from further home-price declines when they are willing to modify loans. That program is capped at $10 billion.
The cost of all these new programs will be paid from a $50 billion pool of taxpayer bailout money set aside to address the housing crisis.
Experts welcomed Thursday’s initiative.
“We have heard from Realtors that the extensive delay in the short-sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure,” Charles McMillan, a Dallas Realtor and president of the National Association of Realtors, said in a statement. “We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home.”
Rick Sharga, senior vice president of RealtyTrac, a foreclosure-research firm in Irvine, Calif., said the effort will face hurdles, however.
“A lot of the investor-owned loans have (private mortgage) insurance. From the investors’ perspective, they’re going to be better off foreclosing, collecting the insurance, then disposing of the property,” he said. “Short sales, unfortunately, are a 20th-century solution to a 21st-century problem.”
RealtyTrac publishes widely cited foreclosure statistics. Its latest findings, as of April, showed more than 1 million property owners currently in foreclosure proceedings.
“It’s actually a fraction of what’s out there, and that doesn’t even get to the seriously delinquent loans that aren’t in foreclosure,” Sharga said.
The deed-in-lieu may prove more successful, he said, because some areas with severe home-price drops have many homeowners who owe significantly more than their homes are worth.
If you are interested in seeing if you qualify for any of the Making Homes Affordable options, give our loss mitigation experts a call at 1-800-557-7573 and get a FREE CONSULTATION today!
Yes, we recognize the importance of sharing all the great information we put out there about loan modifications. From news to do-it-yourself advice, we understand that there are many homeowners who want to learn as much as they can before trying to modify their own home loan(s). The website and loan modification blog from AML has so much great information, we just had to share it with the twitterers of the world! If you are interested in receiving FREE loan modification tips and tricks, just follow us on twitter.com by clicking on the big graphic up above or by CLICKING HERE. We look forward to sharing our insight with you!
This is awesome. I found this guys drawings on Vimeo and his explanation of our current credit crisis is right on the money. We love his use of minimalist drawings to explain how our financial system imploded like it did! His name is Jonathan Jarvis and his video’s are as cool as they come.
Things are really moving now that SUPERBAMA is in control! That’s right…the Making Homes Affordableloan modificationplan is already being expanded to include second mortgages and to push homeowners who are really upside down towards the newly revamped Hope For Homeowners program. One of the biggest roadblocks the Making Homes Affordable modification plan had was the fact that first lien holders were hesitant to modify their mortgage when the second lien holder got to leave their loans intact. Now second lien holders are incentivized to modify their mortgages down to 1% and in some cases wipe them out completely. The loan modification experts at AdjustMyLoan.com have been modifying both first and second mortgages long before the government subsidies have been around, but we believe this will only make things better for homeowners in the long run. From the first mention of a government assisted modification program our main concern was for those homeowners whose house values have declined dramatically (like those in Arizona). An interest rate drop or term extension only postpones any immediate threats of missing payments or foreclosure and does nothing for those that want or need to sell their homes in the near future. With the program now including second lien holders, there is a chance for a real solution to America’s housing problem! Below is an article from CNNMoney.com about the loan modification plan extension.
Obama expands foreclosure fix
Two steps: Second liens now covered by modification program; servicers must offer eligible borrowers principal reduction under Hope for Homeowners.
NEW YORK (CNNMoney.com) — The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
Announced with great fanfare in mid-February, the president’s $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many delinquent borrowers have complained about being left in the cold because their home values have dropped or they’ve lost their jobs.
The administration is seeking to address some of the concerns by tweaking the original modification plan, which calls for adjusting eligible borrowers’ loans so monthly payments are no more than 31% of pre-tax income.
Servicers covering 75% of the nation’s mortgages are now participating in the program, which also allows some homeowners with little or no equity to refinance their mortgages, a senior administration official said Tuesday. Together, the plans are expected to help up to 9 million avoid foreclosure.
