Obama Administration Defends Housing Bailout

Will Banks Be Forced to Reduce Loan Principal?

It's the Inequality, Stupid

A huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent, who now make an average of $27 million per household. The average income for the bottom 90 percent of us? $31,244.

 

 Read the rest of the file HERE

Get Started today Refinance Interest Rates starting at 4.50% - 4.75% 

Loan Modifications We Deal with All Lenders Interest Rates starting at 2.50% 

 

Turning the Tables: Philadelphia Man Forecloses on Wells Fargo Office

A feud between a homeowner and his mortgage company ends with an order to seize property – but it's not in the order you might expect.
Patrick Rodgers is taking his frustration all the way to the bank – literally. When he was fed up with Wells Fargo's lack of answers, he sued them. When they still paid him no heed, he foreclosed on the company's local office.

Read more: http://newsfeed.time.com/2011/02/18/turning-the-tables-philadelphia-man-forecloses-on-wells-fargo-office/#ixzz1EKhh04IZ

Refinance

Purchase Loans

Short Sales

Loan Modification

New Loan Modification Approval Central Mortgage Company!

This new approval is from Central Mortgage Company.  The borrower had a pay option arm which is the worse possible loan you could have since the balance keeps going up every month. To make matters worse the interest rate was adjustable at 6.875%.  Also there comes a time in this type of loan that you will not be allowed to pay just the minimum payment and you will have to pay the full Amortized Payment (Principal, Interest, Taxes & Insurance) in order to stay current on your mortgage.   Here is the Loan Modification terms from Central Mortgage Company below:

NEW LOAN MODIFICATION TERMS

$229,403.70 LOAN BALANCE
4.0% Interest Rate for first 2 Years $764.68 Interest Only
2% Interest Rate on the 3rd Year $1009.07 Principal and Interest
3% Interest Rate on the 4th Year $1119.19 Principal and Interest
4% Interest Rate on the 5th Year $1231.41 Principal and Interest
4.75% is the Interest for the remaining loan term (20 years) $1316.10 Principal and Interest 
ACTUAL APPROVAL 



OLD MORTGAGE TERMS

$229,403.00 LOAN BALANCE
6.875% Interest Rate
Pay Option Loan -No Principal or Interest were being paid towards the loan so the borrowers
balance kept going up every month. 
$1020.69 Minimum payment which ($375.00) was Property Taxes and Insurance.
Fully Amortized at 6.875% would have been $1,882.02 with Property Taxes and Insurance
best case scenario if the Interest Rate would have been a Fixed Rate which it was not.



Benefits of New Loan Terms

The New Loan Terms are that the Borrower will now be able to see their Mortgage Balance  reduced every month with each mortgage payment made.  The Interest rate is fixed
and the loan is impounded also.  The fully Amortized Rate of 4.75% after all adjustments are at
current market interest rates

Feel free to contact me with any questions you may have regarding loan modifications.  Start today
Save your house and your money! Banks are doing loan modifications

Updated Loan Modification Approvals

Here is the direct link to all my approvals for this year.  As of December 2010 I have seen
many banks move to help borrowers out with loan modifications. 

Loan Modification Approvals

2nd Mortgage Settement with Ocwen Loan Servicing LLC

Borrower was late 9 months and was owed $59,000.00 on a 2nd mortgage with Ocwen Loan Servicing LLC.
We received a settlement offer of $4,000.00.  Once the Borrower pays the $4,000.00 the 2nd loan is paid and the 2nd lien is released! Check out the Old Terms and New Terms.  The Client will save over $162502.31 since he would have paid $166,502.31 over the life of the loan once all the payments would have been made.  Actual Approval


Old Terms

$47,619.15 Original Loan Amount* Actual Loan Amount $59,000.00 with all late fees
11.25% Interest Rate
30 Years Fix
$462.51 Payment
$166,502.31 Total Payments after 30 Years
$118,883.16 Total Interest paid after 30 Years

New Terms

$4,000.00 Payment
$ 0 Payment
0 2nd mortgage

New Loan Modification Approval Aurora Home Loans

Here is a new approval from Aurora Home Loans.  Clients had a 7.25% interest rate and Interest Only Paymentt and were facing financial hardship due to slow down in their income.   Borrower will save over $90,000.00 for the first 5 years and their interest rate will cap out at 4.50% for the life of the loan.  That's a drop of 2.75% percent! Check out the new approval  Aurora Approval and you can also visit this link for my past loan modification approvals http://bit.ly/loanmodapprovals


Old Terms

$488,000.00 Loan Amount
7.25% Interest Rate
$3.227.38 PITI  (Interest Only, Taxes and Insurance)

New Terms 

$529,899.43 Loan Amount
2.00% first 5 years
4.50% fixed for the life of the loan
$1,679.49 (PITI) Principal, Interest, Taxes and Insurance Payment for the 1st 5 years!
$2,257.92 (PITI) Principal, Interest, Taxes and Insurance Payment payment for the life of the loan!

