LOAN MODIFICATION HELP!!

President Obama established the Hardest Hit Fund

2011-06-30T11:22:00.000-07:00

Hardest Hit Fund

President Obama established the Hardest Hit Fund SM in February 2010 to provide targeted aid to families in states hit hard by the economic and housing market downturn. Each state housing agency gathered public input to implement programs designed to meet the distinct challenges struggling homeowners in their state are facing. States were chosen either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn.

Each state’s plan is included below. For more information about a specific plan, please contact the state housing agency directly.

Alabama ($162,521,345)
Proposal
For more information: http://www.hardesthitalabama.com

Arizona ($267,766,006)
Proposal
For more information: https://www.savemyhomeaz.gov/

California ($1,975,334,096)
Proposal
For more information: www.keepyourhomecalifornia.org

Florida ($1,057,839,136)
Proposal
For more information: https://www.flhardesthithelp.org/

Georgia ($339,255,819)
Proposal
For more information: https://www.homesafegeorgia.com

Illinois ($445,603,557)
Proposal
For more information: http://www.ihda.org/

Indiana ($221,694,139)
Proposal
For more information: http://www.877gethope.org/

Kentucky ($148,901,875)
Proposal
For more information: http://www.kyhousing.org/

Michigan ($498,605,738)
Proposal
For more information: http://www.stepforwardmichigan.org

Mississippi ($101,888,323)
Proposal
For more information: http://www.mshomesaver.com

Nevada ($194,026,240)
Proposal
For more information: http://www.nahac.org/

New Jersey ($300,548,144)
Proposal
For more information: http://www.state.nj.us/dca/hmfa/home/foreclosure/homekeepers.html

North Carolina ($482,781,786)
Proposal
For more information: http://www.ncforeclosureprevention.gov/

Ohio ($570,395,099)
Proposal
For more information: http://www.savethedream.ohio.gov/

Oregon ($220,042,786)
Proposal
For more information: http://www.oregonhomeownerhelp.org/

Rhode Island ($79,351,573)
Proposal
For more information: http://www.hhfri.org/

South Carolina ($295,431,547)
Proposal
For more information: http://www.scmortgagehelp.com/

Tennessee ($217,315,593)
Proposal
For more information: http://www.keepmytnhome.org

Washington DC ($20,697,198)
Proposal
For more information: http://www.dchfa.org/

Click here to view your State:

http://www.treasury.gov/initiatives/financial-stability/housing-programs/hhf/Pages/default.aspx

10 Worst hit states Where the foreclosure rates are the highest

2011-03-08T08:58:00.000-08:00

There were more than 360,000 properties with foreclosure filings -- including default notices, scheduled auctions and bank repossessions -- an increase of 7% from June and 32% from July 2008, according to RealtyTrac, an online marketer of foreclosed homes. In fact, one in every 355 U.S. homes had at least one filing during July.

"July marks the third time in the last five months where we've seen a new record set for foreclosure activity," said James J. Saccacio, chief executive officer of RealtyTrac. "Despite continued efforts by the federal government and state governments to patch together a safety net for distressed homeowners, we're seeing significant growth in both the initial notices of default and in the bank repossessions."

The jump occurred as several foreclosure moratoriums phased out. They were initiated by many states to give the administration's foreclosure-prevention efforts time to work. But for many help did not come: The modification and refinancing programs have met with less success than hoped.

"It's starting to reach more and more people, but we have to do better and make sure the program reaches the millions of folks we intended it to reach," said Jared Bernstein, an economics adviser to vice president Biden.

The picture would be even worse, however, without the programs.

"Each of these programs nips away at the problem of excess supply," said Doug Duncan, cheif economist for Fannie Mae, "and fights against declining prices. ... The hope is that the aggregated programs will result in less loss than would happen in the free market."

Out of their homes
RealtyTrac statistics revealed that more than 87,000 properties were repossessed by lenders, effectively sending many families out of their homes. There have been a total of 464,058 repossessions -- or REOs in industry parlance -- so far this year (through the end of July).