Second mortgage roadblock
During the housing frenzy, many borrowers obtained second mortgages to allow them to put little or nothing down when buying a home. Up to half of at-risk borrowers have second liens, according to the administration.
These loans have complicated the modification process. For one thing, they add to troubled homeowners’ debt levels. Also, mortgage investors have balked at reducing payments on first mortgages when the second loan was left intact.
Under the administration’s new program, the interest rate on second mortgages will be reduced to 1% on loans where payments cover interest and principal and to 2% for interest-only loans. The government will subsidize the rate reduction, with the money going to the mortgage investor.
Servicers will be paid $500 for each modification and an additional $250 annually for three years if the borrower stays current. Borrowers can receive up to $250 per year for five years to pay down their first mortgage.
Investors can also receive a payment in exchange for extinguishing the second lien. They would receive 3 cents on the dollar for loans more than 180 days delinquent and between 4 cents and 12 cents for less delinquent loans, depending on the borrowers’ debt levels.
Servicers who join the new program must modify secondloans when a borrower’s first mortgage is adjusted. It will likely take a month to implement, but it should not slow down the modifications of primary mortgages, the administration said.
“By bringing both the first lien and second lien program together, we can reduce monthly payments for borrowers and make it much more likely that they can stay in their homes,” a senior administration official said.
Hope for Homeowners option
Also Tuesday, the administration said it is now requiring servicers to offer troubled borrowers access to Hope for Homeowners as a modification option if they qualify.
Expanding Hope for Homeowners would address one of the major holes in the original Obama foreclosure prevention plan. It helps homeowners whose homes are now worth far less than their mortgages.
Servicers had balked at participating in the Hope program because it required they reduce the mortgage principal balance to 90% of a home’s current value.
Hope for Homeowners, which began in October, is being revamped in Congress. Servicers would have to reduce the principal to 93% of the home’s value. The change would also reduce the program’s high fees, which turned off many troubled borrowers.
As an incentive to participate, servicers will be paid $2,500 for each refinancing, while lenders who originate the new loans will receive up to $1,000 a year for three years, as long as the loan remains current.
Separately, however, another pillar of the president’s plan appears to be headed for defeat this week. The Senate is not expected to pass legislation allowing bankruptcy judges to modify mortgages. The administration had sought this change to pressure servicers to modify loans before borrowers declare bankruptcy.
If your interested in a home loan modification, visit www.AdjustMyLoan.com today and get a FREE CONSULTATION.
WITH ALL THE LOAN MODIFICATION SCAMS OUT THERE, IS THERE SUCH A THING AS A REPUTABLE, HONEST LOAN MODIFICATION COMPANY?
We have all heard the news lately…”loan modification scam takes advantage of another homeowner”, or “call the lender yourself and don’t pay a third party to help you with your modification”. The news loves a bad story and makes one wonder if there are any good, honest loan modification companies out there?
THE POLITICALLY CORRECT THING TO SAY
Now, at www.adjustMYLOAN.com we absolutely think it is a good idea to be proactive when you are a homeowner facing a financial hardship and you believe you cannot make your upcoming mortgage payments. It seems like the natural thing to do (and the politically correct thing to say) and call your lender right away when you are experiencing problems paying your mortgage. The problem is that many homeowners who are not educated in the real estate / mortgage / loss mitigation world do not know what division to call, what to say, and most importantly, what financial information to disclose during those phone calls. What happens is many homeowners fall into three categories when they try and do a home loan modification themselves…”the disconnect”, the “sorry you don’t qualify”, or the worst one of them all the “here’s your crappy modification agreement”.
The “disconnect” is where you call and get transferred over and over, wait on hold forever, and eventually get disconnected. Do this a few times and the frustration is overwhelming. People already have a fear of confrontation and hate waiting on hold forever so many times this is enough to get them to quit.
