Underwater Mortgage Relief From HAMP Fails To Dent Foreclosure Crises

Posted by on 15 December 2010, 4:32 pm

Yesterday Karen Weise reported in Oversight Panel Slams Loan Modification Program, but Highlights an Opportunity that underwater mortgage relief from the Home Affordable Modification Program (HAMP) has failed to make a dent in the foreclosure crises.

Karen cites the Congressional Oversight Panel (COP) report A Review of Treasury’s Foreclosure Prevention Programs. In that report one of the reasons for not providing more underwater mortgage relief is that “mortgages are, in practice, far more complicated than a one-to-one relationship between borrower and lender.”

Mortgage Servicers Make More Money From Foreclosure Fees

According to the COP “servicers can turn a substantial profit from foreclosure-related fees.” It’s in the best interest of the mortgage servicers to keep going through with foreclosures rather than doing loan modifications. Since these mortgage servicers have not lost any money at all, (it’s not their loan) they stand to make substantial money foreclosing rather than agreeing to do any kind of mortgage loan modification.

What’s Your Chance Of Success With HAMP?

Given these incentives for banks and mortgage servicers to continue to foreclose rather than do loan modifications, what’s your chance of getting a successful loan modification that will stick? What’s your chance of getting underwater mortgage relief?

According to Karen “homeowners defaulting on their modified loans will soon eclipse the number of new modifications.” The program isn’t really helping that much.

So what’s your alternative? It could be a program that doesn’t depend upon the government in order to succeed. Take a look at our Mortgage Debt Reset Program.

Follow the Find Out More About Our Mortgage Debt Reset Program link and sign up to receive our free no obligation information package. Then you can decide for yourself.

Sphere: Related Content

Filed under Mortgage Refinancing, Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , ,
Comment

If You’re Facing Foreclosure, Do You Know Whether It’s A Wrongful Foreclosure?

Posted by on 7 December 2010, 5:02 pm

There’s a recent article on ProPublica about people who are facing foreclosure and how many of them are in wrongful foreclosure.

Do You Know What Is A Wrongful Foreclosure?

Marian Wang in her Primer: What Is a Wrongful Foreclosure? article gives five actions that are wrongful foreclosures.

  1. Homeowners who were not in default
  2. Homeowners who went into default because the lender told them they needed to be behind in payments to qualify for a loan modification
  3. Homeowners swamped by default fees they couldn’t pay to catch up
  4. Homeowners placed in foreclosure while the lender was processing a loan modification
  5. Lenders filing foreclosures when they have no legal standing to do so

If you’re facing foreclosure and don’t know whether it’s a wrongful foreclosure or not, take a look and this article. You may find out that you are in a wrongful foreclosure.

When You’re Facing Foreclosure Know Your Rights

When you’re facing foreclosure don’t just give in to the lenders. Check out your legal rights and find out whether the lender really has a right to foreclosure on you.

There are actions you could take. And one of them is to get more information right away. Don’t let a wrongful foreclosure ruin your life.

See whether our Mortgage Debt Reset Program may help you by following the Find Out More About Our Mortgage Debt Reset Program link and sign up to receive our free no obligation information package. Then get good legal advice.

Sphere: Related Content

Filed under Foreclosure Refinance, Mortgage Debt. Tagged , , , , , , ,
Comment

With An Underwater Mortgage Who Do You Owe When Facing Foreclosure?

Posted by on 18 November 2010, 5:51 pm

Today most home owners have an underwater mortgage. If that is your situation and you’re facing foreclosure, who do you really owe for the unpaid balance?

Let’s start at the beginning.

Where Did You Get Your Mortgage Loan?

When you purchased your home, you went to a mortgage lender to get the bulk of the “money” needed to buy it. In most cases the place you went was a mortgage broker or a bank.

If you went to a mortgage broker, they didn’t make the loan. They only work with many lenders to supposedly get you the best loan for your situation. So they are in essence just an extension of the banking system. The mortgage brokers are independent agents who get paid a fee for getting business for the banks. You know, those extra points that they charge.

The Mortgage Loan Documents

Then you had to sign a whole stack of documents that the lender’s representative placed in front of you. In that stack there are two important ones that cover your mortgage loan.

The first is the mortgage note, and the second is the mortgage security instrument. The second document is a contract saying that if you don’t pay your mortgage note in accordance with the terms, the holder of that mortgage note has the right to take your home as payment for the mortgage loan.

This is an important point to remember. It’s the holder of the mortgage note that has the right to come and take your home away to get payment for the note.

