How to get a mortgage loan modification
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www.2ModMyLoan.com Who qualifies for a loan modification and the answer is YOU. More than 80% of all homeowners will qualify for a loan modification now and that is why you should call me today Tish Washington 626-945-5987 SUBSCRIBE TO THIS CHANNEL TO KEEP UP TO DATE ON THE LATEST CHANGES IN THE MORTGAGE INDUSTRY Call me and with Home Solutions of North America we can save your home. Tish Washington 626-945-5987 How to Save Your Home How to Modify your loan How to stop foreclosure How to get your mortgage modified Modifications Foreclosure foreclosure home short sale save our home Hope Loss Mitigation Loan Mod mortgage Mod Modify HUD HOPE4MYLOAN Bailout LOANS GOD CHANGE JESUS SAVE RESTRUCTURE Bankruptcy bank foreclosure pre foreclosure how to save my home real estate foreclosure REO avoiding foreclosure keep my house hope for my home hope for my loan mortgage bailout You could fall into one of the following categories Short Refinance, Forbearance Agreement, Repayment plan, Deed in Lieu of Foreclosure, Short Sale and/or Cash for Keys. Please visit our website and download a copy of terms and definitions. Christian Company If you have fallen behind on your mortgage payment and have received a Notice of Default or Notice of Trustee Sale and may be facing a Foreclosure we can assist you with our Attorney Assisted Foreclosure. We can stop a foreclosure if need be. We can also DEMAND your loan to be modified by your lender for violation of RESPA and TIL violations Notice of <b>…</b>
Help answer the question about mortgage loan
How do i find a job as a mortgage loan officer without any mortgage experience?I currently work in a distribution center, and i have a bachelors in economics and psychology. I am interested in becoming a mortgage loan officer so i took a 24 credit hour course in residential mortgage lending but unfortunately i haven't been able to find a job because i do not have any mortgage or lending experience. What else should i do to achieve my carer goal?
Do it yourself. Most of the companies are scammers, take money and don't achieve anything you couldn't achieve yourself, and frequently achieve nothing at all. The companies collect up front money from the borrowers.
Call you lender and keep calling and asking about loan modification. Ask about how they are implementing Help for Homeowners. Persist.
Most loan modifications are only a reduction of interest rates or a change from ARM to Fixed rate loan.
Dear god man!
Did you seriously get this many responses to your question and NOT ONE of them helpful? Well I'll help you
US bank is a larger lender and therefore are more open minded when it comes to loan modifications, so that takeover was probably a really good thing for your situation. I do loan modifications with an attorney's office and we have a lot of success with US Bank. A loan modification on average takes approximately 60 days to complete. However, if you are doing it yourself it take up to 120 days. So don't feel bad if it's not moving along as quickly as you thought it would. It just takes time. If you would like more information about modifications feel free to get in contact with me, but I believe this answers your question
e-mail: louisortiz4@gmail.com
YouTube may be relatively new but educational information such as this was in many weekly real estate section in legions of newspapers. There was absolutely no reason for a foreclosure crisis to occur over these exotic scheme loans like No Downpayment, Pick You Own Payment Schedule, Interest Only, No Stated Income, and the rest. In any age, the information have nots will be on the outside looking in…
I'll get straight to the point.
You asked how often do these actually materialize into something decent?
well, that depends.
here is how a loan mod works:
let's say your mortgage is 1000 per month.
and let's also say you are 6 months behind.
that means you are behind $6000. with me so far?
okay, the way a loan mod works is this:
countrywide will take that $6000 that you owe and divide it up over the next 6-12 months and ADD it to the mortgage you already have. so let's look at the most favorable example:
if they split it up over the next 12 months (which is all based on approval), that means your loan mod payment is $500. make sense? $6000 divided by 12 months is $500. okay?
here's the kicker: that's on TOP of your existing mortgage, because you still owe that.
so what will happen is you will end up paying your regular payment of $1000, PLUS the $500 for the next 12 months.
make sense?
a couple of statistics that may interest you:
89% of people who sign up for a loan mod never make their first payment. yep, you read that right. the reason is fairly obvious. if it was difficult to make your original payment, increasing that payment only makes it more difficult, doesn't it?