The “sorry you don’t qualify”is when an uneducated homeowner calls their lender out of desperation and doesn’t understand that the lender is going to ask them for their financial information…sometimes right then and there over the phone. The poor homeowner discloses financials on-the-fly and ends up de-qualifying themselves because they don’t know what loan-to-value / debt-to-income ratio’s the banks are looking for. Again..the frustration is overwhelming because no matter if they qualify or not the fact remains they can’t afford their current payment. The loss mitigation departments at most major lenders are extremely slow and it takes the average consumer a couple of months to get any answers and by this time it might be too late! Lastly, the call centers at these banks are sometimes overseas and we all know how frustrating it can be when you get someone that barely speaks English telling you (without any feeling of empathy) that there is nothing they can do for you!
The “here’s your crappy modification agreement” is so common and it makes us nauseous. Many homeowners don’t have the time to educate themselves on the in’s and out’s of loss mitigation before attempting to modify their own home loan. They don’t understand the processes, how to get to the decision makers, or the fact that you can counter-offer and get better terms. Most wear out after talking to a un-empathetic loss mitigation negotiator at the bank and end up accepting whatever terms they can just to be done with it. Remember, the banks want to mitigate their loss…that’s why its called loss mitigation! They definitely don’t have your best interest in mind otherwise they would make it super easy to complete this process. If you don’t have a real estate / mortgage background, or you don’t have the time going back and forth with your lender(s) for months and months, contract the work out to a trained expert in loan modification negotiating.
THIS ONE IS OUR FAVORITE
How about this one…“call a HUD certified counselor and get a FREE modification”. While this advice sounds good, we all can agree that nothing good is cheap and seldom anything cheap is good! Free help from a counselor is just that…FREE help (not them actually doing it for you). Anyone can gather the necessary paperwork and submit it to the lender…what a homeowner needs is an aggressive person (or team of people) to fight for the best loan terms possible and not just a paperwork submission helper. Every “financial expert” on the news is telling homeowners to avoid paying up-front fee’s to modification companies and go to a HUD certified counselor for free help. These same people are so far removed from any financial struggles that they don’t feel the severity of the situation. It’s easy to give advice when you are not the one struggling financially, or fighting with your spouse everyday over finances. HUD counselors do not have the time to spend 40-50-60 hours fighting to get you better mortgage terms. In most cases they help you gather the necessary documents and submit them to the lender. Then whatever modification (if any) the lender gives after months and months of waiting is what you will have to accept. NOT AT ADJUSTMYLOAN.COM. We spend all the time necessary to aggressively fight to get you the best loan terms available.
NOTE: HUD Counselors do help you submit the correct financials so in that instance they are a good resource if you do insist on doing this yourself just don’t expect them to do the actual negotiations for you!
THE LOAN MODIFICATION MERRY-GO-ROUND
There was a news story about a congresswoman who tried and negotiate her own loan modification only to get the run-a-round and give up frustrated. CLICK HERE to watch the video. Yes, it is possible to get your own modification, but statistics prove that almost 40% of homeowners who achieve their own loan modification re-default within 6 months because the lender(s) put them into a half ass modification that was in the banks best interest…not the homeowners. DON’T BE A STATISTIC. There are loan modification companies out there who actually do the work they are promising to do and all it takes is some research to find the right one.
OUR SUGGESTIONS TO FINDING THE RIGHT LOAN MOD COMPANY
MAKE SURE THE PERSON YOU ARE DEALING WITH HAS A PHYSICAL BUSINESS ADDRESS AND BUSINESS PHONE NUMBER.