Outlook for 2011 and 2012: Loan Modification, Interest Rates & Taxes Predictions

As we close out 2010 I just want to say that it's been another roller coaster year just like last year CHECK IT OUT  While i was wrong about interest rates going up this year I do still believe they will go up in the future which i now see anywhere between the next 12 to 24 months.  Also I see higher taxes for everything that can be taxed will be taxed!!! Our Governments will need to find ways to make up revenue somewhere since unemployment will continue to rise or at best stay where they are at.  The elephant in the room that no one is still talking about is the continuing of the foreclosure and shadow inventory of homes many states are not reporting since that would spook everyone out.

As with everything it will come back full circle since a foreclosed home costs not only the person that owned the home but the surrounding homes as lost value.  Also costs City, County and then State and Federal governments revenue in the long run.  I see 2011 and 2012 are going to be some more difficult years for all of us and I feel that with all the data that is out right now I believe the Government and Banks will have no choice but to streamline the loan modification process.

I have seen many approvals this year and I see the moving trend towards that direction for the forseeable future.  What i advice many people to do is secure your financial foundation do not wait until your behind on your house payment 3 to 6 months to look for help! I still see many homeowners keep paying on their car or credit cards before making their house payment...WHY??? Banks are in a bad spot do not believe all the "Good News" you hear on the News or read on the internet! Banks will work with you but you first need to speak up and ask for help or if you do not have time hire someone i know it's hard to find people that are honest or care about your financial well being but there is Ask around to family and friends! Well that's my opinion on where we are going and if you decide that you need help I'm here for your Debt Settlement, Loan Modification, Refinance and Short Sale needs.  Good Luck!

New Approval!!! CITI-Mortgage Borrowers Gets interest rate of 2% !!!

This Approval is from Citi Mortgage.  The Borrower had a 6.30% interest rate that was adjustable.
When we applied for a loan modification the first time the bank wanted to give the borrower a $63.00
reduction! We re-applied and this time around we got a the "Making Home Affordable" Loan Mod
Approval.  The Borrower will be saving over $90,000.00 in the first 5 years! Click HERE for a copy
of the loan modification approval

OLD MORTGAGE TERMS

$415,618.67 -Loan Amount
6.30% Interest Rate
Adjustable Rate
$2,399.33 Principal & Interest
$1,161.47 Taxes & Insurance
$3,560.80 Total Payment


NEW MORTGAGE TERMS


$442,878.71 -Loan Amount
2.00% Interest Rate

Fixed Rate

$1,774.26 Principal & Interest
$400.08 Taxes & Insurance
$2,037.05 Total Payment
$1,523.75 Monthly Savings!!!

Call today and let's get started on your Loan Modification request! Loan Modifications are happening
everyday! Save your House and Your Money!

Robo-Signing Foreclosure Freeze Update

Here’s a quick update on the impacts we are seeing from “Robo-Gate”. For those that missed this major foreclosure news item, robo-gate refers to the foreclosure freezes implemented by various lenders after revelations that foreclosure filings were being attested to in a robotic fashion that may not have met legal requirements. In the beginning the freezes were limited primarily to 23 states that use the judicial foreclosure process, but on October 8th the impact grew when Bank of America announced a national foreclosure freeze.

Stop Foreclosure and get some help

Were here to help here's what we can do:

* Prevent foreclosure
* Explain the foreclosure alternatives:
o Forbearance
o Repayment plans
o Loan modification
o Short sale
o Deed in lieu or "Cash for Keys"
o Bankruptcy
* Apply for government loan modification and mortgage relief programs
* Assistance in talking with your lender

We are here to help — Whether you are having trouble with your housing expenses, have fallen behind on your mortgage payments, or are facing immediate foreclosure
Feel free to contact us at 800-208-4753 Office or email at refionce@gmail.com

Read full article here: Robo-Signing Foreclosure Freeze Update

Current Loan Modification Approvals!

Here is a Updated List of Loan Modification Approvals

As you will see the approvals are from Every Lender out there!
We are currently offering a payment plan to get your loan modification
reviewed by your lender since we believe all homeowners needing help
deserve the help they need on't forget to visit our site or sign up for our Weekly 
Newsletter for updated News and Loan Modification Approvals
and read about the money our clients are saving!

Current Loan Modification Approvals CLICK HERE

40 months to clear inventory of Foreclosed Homes!!!

IBPS IBM lender Business Process Services! Modification Approval! $182k in savings!

Another Loan Modification Approval This time it's from IBM lender Business Process Services.  The client’s old payment was $2,530.00 with taxes and insurance included.  The new payment is $1,808.18 with Taxes and Insurance included.  The 1^st 5 years the interest rate is (2.75%) and  borrower will save over $43,000.00.  On the 6^th year the interest goes to (3.75%) and then The interest rate caps at (4.125%) for the life of the loan.  Take a look at the year savings versus the old loan terms!

Loan Modification Approval 

Yearly savings over 28 years!

1 to 5 years interest rate (2.75%) Payment of $1808.18 with Taxes and Insurance =$43,000.00

6^th Year interest rate (3.75%) Payment of $1950.99 with Taxes and Insurance = $6,948.12

7^th Year interest rate (4.125%) Payment of $2,004.44 with Taxes and Insurance = $132,441.12

Grand Total = $182,389.24

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