If you are facing foreclosure we have options to help stop foreclosure. In many instances the initial response is to request a loan modification.
The mortgage industry has changed and the requirements have changed and no longer allow stated income. The rules went back to where they used to be and mortgage companies qualify potential buyers based on debt to income ratio calculations. The reason that the lending industry has come full circle and made it more difficult is because most homeowners that purchased or refinanced between 2002 and 2008 used adjustable rate mortgages to buy houses that are actually out of price range once the rate adjusts. The stated income program was used fraudulently as buyers were over stating income and in some instances had no employment at all.
These adjustable rate mortgages (ARM loans) have been adjusting and will continue to do so well into 2011. Now that the housing market has taken a big hit the homeowners in these programs will not be able to refinance due to the loss of equity in the homes and the enormous amount of job losses in America. There are rally only 2 options available try to get a loan modification or short sale your home. If you need short sale help contact us, we are the experts in short sale help. Homeowners really do not understand that the servicing companies are not the owners of the loans and they are in business to collect payments and not negotiate debt or reduce interest rates. It is very unfortunate that homeowners facing foreclosure do nothing because of fear or not know where to turn for help. It is unfortunate lenders do not get it and will beat up homeowners when they get calls from the collection department.
Although a borrower
If a borrower has a truthful hardship and the bank is slow to react or refuses to listen what happens is a foreclosure results and the borrowers credit is hurt for seven years. When you are facing this situation and getting nowhere with a business and you don’t get the results you need in a timely manner, you should hire an attorney who specializes in foreclosures and loan modifications!
There are many stories from borrowers who say they most banks will not discuss your situation unless you are behind two to four months in payments. Once that occurs, your hard earned credit scores from years of being responsible are wiped out. Furthermore, you may never be eligible for a home loan at market rates for quite some time. The solution is to use a Loan Modification company that actually does have an attorney on staff to get answers and responses quickly so your situation is resolved quickly. You end up keeping your home, getting a loan modification, reducing your interest rate to an affordable level, and in some cases reducing your loan principal but there’s no guarantees. An experienced debt representative from the attorney backed loan modification company will call you to see if you do qualify based on certain criteria. Although, some firms will take your money and you don’t qualify. Those are the ones you have to watch out for. They hit you when you’re down. Work with a company that has success, years of experience, paralegals and an attorney on staff. You will feel more at ease knowing you have the best team working on a solution for you whether it be a short sale, a deed in lieu of foreclosure, tax ramifications of short sale, or a loan modification.
A lawyer who specializes in negotiating with lenders can achieve magical results especially if they find RESPA or TILA violations to use for leverage. A real estate attorney understands how to speak their language and get the lender to negotiate. When a homeowners uses an Attorney, the lender’s loss mitigation and legal department become very receptive and responsive. Get a good legal team on your side to stop foreclosure and get a loan modification!