GET COPIES OF RECENTLY NEGOTIATED LOAN MODIFICATION AGREEMENTS TO PROVE THEY CAN DO THE JOB
DO NOT PAY A LARGE UPFRONT FEE…A SMALL FEE IS OKAY BUT IT SHOULD COME WITH A MONEY-BACK GUARANTEE IF THE MOD IS NOT SUCCESSFUL
MAKE SURE THE COMPANY YOU ARE USING HAS AN ONLINE TRACKING SYSTEM SO YOU CAN SEE THE PROGRESS OF YOUR LOAN MODIFICATION AT ALL TIMES
MAKE SURE YOU MEET THE COMPANY AT THEIR OFFICE AND SEE THAT THEY ARE CONDUCTING BUSINESS (GET TO KNOW THE COMPANY)
GET REFERRALS AND TESTIMONIALS TO VERIFY COMPANIES HISTORY
GET COPIES OF ALL PAPERWORK THAT OUTLINES THE BUSINESS RELATIONSHIP
WHAT MAKES ADJUSTMYLOAN.COM DIFFERENT
First and most importantly, we are a full-service (brick and mortar) loan modification company that has been negotiating loan modifications and short sales in Phoenix, Arizona for over 5 years. Our parent company is a member of the Better Business Bureau with zero complaints and can show you completed loan modification agreements between us and almost ever major lender. We are fully transparent and do not hide behind a corporate slogan…we invite you to get to know us in person or through our many videos on our website www.AdjustMyLoan.com. Our website, back-office tracking system, and negotiating processes are unique to us and designed to keep you educated and informed of your loan modifications progress from start to finish. NO OTHER LOAN MODIFICATION COMPANY HAS THE EXPERIENCE, INTEGRITY, AND PROCESSES WE HAVE HERE AT ADJUST MY LOAN. We invite you to get to know us and our professional Loan Modification staff. Lastly, we DO NOT CHARGE any expensive upfront fees for our loan mod service and always offer free consultations to see if you qualify!
Foreclosures Rise First Quarter 2009: Loan Modification Is A Solution!
Below is an article talking about how the foreclosure rate has surged in the first quarter of 2009. The temporary foreclosure halt of most major lenders, as well as Fannie and Freddie Mac at the end of last year is now over. More and more foreclosures are being filed and every homeowner in trouble of paying their mortgage payment is wanting to know whether or not the Obama “Making Homes Affordable” plan is going to help save their home! The stressful situation they are in is not uncommon and even though the government preaches to call the lender and work out a modification yourself sounds like the politically correct thing to say, it is not that easy to navigate the maze of automated phone systems and outsourced customer service centers that your lenders utilize. Getting professional help is a great option that way you can focus on making more money and spending time with your family and not worrying about negotiating with your lender(s)!
The Loan Modification Experts at adjustmyloan.com have negotiated hundreds of loan modifications and short sales for homeowners over the last few years. We are highly educated, loss mitigation specialists that have the training, systems, and energy to go after your lenders to get you the best loan terms possible. Trust, integrity, and honor are the core beliefs of our company and every one of our employees puts the customer’s needs first which is easy to see from the first conversation you have with our experts. We invite you to call us at 1-800-557-7573 and get a FREE LOAN MODIFICATION CONSULTATION from one of our loan mod consultants today.
The Following Article Was Taken From MSNBC.MSN.COM
Foreclosure actions surge in the first quarter
Upcoming big unknown: Will Obama mortgage relief help reverse trend?
WASHINGTON - The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.
The big unknown for the coming months, however, is President Barack Obama’s plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm.
In March, more than 340,000 properties were affected, up 17 percent from February and 46 percent from a year earlier.
Foreclosures “came back with a vengeance” last month and are likely to keep rising, said Rick Sharga, RealtyTrac’s senior vice president for marketing.
Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. While the number was down 13 percent from the fourth quarter of last year, it is expected to rise through the summer and then possibly taper off.
Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama’s plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers.
The Treasury Department has signed contracts with six big loan servicing companies - including Citgroup, Wells Fargo and JPMorgan Chase. Many have already started processing loans as part of the government’s “Making Home Affordable” plan.
“We need to get the long-term solutions for these folks,” Shaun Donovan, Obama’s housing secretary, said in an interview.
In the coming months, Donovan said, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, he remained optimistic that overall foreclosures could start to decrease this summer.
But even industry executives who emphatically support the plan emphasize that it’s success isn’t guaranteed.
“The effectiveness of the plan overall obviously is going to depend on the level of industry participation,” said Paul Koches, general counsel of Ocwen Financial, which collects loan payments on subprime loans.
