Home

Are You Considering Bankruptcy Because Your Home Is In Foreclosure? Think Home Loan Modification!

I have 35 years of experience in the Real Estate Business, so I get a lot of questions about real estate and mortgage lending. In these troubled times I am being asked to help do more problem solving than ever. People are confused when they lose income and their homes are in danger of foreclosure.

I have been seeing that many home owners are being affected by today’s very bad economy. I have begun to write articles regarding the answers to the questions I am hearing personally, and that I am seeing plastered all over the news.

Today, I am writing about the viability of using bankruptcy as a solution to the threat of foreclosure and losing your home. First of all, bankruptcy is a very complicated judicial process. You must prove that you have no ability to pay your outstanding debt. You must prove, under oath, that your income is simply never going to allow you to catch up. You will have to give every detail of your finances to a court. The trustee, usually a judge, of your bankruptcy is going to take a long time poring over the details of your life. A lawyer is going to charge a lot of money to help you prove your are broke (This has always sounded kind of insane to me). This probably isn’t going to be pleasant. In fact it will be humiliating and is probably totally unnecessary.

To file bankruptcy, you must first be bankrupt. But, if you are still earning income, even if it less than it was, and if your house payment is the only problem that is breaking your back. Then take heart. Your bank doesn’t want to take your home. It costs them too much money. Banks are failing because they were forced to take back more homes than they could afford. Each foreclosure costs them lots of money.

What a bank really wants is for you to pay your back payments. Begin making payments on time. Continue that for many years and be a good current customer. That’s what they want. But that is not all that they will accept.

The bank knows that you cannot make up 3 or 4 (or more) back payments all at once to get caught up. They are dealing with this problem thousands of times everyday. So, catching up is what they want. But, they will take any deal that they believe will help you stay where you are. Even if it means letting you make one payment to get current and lowering your payment amount, so that you can afford it. They can do this with a Home Loan Modification.

Home Loan Modification. You are hearing about it everywhere. In fact, if your Lender helps you modify your loan and get you current within your ability, the government will reward them with some money. The bank gets paid to help you and they end up with a good customer, instead of a house they don’t want.

Your credit score is not considered for you to qualify, because you already have a loan. Your back payments can be put back into the loan. The Lender will probably eliminate your late fees and penalties. You are really getting kind of a “do over”.

So, forget bankruptcy until later(much, much later). Most foreclosures can be stopped or postponed in one or two days. The modification process is relatively simple, but it takes a lot of time and effort. It is slow because all Lenders and Banks have too many borrowers in trouble and it is very hard to get them to pay attention to only your deal. But that’s ok, as long as you are in the process, nothing bad can happen. Eventually, if you hang in and complete the process, all modifications will be successful. You can do it yourself, but it is a very intimidating and daunting process if you are unfamiliar with Lending and Mortgage Industry. But, there are professional companies that will negotiate your Home Loan Modification for you. Some are good. Some not so good. I recommended one to several friends and clients, which was so successful at getting Foreclosures Stopped and Home Loan Modifications completed successfully that I am now a partner in it. I recommend you look for a good company, ask for references, call the references and then discuss the entire process with that company. Ask for a Money Back Guarantee. They are helping you with your most prized possession, your home. They should be able to back up what they promise.

 

Danny Hammond is a real estate expert with 35 years as a Real Estate Broker; Home Builder; and Mortgage Broker. He is currently a partner in Total Financial Solutions, a company which specializes in helping troubled homeowners Stop Foreclosures and negotiates new and affordable terms through the Home Loan Modification Process. You can contact Total Financial Solutions at: Website: http://www.stopsaleandmodifyloan.com; Or Email: mortgagesolutionstoday@gmail.com;

Bad Credit Payday Loans Tips: Home Canning Tips Made Easy

We all want to preserve our food. If only we could prolong the shell life of our cereals, cold cuts, milk, etc., there would be less hungry mouths in the world. And because many of us continue to face financial challenges along the way, some cant help but review a few food preservation techniques that they could use in their homes. Although bad credit payday loans are always there to offer financial relief for immediate needs like food. These loans come with high interest rates, so better hold off your plan to apply for one and consider a few preservation processes instead.

