Posts tagged as:

loan modification

Freddie Offers New Loan Mod Option

by Arnie Levine on September 17, 2011

in Latest News,San Diego Real Estate,Short Sales,loan modification

Financially distressed homeowners with Freddie Mac mortgages will have a new option for loan modifications beginning next month.

The new option, called a Standard Modification, is designed for borrowers who are ineligible for a Home Affordable Modification Program (HAMP) loan modification or have previously defaulted on a HAMP or other loan mod. For those who are approved, the program reduces a borrower’s mortgage principle and monthly payment by at least 10 percent each, thereby making the payments more affordable.

To qualify, homeowners must be at least 60 days past due on their mortgage, that is, having missed at least two monthly payments. Those who are not at least 60 days past due can qualify by proving they are in imminent danger of default, through demonstrating an eligible hardship and providing verification of income.

5 percent interest, 40 year term

Mortgages that are modified will have their interest rates set to 5 percent and the amortization period (time required to pay off the mortgage) extended to 40 years from the time of the modification. Lenders approving such modification will receive cash incentives of up to $1,600 per homeowner approved.

Borrowers approved for the program must undergo a three-month trial period during which they must keep up with their new payment schedule before the loan modification is finalized and made permanent, similar to HAMP. Lenders will have incentives to encourage them to finalize borrower’s status within two months of the end of the trial period.

Trial mods may begin Oct. 1

Lenders may begin trial modifications for approved homeowners under the program as soon as Oct. 1, 2011. As of Jan. 1, 2011, all borrowers seeking a loan modification of any type on a Freddie Mac-supported mortgage must be evaluated for eligibility under the program.

The new Standard Modification replaces an existing type of Freddie Mac loan modification called a Debt Coverage Ratio, which now is being referred to as a Classic Modification. The government’s HAMP loan modification will continue to be available as well.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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FTC stops bogus mortgage loan-modification business

by Arnie Levine on July 8, 2011

in Finance,Latest News,Sellers,Short Sales,loan modification

300px Mortgage debt FTC stops bogus mortgage loan modification business

Solutions

Under a settlement with the Federal Trade Commission, a federal court banned three men and their company from the mortgage modification business and ordered them to pay nearly $19 million for consumer refunds. The defendants allegedly deceived distressed homeowners with phony claims that they would negotiate with lenders to modify their mortgages and make them more affordable.

The FTC sued First Universal Lending and its owners in November 2009 as part of Project Stolen Hope, a continuing federal-state crackdown on mortgage foreclosure rescue and loan modification scams. As alleged in the FTC’s complaint, the defendants encouraged homeowners to stop making mortgage payments, saying lenders would not negotiate unless they were at least a few months behind in their payments. After charging consumers up to $7,000 in up-front fees, the defendants often did little or nothing to help them, the agency charged. The court subsequently halted the defendants’ operation, froze their assets, and ordered them to disable their Web sites and computers.

In addition to imposing a judgment of more than $18.8 million against the defendants, the settlement order bans them from the mortgage relief services business. It also permanently prohibits the defendants from misrepresenting material facts about any good or service, violating the Telemarketing Sales Rule, selling or using customers’ personal information, failing to properly dispose of customer information, and collecting payments from their customers.

The defendants are First Universal Lending LLC, Sean Zausner, David Zausner, and David J. Feingold, an attorney in Palm Beach Gardens, Florida.

The FTC asks people to report foreclosure rescue and mortgage modification scams to FTC.gov or by calling 1-877-FTC-HELP. The FTC makes those complaints available to federal, state, and local law enforcement through the Consumer Sentinel Network.

The Commission vote approving the proposed consent judgment was 5-0. The FTC filed the proposed consent judgment in the U.S. District Court for the Southern District of Florida. The consent judgment was entered by the court on May 25, 2011.

NOTE: This consent judgment is for settlement purposes only and does not constitute an admission by the defendant that the law has been violated. Consent judgments have the force of law when approved and signed by the District Court judge.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call
1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics. Like the FTC on Facebook and follow us on Twitter.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

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Tired of hearing, we don’t have your loan mod documentation? See Tips!

by Arnie Levine on July 30, 2010

in Finance,Latest News,loan modification

Mloan modification1 Tired of hearing, we dont have your loan mod documentation? See Tips!any homeowners seeking a loan modification to lower their monthly mortgage payments find the application process time consuming, frustrating and confusing. Thus giving up before the application is reviewed.

Several documents must be collected and sent to your mortgage company that paint a picture as to why you need a modification. This needs to be completed quickly and in a very organized fashion. There are hundreds of applications being reviewed, you need to be proactive and make sure your documentation gets to the right person.

Some TIPS on seeking a loan modification:

Call a local Realtor: They can answer questions; point you in the right direction and even do a 3-way call with your mortgage company to ask questions direct.

Submit All Documents That Prove Your Current Income. Income verification is critical, If you lost a job in June, don’t provide pay stubs from March. In addition to recent pay stubs and other traditional income sources, homeowners should also provide a document called a “contribution letter.” This letter explains the source of any household income that is not easily verified. For example, a servicer will want to know the total household income of a married couple, even if only one person’s name is on the loan. The letter could also include income verifying that you have a roommate that pays rent.

Submit Current Bank Statements. Recent bank statements allow your mortgage company to verify your income and expenses. This information enables the mortgage company to see your monthly expenses for food, utilities and other expenses and determine whether you will have enough money to make your mortgage payment.

