Posts Tagged ‘loan modification’

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Home Loan Modification In California

Thursday, September 2nd, 2010


 

Able Financial Solutions specializes in Home Loan Modifications in the Southern California area. We’ve gone way above and beyond the call of duty to familiarize ourselves with the unique circumstances home owners contend with from Los Angeles to Riverside; from Orange County to Hemet. Our expertise rests in our ability to understand and connect with the average person dealing with hardships.

 

At Able Financial Solutions, we pride ourselves in bringing forth factual, up-to-date information that helps struggling and savvy homeowners alike make intelligent and informed decisions about Home Loan Modifications. We also acknowledge there are a lot of Home Loan Modification experts who can make the negotiation process with your lender appear more intimidating than it really is…

 

We’re not here to necessarily convince you to do business with us (although we appreciate everyone who is drawn to work with us). Our mission of sorts is to increase the positive awareness about Home Loan Modifications, especially as it pertains to the Southern California area where we reside.

 

Home Loan Modifications in Southern California are an amazing opportunity for any homeowner who seeks out their government supported right for mortgage restructuring!

 

There are a lot of misconceptions, misinformation, and old truths not yet retold about Home Loan Modifications. If you’re a homeowner in L.A., Riverside, San Bernardino, O.C., or San Diego, listen up: The information we’re inspired to share with you is going to help you tremendously in making the right decision about your ever-expanding mortgage restructuring options.

 

Let’s get straight to the heart about the Home Loan Modification reality:

 

  • The Obama Administration believes Home Loan Modifications are an essential piece for economic recovery. Obama has created a 75 million dollar federal program that helps people with home loans of less than $729,750 succeed in restructuring their mortgages.

 

  • Lenders like Chase, Bank of America, and Citi Bank (just to name a few) are extremely compliable about approving Home Loan Modifications. Whereas, a couple years ago, Southern California lenders were quite stubborn about approving home loan restructuring of any kind. New precedence about government funding and overseeing has changed the way lenders treat mortgage loan modifications. These are empowering times for homeowners, as much as they are scary for people who don’t know their rights and options. (Note: Individual lenders are more apt to approve different aspects about your home loan modification. Contact Able Financial Solutions to learn more about your situation.)

 

The truth is that Home Loan Modifications are absolutely perfectly suited for anyone unhappy with the structure of their mortgage:home loan modification

 

  • Are you paying a loan that’s under water, e.g. no equity?

 

  • Have you been unable to pay your monthly mortgage and need to find a solution immediately to prevent foreclosure?

 

  • Are you already in the midst of foreclosure proceedings and are experiencing a lot of fear about what options you have to save your home?

 

A lot of people fail to seek out the options they have to restructure their home loans because of fearing the unknown. These ever-changing economic times, while difficult for a lot of people; are also affording YOU the opportunity to renegotiate with lenders in ways that weren’t as possible a few years ago. Lenders in Southern California don’t want an abundance of foreclosed properties. That’s to nobody’s benefit. Know your options, don’t allow the noise in your head to prevent you from taking deliberate action to better your life. The facts are that Home Loan Modifications are appropriate and available for anyone in the Southern California area who wants to:home loan modification

 

  • Lower their interest rate.

 

  • Lower their loan principle to be more in harmony with today’s reduced home and property values.

 

  • Stop paying ridiculous monthly payments for their outdated principle loan.

 

No, you are not helpless.

No, your home loan circumstances are not hopeless; even if you were rejected for a Home Loan Modification in the past.

 

Able Financial Solutions has special relationships with many of the lenders in Southern California that allow us to complete a modification in 3-5 weeks. Our unique ability to expedite your Loan Modification is a peace of mind we enjoy giving our customers.mortgage modification

 

When you work directly with Able Financial Solutions, we also take the burden of stress off your shoulders by:

 

  • Determining the outcome of your Home Loan Modification before imparting any financial obligation to you.

 

  • We also work with you to create a monthly payment you can afford before there is any cost to you.