Home canning has been one of the most highly-used practices for food preservation. It is a good way to preserve fresh produce from the farm. However, if you do know the right process, you can risk the entire familys health. Canning can promote the growth of bacteria if done the wrong way. Ensure that you follow the following steps.

Tip 1: Use only glass jars that are made specially for canning. These glasses are made from special materials that make them thick enough. It should be able to generate heat after being sterilized and from the heat of the food contained in the jar. Ensure that the jars are free from chips or cracks. Using cracked jars can be very dangerous. They can break during the process. During breakage, bacteria can accumulate very quickly.

Tip 2: Wash the jars well. Use hot soapy water. Rinse them well to remove the traces of the detergent. If you use old jars with mineral deposits, soak them overnight in a mixture of vinegar and water.

Tip 3: Place your jars right side up. Arrange them neatly on top of a rack placed in the bottom of water canner. The jars should be kept at least one inch away from each other. Fill the kettle hot water until its deep enough. Cover the kettle with the lid.

Tip 4: Bring water to boil. Continue boiling for 10 minutes. If you live in areas with altitudes higher than 1,000 feet, you might have to prolong boiling. Add an extra minute for every additional 1,000 feet.

Tip 5: Once the jars have been sterilized, turn off the heat and give them time to sit in hot water.

Food canning is not as tedious as what many people think. This process is very useful especially during difficult financial times. Instead of applying for payday cash loans that come with soaring interest rates, learn a few food preservation techniques and save yourself from financial turmoil.

Next time you’re near someone who needs help with their finances, stop and help them because some people have not received the great advice you have about saving money in Jackie Roller’s writings on Payday loans.

Home Loan Modifications – How I Won My Battle

Just over a year ago, I lost my job. As I frantically scrambled to hold my life together, I knew that a must-do-right-away was to sign-up for one of these seemingly pervading modification plans and not have to fire-sell the house at a loss of tens of thousands of dollars. One would like to think that for people affected with life-shattering events, such avenues would be made as seamless as possible. It comes as a surprise for no one that reality is anything but. A statistic that has oft been thrown around is that despite millions losing their homes, only 85,000 modifications have been approved. Still, three months after I started the modification process, I won my approval, but not before burning my lungs and throat out shouting and screaming. My new payment, though still provisionary, has been halved. Here, I would like to briefly relay my story. Hopefully, something here can be of help to others.

Politics

Let’s begin with a quick pulse-check on political complications surrounding this subject. First, like any program that is set-up to put out fires after they have started burning, it’s going to bumpy, scratchy, with a host of frustrations and growing pains. Secondly, the banking industry is locked in a battle with the government. The government tongue-lashes bankers like school-going children and is trying to impose a ton of regulation, while bankers (or Wall Street rather) fight back with lobbyists. Since government bailed out the banks, they do expect them to forward the favor and help fallen borrowers. But, with stirred emotions and all the politics, don’t expect executives to be reaching out and doing the right thing. Also, the rushed set-up under the fires leads to poorly trained staff and an ill-crafted process.

The Modification Deptt. Please

So, I promptly called my lenders modification department and was told that forms are being sent out in the mail. The forms never arrived so I called back a week later: they gave me instructions on submitting a hardship letter, proof of any income (such as unemployment benefits, distributions from savings or retirement plans), and an income/expense worksheet. Now, I need to mention something important here. When I was researching this subject, I came across a lot of chatter online and among friends that in order to get the bank to work seriously on your modification you have to be in default; that unless they are staring a loss in the face, they won’t be motivated to work on your modification – not true. I got my modification approved otherwise. Besides, deliberately defaulting on payments brings a host of issues starting with shooting down your credit rating. I would highly discourage it as tactic less you are genuinely in default.