Your Mortgage Note Was Sold

Then the whole process behind closed doors starts. In most cases your mortgage note and security instrument were recorded in the Mortgage Electronic Registration System, MERS. At this point your mortgage note became just a number in the system.

Your mortgage note became a security instrument with value just like stocks on the stock exchange. It was bundled with many other mortgage notes and sold to investors who invest in mortgage-backed securities. It became part of a mortgage-backed security.

The originating bank sold your mortgage note and got paid full value for your mortgage note. You got that? The bank got paid. If the bank got paid, how could you still owe them? But now that you’re in an underwater mortgage situation, someone wants to get paid.

Who Gets Your Monthly Payments?

Where do you send your monthly mortgage payments? In most cases it’s not the bank that made the mortgage loan to you in the first place. But, and this is a big BUT, the bank you make your payments to is not the one holding your mortgage note. They only service your mortgage note. They get paid servicing fees to record your payments and keep track of the status of your payments.

Who Owns Your Underwater Mortgage?

So who actually owns your mortgage note? It may be hard to tell, because it probably has changed hands many times. Only MERS has the latest information. But there is a way to find out.

According to Resources for Investigating Investor Restrictions on Mortgage Modifications you can find out who owns your underwater mortgage. It will probably be a mortgage-backed security that now owns your note.

They say the way to do it is to “send the servicer a “qualified written request” under the Real Estate Settlement Procedures Act, which requires the servicer to acknowledge the request within 20 days and to try to answer the request within 60 days.”

When Facing Foreclosure, Who Has The Right To Foreclose?

So now that you’re facing foreclosure, does the bank who is just the loan servicer have the right to foreclose and take your home in payment for your mortgage note? They didn’t make the mortgage loan. They don’t hold the mortgage note. Your original bank already got paid. So who do you owe?  Maybe you owe the investor group that bought the mortgage-backed security. But are they the ones who are foreclosing?

To see how this works to your advantage, maybe you could use our Mortgage Debt Reset Program. If you’re facing foreclosure and want to find out, click Find Out More About Our Mortgage Debt Reset Program  and sign up to receive our free information package. Your underwater mortgage could be a thing of the past, as well as your foreclosure.

Sphere: Related Content

Filed under Foreclosure Refinance, Underwater Mortgage. Tagged , , , , , , , , , , , , , , , , ,
Comment

Underwater Mortgage Relief By Stopping The Foreclosure Process

Posted by on 7 October 2010, 8:45 pm

People are getting underwater mortgage relief right now because some of the largest of the banks have been stopping the foreclosure process.

The interesting thing about the states where the banks have stopped the foreclosure process is that they are all states where the lender needs to go to court to get a judicial order to be able to foreclose.

Why The Foreclosures Stopped In 23 States

In Arthur Delaney’s Calls Mount For Foreclosure Moratorium, Investigations post today “Several of the nation’s largest banks have already halted foreclosures in the 23 states where a court’s approval is required to foreclose. Ally (formerly known as GMAC), Bank of America, and JPMorgan have paused foreclosures after employees admitted in sworn depositions they didn’t verify information in thousands upon thousands of affidavits they signed.”

It’s intersting that these banks only halted foreclosures in 23 states and not the others. The big reason is stated in the above quote, these states require the lender to go to court in order to start the foreclosure process.

Why Are The Banks Afraid To Go To Court?

These banks know that if a judge looks at the documents that they purport to hold that would allow them to foreclose, the case would be thrown out. There have been so many irregularities in the required foreclosure documents and required procedures that the banks couldn’t foreclose.

Many of the politicians in Washington have also seen this and some like Senate Majority Leader Harry Reid (D-Nev.) have written letters to request that these large banks suspend foreclosures in non-judicial foreclosure states like Nevada.

Why Can Mortgage Debt Reset Offer Underwater Mortgage Relief?

It is because of these irregularities that we at Mortgage Debt Reset can offer our Mortgage Debt Reset Program. The banks have been playing fast and loose for a long time.

In the Biggest Banks Ensnared as Foreclosure Paperwork Problem Broadens article by Marian Wang, “A judge threw out the case after ruling that the servicer’s use of a robo-signer meant the affidavit — which establishes basic facts such as the bank’s ownership of a mortgage — had not been properly reviewed. The judge also concluded that the affidavit was incorrect; IndyMac didn’t own the mortgage and therefore did not have standing to foreclose.”

