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

Refi Help for Homeowners

25% Cashback offer to refinance or buy today!

Foreclosure Filings Increase By 21%

A massive supply of delinquent loans continues to loom over the housing market, and many of those delinquencies will end up in the foreclosure process in 2010 and beyond as lenders gradually work their way through the backlog.
Recent data from RealtyTrac showed over 3.9 million foreclosure filings, including default notices, scheduled foreclosure auctions and bank repossession were reported on 2.8 million properties in 2009, up 21% from 2008 and 120% from 2007.
"As bad as the 2009 numbers are, they probably would have been worse if not for legislative and industry-related delays in processing delinquent loans," said James Saccacio, chief executive officer of RealtyTrac, Irvine, Calif.
"After peaking in July with over 361,000 homes receiving a foreclosure notice, we saw four straight monthly decreases driven primarily by short-term factors: trial loan modifications, state legislation extending the foreclosure process and an overwhelming volume of inventory clogging the foreclosure pipeline."



MortgageStats

Fixed-rate mortgages break record lows

CHICAGO (MarketWatch) -- Mortgage rates took another drop this week, with fixed-rate mortgages again hitting record lows, according to Freddie Mac's weekly survey of conforming mortgage rates, released Thursday.

Thirty-year fixed-rate mortgages averaged 4.56% during the week ending July 22, down from 4.57% last week and 5.20% a year ago. Fifteen-year fixed-rate mortgages averaged 4.03%, down from 4.06% last week and 4.68% a year ago.

http://www.marketwatch.com/story/fixed-rate-mortgages-break-record-lows-2010-07-22

June 2010 California Foreclosure Report

Five U.S. bank failures raises 2010 tally to 101 - MarketWatch

SAN FRANCISCO (MarketWatch) -- Five U.S. bank failures have raised the year's total to 101, according to the Federal Deposit Insurance Corp. on Friday. The largest of the five, Crescent Bank and Trust Co. in Jasper, Ga., will have its $965.7 million in deposits assumed by Renasant Bank /quotes/comstock/15*!rnst/quotes/nls/rnst (RNST 14.23, +0.35, +2.52%) of Tupelo, Miss. Sterling Bank of Lantana, Fla. will have its $372.4 million in deposits assumed by Iberiabank /quotes/comstock/15*!ibkc/quotes/nls/ibkc (IBKC 50.21, -0.20, -0.40%) of Lafayette, La. First Citizens Bank and Trust Co. of Columbia, S.C. will assume the $134.3 million in deposits from Williamsburg First National Bank of Kingstree, S.C. Bennington State Bank of Salina, Kan., will assume the $28.5 million in deposits at Thunder Bank of Sylvan Grove, Kan. Finally, Roundbank of Waseca, Minn. will assumes the $108 million in deposits at Community Security Bank of New Prague, Minn. The total cost for the five banks to the deposit-insurance fund will be $319.8 million.

Five U.S. bank failures raises 2010 tally to 101 - MarketWatch

4 Reasons To Fear Deflation - Yahoo! Finance

Can you say "Race to the bottom"

Rick Newman, On Tuesday July 20, 2010, 11:29 am EDT

When the price of cars or sweaters or iPods declines, it's a break for consumers and a welcome sign that economic productivity is improving. That helps drive up living standards. But when the price of everything drops, it's an alarming development that portends stagnation.

The consumer price index, which measures inflation, declines every now and then, usually when there's a big drop in the price of volatile goods like energy or food. But there hasn't been sustained deflation in America since the early 1930s. Now, we may be on the verge of yet another unnerving economic adventure. Inflation over the last 12 months has been a scant 1.1 percent, which is below the level most economists deem optimal. And so far this year, inflation on a monthly basis has been negative as often as it's been positive. The odds are growing that low inflation could become deflation--with some economists worried that it has already started to happen.

[See 14 things that are getting cheaper.]

If you feel like cheering, don't. The Federal Reserve, with a mandate to keep inflation in check, prefers a "Goldilocks" economy, neither too hot nor too cold, with modest growth and an annual increase in prices of 1 to 3 percent. But inflation projections for the next couple of years are now coming in lower than that, and Fed policymakers have begun to hash out what to do if overall prices actually start falling. Here's why deflation can be such a thorny problem:

Once it arrives, deflation is hard to cure. Sustained deflation can become a pernicious problem that's hard to shake even when the government attacks it, as Japan has learned over a prolonged deflationary period that began in 1991. Falling prices cut into revenue at firms that build things and provide services, so they need to cut costs to remain profitable. That usually leads to layoffs and pay cuts. When people bring home less money, they invariably feel worse off and buy less. So demand for products falls further, forcing even deeper price cuts to entice consumers. Breaking the cycle becomes a destructive game of chicken between companies and consumers, with neither willing to take the first step.

[See why raises are so scarce.]

The mere fear of deflation can cause it. The level of confidence in the economy can be self-fulfilling, especially with deflation. If consumers believe that prices in general are falling, they'll wait as long as possible to buy stuff they don't immediately need, to get the lowest price. Falling demand then forces merchants to cut prices even more, to lure buyers. A good illustration is the struggling U.S. housing market, where falling prices have kept buyers on the sidelines as they wait for the market to bottom out--while lack of demand sends prices even lower. This is one reason why moderate inflation is considered healthy. If consumers believe overall prices are going up over time, they might wait for discounts or seasonal sales on some stuff, but they won't wait indefinitely to make ordinary purchases. Deflation, by contrast, can badly distort buying decisions.

Falling prices can be ruinous. Deflation also wreaks havoc with lending and credit, which is essential to a healthy economy. When prices and wages are falling, debts become more expensive over time, which is the opposite of what happens with normal inflation. If your income were falling by 3 percent a year, for example, and you made a fixed mortgage payment every month, then the mortgage payment would eat up an increasing amount of your income over time. Such perverse economics encourages savvy investors and ordinary consumers alike to hoard cash, since a 0 percent return on money stashed under the mattress is better than "investing" money in a home, business, or other asset that's likely to fall in value. Since credit is the lifeblood of capitalism, a sharp cutback in lending and investing is a sure way to torpedo growth or make a recession worse. That's what happened in Japan during its "lost decade," and even now, Japan still struggles with deflation and its nasty side effects.

