Category Archives: Foreclosure Knowledgebase

Stop a bank foreclosure- Saving your home and avoiding foreclosure is not as difficult as you think.

Foreclosure defense:

With the right way to approach your lenders, and with the right legal solutions out there, saving your home and avoiding foreclosure is not as difficult as you think. Foreclosure defense is a right with which you can fight back against foreclosure. This concept is a legal strategy which was originally deployed by the homeowners to defend them from foreclosure. With these amendments, it is considered quite easy to resolve the case by taking enough time for the repayment.

Some of the benefits of defending foreclosure are:

  • During the fight, you are allowed to stay in your house.
  • In order to earn some money from the investment property, you have the right to rent out the property.
  • You can also avail an attorney or a loan modification company that is affordable enough to revaluate the terms of the principle amount that matches the current market value.
  • A deficiency judgment on the underwater mortgage can be avoided completely.
  • By proving the right documents and facts to the bank, they can help you settle in case in a proper manner.

The above mentioned clauses may seem easily functional, but it requires plenty of legal procedures for which you need a sophisticated company or a loan modification lawyer for a smooth handling of the case. Either one of them can be chosen with the proper analysis of the fees they are likely to charge for the service provided to settle the foreclosure agreement.

If you are struggling to find the best company to assist in your legal matters concerning foreclosure, enroll with us- https://www.loanmoddepot.com/ for an affordable and a professional help to solve your problems. With our experienced assistance, you may no longer find it difficult to save your precious home from foreclosure.

The Best Ways to Avoid Loan Modification Application Rejection

Loan Modification:

Loan modification is nothing but a negotiation between you and your lender of loan. Usually people apply for loan modification when a financial crisis occurs. This loan is beneficial to make your mortgage expenses and payments more inexpensive and affordable.

Getting any loan modified is not as simple as you think. In order to get through the loan modification application, you can either put your trust in a Loan Modification Lawyer or you can check out our website and get in touch with us- loanmoddepoot.com because our Loan Modification Firm can provide you with an affordable and experienced solution to get it approved as soon as we can.

Some of the ways with which you can avoid load modification application rejection are as follows:

  • The DTI Ratio Stabilization

In most of the cases, a load modification application gets rejected when your DTI or Debt to Income ratio is unstable or high. That is, your debts should not exceed the inflow of your cash statement. If you can show a steady income that can pay off your debts during the prescribed time limit, it is most likely that you get through the application approval without any trouble.

  • Net Present Value calculation:

There are chances of your application being rejected if your NPV is positive. The best way to avoid your application from getting rejected is when you do not possess any property that has more worth than your debts.

  • Choosing the right loan modification firm/attorney.

It’s always good to stand a step ahead by choosing the best company to protect yourself from the loan modification rejection. They can guide you in showing the right path to defend yourself from foreclosure which can permanently damage your wealth.

Mortgage loan modification specialists – why would you chose an attorney?

You’ve worked out that you are above the magic number of 31%  i.e. your monthly mortgage payments are more than 31% of your pretax income – then you are likely for a home loan modification. (To find out eligibility for home loan modification, visit www.loanmoddepot.com )

This is not a guarantee. But depending on other factors – the reasons that your payments are such a high portion of your income – your chances are good.

Now what? Many lenders will tell you to come to them first.

Referring to loan modification companies, Tom Kelly, a spokesman for JPMorgan Chase in Chicago asks – “You are already struggling to pay your mortgage and you are going to pay somebody?”

What Kelly fails to point out is that most loan modification experts will not take an upfront fee – in most states, they are not permitted to.

If an expert, after he helps you save multiple of thousands of dollars in payments and/or interest, all while being able to continue living in your home while the process evolves, takes a small portion for services rendered, isn’t that a fair trade-off?

Remember, you are asking the lender to reduce their profit by asking for better terms. Is it not a conflict of interest – if the same lender who is processing your loan modification application is also working on the foreclosure of your home?