When Seeking Underwater Mortgage Relief From Big Banks You Need Expertise

We have the expertise to be able to deal with these banks to give underwater mortgage relief and then offer 100% financing with the equivalent of 50% financing monthly payments.

If you would like to know how we can do this, then get the specific information you need to qualify for our Mortgage Debt Reset Program by following the Find Out More About Our Mortgage Debt Reset Program link and signing up to receive our free no obligation information package.

Sphere: Related Content

Filed under Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , , ,
Comment

Temporary Underwater Mortgage Relief For JPMorgan Chase Home Owners In Foreclosure

Posted by on 1 October 2010, 4:54 pm

The Huffington Post article JPMorgan Foreclosure Disputed, Casting Wider Doubts by William Alden recently reported that JPMorgan Chase stopped processing foreclosures. This gives the home owners currently in foreclosure some temporary underwater mortgage relief.

Fall Out From The Ally Financial Foreclosure Processing

This is a repercussion from the Ally Financial problem created by Jeffrey Stephan that was mentioned in Facing Foreclosure? Jeffrey Stephan May Be Your Mortgage Debt Relief. The banks have been playing fast and loose for a long time, and now it is finally catching up to them.

As mentioned previously the banks and corporate lenders have not been following the federal laws in all their dealings with home owners. They made mortgage loans with missing documents, documents not signed properly, and improper notices to the parties involved.

By Not Following The Law The Banks Went Broke Making Money

This led to the banking crisis which nearly brought down our whole economy. A description of how this happened is in the ebook Why Banks Went Broke Making Money: The Money-Making Magic That Triggered The Great Recession offered as a bonus to No Money Limits For Real Estate Investors: Discover The Money-Making Secret In The Real Estate Game That Transforms Your Money Struggles Into Financial Abundance.

JPMorgan Chase Home Owners In Foreclosure Get Only Temporary Mortgage Relief

But this is all history now, and the temporary underwater mortgage relief that some banks are offering now because they got caught may only be just that. It may not last for very long. Soon these lenders will find out how to get around this problem and begin the foreclosure process again.

When that happens, where will these home owners be? The clock is still running. So, according to the banks, they will owe even more on their mortgage debt and still be vulnerable to the foreclosure process all over again.

Get Permanent Underwater Mortgage Relief Instead

If you would like to get out of this rat race, you need a permanent solution to your underwater mortgage. You need permanent underwater mortgage relief. Our Mortgage Debt Reset Program can be the relief you’re seeking. See for yourself by going to Find Out More About Our Mortgage Debt Reset Program and sign up to receive our free no obligation information package.

Sphere: Related Content

Filed under Foreclosure Refinance, Mortgage Debt, Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , , , ,
Comment

If You’re Facing Foreclosure You May Lose Your Job Too

Posted by on 27 September 2010, 3:28 pm

What happens when you get your notice of default (NOD) and you’re now facing foreclosure? What are you thinking? You’re going to lose your home. But that’s not all. You could also lose your job.

According to a recent security clearance study by Sheldon Cohen, the federal government is considering foreclosure as a reason to deny security clearances.

4.5 Million Employees At Risk

In the CBS Report: Loss of Security Clearances Matches Rise in Home Foreclosures article by Michael Rey “there are an estimated 3 million government employees and 1.5 million contractors with some level of security clearance.” Are you one of them?

You May Be Dropped From A Government Job

If you work for the federal government and need a security clearance to perform your duties, you may lose that clearance because you’re in foreclosure or going through the foreclosure process. Then, without that clearance, you could lose your job.

Federal Contractors Could Terminate Jobs

If you’re working for a defense contractor, or even a sub-contractor, and need a security clearance for that job, you could be evaluated again. So being in foreclosure could mean not only losing your home, but after losing your home you could also lose your job.

When Facing Foreclosure Consider Your Options

If facing foreclosure could mean losing your job as well, wouldn’t it be better to seek out other options that would allow you to keep your job? Although there is no guarantee that our Mortgage Debt Reset Program will allow you to keep your job, it may be better than going through the foreclosure auction sale and losing your job.

So check it out. See what you think. Follow the Find Out More About Our Mortgage Debt Reset Program link and sign up to receive our free information package about our Mortgage Debt Reset Program. It may be the option you’re looking for.

Sphere: Related Content

Filed under Foreclosure Refinance. Tagged , , , , , , , , , , , , , ,
Comment

Facing Foreclosure? Jeffrey Stephan May Be Your Mortgage Debt Relief

Posted by on 22 September 2010, 3:32 pm

If you have received a foreclosure notice and you’re facing foreclosure, your mortgage debt relief may be closer than you thought.

