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Houston based HomeEquityLending.Com Corporation has helped thousands of homeowners obtain
better terms on their mortgages since 1998.
VIRTUALLY ALL clients first try to
negotiate modifications on their own and 87% FAIL (.GOV Statistic).
Most out of State loan mod
companies are huge boiler room telemarketing companies in California, Florida or
New York. Deal with a local, trusted company.
For the expertise, convenience and
results that only a fee based service will deliver call Home Equity Lending today at
1-800-547-9081 or
Click Here for a FREE Eligibility Estimate. We are familiar with President
Barack Obama's loan modification program.
If you have had a hardship such as a loss
of income, illness, divorce, death, reduced hours at work, ARM loan or an escrow
shortage that has caused you to become late in your mortgage payments then call
us today before it is too late.
800-547-9081 for a
free 2 minute pre qualification.
1. Texas Loan Modifications
2. Bank Ready modification kit on your
Banks documents. Very accurate and efficient. (Do it yourself kit)
3.
DON'T LET THE BANKS
PUSH YOU AROUND...
Now Financing is available for loan
modifications.
Loan
modifications do not hurt your credit.
$499
-$999 down and a low monthly payment* (WAC)
**Written money back guarantee**
** Jumbo loan modifications**
** Commercial Loan modifications**
** Car, truck, and airplane mods now available**
Foreclosure activity sets records in first quarter 2009/2010
Do
not wait and miss your chance for a loan mod. Keep your house!
A homeowner is injured, gets sick, loses a job or perhaps their interest rate
goes up
They try to refinance- but no longer qualify.
· They miss a mortgage payment and the Government says, “call your lender”
They do - and they get the runaround for many, many months.
· The evening news says, “don’t pay anyone an upfront fee to modify your loan”
They call a HUD approved counselor for FREE assistance - but get nowhere.
Sound familiar? Call us today at 1-800-547-9081
or
HomeEquityLending.Com Corporation has helped thousands of homeowners obtain
better terms on their mortgage since 1998. VIRTUALLY ALL clients first try to
negotiate modifications on their own. For the expertise, convenience and
results that only a fee based service will deliver call Home Equity Lending today at
1-800-547-9081 or
Click Here for a FREE Eligibility Estimate. We are familiar with President
Barack Obama's loan modification program.
YES, IT IS POSSIBLE TO GET A LOAN MODIFICATION ON YOUR OWN.
We also sell a Bank ready modification for the do it yourselfers. You just sign
it and mail it in.
It is also possible to represent yourself in court, buy and sell real estate on
your own, and if you're brave, you could even perform medical operations on
yourself. It would be risky for a borrower to try this on their own because
their home is at stake. When it comes down to it, the lenders are not working
for a borrower's best interests. They don't want to help you save your home,
they want to get as much money out of you as they can before they take your
home. They are debt collectors and they only work for their bottom line.
We prefer that you try it yourself so you will appreciate our service.
In order to qualify for a loan modification, you have to meet their
qualification guidelines. They won't tell you what these guidelines are but we
know them. So anyone can apply on their own, but if they don't meet those
internal guidelines, they will get denied. Once a borrower has been declined for
a loan modification, it is very difficult to reverse this and get them approved.
The lender already recorded all their phone conversations and kept all their
documentation on file. This doesn't
always work out so it is best to see if you pre qualify before doing it. We will
do this for free so just call us. Then you can try it on your own or let us do
it.
Thinking about doing it yourself? Watch this video of a
Congress Woman and ABC News
try.... (sound familiar?)
Bank of America Sued Again over Loan
Modifications
LOS ANGELES – California homeowners sued BoA (NYSE: BAC) on Tuesday claiming
the lending giant is intentionally withholding government funds intended to save
homeowners from foreclosure,
The case, filed in U.S. District
Court in Northern California, claims that Bank of America systematically
slows or thwarts California homeowners’ access to Troubled
Asset Relief Program (TARP) funds by ignoring homeowners’ requests to make
reasonable mortgage adjustments or other alternative solutions that would
prevent homes from being foreclosed. Hagens Berman filed a similar complaint in
Washington state last month.
“We intend to show that Bank of America is acting contrary to the intent and
spirit of the TARP program, and is doing so out of financial self interest,”
said Steve Berman, managing partner of Hagens Berman Sobol Shapiro.
BOA accepted $25 billion in government bailout money financed by taxpayer
dollars earmarked to help struggling homeowners avoid foreclosure. One in eight
mortgages in the United State is currently in foreclosure or default.