"We're seeing more option ARM resets, triggering defaults and more prime loans, which are failing due to job losses," said RealtyTrac spokesman Rick Sharga.

That is resulting in more filings on higher priced homes, for two reasons: 1. option ARMs were typically used for more expensive properties; 2. borrowers using prime loans generally had better credit and were able to afford more expensive houses.

Best and worst
The worst hit areas continue to be in the "sand states," with California posting the highest number of total filings, 108,104, and Nevada posting the highest rate of foreclosure at one for every 56 homes.

The other hardest hit states are Arizona, at one filing for every 135 homes, and Florida, at one for every 154. Las Vegas, with one for every 47 homes, had the highest rate among metro areas. That's Sin City's 31st consecutive month topping the list.

These were bubble states, where home prices soared and banks financed mortgages for anyone who could fog a mirror.

10 Worst hit states
Where the foreclosure rates are the highest
Rank State Rate (One for every x households) Total number
1 Nevada 56 19,535
2 California 123 108,104
3 Arizona 135 19,694
4 Florida 154 56,486
5 Utah 350 3,694
6 Idaho 253 2,491
7 Georgia 356 11,136
8 Illinois 361 14,524
9 Colorado 388 5,488
10 Oregon 446 3,605

Click here http://www.cnbc.com/id/29655038

FREE Online Mortgage Audit

2011-03-08T08:39:00.000-08:00

FREE Video On How To Obtain Loan Modifications Even if you Are Current!

Professional Letters that are Direct and to the Point To Help Get Quick

Approval

Comprehensive Checklist

Full Instructional Videos

Run Multiple Scenarios for HAMP, Non-HAMP, and Audit Violations or Upside Down Properties

How to PASS the Obama Plan for ANY Residential Mortgage

Run Multiple Scenarios

Works with ANY Lender

Save Function Enabled

Forensic Audit Letter

Loans $100,000 or less

Loans over $100,000

Import & Export Enabled (Save Multiple Clients)

Authorization Letter

Editable Proposal Letters

Upgrades/New Features

FREE Membership in http://www.solutionssoftwarematrix.com/?a_aid=5c931b80
Live Training

NPV Test w/ What If Scenario Wizard

Custom Proposal Wizard

System Requirements: Windows Operating System, Microsoft Excel 2002 or newer, Enable Macros, and Medium Security Or Lower for Macros.
Your software and unlock keycode will be emailed to you immediately after purchase.

Click here to sign up and complete the forms:

http://www.solutionssoftwarematrix.com/?a_aid=5c931b80

>

Resource links

2011-03-08T08:37:00.000-08:00

Here's the link to the listing of services' foreclosure prevention departments:

http://www.homeloanlearningcenter.com/ForeclosurePreventContactInfo.htm

Preserving Home ownership: Progress Needed to Prevent Foreclosures. Written testimony of Diane E. Thompson, National Consumer Law Center and on behalf of National Association of Consumer Advocates. Before the United States Senate Committee on Banking, Housing, and Urban Affairs.

National Consumer Law Center: www.consumerlaw.org

National Association of Consumer Advocates: www.naca.net

U.S. Senate Banking, Housing, and Urban Affairs Committee:

http://banking.senate.gov/public

Making Home Affordable: www.makinghomeaffordable.gov

2010-07-25T16:34:00.000-07:00

In Atlanta—one of the areas hardest hit by foreclosures—residents who are about to lose their homes today demanded that Big Banks like Wachovia/Wells Fargo reform their policies and protect homeowners on the brink of homelessness.(See video here.)

More than 200 people, including community groups, clergy and labor and government leaders, attended a hearing at an Atlanta church and listened to area residents about to lose their homes explain the Big Banks’ role in the foreclosure crisis. The hearing was sponsored by the Atlanta Fighting Foreclosure Coalition and the AFL-CIO.

In often moving testimony, several Atlanta residents told how they had worked hard to build a life for themselves and their families only to have their dream dashed by losing their homes to foreclosure.