 

In plain black & white English, there are absolutely no upfront costs for your Home Loan Modification. You can take that to the, um, lender!

 

Take the first step and contact us today. We’re here to help you become aware about your specific Home Loan Modification options. More importantly, Able Financial Solutions will give you the freedom to finally leave behind all the stress, worry, doubt, and fear about your cherished home. We proudly facilitate the ability for you to regain your sanity and equilibrium so can live a more hassle free life. Isn’t that what we all want?

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Studying A Short Sale? What Else Can I Do?

Wednesday, September 1st, 2010

Short sales have long been counted as the most unpleasant form of real estate transaction. Nevertheless, many homeowners in the western states are converting to them as a way to improve their economic situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders. 

For your best outcome, Please consider the following

Step 1: home loan modification a Modification of your home loan First
Indeed, you should fully exhaust all possible options for home loan modification first considering a short sale. Our Iron Clad Guarantee promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale. 

Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:

  • For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan effectively to endure this challenge.
  • For Lenders — Short sales are tremendously expensive for lenders, which makes them unlikely to pursue them without an aggressive negotiation.

When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal. 

Step 3: home loan modification the Short Sale
Short sales can take between four to five months to complete in San Bernardino county, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.

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Home Loan Modification In California

Wednesday, August 25th, 2010


 

Able Financial Solutions specializes in Home Loan Modifications in the Southern California area. We’ve gone way above and beyond the call of duty to familiarize ourselves with the unique circumstances home owners contend with from Los Angeles to Palm Springs; from Orange County to San Diego. Our expertise rests in our ability to understand and connect with the average person dealing with hardships. mortgage modification

 

At Able Financial Solutions, we pride ourselves in bringing forth factual, up-to-date information that helps struggling and savvy homeowners alike make intelligent and informed decisions about Home Loan Modifications. We also acknowledge there are a lot of Home Loan Modification experts who can make the negotiation process with your lender appear more intimidating than it really is…

 

We’re not here to necessarily convince you to do business with us (although we appreciate everyone who is drawn to work with us). Our mission of sorts is to increase the positive awareness about Home Loan Modifications, especially as it pertains to the Southern California area where we reside.

 

Home Loan Modifications in Southern California are an amazing opportunity for any homeowner who seeks out their government supported right for mortgage restructuring!

 

There are a lot of misconceptions, misinformation, and old truths not yet retold about Home Loan Modifications. If you’re a homeowner in L.A., Riverside, San Bernardino, O.C., or San Diego, listen up: The information we’re inspired to share with you is going to help you tremendously in making the right decision about your ever-expanding mortgage restructuring options.loan modification

 

Let’s get straight to the heart about the Home Loan Modification reality:

 

  • The Obama Administration believes Home Loan Modifications are an essential piece for economic recovery. Obama has created a 75 million dollar federal program that helps people with home loans of less than $729,750 succeed in restructuring their mortgages.

 

  • Lenders like Chase, Bank of America, and Citi Bank (just to name a few) are extremely compliable about approving Home Loan Modifications. Whereas, a couple years ago, Northern California lenders were quite stubborn about approving home loan restructuring of any kind. New precedence about government funding and overseeing has changed the way lenders treat mortgage loan modifications. These are empowering times for homeowners, as much as they are scary for people who don’t know their rights and options. (Note: Individual lenders are more apt to approve different aspects about your home loan modification. Contact Able Financial Solutions to learn more about your distinctive situation.)

 

The truth is that Home Loan Modifications are absolutely perfectly suited for anyone unhappy with the structure of their mortgage:

 

  • Are you paying a loan that’s under water, e.g. no equity?

 

  • Have you been unable to pay your monthly mortgage and need to find a solution immediately to prevent foreclosure?

 

  • Are you already in the midst of foreclosure proceedings and are experiencing a lot of fear about what options you have to save your home?