Bank of America, like other TARP-funded financial institutions, is obligated
to offer alternatives to foreclosure and permanently reduce mortgage payments
for eligible borrowers struck by financial hardship but, according to the
lawsuits, hasn’t lived up to its obligation.
According to the U.S. Treasury Dept Bank of America services more than 1
million mortgages that qualify for financial relief, but have granted only
12,761 of them permanent modification. Furthermore, California has one of the
highest foreclosure rates in the nation for 2009 with 632,573 properties
currently pending foreclosure, according to the California lawsuit.
“We contend that Bank of America has made an affirmative decision to slow the
loan modification process for reasons that are solely in the bank’s financial
interests,” Berman said.
The complaints note that part of Bank of America’s income is based on loans
it services for other investors, fees that will drop as loan modifications are
approved. The complaints also note that Bank of America would need to repurchase
loans it services but has sold to other investors before it could make
modifications, a cumbersome process.
According to the TARP regulations, banks must gather information from the
homeowner, and offer a revised three-month payment plan for the borrower. If the
homeowner makes all three payments under the trial plan, and provides the
necessary documentation, the lender must offer a permanent modification.
Named plaintiffs and California residents Suzanne and Greg Bayramian were
forced to foreclose their home after several failed attempts to make new
arrangements with Bank of America that would reduce their monthly loan payments.
According to the California complaint, Bank of America deferred Bayramian’s
mortgage payments for three months but failed to tell them that they would not
qualify for a home-loan modification until 12 consecutive payments. Months
later, Bank of America came back to the Bayramian family and said would arrange
for a loan modification under the TARP home loan program but never followed
through. The bank also refused to cooperate to a short-sale
agreement saying they would go after Bayramian for the outstanding amount.
“Bank of America came up with every excuse to defer the Bayramian family from
a home loan modification which forced them into foreclosure,” said Berman. “And
we know from our investigation this isnýt an isolated incident.”
Bank of America continues to ignore TARP regulations and instead creates more
financial pressure on homeowners, the court filing states.
The lawsuits charge that Bank of America intentionally postpones homeowners’
requests to modify mortgages, depriving borrowers of federal bailout funds that
could save them from foreclosure. The bank ends up reaping the financial
benefits provided by taxpayer dollars financing TARP-funds and also collects
higher fees and interest rates associated with stressed home loans.
Homeowners in Washington and California with mortgages through Bank of
America are encouraged to contact us if they received an inadequate response
from the bank for a home loan modification request after April 13, 2009.
FAQ
Is the loan modification process new?
It has been always available to homeowners in extreme
distress
Mortgage Modification have been recently mandated by
federal government
What is the purpose of a loan modification?
The modification process exists to assist the
homeowners who have a valid financial hardship, and as a means for the
lender to avoid foreclosure
Restructure Mortgage note to reduce payments based on
capacity to pay
What is Loan Modification?
Loan Modification can be performed by the homeowner,
although most are unsuccessful and many times the payment increases
Loan Modification is not a refinance and can only effect
a existing mortgage
It is a restructure of an existing mortgage, such as new
rate & term
It is not a new loan, we cannot add or delete individuals
from or to the loan
Modifications are usually referred to as part of the loss
mitigation department by the lenders
Ideal Candidate for a Modification:
Behind on mortgage payments
Don’t qualify to Refinance
High Interest Rate(s)
Loan is about to adjust or adjusted
No Equity in home
Don’t worry if you have:
Bad credit
Home has lost value
Haven’t made a house payment in months
Have high credit card debts
Cant Verify all income
What are the Requirements?
Currently Working
Must have reasonable hardship
Hardships can be overcome with the right professional
help
Be able to afford the new restructure of loan
Easy to qualify
How long does it take?
The process usually takes between 30–90 days, although
some lenders the completion period is executed in less time
The speed of completion depends on the lender and the client
What to expect?
Most modifications result in:
All of the late payments being moved to the back
of the loan
Conversion of an ARM (2/28, 3/37, Neg Am) to a
fixed loan, typically a 5 or 30 year fixed
Possible balance reduction
Lower monthly payments
A Better Financial Position
What Do I need to start?
2 Years Tax returns
Most recent 2 pay stubs required
If Self Employed, Business license
Bank statements, last 2 months
All household Income
Mortgage Statements
Why use a Legal Law Firm?
87% of all homeowners who attempt loan modification are
unsuccessful, Why?
