Monthly Archives: September 2016

Should I hire a real estate lawyer to help with my foreclosure? 

Hiring a good lawyer for your foreclosure process can help you in many ways than one. The lawyer would be able to work with both the borrower and the lender to negotiate loan modification options and also help stop the foreclosure. The lawyer might be able to do what you cannot do alone – save your home. In a worst case scenario, if your combined efforts aren’t sufficient to save your home, the real estate lawyer can at least provide valuable guidance on how to minimize the damage to your finances and credit ratings.

88-1When is a real estate lawyer helpful?

If you are faced with foreclosure, your lawyer can provide the right guidance to slow down the process. Moreover, involving a lawyer in the process would mean that the mortgage company would have to communicate with him or her only. So with the legal angle involve, the process slows down considerably, giving you some time to improve your financial situation. Additionally, the real estate attorney would have insight into all the related processes, and can ask the right questions to ensure a better outcome to all the negotiations. The mortgage company would also be forced to pay more attention to what a legal counsel says. So whether it is about chalking out a forbearance agreement or looking for loan modification options, a lawyer can guide the distressed homeowner in the right direction. However, due care should be taken to hire a reputable lawyer or a firm like Loan Modification Depot.

88Don’t wait too long

You should contact a real estate lawyer as early as possible. This would help you find a more affordable solution to your foreclosure related problems. Waiting too long would only damage all your chances at negotiation, especially if you are keen to save your home. Even a lawyer wouldn’t be able to help then.

At times, a loan service provider might have made some serious errors on its part while crediting payments or charging fees. An experienced loan modification lawyer from firms like Loan Modification Depot can be of great help in such cases.

How can I negotiate a loan modification with my lender?

It is always advised that you should get in touch with your lender if you foresee any difficulty in making your mortgage payments in the future. Firstly, it would help you avoid a foreclosure, and secondly, it would provide you an opportunity to renegotiate the terms of the loan. This would make it easier for you to catch up with your debts and have more stability on the financial front. So here are loan modification tips than can be of help.

87-1Communicate clearly

Your lender would be keen to avoid a foreclosure because it is a long and expensive process. So talk about your loan modification options and see what suits your situation. For a short-term financial crunch, you can ask for a forbearance, but if you need a more permanent solution, a loan modification is the best bet. To qualify for a loan modification, you need to show that you have the resources to honor the terms of the modified loan. In addition, you should have a clear understanding of the related financial liabilities like penalties.

87Be prepared

You can lead the negotiations on your own but it would be prudent to hire a reputable loan modification firm or lawyer for this process. Check with your lawyer regarding any requirements or laws you need to be aware of before starting the negotiations. Work on your terms of negotiations like interest rate, collaterals, number of payments, etc. The lender might agree or disagree but you need to have all your facts in place, which gives you a better chance of succeeding.

Choose an arbiter

There are chances that your negotiations might hit a roadblock, so it is best to work with your lender to decide on an arbiter, who can push the discussion forward.

Negotiating a loan modification isn’t easy, so if you are not sure about your ability to go it alone, hire a reputable firm like Loan Modification Depot.

What programs are available to help Stop Foreclosure?

For homeowners who are in the danger of going through a foreclosure, there are a number of programs to help them put a brake to the impending proceedings. This would give them some time to find a solution to their financial problems, or seek expert help to tide over the crisis. A homeowner should carefully go through the options available before picking the program that would best suit the situation. Also, it is advisable to enlist the services of a reputed loan modification firm while dealing with such a situation.

86-1Making Home Affordable (MHA) Program

The government has introduced a number of schemes under this program to help people avoid foreclosure. Per one of the schemes, homeowners can modify their loans, resulting in lower monthly payments that would add more stability to their finances. For those who are no longer interested in retaining their homes or cannot afford it, there are programs to help them too. So be it unemployed homeowners or those who owe more than what their properties are worth, there is hope for them. Enlisting the services of reputed loan modification companies like Loan Modification Depot can make this process simpler and hassle free for them.

86Contacting the lender

It is advisable to get in touch with the loan provider or lender, as soon as a homeowner starts facing difficulty in making monthly mortgage payments. Even they wouldn’t want to go through a foreclosure, and it is very likely that they will be eager to find out ways to avoid it, like a forbearance agreement that would give the borrower time to overcome the crisis. In case a borrower has difficulty in communicating with the lender, it makes sense to hire professionals like Loan Modification Depot to do the negotiations and provide loan modification tips.

The threat of a foreclosure shouldn’t make you lose hope of retaining your home. There are ways to avert the situation, but you need to face the situation tactfully and seek expert advice whenever you are in doubt.

What is H.A.M.P?

85-1Features and benefits

HAMP stands for Home Affordable Modification Program. This program is aimed at providing affordable homes. Loan modification inspector at loanmoddepot.com can help you understand all the features of HAMP.

  • HAMP provides you with affordable payment options by manipulating the rate of interest, changing your term period and decreasing the principal amount.
  • The people who opt HAMP generally save upto $500 every month.
  • With the help of HAMP you can either have a property to rent on or you can buy a home for permanent residence.
  • If you have a loan which is more than the worth or your home, then you are automatically entitled for reduction in principal amount.
  • Make all the payments on time and about $10,000 can be deducted from the principal amount.

85Eligibility

You have to meet the following requirements to be eligible for HAMP. They are

  • You are not able to make the mortgage payments because you are financially struggling.
  • You are falling behind and already have delayed your mortgage payment.
  • You have a mortgage whose date is before 1st January 2009.
  • Your property is not help in any conflicts.
  • Your mortgage should be upto $729,750 on your one to four unit property which is rental.

