New Chase Approval! October 2010

Borrower had a interest rate of 7.375% with CHASE.   Borrower went from a payment of $3,887.50 (PITI) to $2,483.78 (PITI) SAVING $1,403.72 per month that's $84,223.20 the borrower is saving in 5 years! The interest rate starts at 2% for the first 5 years and climbs to 1% every year until it caps at 4.375% for the remaining loan term.

6th Year (Old Payment) $3887.50 - $2,736.38 (New Payment) = $1,151.12
7th Year (Old Payment) $3887.50 - $3002.40 (New Payment) = $885.10
8th Year to 39th Year (Old Payment) $3887.50 - $3104.46 (New Payment) = $783.04

Check out the approval HERE

Foreclosure Mortgage Mess...Might get Homeowners Free & Clear Houses!

Banks worse nightmare scenario is coming!

The Housing Problem is getting bigger!

Again I hate it when I'm right! The housing problem is getting to the point where many States and City Governments can not afford to ignore any longer.  Check out the stories below.  The Foreclosure problem and lack of help from many "HUD" Agencies and Loan Modification Companies are not helping either.  There is a lot of rumors flying around right now of the Obama Plan Version 2.0 and Countless State Homeowner Stabilization plans. only time will tell.

Watchdog: Treasury outsourced most bailout work -http://yhoo.it/dAVgfN

Banks seize 288K homes in Q3, but challenges await -http://yhoo.it/93lgu7

Wells Fargo to Begin Offering Pick-A-Pay Relief

Wells Fargo has announced that beginning Dec. 18, 2010, through June 30, 2013, at-risk Wachovia Pick-a-Payment customers may be eligible to earn principal forgiveness by making on-time mortgage payments. The company also will contribute about $24 million to eight states to enlist help in customer outreach, and to prevent or mitigate the impacts of foreclosures in these communities. The terms of this agreement have been contemplated in the company’s financial projections, and are expected to have no impact on third-quarter financial results.
The program is part of an agreement with attorneys general in Arizona, Colorado, Florida, Illinois, Nevada, New Jersey, Texas and Washington who expressed concerns about the manner in which pay-option mortgages were originally marketed by World Savings Bank and Wachovia, who originated these loans prior to merging with Wells Fargo in late 2008. The agreement expands on Wells Fargo’s existing home

Publish Post

preservation efforts. Through August 2010, at-risk Wachovia Pick-a-Payment customers already had been given almost $3.4 billion in principal forgiveness.

If you need help with a Loan Modification, Short Sale, Refinance or Purchase contact us at 
Click on the link for the full article http://bit.ly/aELmHo

Obama won't sign bill that would affect foreclosure proceedings

Amid growing furor over the legitimacy of foreclosure proceedings, White House officials said Thursday that President Obama will not sign a two-page bill passed by lawmakers without public debate after critics said the legislation could loosen standards for foreclosure documents.
The bill, named the Interstate Recognition of Notarizations Act, would require courts to accept document notarizations made out of state. Its sponsors intended the effort to promote interstate commerce. But homeowner advocates warn the new law could allow lenders to cut even more corners as they seek to evict homeowners.




Obama won't sign bill that would affect foreclosure proceedings

Interest Rates going up

SAN FRANCISCO (MarketWatch) -- Freddie Mac /quotes/comstock/11k!fmcc (FMCC 0.32, -0.01, -1.56%) said Thursday the 30-year fixed-rate mortgage average edged up to 4.37% with an average 0.7 point for the week ending Sept. 16. In the previous period, the average was 4.35%, and the year-ago average was 5.04%. "Interest rates on 30-year fixed mortgages have remained below 5% for the last 19 weeks giving people ample opportunity to refinance their existing mortgage debt.

Read full story:

http://www.marketwatch.com/story/freddie-mac-30-year-fixed-rate-mortgage-edges-up-2010-09-16-107420?dist=countdown

New Loan Modification Approval Aurora Loan Services

We just received another Loan Modification Approval this time it's Aurora Loan Services.
Borrower is going from a payment of $3,227.38 to $1,679.30.  Please read the APPROVAL it
states that as long as the borrower makes the payment on time the Permanent Loan Modification
will go through.  This is what many banks and lenders are doing first they verify everything you submit
when you apply for a loan modification (income)and from there you will either get a denial or an approval.
This is the 2nd of the current modification approvals we have seen this month where the banks are doing this.
In my professional opinion I like the way it's being reviewed since it stops the slow down of the review period and now you know that if you qualify for a trial payment then you will usually get a loan modifications finalized.  The only banks that I see doing the loan modification process correctly is Chase and Aurora.  Hopefully Citi Mortgage and Bank of America will be shamed into doing the right thing really soon! but I doubt B of A will get it check this out (http://www.piggybankblog.com)it should be a crime what some of these banks are doing to homeowners.

Let's get started today! 