Most homeowners are intimidated by lenders
Most homeowners do not really understand
mortgages
Homeowners simply answer the lenders
questions without knowing the impact of what they are saying
Homeowners unintentionally either overstate
or understate their income, and the lender won’t qualify them
The lenders are not forth coming in what
options are available for the homeowner
We have a high Modification completion rate
Written money back guarantee,
if you don’t pass our financial audit or we are unable to get your
loan modified.
We offer 3 day recession. If during this
period you decide not to move forward with the modification, we will
refund all fees paid.
We do not charge for 2nds, Most of the firms
do.
Dealing with the lenders is our job:
We know how to present the best possible
package in order to have the lender accept the
modification
We are not intimidated by the lenders, all
of our staff members are previous mortgage underwriters,
Adjusters or Auditors
With a combined experience in real estate
and mortgages of over 30 years. We have the know how…
Established Contacts with Mortgage Lenders
Banks only Allow one opportunity to
Correctly Modify Mortgage
RESPA Violation Auditing
Our mission is to help you, stay in your home.
Free vs. Fee
The question that many distressed homeowners are asking themselves
lately is, "Should I pay, or should I go?" This is due to the constant
bombardment of news warnings, loan modification advertisements, and
water cooler gossip concerning the foreclosure crisis going on in our
country.
Many will tell you that a loan modification should be done only
by an experienced real estate attorney while others say that you
should never pay anyone upfront fees for a loan
modification under any circumstances due to the fact that it can be
accomplished on your own.
However, what most government and private agencies neglect to tell you
is that "The average American trying to get get through to negotiate a
loan modification will not be able to get it done", which was stated
by congresswoman Maxine Waters of Los Angeles California when she
attempted to assist some of her constituents in modifying their
mortgage loans. (see video above)
The fact is, most lenders are so overwhelmed with the daily flood of
borrowers looking to get "bailed out" from their less than perfect
mortgage that in most cases it could be weeks, months, or even years
before you get a response from your lender. Many times, a day late,
and a dollar short leaving you out in the cold with no home, no money,
and bad credit.
With this ever growing crisis there is an ever growing demand for loan
modification servicing companies that can often eliminate much of the
headache, frustration, and legwork that comes with modifying a
mortgage loan. This often makes the process that much easier not only
for the borrower but for the lender as well.
So should you pay for a loan modification or try it
yourself?
FREE
Contact your lender on your own and request consideration for
loan modification.
Deal with the stress of being put on hold, transferred to
numerous departments, or often told you don't qualify.
Rely on your own knowledge of your legal rights as a borrower,
foreclosure and respa laws, and loan modification processes.
In many cases it was the "lender" who got you in this mess in
the first place due to poor lending practices.
Your lender could disqualify you from loan modification due to
the fact that you are unaware of your rights as a borrower.
Often the lender will ask you to make a large payment before
they are willing to work out a loan modification then deny you
anyways.
Lenders often treat delinquent borrowers disrespectfully with
the attitude, "Why don't you take care of your responsibilities",
causing you unnecessary stress and worry.
This is your home which makes you emotionally involved which can
sometimes make it difficult to stand up for yourself when you are
already suffering some form of hardship.
Think about it...Your lender is NOT going to tell you if there
was some form of legal discrepancy, respa violation or predatory
lending in the loan that you were given if they were the ones that
broke the law when giving you the loan in the first place.
FEE
Let a professional mitigation company contact your lender on
your behalf.
Most lenders will respond much faster to borrowers that have
representation than they will to borrowers with no
representation.
Most mitigation under writers have a good understanding of your
legal rights as a borrower and will not let your lender take
advantage of you.
Borrowers who have representation often get a much better
deal than borrowers without representation.
We have already serviced hundreds if not
thousands of clients therefore we already know the process
involved making the loan modification process that much quicker,
more efficient, and more beneficial to the borrower.
A mitigation company
knows the laws when it comes to
mortgages and foreclosure and can therefore thoroughly examine all
of your loan documentation to make sure that you weren't taken
advantage of.
If an mitigation company
discovers that the loan was fraudulent or in
violation of your rights then you could be entitled to damages in
addition to the loan being forgiven.
Mitigation companies are not emotionally involved and therefore will not
let the lenders take advantage of you and will make certain that
your rights are well represented.
Home Equity Lending is not a Law Firm.
Home Equity Lending does the complete modification.
What are the Foreclosure Downfalls?
Short sale Property
Credit Report states Foreclosure
Damaged Credit
Possible Deficiency Judgment
IRS 1099’s
Must Qualify to Rent
Here is an interesting story from CNN on a Homeowner trying to stop a
foreclosure. We hear this nightmare frequently.