One witness testified his bank told him he was so far behind on his mortgage that he would need to win the lottery to catch up. An Atlanta Legal Aid worker said all the biggest banks jumped in with both feet into the subprime mortgage business.

AFL-CIO Executive Vice President Arlene Holt Baker, one of a panel of leaders who heard the testimony, said:

Foreclosure is not an equal opportunity tragedy. People of color are disproportionately hurt in part because we’re also disproportionately likely to have lost our jobs. But an even uglier factor is that we have been targeted—chosen—for the dangerous lending practices by big banks almost guaranteed to result in disaster

The hearing comes as the issue of rising foreclosures is being hotly debated across the country, focusing new attention on the role of the Big Banks. The number of U.S. bank foreclosures reached a record high in the second quarter of this year, according to the research firm RealtyTrac.

Last week, a coalition of seven New York City unions and community groups, joined by city Comptroller John Liu, told some of the biggest banks that received hundreds of billions in taxpayer bailouts that it’s time to help out homeowners facing foreclosure.

The city of Memphis and Shelby County, Tenn., filed a federal lawsuit last December against Wells Fargo, alleging “unlawful, irresponsible, unfair, deceptive and discriminatory” lending practices by the bank in Memphis and Shelby County violated the Fair Housing Act. Between 2000 and 2008, loans made by Wells Fargo in predominately black areas of Shelby County were eight times more likely to go into foreclosure than loans in white areas, even though Wells Fargo made nearly four times as many loans in mainly white communities, according to the complaint.

One homeowner told the Atlanta panel that after she was given two subprime loans, her first mortgage payment jumped from $800 a month to $1,200. Bowen is now facing eviction.

Wells Fargo bought my house at foreclosure for $34,000, yet they would not allow me to stay in the home and get a loan modification, even though I have a good income and I could afford to catch up on the missed payments if they would let me. Instead they are evicting me from my home, and it will likely sit empty for two years and be one more boarded up house in the neighborhood.

Seniors also are vulnerable to unscrupulous lenders, said president of the Alliance for Retired Americans and a panel member. One-third of people facing foreclosure are seniors.

Many retirees dedicated their whole lives to one company. There was a promise made that if you worked hard, you would have a retirement you could count on. But that promise got broken. Too many companies gambled away their pensions and savings. Our government just stood idly by, like the lookout man at a bank robbery.

One such senior is Gloria Sims, a 74-year-old retiree. She testified that a Big Bank gave her and her husband an adjustable rate mortgage they cannot repay on their fixed retirement income.

Homeowner said, seniors do not care only about themselves.

We worry about our children and grandchildren in these difficult times. We want them to be able to find a good job and a place to live, be able to start a family, and have a safe and secure retirement when their working days are done.

Immediately after the hearing, participants headed to the Wachovia/Wells Fargo downtown Atlanta branch to demand that the bank modify home loans, inform tenants in foreclosed homes of their rights and expand access to affordable loans to communities in need.

With much of the Atlanta media covering the action, four of the panelists—Holt Baker, Atlanta-North Georgia AFL-CIO President Charlie Flemming, Georgia State Sen. Vincent Fort and the Rev. Timothy McDonald—met with bank officials to discuss the foreclosure crisis.

As of May 2010, some 182,067 mortgages issued by Wells Fargo alone were eligible for the federal Home Affordable Modification Program but the bank had only permanently modified 40,579 mortgages. Wachovia has an additional estimated 31,084 eligible mortgages but had only permanently modified 1,211 or 4 percent. Wells Fargo and Wachovia merged on December 31, 2008.

The participants called on Wachovia/Wells Fargo to:

•Improve participation in the federal Home Affordable Modification Program (HAMP) program to achieve a 100 percent loan modification goal.

•Reduce principal balances, reduce interest rates and make home loans affordable.

•Protect tenants in foreclosed homes.

•Stop high-interest short-term lending. Although not available in Georgia, Wells Fargo’s Direct Deposit Advance program charges fees equivalent to about a 120 percent annual percentage rate.