This is how we do it

When I got my first rejection notice, I called it in: they said the reason I got rejected was that I had a monthly deficit on my income/expense worksheet. Coming off nearly a six-figure salary, this had been somewhat of a challenge. But, after getting some income support letters from relatives and showing savings-distributions I managed to weave it down to a $ 1,000 monthly deficit. Still, it surprised me that being so fresh into the fall of unemployment, they would expect such normalcy in one’s financial affairs. They told me that I could rework the numbers and resubmit. But, something was off-kilter. My monthly deficit was based on my current interest rate of 5.4% and not a modified rate. In fact, if they calculated my income/expense at a rate of 3.5%, I would have easily made it into the black. When I called up the bank and locked horns with them on this, the response, more or less, was this is how we do it. I kept getting told about how they had to follow Investor Guidelines. After about twenty minutes of emotional rancor over the phone, I realized I was being stupid–I was pouring out to someone who had little understanding of what was going on and even lesser capacity to do anything. Still, I called in a couple of more times just to see if I wasn’t hitting the wall with some nincompoop–but found no movement. I also asked for detail on what the Investor Guidelines were all about, but to no avail.

Presidential

Ergo, I wrote a letter to the President of the bank, copied the Chief Credit Officer, and the Director of Consumer affairs at FDIC. My contention was that under the pall of a major recession, and a comprehensive bank bailout by the government, I was being jerked around. I conveyed to the authorities that I felt someone was being insincere or attempting to sabotage my attempts at a modification. By this time I had rented out my house and moved into an apartment to stave off any eventuality where I may have to fire-sell (I was not upside down, still had a bit of equity). So, I could no longer avail the HAMP program which is for owner-occupied only. Anyway, the FDIC forwarded my complaint to the OCC (Office of the Comptroller of the Currency) who promptly informed me that they had forwarded it back out to the bank company for a response. Soon, I got a Special Forbearance Agreement from the bank President’s office that halved my payment for a trial period of three months after which it will be re-evaluated and the mysterious and elusive Investor approval would still be required. It happened about three and a half months after the point at which I had applied for it and needed it.

Safety-net

Well, let’s see what happens when my evaluation comes up. Despite the victory, I know I’m not out of the hole. Though I feel good about having attained something, the entire process came across as injudicious and out-of-character with a safety-net feature. There needs to be some provision for people to find their feet after a grave event such as joblessness. Anyway, I have decided to research more on this subject with the aim of framing the program and its possible shortcomings. If anyone has any valuable material or stories to share, please do send it my way. You can leave a comment or email me at amer.chaudri@email.com. Here’s a couple of burning questions…

What are the aims, objectives, and guidelines governing modifications?

Are modifications sponsored by the government? Or borne by banks/investors?

What are Investor Guidelines for modifications? Is there a potential conflict of Interest here?

Amer Chaudri is a 16 year veteran of the banking and finance industry where he has worked in diverse roles and management positions including back-end planning, front-end sales and financial management. He is the author of “Diatribe: A Scathing Journey Into the Heart of the Corporate Financial Culture”. He wrote the book in 2010 on recent history in the financial and banking worlds leading up to the contemporary economic and financial crises. You can purchase a copy of the book at http://Amazon.com by following this link: http://www.amazon.com/Diatribe-scathing-Financial-corporate-digressions/dp/1608444740/ref=sr_1_1?ie=UTF8&s=books&qid=1289738769&sr=1-1

More Refinancing Home Loan Articles

Home Loans Rise as Boon to Middle Group Income

For a country like India, marred into a vicious circle of poverty, home loans has emerged as a best options. About 60-70% of total population of the country represents middle and lower class of society. Therefore, such class could not afford amount needed for house construction. Home finance companies are giving several offers of home loans, which could help public to construct their own house without any worries. As the loans are being provided in low interest rate by theses companies so one could pay out their dues easily.

As it has been noticed in most middle class family, somehow they could assemble money to buy land but failed to construct a house on it. However, they face difficulties at every step regarding raw materials needed for house construction. As their earnings are not enough, to carry out work, in one period. Thus few people stop their work in mid term of construction. So, home loans play a major role in such situation. Nowadays, home finance companies are running offer to attract people to invest money for their own dwelling. Few days back, State Bank of India has announced a low interest offer for retired servicemen. The work carried out by builders in India provides a good accommodation to middle class. The builders take contract of an apartment in any place of the city and then sell their flat in affordable rate to people, seeking for a place to spend their coming days. delhi property