But what about the attorney? Isn’t there some truth to the lawyer jokes? I wish I could tell you otherwise. There are surely a lot of snake-oil salesmen out there.

A reputed attorney though, is vested in getting your mortgage lowered. It’s in his interest to see you succeed – so he can get paid. He will work the phones; use his network of contacts in the industry, to get your application to the top of the chain. If paperwork needs to be filed to stop foreclosure of your home, they will do that.

Howard Miller, 2009 president of the California State Bar and a partner at Girardi Keese, a Los Angeles law firm says attorneys can help borrowers understand their legal rights among other things.

The process of loan modification is not a quick one. There are multiple offices to file paperwork with and follow up – multiple times. A loan modification consultant may be worth the money – especially if they only need to be paid on successful modification.

A Loan Modification Company – How to Find the Right Loan Modification Company

Why do you need a Loan Modification Company?

Have you ever been faced with a situation where you are in desperate need for financial advice when it comes to applying for loan modifications? The whole procedure of getting the application approved is time consuming and it is ideal that you or anyone who is need consults with an efficient Loan Modification lawyer or a loan modification firm.

Pre-requisites for application of loan modification

It may not be a smooth procedure for applying for a loan modification. There are certain clauses which you need to adhere to in order to get a successful loan modification. Your income, debts, NPV, DTI ratio, issues related to immigration etc will be diagnosed before you even begin with the process.

There various scenarios with which applications get rejected for many reasons, some of which may be unknown. That’s when you need someone professional to help you out with your queries related with legal issues.

Legal help

You do not necessarily have to run around to find the right loan modification firm since it is very costly, stressful and tiring. There are lists of websites of companies who are willing to provide information and solutions to your problems related to loan modification.

One of the successful firms who have succeeded in making the clients happy and satisfied with their expert in loan modification is Loan Modification Depot (loanmoddepot.com). By offering support and help with mortgage loans, we are linked with major banks, institutions and agencies to make the process smooth and less time consuming. Choosing the right affordable company for your loan modification is the only way to solve your mortgage loan issues by getting a financial expertise for a legal solution.

Loan Modification Program – It’s Good News for Home Owners

Many homeowners struggling with mortgage loan payment could benefit from different loan modification options that lenders like banks avail today. A loan modification program can result in a lender re-adjusting the principal amount of loan, deferring payment for a certain period, or resetting the interest rate.

Debunking Myths for Loan Modification

A popular myth about loan modification is that it’s very difficult for one’s application to be approved. On the contrary, many banks also hate having to go through the foreclosure process with their borrowers since they can also lose money in this process.

Did you know that the loan modification program is actually backed up by the federal government and that banks are given incentives to motivate them to offer loan modification service to delinquent borrowers? Many people don’t know this, and also that the loan modification program actually allows the bank to collect all their money without the struggle of going through a foreclosure or a collection agency.

What is the requirement for entering loan modification program?

A lot of people think that you must be a delinquent borrower to be eligible for the loan modification program. At loanmoddepot.comwe encourage homeowners to apply for the program if;

  1. You are facing financial challenges that can result in your defaulting your home mortgage repayment.
  2. If the value of your property has dropped below the value of the debt you owe.
  • If you are unable to get refinancing for your mortgage rate when your adjustable rate mortgage has escalated the principle amount crazily.

If your loan modification application is successful, you could benefit from a lifesaving loan modification service like:

  1. A reduction in your interest rate
  2. A reduction in the principal amount
  3. Revision of your monthly payment such that it falls within 31% of your debt to income ratio.

Suffice to say, different banks have different eligibility requirements, but the main requirement is for the borrower to have a steady source of income so that they are able to pay their mortgage when adjusted.

Important Thoughts about Loan Modification for Foreclosure

What is foreclosure?

Foreclosure is nothing but talking away the possessions of your property that is mortgaged when you fail to pay off the mortgage debt. Nowadays foreclosure is common to those who cannot prove to the lenders about your financial expenses.

Why you need loan Modification Company?