 

A lot of people fail to seek out the options they have to restructure their home loans because of fearing the unknown. These ever-changing economic times, while difficult for a lot of people; are also affording YOU the opportunity to renegotiate with lenders in ways that weren’t as possible a few years ago. Lenders in Southern California don’t want an abundance of foreclosed properties. That’s to nobody’s benefit. Don’t let the noise in your head prevent you from taking action to better your life because of not fully knowing your options. The fact is that Home Loan Modifications are appropriate for anyone in the Southern California area who wants to:loan modification

 

  • Lower their interest rate.

 

  • Lower their loan principle to be more in harmony with today’s reduced home and property values.

 

  • Stop paying ridiculous monthly payments for their outdated principle loan.

 

No, you are not helpless.

 

No, your home loan circumstances are not hopeless; even if you were rejected for a Home Loan Modification in the past.

 

Able Financial Solutions has special relationships with many of the lenders in Southern California that allow us to complete a modification in 3-5 weeks. Our unique ability to expedite your Home Loan Modification is a peace of mind we enjoy giving our customers.

 

When you work directly with Able Financial Solutions, we also take the burden of stress off your shoulders by:

 

  • Determining the outcome of your Home Loan Modification before imparting any financial obligation to you.

 

  • We also work with you to create a monthly payment you can afford before there is any cost to you.

 

In plain black & white English, there are absolutely no upfront costs for your Home Loan Modification. You can take that to the, um, lender!

 

Take the first step and contact us today. We’re here to help you become aware about your Loan Modification options. More importantly, Able Financial Solutions will give you the freedom to finally leave behind all the stress, worry, doubt, and fear about your cherished home. We proudly facilitate the ability for you to regain your sanity and equilibrium so can live a more hassle free life. Isn’t that what we all want?

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The Last Option – Southern California Short Sales

Tuesday, August 24th, 2010

The Last Option – Southern California Short Sales

 

At Able Financial Solutions, we are here to educate you about all of your options for either saving your home, or getting out of your loan with your integrity. We believe that it is our social duty to lift Americans up when circumstances are at their toughest. That’s part of our responsibility as innovators at the forefront of helping every day people change their home loan circumstances.home loan modification

 

One of the ways we accomplish this feat is by offering information. After all, information is power, right?

 

If truth be told; at no other time in recent history have we collectively needed a helping hand more than we do right now. The key to raising our communities and society as a whole out of despondency, and back up into financial and social prosperity is to make sure everyone is fully aware of all their choices. If we can help you gracefully transition out of a financially toxic situation, then finally our communities can be productive again – and you can journey forward discovering new and unfounded dreams.

 

When it’s time to walk away from your home so you can begin building for a better, more harmonious future, Able Financial Solutions is here to help you sift through your options. A Short Sale, while not your first option for saving your home; is your last, best option before your lender forecloses on your mortgage.

 

The Southern California Real Estate Reality

 

The reality for Southern California Real Estate is at a crossroads. There are any number of people dealing with home loans that are much higher than the value of their properties. This isn’t going to remedy itself. As the Southern California Real Estate Market continues to come back down to earth, so to speak, it is destined that Short Sales will remain somewhat prevalent until home values even out.mortgage modification

 

Able Financial Solution’s stance on this is; we want to make sure you’ve exhausted all your other options, first and foremost, before moving forward on this path. Secondly, if a Short Sale is in your best interest, we will work diligently to create the best outcome possible during this lengthy and life-changing emotional roller coaster.

 

Okay, Wait, Wait, Wait… What Exactly is a Short Sale?

 

A Short Sale is when your lender allows you to put your home on the market for less than you owe on the total principle. Bluntly stated, your lender is essentially cutting their losses by giving you the opportunity of paying back only the fair market value your home is now worth. Obviously, you can probably surmise why Selling Short can be a tough process, e.g. lenders don’t like to lose money. Keep in mind, it’s neither your fault that the economy has bottomed out as much as it has, nor is it your responsibility that your lender’s home loan is worth more than your actual house.

 

Short selling your home in the current Southern California market could prove to be the right choice… if you’ve exhausted all of your other options.

 

Some of the benefits for a Short Sale include:

 

  • Allowing you (and your lender) to avoid foreclosure.