[See 4 things financial reform won't do for you.]

Preventing deflation is tricky. The Fed has lots of experience at fighting inflation and fairly precise ideas for how to do it: Basically, raise short-term interest rates in order to raise the cost of borrowing, tamp down spending, and reduce the demand for goods, to help drive down prices. Doing the opposite to fight deflation works for a while, as lower rates make money cheap and boost the incentive to borrow and spend. The problem comes when the Fed's short-term rates get close to zero, which they are now. Since interest rates can't go below zero, this "zero-bound" problem forces the central bank to start pulling other, less-proven levers--like buying assets to inject money into the economy, which is essentially the same as printing money.

[See 6 strains on your financial future.]

The Fed has already executed some of those maneuvers, taking more aggressive action than bankers in Japan in the 1990s, who dawdled and made the problem worse. The Fed could do more if it seems necessary. The danger is that the Fed overshoots or guesses wrong, and ends up creating inflationary pressure that could force it to jack up rates down the road, which could choke off a recovery. At the moment, the Fed feels that deflation is possible but not likely, so it's sticking with policies geared toward low inflation. But the Fed has guessed wrong on the extent of unemployment and other issues, and its extended low-rate policy earlier this decade is widely viewed as a mistake that helped fuel the housing bubble. Let's hope the Fed has learned a thing or two.

4 Reasons To Fear Deflation - Yahoo! Finance

Wonk Room » GOP Calls For Ending Mortgage Modification Program, Leaving Homeowners To The Mercy Of The Banks

For months now, the Obama administration’s Home Affordable Modification Program (HAMP), which is meant to facilitate mortgage modifications for troubled borrowers, has been sputtering along, with more borrowers dropping out of the program than receiving permanent modifications. Banks have been reluctant to go along with the program, as it includes no stick when they fail to provide a modification for eligible borrowers. Alternate programs meant to cut loan principal (the outstanding loan amount) have also been slow to get up and running.
As Shahien Nasiripour pointed out, according to a recent Government Accountability Office report, the average homeowner in HAMP “owes their mortgage lender more than $1.50 for every dollar their home is worth, which means they fall into the stratum of homeowners most likely to simply walk away from their mortgages.” This has led a duo of Republican lawmakers to call for ending the program “immediately,” and to advocate leaving borrowers at the mercy of private modification programs:

“It defies common sense that taxpayer money is being used to pay banks to modify loans that are likely to default anyway,” said Rep. Darrell Issa (Calif.), the ranking Republican on the House Committee on Oversight and Government Reform. “In cases where loan changes could keep borrowers out of foreclosure, banks have a clear incentive to make changes without a need for public funds”…Issa and [Rep. Jim] Jordan (R-OH) argued that homeowners and taxpayers would be better off in private modification programs.

Despite all of HAMP’s troubles, private modification programs are likely to be much worse, leaving homeowners up to the whims of banks that can’t even keep their borrowers’ documents straight. As Tim Fernholz pointed out, private modifications “don’t usually lower monthly payments enough to keep borrowers in their homes. Even the best industry modifications [only] attempt to make mortgage payments 38 percent of monthly income.”
“What [the industry] calls a loan-modification is really a workout plan. It is designed to bring their arrears up to date because of a one-time economic dislocation,” said Kathleen Day of the Center for Responsible Lending. “That is not a remedy for someone who holds a loan that is fundamentally flawed and unaffordable.” Diane Thompson, a lawyer with the National Consumer Law Center, said that homeowners would be worse off 90 percent of the time if they were forced into private modifications instead of public.
HAMP has absolutely been a disappointment and desperately needs some fixes if it is ever going to achieve the administration’s stated goal of keeping millions of homeowners in their homes. But abandoning any attempt to help borrowers who were buried by the bursting of the housing bubble will only result in more foreclosures and blighted neighborhoods, thus prolonging our economic difficulties.



Wonk Room » GOP Calls For Ending Mortgage Modification Program, Leaving Homeowners To The Mercy Of The Banks

Which Banks are -- and Aren't -- Modifying Home Loans? | BNET Financial Services Blog | BNET

 The federal Making Home Affordable initiative is off to a slow start in its mission of offering mortgage relief to millions of Americans hurt by the real estate bust. That’s mostly because adjusting the loan terms, interest rate or principal for, say, a recently unemployed homeowner doesn’t pay for banks. Drawing on data released today by the Treasury Department, let’s examine how actively financial institutions are using the so-called Home Affordable Modification Program (full disclosure — my wife and I were recently rejected for loan modification; fuller disclosure — I’m pissed):

Of the big banks, Bank of America has the worst record in using HAMP (regrettably not my mortgage lender). Of the roughly 796,000 mortgages B of A serviced that were at least 60 days late (counting loans made by its Countrywide unit), it invited some 100,000 homeowners, or 13 percent, to adjust their mortgages and started trial modifications with some 28,000, or four percent.
Such figures sound markedly less impressive than those cited by B of A chief executive Ken Lewis. In congressional testimony in June, he said his company had adjusted more than 311,000 loans since buying Countrywide in July 2008 (those numbers include all B of A modifications, not only those arranged under HAMP), telling lawmakers that the bank remains committed to “working with distressed homeowners to help them retain their homes.”
Nor does that four percent total seem entirely consistent with the sentiment recently expressed by Barbara Desoer, president of B of A’s home loans and insurance division. “We can control how we build our business to help families achieve their homeownership dreams,” she told the California Bankers Association in June. “And all of us can focus on finding solutions to the current crisis that help restore financial security and peace of mind to those we serve.”
Wells Fargo has the next worst record among large banks in helping keep families’ homeownership dreams alive, with only six percent of its mortgage customers getting a trial modification. Unfazed by single digits, Mike Heid, co-president of Wells Fargo Home Mortgage, nevertheless asserted in a statement today that “HAMP is an important part of the [Obama] administration’s efforts to provide mortgage relief and stabilize the housing market.” Evidently unconvinced, however, in this case by himself, Heid goes on in the news release to ruefully acknowledge that “we know we’ve fallen short of our customer service goals in some cases.”
The feds aren’t pleased with mortgage lenders. “I think we’ve been disappointed . . . about their performance in helping people in a timely fashion with the respect they deserve under difficult circumstances,” Assistant Treasury Secretary Michael Barr told McClatchy.
If it seems like I’m picking on big banks, I am. When they were struggling, both B of A and Wells Fargo sucked down taxpayer dollars like binge drinkers at a frat party. Some of that money came from their own mortgage customers, many of whom need help.
Still, it’s worth noting that no mortgage lender of any size is using HAMP as much as the government expected them to when it launched the program in February. Lenders avoid modifying loans for two major reasons: Fear that borrowers who get a modification will re-default on the loan, and hope that financially distressed homeowners will somehow manage to keep up their payments.
Fear and hope. The very stuff dreams are made of.


