Posts Tagged ‘hope for home owners’
http://www.60minuteloanmodification.com loan modification expert Mike Rockwood says he will pursue more aggressive loan modifications for his clients in light of Pres. Obama’s statement on loan modifications. Rockwood says that means he will push for lower interest rates and even principal reductions for clients.
For a free CD on Author Mike Rockwood’s experience modifying 5 of his own home loans - and how you can too - please visit our Website at http://www.60minuteloanmodification.com
Duration : 0:0:39
(Click “More Info” to see full video script!)
http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans - and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members
For me, the housing market implosion became personal. If youre reading this article its likely that the crisis has become that way for you, too.
So much power and so little accountability! These lenders have dirty secrets that they wish you did not know. Knowing these will help you negotiate a better modification and KEEP YOUR HOME!
There are no rules!
By that I mean that street-smart homeowners should get on the bleeding-edge of this loan mod frenzy. The pioneers are getting extraordinary values. Whenever a big trend overwhelms and industry there is tremendous advantage that goes to the innovative and courageous. For many months I have been advising clients to pursue an aggressive loan mod solution, even when prospects seemed dire. I have been amazed at the results.
So, be brave, be intelligent and be diligent. You will prevailat least for now.
Most fees are bogus.
When you look at the amount a lender claims you owe them, you might be surprised at how large that number is. If you miss 4 payments of $1000 each, why don’t you owe $4000? The answer is late fees and penalties. The problem is that all of these types of fees have to be justifiable, and completely spelled out.
Most loans have RESPA and TILA violations.
Up to 70% of the loans currently in effect have RESPA and TILA violations. This means that the Real Estate Standards and Procedures Act and/or the Truth in Lending Act was violated when your loan was originated. This gives you recourse up to and including the hypothetical invalidation of the loan itself! Talk about leverage when attempting to negotiate!
You have a right to a timely and thorough response to your written inquiries. Banks wish you never heard of a Qualified Written Request.
Under Section 6 of RESPA is a requirement that lenders must acknowledge your inquiry within 20 days and respond thoroughly to your inquiries within 60 days. This request for a modification, there is a way to hold their feet to the fire. By sending a qualified written requestsuch as your hardship letter, request for additional concessions and request for itemization of feesyou force the banks to respond in a timely manner. This gets you priority in an overworked/ understaffed loss mit department.
Principal Reductions Are Possible.
Yes, it is true that principal reductions are the most difficult thing to achieve when negotiating a loan mod. Some banks however, would have you believe that they simply are not possible. That is a lie.
My clients have successfully negotiated principal reductions, even for investment property. The key is to have an intelligent proposal and be bold and persistent.
The first offer is always unacceptable!
Most people attempting to do their own loan modification are uninformed. Most own only one home, and haven’t had a lot of opportunity to hone their skills at modification. The lenders know this. They rely on it.
When you receive your modification offer, you must remember that it is the minimum that the lender is able/willing to do. They are driven to minimize THEIR loss, not yours! Ask for additional concessions in a Qualified Written Request very shortly after getting your mod offer.
For more info visit me at http://www.60MinuteLoanModification.com
Duration : 0:5:16
(Click “More Info” to see full video script!)
http://www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans - and how you can too. Ask Mortgage Modification questions on our forums at http://www.60minuteloanmodification.com/members
For me, the housing market implosion became personal. If youre reading this article its likely that the crisis has become that way for you, too.
Never in history has so much wealth evaporated so rapidly. It became a global problem, too, as mortgage-backed securities and derivatives are traded on exchanges around the world.
Approximately 15 million Americans purchased homes at the height of the housing bubble (from 2004-2006). Today they find themselves at Ground Zero in the housing crisis. Some experts say more than 8 million homes (16%) will go into foreclosure before 2012.
Over 600,000 loans were modified in 2008. That number is expected to quadruple in 2009. The burning question on the minds of homeowners today should be, How much and how rapidly can I modify my home loan?
In 2005 I purchased a long neglected home with big dreams of rehabbing it for my own. It seemed like a sweet real estate deal and it was until the U.S. housing market collapsed. Unfortunately, by that time I had already sunk $90,000 into improvements, so I resigned myself to riding out the housing downturn. At least the home turned out lovely and my wife of 34 years was pleased.
When my income declined too much, it became clear I couldnt meet my obligations. I racked my brain for a solution: Where could I cut back? What is the absolute minimum I could pay? Do I have any stocks or investments to sell?
I Wanna talk about ME!
I have always been conservative. I take pride in working hard and dreaming big. Like most Americans, I dont expect handouts. Im proud of my ability to care for myself and raise a happy family with solid moral values and work ethic.
You get the pictureIm probably a lot like you! Salt of the earth! But I began to feel that the economy had fundamentally changed, especially the housing market, and normal homeowners were being left behind to carry the burden.
New tales of corporate excesses are revealed daily. We learned of VIP loans for Senators and platinum parachutes for executives at Countrywide; Detroits big three automakers flew into Washington on private jets to pick up their government handout; Wall Street theif Bernard Madoff admitted to cheating clients out of a cool $50Billion; and on and on! It looked like a collapsed house of cards.
Remember Blazing Saddles? It contains a scene in which Gene Wilders character describes good, traditional citizens. He says, They have unchanging values, the salt of the earth people you know morons! Thats how I felt. Thats how I still feelmoronically passive while getting robbed!
My first loan modification was absolutely torturous. I actually failed three times on it before I finally cracked the code! I read through hundreds of pages of information published by non-profits, spent hours on hold with the bank, and attended one of the first Loan Modification live events designed to ist homeowners in distress. Instead of the anticipated turnout of 200, some 2,000 people showed up. Many of them waited over 5-hours just to talk with a bank representative. It was impossible not to see the similarities to the long lines of desperate Americans in line for soup and bread during the Great Depression.
Well, it certainly shook my psyche a bit. But sometimes reality bites!
The mod that came out of that meeting saved me $686 per month and almost $194,000 over the life of the loan.! Do I have your attention now?
Needless to say, it got my attention! How often do we get the opportunity to reduce monthly expenses by $686? Most people have to get a 2nd job to earn that much and thats taxable income! And, here is the financial benefit to me:
I had gone from inept bumbler to laser-focused loan mod mercenary. I was fast, fearless and dead serious about getting the best loan modification! Now, my experiences can help you.
Learn more about the opportunity to modify your mortgage with a free CD called 60 Minute loan modification Secrets. Get it at my site http://www.60MinuteLoanModification.com.
Duration : 0:4:45
http://www.60minuteloanmodification.com Loan Modification expert Mike Rockwood explains the newest buzzword, ‘Loan Modification.’ Many distressed homeowners may not even know what a loan modification is! Mike Rockwood explains what it is and how to apply.
For a free CD on Author Mike Rockwood’s experience modifying 5 of his own home loans - and how you can too - please visit our Website at http://www.60minuteloanmodification.com
Duration : 0:1:36