 

  • Helping your lender recoup some of the monies they lost on your loan; as opposed to your lender going through the more costly endeavor of foreclosing on your property.

 

  • Your lender might forgive the difference between what your home sold for and what your home loan was worth… if you can prove enough financial hardship. (Note: It’s critical to have Able Financial Solutions represent you to ensure you get the best deal from your lender.)

 

  • The impact on your credit score should be less than going through a foreclosure or Chapter 7 Bankruptcy; empowering you to financially bounce back faster and potentially buy another home when your hardship subsides. Should is italicized because by no means will a Short Sale guarantee your credit will be saved. However, depending upon the negotiation process between Able Financial Solutions and your lender, we could very possibly turn your negative circumstances into a positive outcome. Able Financial Solutions will passionately represent your best interest when and if your financial circumstances make a Short Sale your last, best option.

 

That being said, your bank or lender has to approve a Short Sale, just like a Home Loan Modification, because they’ll be taking a big financial hit; at least in terms of what your initial loan had led them to expect from you when times were positive.mortgage modification

 

Why Should I Try A Loan Modification First?

 

Like I said above, your lender needs to approve a Short Sale. You must show signs of extreme financial hardships for your lender to make a Short Sale mutually beneficial. You’ll have to exhibit job loss, or the elimination of an important stream of income to convince your lender that endorsing a Short Sale is in their best interest. Also just like a Home Loan Modification, your lender requires a Hardship Letter and financial documentation to authorize a Short Sale.

 

Now, if you do indeed owe more than your home is worth on the current Southern California real estate market, you can prove hardship, and you’re behind on your mortgage; your lender might be willing to sanction a Short Sale. Again though, if you’re eligible for a Short Sale and you haven’t tried to modify your current home loan to lower your interest rates, monthly payments, and maybe even your principle; start over. Use all the information you’ve compiled for your lender to launch your case for a Home Loan Modification first.

 

The Last Option

 

Okay, so you’ve tried everything to save your home. It’s time to walk away with dignity and leave open as many future potentials as you can. Able Financial Solutions deeply understands the emotional stress that losing your home induces. We also know that you want to secure your credit as much as possible so you can recover and rebuild your quality of life efficiently and quickly.

 

A Short Sale is shedding the past in the most honorable way; while leaving yourself with more positive options for the future. Able Financial Solutions is your team of compassionate experts ready to help you overcome your challenging financial circumstances, and assist you in rebuilding your life with as much authority as WE can.

 

Embarking on the process of a Short Sell is not necessarily easy; it’s not supposed to be easy… During the Short Sale process, empowerment lies in being gracefully navigated through each twist and turn, so that you’re left with a true clean slate. Able Financial Solutions can help you create a map that will steer you towards the most promising outcome.

 

If you’re a Southern California resident who needs help with your Short Sale, please give us a call to discuss your situation. We’d love to be a part of your recovery.

 

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Loan Modification Programs – The Reason Behind

Monday, August 23rd, 2010

“Have you ever realized that with your existing loan, you could not cope with payment? Is it giving you a hard time with your expenses? If you do, then do not make it a problem any longer. Loan modification program is being offered just for you to cope as well survive your expenditures. It covers reduction of interest rate or extending the length of the loan’s term. In fact, the program includes the combination of both just to help you and permit your earnings to pay off your loan. This program is designed specifically for those who are not financially stable when starting a family or for those who are investing and need enough time for their return of investment.

Basically, for you to be included in a loan modification program, you just need to go to the bank and present your financial condition and tell them that you are having a hard time coping with payments. Tell them the truth and it is imperative for them to provide you with an option and one of these options is the loan modification program. Instead of foreclosing the property or for them to let you go into bankruptcy without exploring other options, they will offer you help. You should not have second thoughts about telling the bank about situation and always ask them what you need to do or what options you have. Eventually, they will find ways to deal with the situation in a win-win solution for you and the bank.