Loanmoddepot.com can evaluate your eligibility at a low loan modification cost.

Rules

There are certain set of rules which must be followed after you have enrolled in the HAMP program. The MHA Handbook has all these rules. Before or after enrolling in the HAMP program, you can go through these rules to understand the terms and conditions of the HAMP program. Loan modification consultant at Loanmeddepot.com can help you in understanding all these rules. The background of the HAMP program works with a complex algorithm known as net present value (NPV) test.

How can I qualify for a Loan Modification?

 

84-1If you have taken loan from a bank or vender to build your dream home, then you might have been repaying the amount for a long time. There are many ways through which you can lower the amount which you pay for your mortgage. But, not all the mortgages can be lowered. There are certain conditions that you need to satisfy to qualify for loan modification.

Personal qualifications

The first thing to qualify for loan modification the personal and financial background you have. You need to be able to verify some source to the banker through which you can show that you can make the payments in time. The proofs and sources that you show them must be legal and must be verified by the banker. Only then you will be eligible for load modification. After that, loan modification options at loanmoddepot.com can help you getting your loan modified.

Mortgage qualifications

In addition to you personal and financial qualifications that you need to satisfy. You must have to owe less than $729,750 on the single unit rental property, $934,200 on 2-unit rental property. You must have necessary documented proof of your income to satisfy your modified payment. 84-2The most important qualification is that you must not have any criminal cases on you. Meaning, you should not have been convicted in the last 10 years on any theft, tax evasion or fraud charges. If you have faced any of the above convictions, then you are not eligible for applying for a load modification restoration at loanmoddepot.com.

Consult loanmoddepot.com for any queries related to load modification tips and load modification consulting. At loanmoddepot.com you can also know the additional qualifications you must have to be able to apply for load modification.

How can I lower my mortgage payments?

 

83-1People who took help of banks to build their dream home often face problems in paying the mortgages. Without smart thinking, you will end up paying the mortgage for a long time. Hence, you must a few ways on how to lower the mortgage payments.

Add an extra payment every year

This might turn to be an easiest way for you to save your money. Try to make an extra payment on your mortgage every year. These payments get applied to your principal but not on your interest. Hence you will save on the actual amount of money you need to pay. This not only decreases your interest amount but also decreases your principal amount to be paid for the next year. You can get some loan modification help from loan modification service at loanmoddepot.com.

Try to discard the PMI

83-2PMI stands for Private Mortgage Insurance. PMI is applicable to you when you have a down payment of 20 percent or lower. You can try to get rid of this PMI. To do this, first you need to repay certain amount of principal. Then, you have to petition the lender to wave off the PMI the moment your balance amount is below 80 percent of the initial value. This helps you in saving big. You can get the help of loan modification firm near you who will assign you a load modification expert to deal with this. loanmoddepot.com can help you.

Reset the Mortgage

This is the least commonly known aspect of mortgages. Most lenders will reset the monthly payment of your mortgage if you pay a large amount of money at a particular time. The load modification tester at loanmoddepot.com to know the amount of mortgage you can pay.

 

Why can’t I stop Foreclosure on my own?

 

82-1Problems with foreclosing on your own

People often try to do the foreclosure process on their own. This is possible but must be done in a right way. Foreclosure on your own is not recommended by anyone because this might lead you to land up in additional burdens. You have a few ways to do it on your own. You can do it by

  • Contacting lender or bank
  • Reframing the payments
  • Refinancing
  • Selling off the property

All this ways are proven to land you in additional problems and eventually increase the payment amount instead of decreasing it. Hence it would be best if you do not take the risk and instead contact a loan modification company.

Contacting a loan modification attorney

The loan modification companies at loanmoddepot.com provide you with the best loan modification lawyers. They help you in dealing with the foreclosure. And the best part is that the lawyers should not charge anything for the service, that is, the service is for free. Without an attorney at loanmoddepot.com if you want to do the foreclosure on your own, then you will have to go to the lender or bank and negotiate with them. 82-2Often these negotiations will lead in a failure. This causes a big disappointment in the mortgagee and he / she might end up in doing some silly things and falling into trouble. Hence you must contact a loan modification firm. These companies assign you a loan modification specialist at loanmoddepot.com who can deal with the mortgagors. They can make a promissory note that you will pay the money within the deadline and also to wave off any additional charges associated.

 

 

How can I qualify for a Loan Modification?

If you have taken loan from a bank or vender to build your dream home, then you might have been repaying the amount for a long time. There are many ways through which you can lower the amount which you pay for your mortgage. But, not all the mortgages can be lowered. There are certain conditions that you need to satisfy to qualify for loan modification.

81-1Personal qualifications
The first thing to qualify for loan modification the personal and financial background you have. You need to be able to verify some source to the banker through which you can show that you can make the payments in time. The proofs and sources that you show them must be legal and must be verified by the banker. Only then you will be eligible for load modification. After that, loan modification options at loanmoddepot.com can help you getting your loan modified.
Mortgage qualifications
In addition to you personal and financial qualifications that you need to satisfy. You must have to owe less than $729,750 on the single unit rental property, $934,200 on 2-unit rental property. 81-2You must have necessary documented proof of your income to satisfy your modified payment. The most important qualification is that you must not have any criminal cases on you. Meaning, you should not have been convicted in the last 10 years on any theft, tax evasion or fraud charges. If you have faced any of the above convictions, then you are not eligible for applying for a load modification restoration at loanmoddepot.com.
Consult loanmoddepot.com for any queries related to load modification tips and load modification consulting. At loanmoddepot.com you can also know the additional qualifications you must have to be able to apply for load modification.