Which Banks are -- and Aren't -- Modifying Home Loans? | BNET Financial Services Blog | BNET

Current Loan Modification Approvals

Up to Date Loan Modification Approvals

Click below to see most updated Approvals! Banks are doing modifications
Get yours started today!

800-208-4753 Office or refionce@gmail.com


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Mortgage Rates Suffer as Lenders Process Influx of New Applications

Mortgage rates extended their losing streak to a whopping TWO (2) days yesterday. Scary! No not really though. Although borrowers who were floating their note rate did see closing costs rise by a few basis points, in the grand scheme of things, the increases were tiny. Gotta put it in perspective...
The most aggressive loan pricing we've ever witnessed was offered by lenders last Friday. If you were trying to call a bottom, that's the latest one.  The Mortgage Bankers Association confirmed this for us today when they released the results of their Weekly Loan Applications Survey.
From the Release:
"The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.59 percent from 4.69 percent, with points increasing to 1.04 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.  This was the lowest 30-year contract rate ever recorded in the survey. "
When the modest two day change in consumer borrowing cost is put in that light, a TWO(2) day losing streak doesn't seem all that bad. Does it?

Before you answer, I have more bad news to share. Total consumer borrowing costs rose again this morning, this time the increases were bigger though. Lenders worsened loan pricing by almost 20 basis points!  This extended the mortgage rate losing streak to a month long THREE(3) days.
I still have one more thing to share, this time it's good news: LENDERS REPRICED FOR THE BETTER THIS AFTERNOON!
They were a bit slow to do so and it took a hefty sell off in stocks to force it out, but lenders eventually reprice for the better this afternoon. Some reprices were big enough to erase the previous two days of weakness, but most just offset the cost increases seen this morning on first pricing releases.
The best par 30 year fixed mortgage rates are still in the 4.375% to 4.625% range.  4.50% is "best execution" on a no points loan.  These quotes assume a borrower has minimal risk-based loan level pricing adjustments. On conventional loans, this means borrowers with 740+ middle FICO scores, looking to do an 80% or less loan to value  rate and term (or purchase) on their primary residence. If this is not your credit/collateral profile, your borrowing cost will be higher. The highest rates that should be charged: 5.25% (lots of LLPAs!)
Because mortgage rates are near all time lows,  more and more consumers (not as many as last year) are coming down off their fences and applying for a refinance. Refinance demand is driving activity in the mortgage market. The MBA's refinance applications index hit a 14 month high last week! This means lenders are  operating near full-capacity.  When this happens, lenders generally let loan pricing worsen to slow down new loan production.  This is playing out right now in the primary mortgage market...(at three very large lenders specifically)
The manner in which loan pricing worsened today (wider primary/secondary spreads) indicates some lenders are trying to slow down the pace of new loan production via higher mortgage rates (relative to MBS prices/yields).   Besides potentially higher borrowing costs, consumers and loan officers should also notice  longer "turn times" at lenders, which is basically the amount of time it takes to go from application to closing.
Have you noticed longer "turn times" lately? 

http://www.mortgagenewsdaily.com/consumer_rates/163946.aspx

25% of your Closing Costs* back to you in Cash once your loan closes!

We are excited to offer you 25% of your Closing Costs* back to you in Cash once your loan closes!
This is Originated Points and Rebate Points Only. Title & Other Third Party costs are not included.

CLICK HERE  to get started!!!

A Look at Foreclosures Costs

Earlier this month a reader, Pamela Norvell, wrote a suggestion for lessening the foreclosure crisis. She suggested a freeze and/or a rollback of interest rates to their original levels. In making her suggesting Ms. Norvell wondered what it was causing lenders to foreclose on properties rather than do a workout or a restructure. Made us curious too.

The cost of a foreclosure, it turns out, is pretty staggering and we wonder why lenders and the investors they represent aren't jumping at a solution, any solution, that would allow them to avoid going to foreclosure whenever possible.

According the Joint Economic Committee of Congress, the average foreclosure costs $77,935 while preventing a foreclosure runs $3,300.

The cost of preventing a foreclosure is not easily categorized. We assume that it includes the staff costs of talking to the borrower, collecting financial documents (a task we have noted seems unreasonably difficult for the borrower) reviewing the documents, ordering and reviewing the appraisal, the cost of that appraisal (more likely to be a less expensive brokers price opinion or BPO) and the preparation of a justification to decision makers for any workout plan.

Read the full story here!

A Look at Foreclosures Costs

Up to Date Loan Modification Approvals

Click below to see most updated Approvals! Banks are doing modifications
Get yours started today!

800-208-4753 Office or refionce@gmail.com


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Major Decline in Credit Scores Is Latest Blow to US Recovery - CNBC

Providing yet another headwind for economic recovery, FICO, a leading provider of credit scores, said more Americans are seeing their average credit scores fall to new lows.

Please click below to read the full story.

Major Decline in Credit Scores Is Latest Blow to US Recovery - CNBC

Loan Modification Approvals!

Click below to see most updated Approvals! Banks are doing modifications
Get yours started today!

800-208-4753 Office or refionce@gmail.com


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Survey: Homeowners Working with Servicers Often Blindsided by Foreclosures - ProPublica

In May, we published a story about how disorganization at the big banks has led to mistaken foreclosures: homeowners were under review for a modification, but were suddenly foreclosed on because of a communication breakdown within the mortgage servicer.
A recent survey of California housing counselors demonstrates that a widespread problem, at least in the Golden State.