Banks know what you can afford, and it is their legal duty to advise you with your finances just for you to avoid high debt. Sometimes, the bank will even call you and encourage you to apply for a loan modification program if they see that you are qualified. It is your protection from a big money loss or fiscal liability. Remember that the bank can see your wage statements, tax returns and other financial records, so they know what you are capable of. All you need to do is cooperate and submit necessary documents that are being required. Know your capacity to pay and by then everything will be easy to handle.

Modifying your loan does not involve fees other than the interest rate which eventually will be lessened. With the $ 75 billion government funding for this program, banks may cooperate since it is going to be the state that will be giving the incentives.”
If you are not knowledgeable with loan modification programs or perhaps about forensic loan audit do a research about it or have somebody who knows about numbers do it for you.

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Home Loan Modification In California

Wednesday, August 18th, 2010


 

Able Financial Solutions specializes in Home Loan Modifications in the Southern California area. We’ve gone way above and beyond the call of duty to familiarize ourselves with the unique circumstances home owners contend with from Los Angeles to Riverside; from Orange County to Hemet. Our expertise rests in our ability to understand and connect with the average person dealing with hardships.

 

At Able Financial Solutions, we pride ourselves in bringing forth factual, up-to-date information that helps struggling and savvy homeowners alike make intelligent and informed decisions about Home Loan Modifications. We also acknowledge there are a lot of Home Loan Modification experts who can make the negotiation process with your lender appear more intimidating than it really is…

 

We’re not here to necessarily convince you to do business with us (although we appreciate everyone who is drawn to work with us). Our mission of sorts is to increase the positive awareness about Home Loan Modifications, especially as it pertains to the Southern California area where we reside.

 

Home Loan Modifications in Southern California are an amazing opportunity for any homeowner who seeks out their government supported right for mortgage restructuring!

 

There are a lot of misconceptions, misinformation, and old truths not yet retold about Home Loan Modifications. If you’re a homeowner in L.A., Riverside, San Bernardino, O.C., or San Diego, listen up: The information we’re inspired to share with you is going to help you tremendously in making the right decision about your ever-expanding mortgage restructuring options.

 

Let’s get straight to the heart about the Home Loan Modification reality:

 

  • The Obama Administration believes Home Loan Modifications are an essential piece for economic recovery. Obama has created a 75 million dollar federal program that helps people with home loans of less than $729,750 succeed in restructuring their mortgages.

 

  • Lenders like Chase, Bank of America, and Citi Bank (just to name a few) are extremely compliable about approving Home Loan Modifications. Whereas, a couple years ago, Southern California lenders were quite stubborn about approving home loan restructuring of any kind. New precedence about government funding and overseeing has changed the way lenders treat mortgage loan modifications. These are empowering times for homeowners, as much as they are scary for people who don’t know their rights and options. (Note: Individual lenders are more apt to approve different aspects about your home loan modification. Contact Able Financial Solutions to learn more about your situation.)

 

The truth is that Home Loan Modifications are absolutely perfectly suited for anyone unhappy with the structure of their mortgage:home loan modification

 

  • Are you paying a loan that’s under water, e.g. no equity?

 

  • Have you been unable to pay your monthly mortgage and need to find a solution immediately to prevent foreclosure?

 

  • Are you already in the midst of foreclosure proceedings and are experiencing a lot of fear about what options you have to save your home?

 

A lot of people fail to seek out the options they have to restructure their home loans because of fearing the unknown. These ever-changing economic times, while difficult for a lot of people; are also affording YOU the opportunity to renegotiate with lenders in ways that weren’t as possible a few years ago. Lenders in Southern California don’t want an abundance of foreclosed properties. That’s to nobody’s benefit. Know your options, don’t allow the noise in your head to prevent you from taking deliberate action to better your life. The facts are that Home Loan Modifications are appropriate and available for anyone in the Southern California area who wants to:home loan modification

 

  • Lower their interest rate.

 

  • Lower their loan principle to be more in harmony with today’s reduced home and property values.

 

  • Stop paying ridiculous monthly payments for their outdated principle loan.