Let judges reset mortgages: It would be drastic, but lenders are doing too little.

In Florida, one in nine households with a mortgage was at risk of foreclosure this summer. This week, the Obama administration will begin yet another program aimed at easing the housing crisis. It's the first that goes to the root of the crisis - underwater mortgages - but it may do no more good than the others.
Starting Tuesday, the Federal Housing Administration will permit lenders to give those homeowners refinanced loans backed by the government. Lenders must forgive at least 10 percent of the principal. In Florida, where 46 percent of home mortgages are under water, a 10 percent principal reduction means little. Home values in South Florida suffered the worst decline of 25 large metropolitan areas in the second quarter of this year.
Because prices have fallen so far, it may take a decade for many borrowers to erase their negative equity. Many will walk away from their mortgages, adding to the foreclosures and further delaying Florida's recovery. "The Obama administration's housing programs have not been successful," said Jack McCabe, chief executive of Deerfield Beach-based McCabe Research & Consulting. "In fact, I think they've been flops.

Read Full Article here:
http://www.palmbeachpost.com/opinion/editorials/let-judges-reset-mortgages-it-would-be-drastic-909043.html

Surprise! Banks help more homeowners than Obama

NEW YORK (CNNMoney.com) -- Remember how everyone complained that banks weren't doing enough to help troubled borrowers?

Well ...Banks have realized that foreclosing on home after home after home may not be in anyone's best interest -- least of all their own. So they've ramped up the number of loan modifications they're handing out to their delinquent clients.

Banks are doing nearly twice as many modifications under their own foreclosure prevention initiatives than under the Obama administration's signature Home Affordable Modification Program, known as HAMP.

But before homeowners rejoice, they should take a close look at the terms of their bank modification offers, consumer advocates say. Many may not be as good as HAMP, which lowers monthly payments to 31% of pre-tax income.

"We don't know if they are sustainable based on the monthly payment," said John Snyder, manager of foreclosure prevention programs at NeighborWorks America, adding banks don't release a lot of information about their modifications. "We're not sure what to think."

Reducing interest and principal

Banks have long come under fire not doing enough to help troubled homeowners, particularly when the mortgage crisis started spinning out of control in 2007. Many loan servicers initially addressed the problem by tacking on the missed payments, which only increased strapped homeowners' monthly burden.

Best recovery bets: 7 cities on the mend

More recently, however, banks have trumpeted their in-house efforts to stem the foreclosure tidal wave. They are calling more attention to their own programs at a time when the president's plan is being widely panned for its ineffectiveness.
Servicers completed nearly 644,000 so-called "proprietary permanent modifications" in the first half of this year, compared to 332,000 such adjustments made under the Obama program, according to Hope Now, a consortium of mortgage servicers, investors and housing counselors.
About half of borrowers who don't land a permanent HAMP modification are given an in-house adjustment, according to federal statistics.
"The vast majority of modifications getting done are happening outside of HAMP," Mike Heid, co-president of Wells Fargo Home Mortgage, told a House of Representatives panel in June.
At the hearing, bank executives credited the president's plan with setting an industry standard for loan modifications. But they told lawmakers that their own programs have helped far more people.
About 78% of banks' in-house modifications involved interest rate and principal reductions, Hope Now found.
Housing advocates are increasingly calling on banks to reduce principal because many homeowners owe so much more on thier mortgages than their home are worth. Banks have been loathe to cut loan balances, and virtually no government-subsidized modifications involve this step, in large part because Fannie Mae and Freddie Mac do not allow it. The two mortgage finance giants guarantee many of the loans eligible under HAMP.
Outside of the Obama plan, however, banks have started to warm to principal reductions.
Wells Fargo, for instance, said last week it has reduced more than $3.1 billion in principal on nearly 60,000 loan modifications in the past 18 months. It uses a combination of principal adjustments, interest rate reductions and term extensions to assist its borrowers, the bank said.

Not the same

Unlike the Obama program, however, bank modifications can vary widely and few details are available about them. Housing counselors say they have heard of some with unfavorable terms.

Calculator: How much is your house worth?

Ida Ward was none too pleased with the permanent modification offer she received last month.
The Atlanta middle school teacher had called her mortgage servicer in the spring of 2009 after seeing her income drop considerably. She was enrolled in a trial HAMP modification, which reduced her monthly payments to $1,424, down from $2,430.
After more than a year in the trial period, Ward received a final loan modification agreement. But she soon realized she had been shifted from the president's program to an in-house Chase modification with "horrible" terms. Her loan was being amortized over 40 years at a 5% interest rate with a $197,500 balloon payment due at the end. She must now pay a little more than $2,000 a month.
"These banks should be ashamed of the terms that they are giving to borrowers," said Ward, who said she had no choice but to accept the offer. "The loan modification process is flawed and deceptive to borrowers."
A Chase spokeswoman said that Ward did not meet the qualifications for a HAMP modification, but the bank was able to give her an adjustment that it believes will allow her to keep her home.