Mail Your Documents to the Mortgage Company. Many people send all of their documents by fax or email. Postal mail is usually more reliable, especially if it’s addressed to the person you spoke with at the mortgage company. Faxes often get lost, even better, do all 3 methods.

Label Each Page With Your Name and Loan Number. Don’t risk your documents getting lost in the shuffle. Write your name and loan number on EVERY page of EVERY document.

Fully Explain Any Recent or Unique Income Changes. For example, a bank deposit may show a one-time transaction, such as an asset sale, cash gifts from family members or a bonus. Unless you explain this one-time increase in income, the servicer may not understand it and use this information to deny your loan modification.

Include a Timeline in Your Hardship Letter. Every application for a loan modification must include a “hardship letter” that explains the reasons for your request. But the letter must have specific dates explaining when an income loss has occurred. If a job was lost in your household on July 15 and the income will decrease by $3,000 beginning in August, your letter needs to provide these details.

Call Your Mortgage Company Every Week. Don’t wait for weeks after submitting your documentation to hear from your mortgage company. Call them WEEKLY! Take detailed notes, get the name of the person you spoke with, what is the date and ALWAYS ASK what is the timeline for the next step.

CLICK HERE: Loan Modification FAQS from HUD

County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SERVICE or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200. Email: Arnie@ County4.com

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net/ and I’ll be happy to follow up and take great care of them.

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Are you thinking of walking away from your Home? Fannie Mae gets tough on homeowners who walk away.

by Arnie Levine on July 2, 2010

in Finance,Latest News,Real Estate news

fannie mae logo11 300x161 Are you thinking of walking away from your Home? Fannie Mae gets tough on homeowners who walk away.The mortgage giant plans to go to court against those who can afford to make their payments but decide it’s not worth it. It also will limit their access to future loans.

Taking aim at homeowners who are able to pay their mortgage but decide it’s not worth it, Fannie Mae plans to go after them in court and to limit their access to home loans for seven years.

The government-controlled mortgage giant said Wednesday that it would instruct the companies servicing its loans to recommend when it should pursue a so-called deficiency judgment —a court order requiring a defaulting borrower to pay any remaining unpaid portion of the loan after a seized home is sold.


Lenders rarely employ court proceedings to pursue foreclosures in California, nearly always opting instead for a streamlined procedure involving a trustee’s sale of the home. Under state law, however, lenders who opt for court proceedings can obtain a deficiency judgment if the mortgage was used to refinance a home, but not if it was used to finance a purchase.

Fannie Mae also said it would make new mortgages harder to obtain for borrowers if it can be proved that they engaged in a “strategic default” — abandoning a home to foreclosure not because the required payments are unaffordable but because the mortgage is larger than the value of the residence. For such a borrower, Fannie said it would not buy or guarantee another home loan for seven years.


Borrowers who worked in good faith with their loan servicers to try to stay in their homes would be barred from Fannie loans for only two or three years, even if they eventually lost their homes after attempts at loan modifications failed.

Fannie Mae’s get-tough policy on so-called walkaways is the latest fallout from the housing meltdown, which has eroded the once widely held belief in home ownership as the path to household wealth.

Fannie Mae’s new policies are designed to prod borrowers into pursuing alternatives to foreclosure, including short sales — transactions in which lenders allow a home to be sold and cancel the debt while accepting less than full payoff of the mortgage.

For the full story click here: The Los Angeles Times

More questions we can help you, at County Properties, 24 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market at www.countyproperties.net/. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION & ATTORNEY SERVICE.  or go to www.ShortSaleRealtors4U.com

Please feel free to contact me today for free counseling at (619) 301-0200. Email: Arnie@ County4.com

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Home owners dealing with loan servicers and current mortgage rates.

by Arnie Levine on August 15, 2009

in Riverside foreclosure news,San Diego Foreclosure news

Dealing with loan servicers and current mortgage rates.

Tips for borrowers dealing with loan servicers
Many homeowners have experienced difficulties and frustration getting through to their loan servicer when trying to obtain a loan modification.  To help alleviate some of the stress associated with this task, an attorney with the

National Consumer Law Center in Boston is offering the following tips:

·       Consumers should keep detailed written records of every contact they have with their servicer, including logs of phone calls and copies of written correspondence.

·       If the servicer makes a promise, such as crediting a payment, modifying the loan, or stopping a foreclosure sale, for example, the homeowner must get it in writing.

·       When seeking a loan modification, consumers should send a request in writing asking the servicer who owns the mortgage loan.  Some banks and investors have policies on which loans they will modify.

·       Consumers should beware of servicers advising them to stop making payments because they have applied for a loan modification.  Instead, homeowners should continue making payments for as long as possible, even if they cannot make the payment in full.  Otherwise, the loan will accrue more interest, and will cost more in the long run. 

·       Borrowers who feel they cannot resolve their problem or those who think their servicer may be violating their rights are advised to contact a non-profit housing counselor or seek legal help.  Housing counselors can help negotiate a loan modification for free. 

·       Consumers can visit the Treasury’s homeowners Web site www.makinghomeaffordable.gov to find out if they qualify for a loan modification under the Obama administration’s program Making Home Affordable.

County Properties 23 years of brokerage experience and trust. We offer free counceling in real estate re; home values and information on options of selling vs Foreclosure.  If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also. Please feel free to contact me today for free counseling at our website, click.  County Properties San Diego or County Properties Riverside

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