Read the Whole below.
Survey: Homeowners Working with Servicers Often Blindsided by Foreclosures - ProPublica

Loan Modification Progress Chart | Eye on the Bailout | ProPublica

Visit our Eye on Loan Mods for our complete coverage of the government's foreclosure prevention program.
This Treasury Department data, reflecting activity through May 31, 2010, shows how the largest mortgage servicers participating in the administration's $75 billion foreclosure prevention program have been performing.
The estimated number of "Eligible Loans" comes from the Treasury Department and is based on the number of eligible loans that are more than 60 days delinquent.
The program features a 3-month trial period for modifications before they’re eligible to become permanent. However, many trials have gone much longer. The "Aged" column shows how many trials have gone longer than six months at each servicer, while the "In Trial" shows trials that have not yet lasted that long. See note below.


Loan Modification Progress Chart | Eye on the Bailout | ProPublica

Ocwen Mortgage Contact Information

New Contact information for Ocwen Loan Modification Department


MOD@OCWEN.COM --Email to send in Documents after you submit to the actual Negotiator.

407-737-6174 --Fax number to send in Documents after you submit to the actual Negotiator.

877-596-8580 --Main Number to Ocwen Mortgage


Good Luck!!! Feel free to contact me at 800-208-4753 Office or refionce@gmail.com

Bank reform: Fake it 'til you make it - Street Sweep: Fortune's Wall Street Blog

Great Article on Fortune.com about the Water down Bank Reform the Dodd-Frank bill is.

"As Northern Trust recently noted, there have been five consecutive quarters of credit contraction since 2008 -- compared with zero quarters of contraction in the previous 58 years"


Bank reform: Fake it 'til you make it - Street Sweep: Fortune's Wall Street Blog


Call me today to get started "Taking Real Financial Steps to save you money" 800-208-4753 Office or refionce@gmail.com

HAMP Guidelines Updated to Improve Loan Modification Conversion Rate

Beginning June 1, a borrower's eligibility for a modification must be fully verified before the borrower enters the trial period. An earlier directive gave servicers the option of placing a borrower into a trial period based on verbal financial information supplied by the borrower which was subject to verification during the trial period. New applicants will now have to supply an Initial Package which will include a request for modification including a hardship statement and optional demographic information; acceptable evidence of income, and IRS Form 4506-T, Request for Transcript of Tax Form.

HAMP Guidelines Updated to Improve Loan Modification Conversion Rate

Why Foreclosure Happens

Despite the fact that the vast majority of foreclosures are driven by negative equity from price declines, there is a base rate of foreclosure that happens during even the best economic times and housing markets. This base rate can largely be explained by the Five D's of Foreclosure:

http://www.foreclosureradar.com/foreclosure-guides/foreclosure-101/why-foreclosure-happens

Loan Modificaton Guideline Changes

Many banks are now granting Trial Loan Modification Payments at the end of the loan modification process. This is due to the fact that many homeowners were getting stuck with "NO True PERMANENT Loan Modification" Banks started implementing this Guideline change a few months back. This allows the bank to verify all the documentation you provided with your loan modification package. It also allows the bank to see if you can "make" loan payment on time.

Call today to get start 800-208-4753 Office or refionce@gmail.com

Former President Clinton: U.S. budget is broken

"25% Unemployment among Construction workers! 2 1/2 times the National Average"

Fortune http://bit.ly/dulxvI

Call me today to get started "Taking Real Financial Steps to save you money" 800-208-4753 Office or refionce@gmail.com

Refinance or Buy Today Lowest Interest Rates in 50 YEARS Won't last!!!

Contact me now if you are in the market to Buy or Refinance for Cash out!

800-208-4753 Office or refionce@gmail.com 

Fannie Mae Fights Back Against Strategic Defaulters

Great Article!

Fannie Mae announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure.

Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure

Troubled borrowers who work with their servicers, and provide information to help the servicer assess their situation, can be considered for foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure. A borrower with extenuating circumstances who works out one of these options with their servicer could be eligible for a new mortgage loan in three years and in as little as two years depending on the circumstances


Call today to get started on foreclosure alternatives, such as a loan modification, a short sale, or a deed-in-lieu of foreclosure (800)208-4753 or email me at refionce@gmail.com

Click on the link below to see full article!

Fannie Mae Fights Back Against Strategic Defaulters

Recap of Real Estate News from CNBC Realty Check

Updated Interest Rates

NEED TO REFINANCE ? 30 Years Fix 4.50% 0 points to close with CASH OUT!!!
(Based on 680 Fico, 80% LTV, Full documentation)

Call today to get started 800-208-4753 Office or email me at refionce@gmail.com

Refinance or Purchase at Historical Low Interest Rates 0 points to close!!!

4.50% 30 year fix with 0 points to close!!!
4.50% 20 year fix with 0 points to close!!!
4.25% 10 year fix with 0 points to close!!!



CALL TO GET STARTED 800-208-4753 office or dreyes@refionce.com








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New rule expedites answers to short sale requests | democratandchronicle.com | Democrat and Chronicle

Based on what is happening right now hopefully these rules will speed the process up.

If you have any questions or need any help you can contact me at 800-208-4753 Office or refionce@gmail.com

New rule expedites answers to short sale requests | democratandchronicle.com | Democrat and Chronicle

Completed Loan Modification Most Updated Approvals!

Click below to see most updated Approvals! Banks are doing modifications
Get yours started today!

800-208-4753 Office or refionce@gmail.com


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Interest Rates in the Mid 4% Fix for 15, 20, 30 Years Refinance or Purchase Now!

Contact me now if you are in the market to Buy or Refinance for Cash out!

800-208-4753 Office or refionce@gmail.com 

NEW APPROVAL!!!! SLS or Specialized Loan Servicing, LLC 2nd Mortgage Settled!

This is a 2nd mortgage with SLS.  The borrower owed the bank
$19,208.00! We just settled for $5,162.59!! that's over 70% off the original loan balance!