•Expand low-interest lending to meet the crucial need for affordable and accessible credit in poor and minority communities.
The other panelist at the hearing was John Eaves, chairman of the Fulton County (Ga.) Board of Commissioners.

11 things to do when requesting a Loan Modification with your Lender

2010-07-02T09:29:00.001-07:00

Top 11 things to do when requesting a Loan Modification with your lender:

1. Learn how to write an effective hardship letter

2. What to avoid so that you’re not denied a Loan Modification

3. How to complete your financial statements so that your Loan Modification is approved

4. How to calculate your Debt-to-Income Ratios correctly so that you’re Loan Modification will be approved

5. All necessary forms so that you’re Loan Modification will be approved

6. List of documents you need to submit so that you’re Loan Modification will be approved

7. How to eliminate fees, penalties and past due balances after your Loan Modification is approved

8. How to negotiate with the lender to get your Loan Modification approved

9. Learn about the NEW Obama's Marking Home Affordable program http://makinghomeaffordable.gov/Program

10. PURCHASE MY LOAN MODIFICATION SURVIVAL GUIDE EBOOK AND GET YOUR RATE DOWN TO 2% JUST LIKE I DID!

11. Get State by state resources and much much more!!

http://loanmodsgonebad.blogspot.com/

Give families a chance - support a 90-day moratorium on foreclosures.

2010-07-02T09:29:00.000-07:00

Join the Call for a 90-Day Foreclosure Moratorium
Click here to view and sign ACORN's petition!

Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

If the bank does not renegotiate, the home owner still has 90 days until the bank can take the house.

Recently, several of the country's largest mortgage companies have announced that they are implementing a 90-day moratorium on foreclosures.

This is good news for families. The moratorium will allow them to stay in their homes and have time to work out an affordable loan modification with their mortgage lenders.

The bad news: not all lenders have instituted the moratorium. ACORN believes that a moratorium combined with a commitment by lenders to work with homeowners on affordable terms are critical first steps to help families survive the economic crisis. If we can stabilize families in their homes, we can begin to address the egregious predatory lending practices that have put communities in crisis in the first place.

Please join us - sign the petition below. This petition asks lenders who have instated a 90-day foreclosure moratorium to use this time to work out affordable loan modifications for homeowners. It also asks lenders who have not agreed to a moratorium to join with those who have in taking this important step to solving the foreclosure crisis.

Call TODAY!! Your Senators Need To Support Senate Bill 61 - Helping Families Save Their Homes In Bankruptcy Act Of 2009.

2009-12-05T18:48:00.000-08:00

Your Senators Need To Support Senate Bill 61 - Helping Families Save Their Homes In Bankruptcy Act Of 2009. These Videos Show Why.

I think what these videos show are banks and lenders seemingly not working with people in any constructive way to save their homes. It is hazard at best. It also show people not so much plagued by terribly bad decisions but by reasonable risks except for the economy leading them to unemployment of underemployment. These are people overcome by and large by the intolerance of large financial institutions that tell Congress one thing and do another. Namely, that they are working with people to modify mortgages and they are not except as it as it suits their needs to keep inventories of foreclosed homes lower or some such reason. These people express their fears and sorrows in a real sense, but what this pain represents is a complete lack of adequate due process. What is needed, and needed now, is an independent arbiter that is not there just to enforce laws written for the benefit of the mega lenders. That would be the bankruptcy courts. We need to rewrite our laws now to allow bankruptcy judges to modify mortgages to limit these kinds of personal tragedies from happening.

The statistics are daunting. Currently, over 6,600 American families a day are going through what you see on these videos, and they are losing their homes to foreclosure. In the next five years over 8 million families will lose their homes to foreclosure. Bankruptcy reform to allow the adjustment of mortgages costs the taxpayers nothing, unlike the huge trillion dollar bailouts to these financial institutions.

You need to go online, get the phone number and email address of your United States Senators, contact them and tell them to support Senate Bil 61 - Helping Families Save Their Homes in Bankruptcy Act of 2009. You need to do it now.