In India, unemployment holds a burning problem. Thus Indian properties and its property dealers get a good chance to earn their livings by carrying out work in arranging land to needy. Also various companies need real estate in India to plant industry. Thus property dealers in India play a key role in arranging land for establishing construction area for industry. However builders in India are busy in other activities of country, through builders in India, most of the work for developing infrastructure is carried out. As these builders work in buildings elevated roads, street roads, stadiums, office etc. They are also indulging themselves in construction of factory and industry in our country. Like builders in society property dealer also have a vital role in development as these property dealers have a good knowledge of land and its importance, thus through farsightedness of such property dealers, one could buy or sell land according to their need. pune properties

As our country is moving towards fast economic growth, hence Indian properties have emerged as one of the best option to be counted. Utility of property would provide a better platform for development. As, lands in ruler or remote areas are not utilized in true manner, thus steps from property dealer with loan finance companies would stand out for creating real estate in India. Here at present numbers of online resources are available on the web that are offering online information about builders and property players of the nation like 123realestates that bring you with detail information about real estate in india comprises buying, selling and rental properties of India.

Get connected with india properties that bring you with real estate in india along with home loans in india and other home finance companies with different criteria.

Arizona Home Loans and Foreclosures Info

Across the country and perhaps especially in State of Arizona, foreclosures have been in the news recently, most especially because of President Obama’s recent visit there and news about his plans to spend $ 75 billion tackling foreclosures across the country. President Obama also visited Dobson High School in Arizona recently.

Other foreclosure news in Arizona

Unfortunately, folks seeking to circumvent foreclosure in Arizona have also been hit by predators. In fact, Arizona’s Attorney General Terry Goddard has filed a lawsuit against a so-called “foreclosure rescue operation” that really wasn’t. In fact, this organization has defrauded about 400 Arizona homeowners of their homes. Therefore, this is something that folks in danger of foreclosure have to keep aware of.

Can some foreclosures be “good” news?

Of course, foreclosures can’t be good news for the homeowners who are losing their homes, but they can be good news if you’re in the market for home and are actually looking to save some money. Many of these homes are sold at auction, or have been taken back by lenders now looking to sell them at reduced prices. Take a look at real estate sites with listed housing; in some cases, you may even be able to offer 10% or so below the asking price and still get the house you want.

Some things to look out for

If you’re looking to purchase a home in Arizona or anywhere else, it’s a good idea to have your own privately hired home inspector take a look at a house you are considering buying. Real estate professionals will offer you options like this, too, but it’s a good idea to have your own independent inspector because you’re sure to find out before you buy what difficulties the home may have.

This is especially true for foreclosed homes, which may have been sitting empty for a while and therefore may have “disuse” problems like leaky roofs or pipes, or that may even have been sabotaged by previous owners forced to leave; in some cases, previous owners can do things like pour cement down toilets, so that you don’t see a problem when you move into the home, but honestly you’ve got a very expensive problem on your hands once you’ve lived there and know that it exists. Hiring your own housing inspector can help you avoid any of these types of problems.

Getting a home loan in Arizona

Regardless of whom you work with, bona fide lenders who work aboveboard are also usually going to require that you have very good credit, guaranteed income, and a down payment for your home. This is a significant change from the “zero down” mortgages done by subprime lenders to homeowners who probably should not have qualified for a home in the first place. To qualify for the best loans, your FICO score should be at least 620, if not better. Your credit history should also show that you pay your bills on time and your down payment is usually going to need to be at least 20% of the purchase price of your home.

This is a significant change from the recent rules we’ve become used to, but these rules actually hearken back to the “good old days” when every mortgage lender checked out potential homeowners very, very carefully.

Where to go for more information

If you truly are in the market for a home and you have the resources available to buy one, the U.S. Department of Housing and Urban Development or Arizona Mortgage Lenders Association are good places to start. These sources can help you work your way through the maze that buying a home can often be.

And whatever lender you go to just make sure they stand behind their word,  and you can be guaranteed that the lender you’ll be working with will truly be above board and have your best interests at heart.

To learn valuable and easy to understand information about foreclosures visit the Thehomemortgagewebsite.com You’ll find information about home mortgages loans and other related topics.

Related Lawsuit Loans Articles

GET THE FREE STUDENT LOAN REPORT

Free Student Loans report Fill our this simple form to download this great report..
Its FREE!!
Read this before you get your next student loan.

 

Name:
Email Marketing by Javelin
Or get the full student loans ebook and get the right information about student loans..

WE Like You

YOU Count