 

No, you are not helpless.

No, your home loan circumstances are not hopeless; even if you were rejected for a Home Loan Modification in the past.

 

Able Financial Solutions has special relationships with many of the lenders in Southern California that allow us to complete a modification in 3-5 weeks. Our unique ability to expedite your Loan Modification is a peace of mind we enjoy giving our customers.mortgage modification

 

When you work directly with Able Financial Solutions, we also take the burden of stress off your shoulders by:

 

  • Determining the outcome of your Home Loan Modification before imparting any financial obligation to you.

 

  • We also work with you to create a monthly payment you can afford before there is any cost to you.

 

In plain black & white English, there are absolutely no upfront costs for your Home Loan Modification. You can take that to the, um, lender!

 

Take the first step and contact us today. We’re here to help you become aware about your specific Home Loan Modification options. More importantly, Able Financial Solutions will give you the freedom to finally leave behind all the stress, worry, doubt, and fear about your cherished home. We proudly facilitate the ability for you to regain your sanity and equilibrium so can live a more hassle free life. Isn’t that what we all want?

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Posted in Uncategorized | No Comments »

Studying A Short Sale? What Else Can I Do?

Saturday, August 7th, 2010

Short sales have long been counted as the most unpleasant form of real estate transaction. Nevertheless, many homeowners in the western states are converting to them as a way to improve their economic situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders. 

For your best outcome, Please consider the following

Step 1: home loan modification a Modification of your home loan First
Indeed, you should fully exhaust all possible options for home loan modification first considering a short sale. Our Iron Clad Guarantee promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale. 

Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:

  • For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan effectively to endure this challenge.
  • For Lenders — Short sales are tremendously expensive for lenders, which makes them unlikely to pursue them without an aggressive negotiation.

When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal. 

Step 3: home loan modification the Short Sale
Short sales can take between four to five months to complete in San Bernardino county, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.

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Posted in Uncategorized | No Comments »

Considering A Short Sale? Maybe – Maybe Not

Friday, July 30th, 2010

Short sales have long been considered the most unpleasant form of real estate transaction. Nevertheless, many homeowners in California are turning to them as a way to improve their financial situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders. 

Here is our policy on finding short sale solutions for you:

mortgage modification 1: Try a Loan Modification First
Indeed, you should fully exhaust all possible options for loan modification before considering a short sale. Our Iron Clad Guarantee promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale. 

Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:

  • For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan adequately to endure this challenge.
  • Short sales are tremendously expensive and time consuming for lenders, which makes them unlikely to pursue them without an aggressive negotiation.

When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal. 

mortgage modification 3: Execute the Short Sale
Short sales can take between 150 and 200 days to complete in southern California, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.

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Six Ways To Get Relief From Running Under Water

Friday, July 30th, 2010

There are seven ways to alter the terms of your mortgage. Learn the details and trade-offs of each below and decide which one is right for you.

 

Refinance

What is it?In a mortgage refinance, homeowners fundamentally take out a new mortgage that replaces their present one. It is a lot like selling your home to yourself. The value of your property is assessed, just as it would be if it was going to be placed on the market, and you renegotiates the terms of a new mortgage based on the interest rates of the day.

 

When Does It Work? When housing prices are high and interest rates are low, which explains why refinancing was so popular from 2002 to 2007.

Why Does It Not Work? When housing prices have fallen to the point where homeowners no longer have any equity in the property. This is why the refinancing industry, so busy and active 2 years ago, is practically unheard of today.

Pros: When done at the right time, refinancing can give homeowners cash in their pocket (if the value of their home increased since they took out their last mortgage), and lower monthly payments (if interest rates have fallen, or their credit rating has increased, since they took out their last mortgage).

< p>Cons: Fees, fees and more fees. Because you’re basically selling your home to yourself, all of the assessment fees, escrow fees and handling fees you paid when you first bought your property still apply.