Many borrowers and consumer groups claim the modifications offered by the lending industry don’t do enough to help cash-strapped homeowners, despite more than a year of public prodding from regulators. Fewer than half of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent, data released last month show.
Plus, the lending industry has been swamped by the unprecedented wave of calls from distressed borrowers. “You can’t wave a magic wand and make the loans suddenly modified,” Sharga said. “They’re all individual transactions.”
In RealtyTrac’s report, Nevada, Arizona, California and Florida had the nation’s top foreclosure rates. In Nevada, one in every 27 homes received a foreclosure filing, while the number was one in every 54 in Arizona. Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
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AdjustMyLoan.com, a National Loss Mitigation Company, has acquired the specific criteria and documentation to accelerate loan modification requests for mortgages serviced by Wachovia Home Loans and its subsidiaries. In an effort to stem the housing crisis, AdjustMyLoan.com is providing a specialized service to homeowners in default or facing foreclosure through Wachovia’s “Making Home Affordable Program”. Many homeowners who are struggling to pay their high monthly mortgage payment may qualify for one of Wachovia’s Loan Modification programs and lower their monthly mortgage payment dramatically!
Following President Obama’s Homeowner Affordability and Stability Plan introduced March 4, 2009, AdjustMyLoan.com and Wachovia aim to lower monthly mortgage payments to 31-38% of a given borrower’s gross monthly income. This decrease of interest rate is only the first step and we have successfully completed Wachovia Loan Modifications with interest rate reductions, term extensions, as well as the infamous principal balance reductions many believe are impossible to achieve! The loan modification experts at Adjust MyLoan have the proof that they can and will help you with your Wachovia loan modification needs.
For Wachovia borrowers who are currently delinquent or struggling to keep current, you may be eligible for the “Home Affordable Modification” on your current loan. Additionally, Wachovia has extended the foreclosure moratorium to give at-risk customers time to explore the new solutions in the Administration’s plan.
If you have an unaffordable home loan from Wachovia (owned by Wells Fargo), then it is time to learn about your options. Wachovia Loan modifications, which typically involve an adjustment to the interest rate, principal balance, arrearages, and term of an existing mortgage loan, are the preferred method for dealing with the housing crisis. By obtaining the tools to fast-track loan modifications with Wachovia, AdjustMyLoan.com offers a comprehensive plan to help Wachovia homeowners save their homes from foreclosure, bring loans current, and insure that on-time payments will continue for the life of the loan. Further, AdjustMyLoan.com is wiping out late payments and late fees through their negotiation efforts. Imagine being 3,4,5, or even 6 months or more behind and getting the Loan Modification Help you have been searching for to save your home from foreclosure! It is possible and we can show you proof that AdjustMyLoan.com’s system is working to help those that need Wachovia mortgage help.
Homeowners Will Need To Gather The Following:
Bank Correspondence / Foreclosure Notices
Hardship Letter Explaining Your Circumstances And Why You Must Modify Your Loan (must be signed by borrower)
2 Most Recent Mortgage Statements For Each Loan
2 Months Bank Statements For All Borrowers (12 Months If Self Employed)
2 Months Pay-Stubs For All Borrowers
2 Years Tax Returns Including W2’s, 1099’s And All Schedules For All Borrowers
Insurance Information (agent name, company, address, phone, email and policy number)
Any Documents To Verify Hardship (Death Certificate, Medical Bills, Divorce Paperwork ETC)
Then You Need To:
Contact a loan modification expert at AdjustMyLoan.com to pre-qualify for one of our streamlined programs. Our qualification takes only a few minutes and once qualified, rest assured AML is going to fight relentlessly to get you the best loan terms possible.
For more comprehensive information about options available to homeowners facing financial difficulties, please visit AdjustMyLoan.com and check out the loan mod learning center and blog post. There you will find the most up-to-date information on Wachovia’s “Making Home Affordable Program”, the Homeowner Affordability and Stability Plan, and the latest financials news and tips.