Folks
losing homes dial 1-800; no one answers
LOS ANGELES, California (CNN) -- Megan Cavallari looks up
from her stack of hundreds of faxes and documents, proof of
her efforts to try to save her home from foreclosure. She's
been on hold for over an hour, trying to get details for a
loan modification.
Finally, she's transferred to another line. But she doesn't
get a human. Exasperated, she sighs. Once again, it's the
"automated lady."
"Every report says the banks are helping, and everything on
the radio says they're helping," Cavallari said. "You call
and call and call; you're not getting a voice. You're
getting a recording."
Cavallari, a music composer who does scores for films, is
like hundreds of thousands of Americans going through
foreclosure. But she says the process of trying to save her
home -- and her $92,000 down payment -- has worn her out.
She recently filed for bankruptcy and is moving out of her
home with her young daughter.
The entire ordeal has been draining, especially trying to
reach somebody at the bank. "You call them. After being on
the phone with them, they send you to an automated lady.
[Then] they send you to a Web site after you've been on the
phone for an hour."
What is a loan modification and how can it help me?
A loan modification is when a lender or loan servicer modifies the terms of
a loan which they currently collect payments on. The purpose of a
modification is to create a payment that the homeowner can afford based on
their current financial situation, and to re-establish a loan which will
perform and give the holding lender an efficient return on their investment.
Loan modifications are granted on an individual basis, targeting homeowners
who for whatever reason are having problems making their current payments,
and do not have an option to refinance their mortgage, sell the property, or
improve their financial situation. Loan modifications stand apart from
refinances with no transfer of property between lenders, no new liens
recorded in public records, and no new accounts on credit.
Loan modifications are accomplished through a detailed
negotiation process between the servicing lender and the requesting party. A
successful modification will drastically reduce the homeowner’s monthly
mortgage payment(s) to a level which they can realistically handle, which
means final results are determined by their true expenses and affordability.
The method of obtaining the needed mortgage payment can be accomplished by
one, or a combination, of the following; interest rate reduction, term
extension, principal balance reduction, and/or converting payments from
principal and interest to interest only. This renegotiation not only helps
homeowners avoid future turmoil, it also helps save those who are currently
delinquent, and in jeopardy of losing their home.
Whether you are currently making your payments on time but
foresee yourself falling behind in a matter of months, or are already
several months behind and weeks away from foreclosure, modifications can
help you! In the currently volatile economy, many home values have
depreciated and income levels have dropped. Because of this, getting out of
what could be a painful mortgage is not possible, leaving many with the only
option of foreclosing. A modification will allow you to get your goals
accomplished and avoid future foreclosure, leaving you with a payment that
you know you can make. Not only does this negotiation prevent future
hardship, it can also help you get caught up if you are behind. Once you
fall several months behind, a large lump sum is required to be paid to come
current. Loan modifications while focusing on future payments will also help
alleviate delinquent payments. Negotiations should address the delinquency
and any other problems, so you have all of your hardship wiped away at the
same time. Mortgage modifications for many equate to a home saving
necessity, and a fresh start with true relief from their unavoidable
hardship.
How do I qualify for my loan to be modified?
Various circumstances and situations will qualify one for a loan
modification. An easy way to know you may be a candidate is you are
financially "hurting" when it comes to meeting your monthly obligations.
Living paycheck to paycheck, paying bills with credit cards, and depleting
your savings are all vital signs that you may need a loan modification. Most
people at that point approach a refinance, which is where many are finding
they run into a wall. The most common reason for not qualifying for a
refinance is the home’s value coming in less than what is owed on the home,
otherwise known as being "upside down". The second factor that will hinder
one obtaining a new loan will be overall credit ratings. With a tightening
finance market, top tier credit is generally needed to obtain a competitive
loan with an affordable rate. Many are finding that without high credit
scores, they do not have sufficient credit to get a beneficial loan. Lastly,
due to many wage and hour cuts across the board, many homeowners no longer
meet the debt to income ratio requirements for extended financing. The
reduced income works against increased bills and generates monthly debt
levels that are too high. All of the examples given are prominent
suggestions of one who needs assistance through a loan modification.
What type of person can do a loan modification and
where should I look?
Anyone can attempt to negotiate a modification, however not many have the
needed time or ability to do what is needed on their own. When negotiating a
modification, lots of time is spent on the phone and at the fax machine. You
need to be very patient and willing to take a little bit of "heat" from the
lender representatives. Typically, the best modifications are performed by
mitigation firms who specialize in modifications. Many companies offer
assistance with loan modifications but do not have the experience or
knowledge to negotiate with these powerful lenders.