 

 

Repayment Plans

What Is It?Monthly mortgage repayment plans are a great solution to temporary hardship on the part of a homeowner. This solution involves the lender temporarily modifying the terms of a mortgage so that the homeowner can enjoy lower payments in the short-term at the expense of higher payments or longer time periods in the future. It is essentially a case where the lender bets that you, the homeowner, are a good investment; that you are likely to overcome your temporary setback and fulfill your mortgage.

 

When Does It Work? If a homeowner has a great relationship with a lender, and if the lender itself is on a sound financial footing, repayment plans are the best option for everyone involved. They are bottom line neutral for lenders, and homeowners are altogether happy to endure stricter long-term conditions in exchange for temporarily relief when they need it most.

When Does It Not Work? When lenders are receiving billions of dollars in government bail-outs because they are not financially sound, or when high unemployment makes it unlikely that a homeowner’s hardship will be temporary.

Pros: Least costly option for both the lender and the homeowner.

Cons: Too conditional. The national unemployment rate and the global financial crisis simply makes it too difficult for lenders and homeowners to credibly negotiate a repayment plan.

 

Forbearance

What Is It? Forbearance is a temporary suspension of monthly mortgage payments. It is generally used for temporary hardships that are foreseen in advance by homeowners and lenders. Setbacks such as death, divorce, unemployment or illness are widely accepted as temporary hardships by lenders.

 

When Does It Work? Similar to repayment plans, the forbearance solution is only possible when lenders are financially stable and when are confident that a homeowner’s hardship is temporary.

When Does It Not Work? Again, similar to repayment plans, forbearance agreements are unlikely to be negotiated when lenders themselves are in financial difficulty, and when homeowners are facing a challenging labor market.

Pros: Homeowners do not have to make any mortgage payments for several months, and lenders get to roll the suspended payments into the rest of the mortgage principal and earn higher returns in the future.

Cons: In exchange for a temporary respite, homeowners must pay back a larger sum then their initial mortgage stipulated.

 

Deed In Lieu

What Is It? When a homeowner turns over their property to their lender in exchange for (”in lieu of”) terminating their mortgage obligations. This is not the same as “walking away from a mortgage”, which is actually foreclosure. With Deed In Lieu, the lender must agree to take dominion of your property in exchange for relieving you of all future mortgage payments.

 

When Does It Work? When the value of a property is still relatively high, i.e. less than 5% below the value of an owner’s mortgage. Before the housing crisis in America hit full swing, Deeds In Lieu were terrific ways for mortgage lenders and owners to avoid the high costs and terrible legacy of foreclosure.

When Does It Not Work? When housing prices have plummeted to the point where lenders no longer wish to take over ownership of a property in exchange for relieving a mortgage obligation. In today’s market, lenders will lose too much money if they agreed to Deeds In Lieu so the incentive for negotiation just isn’t there.

It brings about all of the benefits of foreclosure for both owners and lenders without the disadvantages: High costs for lenders, a giant “F” on a credit report for owners.

Cons: Owners do not get to stay in their homes, and lenders must now find a way to sell the property they just received the deed to.

 

Short Sales

What Is It? When a owner sells a property for less than the value of the mortgage and turns all of the proceeds from this sale over to the lender. The lender agrees to this sale because the entire mortgage will paid off quickly. The lender is losing money by not enjoying years of interest payments, but short sales can occasionally be the “least bad option” available for both parties involved.

 

When Does It Work? When a short sale is likely to provide the lender with a sufficient return over the short-term for it to allow the owner to proceed with the sale.

When Does It Not Work? When housing prices have fallen to the point where properties cannot be sold, or if the money likely to be earned from a sale is sufficient for the lender to agree to it.

Pros: Slightly cheaper than foreclosure, but still incredibly expensive. Owners do achieve a timely, albeit brutal, relief from their mortgage obligations.

owners will never be allowed to remain in their homes, and the process generally results in a huge loss of money and time for both the owners and lenders.

 

Foreclosure

What Is It? When a owner announces to a lender that he or she is no longer able to meet the terms of a mortgage, or when a lender declares that a mortgage is in default and it is taking control of a property. The lender then evolves into the owner of the property and must find some way to sell it and make some profit in the future.