This was the fastest turn around for us about 5 days! We worked with this very nice person at the bank and followed up with her for the 5 days and we got the written approval just yesterday!

This borrower will be saving over $27,000.00 in just interest alone since the loan was amortized over 30 years at 7.25% fix over the life of the loan.

Check out the approval below!

http://www.mediafire.com/?mgyoi3fd52n

If you are in need of help with a Loan Modification or Settlement of a 2nd mortgage Contact me let's get started!
You can also give me a call with any questions you may have 800-208-4753 or by email at refionce@gmail.com

Time to Secure your Financial Foundation? HELL YEAH Check this out!

The economical BAD news keeps coming and I hate to say it but I hate it when I'm right. Down the road we will see HIGHER INTEREST RATES, HIGHER TAXES ESPECIALLY IN CALIFORNIA, MORE JOB LOSSES due to our slow down in our economy!

90% of home loan business is the Government.
Were down 4% on home loan applications for the 4th straight month.
Were down 40% on home loan applications from 1 month ago.

CHINA - How does this play out and matter to YOU and I Everyone is now talking about a slow down in China and a BUST IN REAL ESTATE! just like here!

EUROPE - About to Default without major CUTS many don't see that happening!

Most experts are now saying that if ALL this plays out then we WILL face a DOUBLE DIP RECESSION but in my opinion...WE ARE IN A DEPRESSION!

If you are in Financial Trouble LET ME HELP! Settle your Credit Card Debt! Do a Refinance Loan with Historical Interest Rates or do a Short Sale or Loan Modification! CALL ME NOW! 800-208-4753 Office or refionce@gmail.com

Loan Modification Approvals (Most Current)

Past Loan Modification Approvals! Save your money and your home!
Free Pre-Approval based on your Debt Ratio Gross Monthly & Monthly Mortgage Payment

PAST LOAN MODIFICATION APPROVALS CLICK BELOW & CALL TODAY 800-208-4753

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

Feel free to contact me at 800-208-4753. Based on HAMP Guidelines you may qualify for loan modification if your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31% of your current gross income.

See how Homeowners are getting their Mortgages modified ! MANY ARE SAVING HUNDREDS EVEN THOUSANDS PER MONTH & OVER THE LIFE OF THE LOAN!!! CALL TODAY 800-208-4753

SEE OUR PAST APPROVALS BELOW!

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

For Some Homeowners in Foreclosure, a Rent-Free Approach - NYTimes.com

Foreclosure procedures have been initiated against 1.7 million of the nation’s households. The pace of resolving these problem loans is slow and getting slower because of legal challenges, foreclosure moratoriums, government pressure to offer modifications and the inability of the lenders to cope with so many souring mortgages.

The average borrower in foreclosure has been delinquent for 438 days before actually being evicted, up from 251 days in January 2008, according to LPS Applied Analytics.

For Some Homeowners in Foreclosure, a Rent-Free Approach - NYTimes.com


Feel free to contact me with any questions you may have at anytime. 800-208-4753 or refionce@gmail.com

Leading index posts first drop since early 2009 | Reuters

Leading index posts first drop since early 2009 | Reuters

Eye on the Loan Modifications - ProPublica

Awesome Site! With some much data and stories relating to Loan modifications and the Real Estate Industry!

Feel free to contact me with any questions you may have at anytime. 800-208-4753 or refionce@gmail.com



Eye on the Loan Modifications - ProPublica

Notice of Default Time Frame

STATES	NOTICE OF DEFAULT                  TIME   FRAME IN MONTHS
Alabama	3
Alaska	4
Arkansas	3
Arizona	3
California	4
Colorado	5
Connecticut	6
Delaware	7
Missouri	3
Montana	6
Nebraska	4
Nevada	4
New Hampshire	3
New Jersey	9
New Mexico	5
New York	10
DC	4
Florida	6
Georgia	3
Hawaii	7
Idaho	8
Illinois	7
Indiana	7
Iowa	7
Kansas	4
Kentucky	7
Louisiana	6
Maine	8
Maryland	5
Massachusetts	5
Michigan	3
Minnesota	4
Mississippi	4
North Carolina	4
North Dakota	4
Ohio	8
Oklahoma	7
Oregon	5
Pennsylvania	8
Phode Island	3
South Carolina	6
South Dakota	4
Tennessee	3
Texas	2
Utah	5
Vermont	9
Virginia	4
Washington	5
West Virginia	4
Wisconsin	9
Wyoming	3
Feel free to contact me with any questions 800-208-4753 or refionce@gmail.com

Underwater? Many are walking away!

Even though I don't recommend this for everyone it may be the last possible step a homeowner can take
to get their financial house in order.  Feel free to contact me 800-208-4753 or refionce@gmail.com

One in 7 US Homeowners Late Paying or In Foreclosure - CNBC

Article showing things are getting worse then what Media has been saying for much of this year. I feel that CNBC blog is sometimes too soft on the Banks and lenders
but they do cover a lot of issues.

In my professional opinion I see a double dip recession coming I apologize for the doom outlook and can't wait for the day I can say
that we are recovering but after the Summer time I see the Real Estate Values dropping more and the Unemployment Rate going over 10%

If you need help getting your Financial "House" in order feel free to contact me. 800-208-4753 Office or refionce@gmail.com

One in 7 US Homeowners Late Paying or In Foreclosure - CNBC

Past Loan Modification Approvals! Save your money and your home!

Free Pre-Approval based on your Debt Ratio Gross Monthly & Monthly Mortgage Payment

PAST LOAN MODIFICATION APPROVALS CLICK BELOW & CALL TODAY 800-208-4753

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

Feel free to contact me at 800-208-4753. Based on HAMP Guidelines you may qualify for loan modification if your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) is more than 31% of your current gross income.

See how Homeowners are getting their Mortgages modified ! MANY ARE SAVING HUNDREDS EVEN THOUSANDS PER MONTH & OVER THE LIFE OF THE LOAN!!! CALL TODAY 800-208-4753

SEE OUR PAST APPROVALS BELOW!

http://www.mediafire.com/?sharekey=3d1ffe6f43605ab0ab1eab3e9fa335ca6c1c07dfff641360

Move Your Money!!!!