In the Ally Financial legal issue with foreclosures may affect other mortgage companies article on the Washington Post by Ariana Eunjung Cha, Jeffrey Stephan admits under oath that he did not “review cases to make sure the proceedings were legally justified and the information was accurate.” He also admits that he did not “sign the documents in the presence of a notary.”

Evictions Halted In 23 States

Jeffrey Stephan’s assertions “compelled Ally Financial, the nation’s fourth-largest home lender, to halt evictions of homeowners in 23 states this week.” So if you’re in one of those lucky proceedings you’re saved for the time being, no more facing foreclosure.

How Many Other Foreclosure Documents Are Illegal?

The question now comes up that there may be many thousands more foreclosures that are being done illegally. And that is not all. This is just a symptom of the illegal activities that the banks and other corporate lenders have been doing all along.

Rule Of Law Doesn’t Apply To The Banks

For the last few decades the mortgage lenders have been getting away with all sorts of illegal activities in their loan processing. They were making loans so fast that they skipped many require-by-law steps. Up until now that didn’t matter much. They were so big and kept lending money anyway that they got away with it.

Rule Of Law May Yet Prevail

But if this ruling against Ally Financial is any indication of what is to come, the illegal actions of lenders may be coming to an end if, as a home owner, you know how to counter the bank’s illegal actions.

Fighting The Illegal Loans And Illegal Foreclosure Actions Of The Lenders

If you knew exactly how to go up against the banks and other mortgage lenders that have made illegal loans over the past several years, you could get your current mortgage cleared. Then it might be possible to own your home free and clear.

If you knew on what grounds to challenge these lenders you could get a court ruling that would allow you to keep living in your home without making any more payments on these fraudulent loans. But do you know how to be successful? Would you know where to start and what to do each time the mortgage lender replies to any claim you may make?

In Steps Mortgage Debt Reset To The Rescue

This is where our Mortgage Debt Reset Program comes in. We have the expertise to challenge these lenders and remove your current loans. Then we can give you 100% financing and monthly payments based upon only 50% financing.

If you would like to know how our process works and what you would need to do to qualify for our Mortgage Debt Reset Program, then follow the Find Out More About Our Mortgage Debt Reset Program link and sign up to receive our free no obligation information package. You could be even luckier than the people who have only had their foreclosure process halted. You could be free of facing foreclosure again.

Sphere: Related Content

Filed under Foreclosure Refinance, Mortgage Debt, Mortgage Relief. Tagged , , , , , , , , , , , , , , , , ,
Comment

Who Profits From Loan Modifications To Get Mortgage Debt Relief?

Posted by on 17 September 2010, 2:42 pm

With the Obama Administration pushing loan modifications through their HAMP and the banks offering their own loan modifications programs, who’s making the money here?

Loan Modifications Are A Big Money Making Business For Attorneys

According to a recent article in the Chicago Tribune, Some lawyers profit off foreclosure fears, loan modifications by Ellen Gabler it’s the lawyers who are making the money. “Attorneys are among the few professionals who can legally charge upfront fees to help homeowners modify their mortgages.”

“Lawyers are linked to 30 percent of mortgage foreclosure companies that consumers have filed complaints about to the state attorney general’s office, records show.” But the loan modification end result is up to the banks. The banks still control the process of who gets mortgage debt relief.

Banks Can Kill A Loan Modification

Even though the attorney who was hired to assist the home owner get a loan modification does everything the attorney should, the bank can still say no. Then the home owner is out the fees the attorney charged and still stuck with an underwater mortgage without any mortgage debt relief.

Pay Your Money And Also Get It Back For Non-Performance

With our Mortgage Debt Reset Program there is a charge that is paid before we begin to work. But that money is completely refundable if we can’t perform. So, unlike paying an attorney to get a loan modification that never happens, and losing your money, with our program you lose nothing.

All Your Money Is Paid Back Regardless

You get all your initial payment back in one of three ways.

  1. After the initial evaluation, if we know that we can’t eliminate your current mortgage, your payment is refunded right away.
  2. If anywhere along the process we run into a road block that is so great that we are unable to get rid of your current loan, you get your money back.
  3. After you have gotten your 100% financing at today’s market values, when you pay off the financing, you also get your money back.

You Have Nothing To Lose And Everything To Gain

See how you can get mortgage debt relief and get your mortgage debt reset with our Mortgage Debt Reset Program by following the Find Out More About Our Mortgage Debt Reset Program link and signing up to receive our free no obligation information package. When you get all your money back, that’s a free program with no attorney’s fees.