With the help of loan modification application submission, a lot of your problems can be solved. With the support of a Loan Modification companies or Loan Modification Attorneys, foreclosure can be avoided. There are times where the government may reconsider readjusting the interest rate to current rates. Several documents have to be submitted to in order to determine if you are eligible for the loan modification or not. Most of the times, people are unaware about the legal actions that needs to be taken to proceed with the application. And that’s when the need of a right company arises.

Loan Modification Depot is one of the firms that provide its clients with an affordable Loan Modification experts and foreclosure attorney network by ensuring them safe and secure plan about the issues they are dealing with, regarding mortgage loans and foreclosure.

Some important thoughts before foreclosures

  • The lenders will threaten you in every possible way to foreclose your property. But it is always good to know that you have every right to defend yourself from such actions. One of them is to immediately contact a loan modification company or a well known attorney for help and advice on the issue.
  • Some of the banks will assist you in proceeding with the load modification application when they are presented with the right documents and reasons to prove the inability to immediate payment of loans.
  • With the right foreclosure attorney network that has a link to various banks, infrastructures and entities, half of your worry will be taken over by them in order to defend your lawsuit against foreclosure of your asset or properties.
  • A good firm or an attorney can be selected either through recommendation or by making the companies or lawyers reveal their success lawsuit of the past. If you end up with an inefficient party for your defense, you might also end up losing the case.
  • With the focused strategy or a plan, it may not be difficult to preserve your valuable financial assets but also to preserve your rights as a citizen. The best organizations will help you formulate a bold pathway and a prudent strategy for defense against the lenders.

Loan Modification Guidelines and Considerations

Indeed, the real estate market is unpredictable. How else can anyone explain the fact that a lot of homeowners who bought during the property boom are now suffering from an uncontrollable rise in monthly payments, little to no equity, or problems with mortgage payments? In fact, a large percentage of homeowners who come to us at loadmoddepot.com for assistance with a loan modification application are victims of fluctuations in the property market.

Who Can Be Considered For Loan Modification?

Not everyone struggling with their mortgage loan payment is eligible for loan modification although working with a loan modification specialist can improve the chances of your application being approved if you truly need it.

A loan modification inspection can prove that you truly deserve a revision of your loan repayment plan. Further, the loan modification inspector must be able to prove that you’re no longer capable of honoring your monthly mortgage payments.

An applicant who qualifies for a loan modification must first submit a letter of hardship detailing their unique circumstance and financial setbacks. Perhaps the borrower lost their job, lost a key member of the family, suffered a bad loan that led to an increase in their monthly mortgage making it challenging for them to keep up with their payment or went through a divorce.

The Requirements during Loan Application

Once your eligibility has been confirmed, the loan modification expert that you’re working with will ask you for certain documents including a list of your other debts and expenses, verification of your income and bank statements. A careful analysis of your total monthly pay-out versus your total monthly income will then be carried out and your existing lender may either create a new structured mortgage or sell it to a competitor lender.

You should not wait until you are served with a notice of default or possible foreclosure letter to start seeking home modification help. You will start getting panic attacks after three default payment; it’s wise to seek help on the first missed payment.

Pay only what you should be paying

It’s not easy. Being a proud home owner and paying the bills. Trying to do your best at your job and trying to do the best by your family and give them time.

It’s a delicate balance, a fine line. So is your amount of mortgage payments.

You have already signed papers with your bank or other lender. This is binding forever and ever, right? Not at all.

The U.S. Department of Housing and Urban development oversees the Making Home Affordable (MHA) program. Under this strategy, homeowners in distress may avail of certain programs to avoid foreclosure on their homes.
Or consult a home loan modification expert, such as Loan Modification Depot. You can visit their website at: www.loanmoddepot.com . Consultations are free. They will probably walk you through your options – loan modification, refinancing, short sale etc.

If it turns out that you are eligible for a home loan modification under the Home Affordable Modification Program (HAMP), then the loan modification lawyer will help you file the paperwork necessary.