Need Help Call me today! 800-208-4753 Office

America's Underclass: The Growing Gap Between the Rich and Poor

Get your financial house in order Call today 800-208-4753 OFFICE or email me at refionce@gmail.com See how you can save hundreds even thousands per month!

Macro economic data suggest the great recession is over. But the gap between the haves and the have-nots is growing, thanks, in large part, to a jobless recovery. Wall Street Cheat Sheet’s Damien Hoffman says the growing underclass now accounts for about 10% of the U.S. population.

In this clip, he and his brother Derek, who jointly run the Wall Street Cheat Sheet website, point to several signs America is turning into a two-class society:

* -The foreclosure problem. 2.8 million homes were foreclosed in 2009. RealyTrac expects that number to increase to 3-3.5 million in 2010. Damien Hoffman thinks it could be even higher if "strategic foreclosures" become a more accepted practice.
* - Unemployment. The official rate is 9.9% but the wider measure of under employed and those who have given up on their job search is more like 17%. That's more than 24 million Americans out of work.
* - Record numbers using food stamps. The Agriculture Department said a record 40 million Americans, or 1 in 8 Americans, may not be able to eat without government assistance. “This is the ultimate sign of an under class,” the Hoffman Brothers say.
* - Take a look at Dollar Tree Stores. The discounter's stock is near an all-time high while revenues are up 12.5% this year. In other words, more Americans are chasing cheaper goods.

Foreclosure numbers for California

I am reviewing the Foreclosure Radar report on Foreclosures in California for the month of April 2010.  The numbers are not good in my professional opinion.  It might be good news to some.. Lawyers and Realtors! Here is a breakdown

"Foreclosure filings were down in April for the 1st time since the beginning of the year.  Despite the decline in filings, the inventory of properties in Pre-foreclosure or scheduled for sale only dipped slightly as the drop in filings were offset by an increase in the time to foreclosure" --Foreclosure Radar

1. Notice of Trustee Sale

still close to the pace of 2009  3.10% vs. Prior Year

Notice of Trustee Sale filings set the date and time of auction and serve as the homeowner’s final notice before sale.

2. REO Inventory still high

REO is a class of property  owned by a lender, typically a bank, after an unsuccessful sale at a       foreclosure  auction.

3. Notice of Trustee Sale

Cancellations higher by 11.39% prior month and 174.37% from this time last year!!!!

*After the filing of a Notice of Trustee Sale, there are only three possible outcomes. First, the sale can be Cancelled for reasons that include a successful loan modification or short sale, a filing error, or a legal

requirement to re-file the notice after extended postponements. Alternatively, if the property is taken to sale, the Bank will place the opening bid. If a 3rd party, typically an investor, bids more than the bank’s opening bid, the property will be Sold to 3rd Party; if not, it will go Back to Bank and become part of that bank’s REO inventory. –Per Foreclosure Radar Report April report

This is the number that bugs me the most since it just shows that one a cancellation can be the bank re-filing    the Notice of Trustee sale due to extended postponements, a filing error or successful short sale or loan modification which I highly doubt.   Since I am seeing more and more banks delaying loan modification approvals  by up to 6 to 9 months.  The number just is not going down and it's creating a major back log.

4. Sold to 3rd Party

Is up 6.05% from the previous month and up 158.62% from last year!!! This just brings surrounding homes market    value down since most 3rd Party sales are below the Market value of the home.

Based on these numbers I don't see a Real Estate Recovery this year.  I would consider this year gone and done for Real Estate barring something drastically happening down this year like having the Federal Government doing something about changing the "Making Home Affordable" program to include values and having the Banks seriously doing modifications of home loans to a reasonable payment of the home loan since I see possible worse case scenarios affecting all debt ridden homeowners.  One scenario is Interest rates shooting upwards after inflation takes effect and it will due to ALL the spending being done by the Federal Government.  Second scenario is continuing slow down of the economy on the job front which experts are saying could last into 2014!!!!!!! All this will continue to trickle down the whole economy as a whole especially when our economy is 75% consumer spending!

I will be coming out with a Do it yourself Consumer and Loan modification package soon.  This package can get you on a more solid financial footing.  Feel free to call me at 800-208-4753 or email me at refionce@gmail.com for pre-order special price of $79.00 once the package goes online for sale the price will be $125.00. 

New Approval 2nd Mortgage with GMAC Settled for 20% of Original loan amount

This loan is a 2nd lien or 2nd mortgage on a Rental property. The original loan amount was $30,314.00.  GMAC at first turned down the settlement offer all together but after a few months they came around.  They came back with a initial offer of $7,500.00 we countered with $6,000.00 and we just got the approval! Click at the link to see it!
APPROVAL

So now the borrower has no 2nd mortgage and that eliminates the 2nd mortgage payment of $294.43 & over the life of the loan he is saving $70,000 in just what he would pay on INTEREST!!!

OLD TERMS

30,314.00 LOAN AMOUNT
11.25% INTEREST RATE
30 YEARS
$294.43 PRINCIPAL AND INTEREST


NEW TERMS

$6,000.00 SETTLEMENT AMOUNT
NO MORE PAYMENTS
NO MORE 2nd Mortgage


FYI I will soon be releasing a Consumer Credit & Loan Modification Package which could save you hundreds per month & hundreds of thousands over the life of the loan!  This will not be a just Do it yourself Package or E-BOOK.  This is a package of how to beat the banks at their own game! Sign up for email updates and I will send out an email once it's ready! Like always feel free to contact me at 800-208-4753 Office or email me at refionce@gmail.com for more information. 

New Approval! 2nd Home Rental Property GMAC!

This is a Rental Property & the borrower was on an Adjustable loan which got up to 11.00% before settling to 10.25% and the client was behind over 12 months on the mortgage payment.  His main worry was his Interest rate could go up higher once Interest rates start moving upwards.  The old and new terms are as follows

OLD TERMS

10.25% Interest Rate (Adjustable)
No Escrows included
12 months behind on mortgage payments
Loan modification was turned down once before by the bank

NEW TERMS

8.00% Interest Rate (Fixed)
Loan is now impounded
Client is now current and is longer facing foreclosure 




I would like to note that the loan modification is not the best of terms but at the end of the day ALL banks have the final say on what they want to give the Borrower as in new loan modification terms or even approving a loan modification.  Feel free to give me a call or email me with any questions you may have 800-208-4753 Office or refionce@gmail.com  Click on the link for Approval                                                                             http://bit.ly/ayjl5hNewApproval

Walking Away from your home! Interesting story on 60 minutes

Watch CBS News Videos Online


Feel free to contact me at 800-208-4753 or refionce@gmail.com if you have any questions regarding loan modifications or if you are thinking of doing a short sale on your home!