the reason a lender is willing to do it is for that 11% of people. you see, foreclosure is expensive for banks. it costs them on average more than $30,000 per house after you account for attorney fees, holding costs, taxes, insurance, etc. they want to avoid it and squeeze every bit of money out of you before they do so.
hope this helps. if you have any questions, email me.
oh, by the way, you can check this out to see what other options you have:
squidoo.com/youstopforeclosurenow
This has been happening a lot. Many 2nd's or equity lines are getting forgiven but normally they'll 1099 you & you'll end up having to pay taxes on the forgiven amount depending on what state you live in.
I'm assuming the rest of your credit is flawless correct? And the mortgage modification & Wilshire showing delinquent is whats driving your score down? If so those are large accounts which is weighted much heavier than any unsecured credit card or car loan. There's no quick easy fix here. You could check with some "credit repair" companies but so many of them are just scams & I would proceed with caution when dealing with them. But this is just how it's going to go for you. You can't go & mod your 1st get your 2nd forgiven & then think in a few months you'll be "A" paper again. It's called paying you're dues for messing up whether it's your fault or not.
With the economy the way it is it's either modify or foreclose.
I know of someone who's house dropped from 700000 to 350000 so you are not doing so bad their payments are 4000 per month. I hope this cheers you up.
It is sort of a 2 edged sword. To get a special deal you either need excellent credit, or have to make them think they will get nothing at all. But in the latter case you trash your credit, and if you can get any other credit, it will cost you big time.
4% is not totally unreasonable. Variable rate on the free HELOC WaMu gave me when I refi'd in 2005 is currently 4.5% and Chase is still giving away 0% credit cards (I forget when that rate expires on my Chase Freedom card). Actually those are both Chase now.
MERS for Homeowners
Welcome to MERS for Homeowners
WHAT IS MERS?
While MERS primarily provides services to mortgage companies, we also offer an important benefit to homeowners—we keep track of the identity of Servicers that registered loans on our system.
WHAT IS A SERVICER?
The servicer is YOUR mortgage company. It is the company that handles the day-to-day tasks associated with managing your loan. Their duties include but are not limited to:
Collecting and remitting loan payments
Responding to borrower inquiries
Making advances when required
Accounting for principal and interest
Holding funds for payment of property taxes and hazard insurance (also called Managing your escrow account)
Making any physical inspections of the property
Counseling delinquent mortgagors
Supervising foreclosures and property dispositions in case of defaults
After your mortgage loan closed, your lender more than likely outsourced the job of managing your loan to another company called a SERVICER. This is the company you call when you have questions about your loan.
WHY DO YOU NEED TO KNOW THE IDENTITY OF YOUR SERVICER?
There are three reasons why you must always keep track of the identity of your Servicer:
Your Servicer is responsible for handling any questions you have about your mortgage loan. Payoff amount? Contact them. Taxes and hazard insurance? They should have that information too. Check your payment booklet. Do you see a toll-free number you can call or a website you can access?
Your Servicer is also responsible for collecting your payment. To avoid late fees and potential fraud, make sure you are sending your payment to the correct Servicer.
If you are unable to make the payments on your mortgage and wish to negotiate the terms of your loan, you may only do so with your Servicer. Contrary to popular belief, it is your Servicer and not the lender that can negotiate the terms of the loan with you.
HOW CAN I FIND OUT THE IDENTITY OF MY SERVICER?
MERS can help! You may:
Dial the toll-free MERS® Servicer Identification System at 888-679-6377, an automated touch-tone system, or
Access MERS® Servicer ID, a free web-based system.
Before calling or accessing the website above, please have the following information ready:
The property's mortgage identification number (MIN), or
The borrower's name and social security number, or
The property address
For more information and assistance on your mortgage loan, please visit one of the following websites:
HopeNow. An alliance between counselors, servicers, investors and other mortgage industry participants to assist distressed homeowners.
MortgageTown. Sponsored by the National Consumers League. Educates consumers on the step-by-step process of obtaining a mortgage.
Neighborworks America. A national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.