Mortgage delinquencies hit record high in Q2
Aug 20, 10:12 AM (ET)
By ALAN ZIBEL
WASHINGTON (AP) - More than 13 percent of American homeowners with a mortgage
are either behind on their payments or in foreclosure as the recession throws
more people out of work, the Mortgage Bankers Association said Thursday.
The
record-high numbers in the report are being driven by borrowers with
traditional fixed-rate mortgages, rather than the shady subprime loans with
adjustable rates that kicked off the mortgage crisis. As of June, more than 4
percent of all borrowers were in foreclosure and about 9 percent had missed at
least one payment.
One in three new foreclosures between April and June was from a prime,
fixed-rate loan, up from one in five a year earlier. Last year, subprime
adjustable-rate loans caused the largest share of foreclosures.
The worst of the trouble is still concentrated in California, Nevada,
Arizona and Florida, which accounted for 44 percent of new foreclosures in the
country. Nearly 12 percent of all loans in Florida were in foreclosure, the
highest in the country, followed by Nevada at 9 percent.
"Clearly we have not seen the bottom in Florida," said Jay Brinkmann, the
trade group's chief economist.
President Barack Obama has pledged to fight the problem, but its
foreclosure prevention program, known as "Making Home Affordable," is off to a
disappointing start. As of July, only about one in 10 of eligible borrowers
had signed up.
The success of the program depends on the economy stabilizing. The number
of first-time claims for unemployment benefits rose unexpectedly for the
second straight week, the Labor Department said Thursday.
The number of new jobless claims rose to a seasonally adjusted 576,000 last
week, from a revised figure of 561,000. Wall Street economists expected a drop
to 550,000, according to a survey by Thomson Reuters.
How
long does foreclosure take in Texas?
The foreclosure process in Texas can be done either through the judicial
or non-judicial process. The process typically moves rather quickly in Texas
compared to most other states. You can lose you home in as little as two
months from the time you stop making your monthly payments.
Below is a brief definition of the judicial and non judicial foreclosure
process:
JUDICIAL FORECLOSURE
The judicial foreclosure process will involve your mortgage lender filing
a lawsuit in court in order to foreclose on the defaulting property. For
the lender to obtain this court action to begin the foreclosure, they must
first prove that you are in default on your loan.
This way of foreclosure is done when there is no power of sale present in
the original loan documents. Your home will be sold court order to the
person who bids the most at the auction sale.
Since this foreclosure moves through court proceedings in some cases it
may take longer to foreclose then the non-judicial way. This may benefit you
in finding a solution to saving your home before the house is sold.
NON JUDICIAL FORECLOSURE
This way of foreclosure is used when there is a power of sale present in
mortgage or deed of trust. When your loan docs are originally signed, you as
the borrower preauthorize your lender to sale your home in order to pay off
the mortgage’s remaining balance. The actual sale of your home is either
done by your lender or the Trustee (typically title company).
Below is three steps that must be followed during the Texas
foreclosure process:
Before you mortgage lender can begin the foreclosure, they are required
to file with the county clerk a foreclosure notice at least twenty-one
days prior to the actual sale. They must also mail a copy of this demand
letter to the homeowner as well twenty-one days before the sale.
The actual day of the foreclosure must take place on the first Tuesday
of the month between 10:00AM and 4:00PM. Even if the Tuesday is a legal
holiday the sale will still proceed.
The property will then be sold to the highest bidder at the auction
sale. There is no right of redemption in the state of Texas.
So remember regardless if the sale takes place through the judicial or
non-judicial process, you may not have too much time to get your situation
resolved if you begin to default on your payments. If we are unable to get a
modification we can always do a short sale to prevent a foreclosure.
Give us a call at 800 547 9081 today.
Home
Equity Lending Inc. is in the business
of providing loan modification financing, an analysis of real estate-secured
debt and examining the potential for loan modification and restructuring of
real property-secured debt. The client has retained Home Equity Lending Inc. to perform the Research and Analysis on pre
qualifying for a loan modification and providing the financing for the loan
modification and helping to prepare a lender ready packet to submit to a
mitigation company. – Home Equity Lending Inc. Is not an Attorney, lender nor
mortgage broker.
Client wishes to employ Home Equity
Lending Inc. to secure third party
financing for the loan modification and help prepare the client’s loan
modification package for acceptance by the mitigation firm. If the mitigation
firm does not accept the package all money will be
returned to client. Client also has a three day right of
rescission from date signed per TX law .