Goldman charged with fraud over Paulson CDO trade - MarketWatch

Subprime mortgages back in the news!

Also interest rates are climbing still.....Refinance or modify now to avoid the Inflation spike to Interest Rates down the road.

Feel free to contact me with any questions and to see how WE can save you some money refionce@gmail.com or 800-208-4753


Goldman charged with fraud over Paulson CDO trade - MarketWatch

Check out this need - Rate my New Article on MiNeeds!

Check out this need - Rate my New Article on MiNeeds!

Posted using ShareThis

Obama announces expanded mortgage modification plan - Mar. 26, 2010

Program will help out Borrowers that are unemployed and also direct the banks to cut balances on borrowers who are underwater. Balances are also being looked to be cut
by Bank of America on a certain number of mortgages.


Obama announces expanded mortgage modification plan - Mar. 26, 2010


Feel free to contact me with any questions you may have 800-208-4753 Office or refionce@gmail.com

New Approval -CITI Mortgage 2nd Mortgage loan

Just got a new approval from CITI MORTGAGE on a 2nd Mortgage.  Borrower was behind 6 months. Borrower is now current and the bank forgave the late payments.  CLICK HERE FOR APPROVAL

OLD TERM

$99,600.00 Loan Amount
11.360% Interest Rate
$974.95 Principal & Interest Payment


NEW TERM

$98,068.20 Loan Amount
0% Interest Rate
$400.00 Payment


Client is saving over $100,000.00 in interest alone! Feel free to contact me with any questions you may have at 800-208-4753 OFFICE or refionce@gmail.com

End of Home-Buyer Programs May Delay Housing Recovery - Yahoo! News

Hopefully interest rates don't go up to high! Currently interest rates are at 5.00% for a 30 Year Fix, 4.50% for 15 or 20 Year Fix. Feel free to contact me at 800-208-4753 Office or dreyes@refionce.com

End of Home-Buyer Programs May Delay Housing Recovery - Yahoo! News

Bank of America to Offer Principal Reduction to Underwater Borrowers

Bank of America has announced it will make principal forgiveness– ahead of an interest rate reduction – the initial consideration toward modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP). An interest rate reduction and other steps would then be considered, if additional savings are necessary to reach the 31 percent debt to income targeted payment.

Under the plan BOA will forgive up to 30 percent of the mortgage loan balance in two stages, but with a quid pro quo from the homeowner. The bank will offer an interest-free forbearance of up to 30 percent of the principal balance for five years. If the homeowner stays current on mortgage payments for the period of time, then the amount will be forgiven. On paper, at least, that forgiveness will allow the homeowner to return his loan to an LTV of 100 percent.

Barbara Desoer, president of Bank of America Home Loans says, "Bank of America has found that many homeowners who owe considerably more on their mortgages than their homes are worth are reluctant to accept a solution that addresses only the amount of the payment without an accompanying reduction in the balance due on the loan."

Feel free to contact me at 800-208-4753 OFFICE OR dreyes@gmail.com for more information.

Obama administration to order lenders to cut mortgage payments for jobless - washingtonpost.com

Obama administration to order lenders to cut mortgage payments for jobless - washingtonpost.com

Foreclosure Search! Great time to buy Great Rates and Prices!

30 Year Fix 5.00% ----0 Points at closing!

30 Year Fix @ 5.00%


15 Year Fix @ 4.50% 


$100.00 Gasoline Card at closing!!!


Call 800-208-4753 or email me at dreyes@gmail.com for more information!

NEW APPROVAL SPS Portfolio 2.00% Fixed for 5 Years!

Below is the old terms and the new terms of the loan modification approval from SPS.   This also is the

HAMP Program approval.  As you can see from the CLICK HERE FOR THE APPROVAL the interest rate is 2.00% for the first 5 years after that the interest rate goes up 1% every year until it reaches 5.00% for the life of the loan.  Feel free to contact me at 800-208-4753 OFFICE or dreyes@gmail.com.

OLD TERMS

552,692.00 -Loan Amount

5.75% - Interest Rate (Adjustable)

$3,343.68 (Principal, Interest, Taxes & Insurance)

5 months behind on mortgage.

NEW TERMS

$562,190.72 -New Loan Amount

2.00% - Interest Rate ( Fixed 5 years)

$2,545.10 (Principal, Interest, Taxes & Insurance)

Total savings for the first 5 years is $ 47,934.00, $6,519.24 6th year savings, $3,339.12 7th Year savings, $1,264.41 for the remaining term of loan.  Total saved $59,056.77

California's Cash Crunch - CNBC.com

I would watch this story very closely since if California fails on it's commitments I fear the economy could take a bigger nose dive and higher interest rates will follow FAST! 5.00% 30 Year Fix 0 Points! Feel free to contact me at 800-208-4753 or dreyes@gmail.com

Where does your state rank on Foreclosures?

Where does your state rank on Foreclosures?

FHFA Extends Refinance Program | RISMedia

Government Program is extended for Homeowners who have LITTLE to NO Equity! Click on the link below to read about it.

Contact me with any questions you may have 800-208-4753 OFFICE OR dreyes@gmail.com


FHFA Extends Refinance Program | RISMedia

UPDATE!!!! Here is the Paperwork from the SUNTRUST APPROVAL

The proof is right here! Here is the actual approval

Click here: http://www.mediafire.com/file/dmfo5jyqgdi/APPROVAL SUNTRUST0001.pdf

Don't lose your home to foreclosure Call today or email me to get started
800-208-4753 Office or dreyes@gmail.com

Banks taking 229 days to sell properties!