After the filing, the attorney’s office will follow up your case and push it to the top using their connections in the industry.

But where the attorneys’ services really come in handy are in the negotiations.  You are asking the lender to give up a part of his profit. He is unlikely to be willing to do this. However, if you have a professional, expert lawyer by your side – the lender will not be able to send you on a circuitous route. After all, your expert attorney knows the law. You may be able to re-negotiate lower mortgage payments and/or interest rates.

Your lawyers may be able to save you up to a thousand dollars in monthly payments. That is your hard earned money – which you could use to help settle the monthly bills. With a little bit less stress, you could spend a little more relaxed time with the family, in your home.

Visit Loan Modification Depot at : www.loanmoddepot.com

Mortgage Loan Modification Tips and Suggestion for Approval

You bet every American’s wish is for their monthly loan payments to be lowered while still being allowed to live in their home. Unfortunately, not everyone is lucky enough to get this wish since banks are not required by law to adjust the repayment plan for every struggling homeowner.

There is, however, loan modification programs for families who are indeed struggling with their mortgage loan payments, and who satisfy the eligibility criteria. If you’re totally new to these programs, you could benefit from the help of a loan modification professional who can help you determine if indeed you meet the requirements.

Is Loan Modification A Trap By Lenders?

Lenders prefer to accept a genuine application from loan modification since this also profits them. Although a lot of people think that lenders are trying to trap them by offering different loan modification options, banks have actually worked out the cost of a modified loan offer versus that of a foreclosure and discovered that the latter is more expensive.

The Loan Modification Process

A loan modification company can educate you on different loan modification options and then help you in the application process. The first step from you should be to write a hardship letter, which should detail the reasons for your financial hardship, and your plan for the future. If you are working with a loan modification expert, he or show will also ask you provide certain copies of documents to the bank which will help shed light on the depth of the situation and help the lender determine if you’re indeed eligible for a modified payment plan.

Once you have succeeded in convincing the bank that you can afford to maintain a restructured payment agreement, your chances of getting your application approved will automatically increase. On average, borrowers whose debt is greater than the current value of their home mostly get their loan modification application approved. At loadmoddepot.com we can help you determine your eligibility and the loan modification option that’s perfect for your case.

Home loan modification may be the simplest way to save your home

If you are here, reading this article, you are probably having difficulty keeping up with your mortgage payments. Or maybe you want to gather information on your options in that eventuality.

Why do you need loan modification?

How one gets to this situation is immaterial. Life has its ups and downs – loss of employment, medical emergencies, unforeseen and unfortunate personal events or something that you had no control over – a global economic crisis.

However, there is help out there. You are not alone in this battle to save your home – though it may seem like it sometimes.

The U.S. Department of Housing and Urban Development (H.U.D) under the Making Home Affordable (MHA) Program, gives the homeowner options to avoid foreclosure on their homes. Some of these options are:

– Principal reduction Alternative (PRA)
– Home Affordable Modification Program (HAMP)
– Home Affordable Refinance Program (HARP)
– Second Lien Modification Program (2MP)

Good resources for further research are:
www.hud.gov
www.loanmoddepot.com

Why do you need an expert?

In our experience though, the simplest way is to apply for a loan modification through a specialist.

All you need to know is: 31%

If your mortgage payment is more than 31% of your pre-tax income, then you most likely qualify for a home loan modification. There are no guarantees but your chances are good.

One organization that can help find out eligibility, organize your applications and negotiate with Lenders (the most difficult part) is Loan Modification Depot. Their professional loan modification lawyers can help you redo your deal with your lenders for a more affordable monthly payment plan.

A home loan modification consultation does not have to cost a thing. Most loan modification experts such as Loan Modification Depot (www.loanmoddepot.com) would not charge you for consultation and would probably only charge on a successful modification.

A successful home loan modification plan would not affect your credit score in the long run as much as a foreclosure or payment defaults – as long as subsequent monthly payments have been on schedule.

So, if you need help, reach out and get it. It’s at your fingertips.