 

When Does It Work?Foreclosure is constantly an option, although it is never a good one. It is the last and final solution available for lenders and owners. No one likes it, everyone is hurt by it, but it does remove the mortgage obligation for the owner.

When Does It Not Work? Never. Foreclosure is always an option.

Pros: Difficult though it may be, foreclosure does terminate a mortgage and provide relief to the owner, at the cost of a seven-year stain on the owner’s credit rating (the big “F”).

Cons: Foreclosures take between 150 and 390 days to complete depending on the state a property is located, and costs lenders an average of $50,000 per property to complete. That cost is endured even before the lender is able to resell the property, which could result in even greater losses given the scope of the national housing crisis. As for owners, those who foreclose are financially ruined and removed from their home.

 

Loan Modification

mortgage modification Is It? A negotiation between between a lender and an owner to change one or more of a mortgage’s five key terms.

 

When Does It Work? Almost all the time, although the probability of success is higher or lower depending on the situation. Adjustable-rate mortgages at high interest rates are automatically accepted for modification. Fixed rate mortgages at low interest rates are rarely accepted, but there’s always a chance for success.

mortgage modification Does It Not Work? The leading cause of rejected modification applications is homeowners failing to understand and navigate the system correctly. In the hands of a professional team like Able Financial Solutions, owners can achieve the strongest possible bargaining position for the loan modification negotiation, increasing the likelihood of success.

Less expensive than foreclosure or short-sales for lenders, which increases the chance that lenders will completely negotiate in good faith. If successful, owners are able to stay in their homes, achieve financial relief and endure a less painful impact on their credit-rating.

Cons: Because owners must personally negotiate with lenders, loan modification can be a scary, nerve-wracking process. But with a team like Able Financial Solutions, owners can develop a calculated strategy for success and can negotiate with confidence that the best interest of both them and the lender.

 

 

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Report A Suspicious Mortgage Lender/Loan Processor

Friday, July 16th, 2010

Mortgage loan fraud can be divided into many broad categories: Fraud for property and fraud for profit. Fraud for property is generally undertaken by borrowers against lenders, while fraud for profit is typically undertaken by lenders against borrowers. The collapse of America’s housing market and the subsequent “pulling back of the veil” behind dubious lending practices clearly showed that the lender-style of fraud, fraud for profit, is well-ahead of the borrower-style in frequency and complexity.

 

 

Fraud for property generally involves the deliberate misrepresentation or omission of information with the intent to deceive or mislead a lender into extending credit that would likely not be offered if the true facts were known. Although this has generally been used as a label for home buyers attempting to purchase homes for their personal use, the rise of sub-prime mortgage brokers and other financial intermediaries has greatly expanded this type of fraud; to the detriment of both buyers and lenders.

 

Fraud for profit is often committed with the complicity of industry insiders such as mortgage brokers, real estate agents, property appraisers, and settlement agents (attorneys and title examiners). A comprehensive, detailed list of fictitious activities undertaken by these actors can be located in our glossary of terms.

 

If you suspect fraudulent activity on the part of a lender, or any other financial intermediary, blow the whistle now! Go to the Making Home Affordable government website, maintained by the White House, the U.S. Treasury Department and the U.S. Department of Housing and Urban Development. And always, always always, be on the look-out for the following scams:

 

 

  1. Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
  2. Scam artists or con artists often spot homeowners who are endeavoring to meet their mortgage promise or anxious to sell their homes. It is imperative that every homeowner learn to recognize and avoid scams.
  3. Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
  4. Do not sign over the claim to your property to any association or individual unless you are working directly with your mortgage company to forgive your debt.
  5. Never make a mortgage payment to anyone other than your mortgage company without their approval.

 

 

 

 

Links:

 

3rd paragraph: glossary of terms –> /resources_glossary.php

4th paragraph: Making Home Affordable government website –> http://www.makinghomeaffordable.gov/beware.html

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