Time to Foreclose has increased from 146 days in August 2008 to 229 days in January 2010 as lenders have increasingly delayed foreclosures while working through loan modifications and other foreclosure alternatives and moratoriums. Check out the full report here: http://www.mediafire.com/file/d0mndz2zmjm/January+2010+CA+Foreclosure+Report.pdf

 Today's interest rate is at 4.875% 30 Year Fix with 0 points charged to you!

Call today to get started 800-208-4753 Office or email me at dreyes@gmail.com

NEW APPROVAL!!! SUNTRUST MORTGAGE!

Sorry I have been really busy with loans and also Loan Modifications!

This new approval is from SUNTRUST Mortgage below are the old terms and new terms!
This client had an adjustable interest rate and also interest only loan.  He is a teacher that is not working full time
and his wife just took off of work due to a difficult pregnancy.  They were 6 months behind and were living paycheck to paycheck.
Call me with any questions you may have 800-208-4753 Office or dreyes@gmail.com

OLD TERMS ON MORTGAGE


6.875% Interest Rate ADJUSTABLE RATE
30 Years
Interest Only
$1,364.82 * pmt. included taxes and insurance

NEW TERMS ON MORTGAGE

4.00% Interest Rate
40 Years Fixed
Principal, Interest, Taxes and Insurance
$1,068.69 *once again includes principal, interest, taxes and insurance.


First Payment is April 1, 2010 and they are now up to date on their delinquent mortgage payments.
The client is saving $296.13 per month that's $142,142.40 for the life of the loan!


Call me with any questions you may have 800-208-4753 Office or dreyes@gmail.com

Another Approval This time it's GREENTREE

Just finished going over the loan modification numbers with the Rep from GREEN TREE and the client is going from a payment of $3,226.61 (P.I.T.I)* to $2,687.12 (P.I.T.I)* for the next 5 years that's a monthly savings of $539.49 per month or $32,369.40 after 5 years!!!Once i receive the actual approval from the lender which i should be getting within a month I will post it!

OLD RATE ----5.70%
NEW RATE ----2.875%
AFTER 5 YEARS INTEREST RATE GOES UP 1% EACH YEAR UNTIL IT HITS THE CAP OF 5.10% 


Feel free to contact me with any questions you may have at anytime! 800-208-4753 Office or email me at refionce@gmail.com

Chase Time Guideline changes for Income Documents on Loan Modifications

Just spoke to someone at Chase and they are now allowing Pay-stub's for up to 90 days old and also  bank statements of up to 60 days old.  After your loan modification request is completely submitted the Underwriting Team is taking 30 to 60 days to complete the Loan Modification.  From what I have seen both Chase and CITI-Mortgage are getting faster with their turn times!

Feel free to contact me with any questions 800-208-4753 Office or dreyes@gmail.com

Interest Rate Report for December 9, 2009

Commentary & News:
2:00 pm ET: Cooler heads help market to recover as the DOW remains in negative territory.

1:15 pm ET: Bond prices fell in FAST trade this afternoon driving mortgage rates higher. Prices shot lower following the announcement from the Treasury that foreign accounts did not purchase as much of the 10-year offering as the previous auction. Despite the fact that the participation from overseas accounts was better than average, we initially got clobbered. Like they say in the mortgage business, you are only as good as your last deal. Lets hope cooler heads help prices to recover.

10:00 am ET, Lenders set pricing

Mortgage bond prices opened lower Wednesday morning adding to the losses seen Tuesday afternoon. Bond prices came under pressure early in the day when stock futures were positive, however, despite the DOW Jones index opening lower, rates did not recover. This is a sign the market is concerned over the auction this afternoon.

The only event on tap today is the Treasury auction of $21B ($21,000,000,000) in 10-year notes. Yesterday’s 3-year auction was good, however, sometimes good is not good enough. Indirect bidder participation, an indication of foreign demand for US debt was slightly below expectations, which caused a knee-jerk reaction driving rates higher. Be careful as the day progresses, rates often come under pressure as traders prepare for the additional supply. Auction results are expected by 1:15 pm ET.

Traders will spend the day watching stocks. If stocks move higher, rates will suffer. At pricing the DOW was near unchanged.

Good News Rates are still at historical lows CALL TODAY to lock in your rate no matter if you are Refinancing or Buying a new home it's time to do so!

800-208-4753 OFFICE, 866-610-1514 FAX, 909-631-7530 CELL, DREYES@GMAIL.COM

Modifications and what you need to know your bank is going to ask from you

Loan Modifications are getting approved everyday but I want to take this time and remind people and also educate you on what your bank will ask from you and how the process works.

First thing first the loan modification process will test your patience! Banks right now are so behind on requests for loan modifications. That said the process can take anywhere between 3 months or more than 1 year depending on your situation...

Remember that banks will ask for:

1. Complete tax returns for at least 2 years
2. 1 to 2 months of bank statements
3. 1 to 2 months of pay-stubs
4. Signed hardship letter explaining your financial hardship.
5. Monthly Break down of your Revolving Debt and Living Expenses.
6. W2 for the last 2 years.

If your a self employed Person they will ask for a lot more! (Email me) and I will send you a list!

What gets Homeowners denied is that your bank is going underwrite this loan modification request as if you were buying the home so they will analyze your financial picture. All banks have different Guidelines they will look over and some banks will do a loan modification if you have no money left over on your budget and some request a Net Plus of income to approve a loan modification. I know it's confusing but that's how the banks work.

I would advise anybody that you can do this on your own----but if you do not have the time to follow up sometimes (DAILY but many times weekly) OR get the the requested Documents banks may ask in a timely manner than hire someone to do it for you. In most cases you do not need an attorney to do this! Only if you have proof that you have been wronged when you received your loan or feel you the bank has broken laws when you received the loan would i say to go and hire an attorney! I have successfully done many modifications to state this.

Hope this helped! Remember! Don't Give up and If you need help feel free to contact me with any questions you may have! 800-208-4753 OFFICE OR REFIONCE@GMAIL.COM

ASK ABOUT OUR HOLIDAY SPECIAL! NO UPFRONT FEES CHARGED UNTIL THE LOAN MODIFICATION IS APPROVED!