Case Shiller Home Price Index Results

New Loan Modification Approval GREEN TREE Servicing

Here is a new Approval we just received from Green Tree Servicing
Borrower was behind by 2 payments and is a Business Owner who has
seen the Business sales go down since 2008. The Homeowner had a
5 Year Fix Loan and was making the Taxes and Insurance Separately from
the Mortgage Payment. Old Interest Rate was 5.375% and now the new interest
rate will be 2.00% for the first 5 years and go up 1% every year until it hits
the ceiling rate of 4.50% fixed for the life of the loan. Check out the
details below and see how much the Homeowner is saving Now!!!! Call or email me
today and let's get started!!! 

OLD TERMS

$417,000.00 Original Loan Balance
5.375% Interest Rate
5 Year Fix Loan than it would adjust
$2,335.08 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance.
$3,237.31 Total Mortgage Payment with Taxes and Insurance

NEW TERMS

$397,453.93 New Loan Balance
2.00% Interest Rate
5 Year Fix after 5 years interest rate goes up 1% until it caps out at 4.50%
$1,203.59 Principal and Interest Only
$902.23 Property Taxes and Homeowners Insurance
$2,105.82 Total Mortgage Payment with Taxes and Insurance

The savings per month is $1,131.49 equaling to $67,889.40 after 5 years
when you minus the OLD Payment of $3,237.31 to the new payment.

The savings per month after on the 6th year is $936.79
The savings per month after on the 7th year is $731.27
The savings per month after on the 8th year is $625.55

In all the Homeowner is going to save hundreds of thousands of dollars since the loan is not in danger of adjusting to a higher interest rate since I DO SEE INTEREST RATES climbing to Double Digits in about 5 years Good Luck asking the banks to give you 2% or 4.50% down the road!
The new loan is now fixed for life at the low rate of 4.50%! That is the lowest interest rate you can possibly get in today's low interest rate market!

Existing Home Sales Hit 15-Year Low; Housing Market Weakens

State of Housing

Today's Interest Rates

4.50% 30 Year Fix

4.00% 15 Year Fix

New Approval!!!! First Franklin 2nd Mortgage

Just Got another Approval! for a client with First Franklin on a 2nd Mortgage.
Client is saving $447.00 a month and the interest rate has gone from 8.375% to 0%
Below is the Old and New Terms!

Old Terms

$137,800.00 Loan Amount
8.375% Interest Rate
30 Years
$1,047.00 Payment
11 Payments behind

New Terms

$124,749.00 Loan Amount
0.00% Interest Rate
$600.00 a month
17 Years 4 Months
Current

My Client is saving $114,506.72 in Interest alone!!!!! On top of that the Bank has agreed to allow the Client to payoff the loan for 25% of the balance down the road if the Client chooses too.

Let me help you Modify or Settle Your Mortgages! 

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

NEW YORK (MarketWatch) -- Fixed-rate mortgages continued their decline to record lows this week and the 5-year adjustable rate also reached a new low, Freddie Mac reported Thursday.

"Low rates are helping to heal many battered local housing markets by increasing home-purchase activity," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release.

Fixed mortgage rates hit record lows: Freddie Mac Mortgages - MarketWatch

Loan Modification Approvals

Call today to get started Save Hundreds even Thousands.  Below is a example of one the previous approvals.  Here is the link for our Loan Modification Approvals
http://www.mediafire.com/?sharekey=8sum968m68ldm

ASC

Old Terms

$548,000.00 Mortgage Balance
7.625% Interest Rate (Adjustable Rate)
$3,878.71 Principal & Interest
$644.02 Escrow
$4494.73 Total Payment
6 months behind
$1,396,335.50 total payments over the life of the loan
$848,335.50 total interest over the life of the loan

New Terms

$531,631.45
5.00% Interest Rate (Fixed Rate)
$3,145.30 Principal & Interest
$644.02 Escrow
$3,789.32 Total Payment
$1,027,869.54 total payments over the life of the loan
$495,999.54 total interest over the life of the loan
$368,465.96 Saved over the life of the loan.
Homeowner is now current.

Challenges for the Economy and State Governments

The Chairman of the Federal Reserve, Ben Bernanke, gave a speech today at the the Annual Meeting of the Southern Legislative Conference of the Council of State Governments. The topic: Challenges for the Economy and State Governments
Below is an outline using excerpts from his speech. We've been grinding this ax for the last year or so and think it is an important perspective to keep in mind.

Read Story here http://www.mortgagenewsdaily.com/08022010_educate_america.asp

Read the Speech here http://www.federalreserve.gov/newsevents/speech/bernanke20100802a.htm

Need to Refinance, Purchase or Modify your home loan

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25% Cashback offer to refinance or buy today!