Sphere: Related Content

Filed under Mortgage Debt, Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , , , , , ,
Comment

Underwater Mortgage Relief Through Loan HAMP Gives Only 36 Percent Reduction

Posted by on 9 September 2010, 12:12 pm

Have you been seeking a loan modification from your mortgage lender using the HAMP process?

What Will You Get If You Get A Permanent Loan Modification?

According to the Loan Mod Profiles: For Some, a Modification article on September 8, 2010 by Karen Weise “those who do get permanent help through the program, the average payment drops by 36 percent, or $510 a month.” Is that enough for you?

In addition “homeowners who have started trial modifications through the government’s effort to reduce foreclosures have been more likely to be denied than to get the program permanent’s fix.”

What Kind Of Underwater Mortgage Relief Do You Get For Your Trouble?

Considering that most people don’t even get underwater mortgage relief when they attempt a loan modification and that those who do only get an average reduction of 36%, is all that trouble worth it? Will it really help in your situation? What if you need a greater reduction in monthly payments to give you real underwater mortgage relief?

Loan Modifications Under HAMP Don’t Reduce The Principal Amount

In addition to only getting an average of 36% reduction in monthly payments “the program does not forgive principal. Instead, it sets aside some of the loan balance to be made as a balloon payment at the end of the loan. The average homeowner who gets a modification still owes 50 percent more on the loan than the houses is worth.”

You can check this statistic in the U.S. Government Accountability Office PDF report.

Where’s The Real Underwater Mortgage Relief?

With all of this is there no hope? Where can you get real underwater mortgage relief that will reduce monthly payments to about half your current payments and still give mortgage principal reduction to what your home is worth right now?

There Is Such A Program And It’s Called Our Mortgage Debt Reset Program

You can get the specific information you need to qualify for our Mortgage Debt Reset Program by following the Find Out More About Our Mortgage Debt Reset Program link and signing up to receive our free no obligation information package. Then you’ll see that real underwater mortgage relief is possible.

Sphere: Related Content

Filed under Mortgage Debt, Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , , ,
Comment

Underwater Mortgage Relief With A Short Refinance – The New Obama Plan

Posted by on 7 September 2010, 1:43 pm

The Obama administration is launching a new mortgage program, the short refinance program. What does this mean for you?

If you want underwater mortgage relief and you’re current in your mortgage payments, then this new program may be for you. You essentially get an FHA backed refinance, where the loan servicer and the bank or investors who own the mortgage note agree to write down your mortgage loan to under current fair market value (FMV).

What’s The Short Refinance Catch?

The main problems are:

  1. You must be current in your mortgage.
  2. If you already have an FHA loan you can’t participate.
  3. The loan servicer and investors or bank that owns the loan must agree to reduce the balance by at least 10%.
  4. It will affect your credit score.
  5. It’s only good on your primary residence. Second homes or rental properties don’t qualify.
  6. If you have a second loan, the second loan holder must agree to reduce the principal if the total owed is greater than 115% of the current value.
  7. The program is entirely voluntary for the banks and loan holders.

Will Short Refinance Be Your Underwater Mortgage Relief?

If you’re one of the 11 million people who currently have underwater mortgages, will this new short refinance program work for you? Maybe it could if you don’t run into one of the many problems stated above.

Even More Pit Falls In Your Getting A Short Refinance

According to Nick Timiraos’ Government to Deploy Broader Mortgage Aid article on September 4, 2010 it’s hard to get mortgage servicers to participate because of mortgage securitization. And the investors who bought those mortgage-backed securities “may not be able to participate as hoped because certain contracts that govern mortgage securitizations say modifications can only proceed if there is an “imminent” risk that the borrower would default.”

Is There A Program That Can Provide Underwater Mortgage Relief Right Now?

If you don’t want to be plagued with the problems of a short refinance and can’t get your mortgage servicer to assist you, there is an alternative that doesn’t have all those qualifications or problems. You still get 100% financing at the current FMV.

Our Mortgage Debt Reset Program has no specific percentages that have to be met in order to qualify. It’s not dependent upon voluntary bank participation. It puts you in the driver’s seat of the underwater mortgage relief process.

To Find Out More About Our Mortgage Debt Reset Program follow this link and sign up to receive our free information package. We’ll keep you informed.

Sphere: Related Content

Filed under Mortgage Relief, Underwater Mortgage. Tagged , , , , , , , , , , , , , ,
Comment
« Older Entries
Newer Entries »