If you need a portal to do this easily, you can call you senator through a toll free number provided by NACBA at 877-354-4958, or you may email them by clicking on this NACBA SITE.

Loan servicing companies have put 500,000 troubled borrowers into trial mortgage modifications,

2009-10-11T16:49:00.001-07:00

The Obama administration said Thursday.

The administration set that target in late July after it came under fire for not helping homeowners fast enough.

Officials have increased the pressure on servicers to speed up their implementation of the president's foreclosure prevention plan, which calls for reducing eligible borrowers' monthly payments to no more than 31% of their pre-tax income. Servicers had until Nov. 1 to hit the half-a-million mark.

The administration also released a related report Thursday showing that 16% of eligible troubled borrowers at least 60 days delinquent were placed into trial modifications as of the end of September. This is up from 12% a month earlier.

Consumer advocates have said that the president's initiative has prompted servicers to help more people than ever before. But, there is still a long way to go.

The administration's efforts are only "chipping away" at the problem, said Barry Zigas, director of housing policy for the Consumer Federation of America

"It's very, very frustrating that so many borrowers are on track to lose their homes," Zigas said. Thursday's report "is not a cause to rest."

President Obama announced the $75 billion initiative in February and the first institutions to join began accepting applications in April.

The plan, which was projected to help up to 4 million homeowners, puts qualified borrowers into three-month trial modifications before the adjustment is made final. Servicers, borrowers and investors can get financial incentives to participate.

Servicers' performance, however, remains very uneven.

Saxon Mortgage Services once again led the pack with 41% of eligible delinquent borrowers in trial modifications, while Citigroup (C, Fortune 500) and Aurora Loan Servicers following at 33%. JPMorgan Chase (JPM, Fortune 500) has put 27% of its clients into trial modifications, while Wells Fargo (WFC, Fortune 500) has placed 20% and Bank of America (BAC, Fortune 500) 11%.

Several servicers, including many of the largest banks, have made great strides in recent months. Wells Fargo, for instance, had helped only 6% of eligible borrowers by the end of July. The bank's numbers rose after it started putting people into the trial modifications before collecting all the documentation, a practice which many of its peers do.

Administration officials met with servicers Thursday afternoon to press for further improvements in their modification efforts and responsiveness to borrowers. Many people have complained that financial institutions lose their paperwork, transfer them repeatedly between departments and require that they fill out applications again and again.

Permanent modifications
Though the housing market is showing signs of stabilizing in some locations, the foreclosure crisis continues to plague the nation. The president's plan has been credited with reducing the number of homes falling into foreclosure, but some experts worry that the modifications will only delay many inevitable defaults.

Many banks put delinquent homeowners into the trial modifications as long as they meet the basic criteria, such as having a first mortgage of less than $729,750 and living in the home as their primary residence. During the three-month trial, banks gather detailed income documentation and determine whether they'll recover more money by foreclosing on the home or by offering a permanent modification.

Banks, however, say they are having trouble obtaining the needed paperwork from borrowers, said Zigas.

Borrowers, meanwhile, must make timely payments during the trial.

The industry is now waiting to see how many borrowers in trial modifications will qualify for permanent adjustments. Banks said they have yet to compile how many people were ultimately denied permanent modifications.

Obama's home rescue plan for homeowners who are at risk of falling behind on their mortgage payments or losing their home

2009-10-05T09:21:00.001-07:00

There may be a solution to help you obtain an affordable mortgage payment and end the stress and frustration caused by financial difficulties. Loan modification help is being offered by Obama's home rescue plan for homeowners who are at risk of falling behind on their mortgage payments or losing their home. The recession, record job losses and housing meltdown have caused a tidal wave of foreclosures across the nation, and the government has stepped in to offer a rescue plan for homeowners.

Loan modification help has been slow in coming, but it is finally here. Obama has mandated that he wants to see 500,000 loan workouts completed in the next 60 days. That means that banks are really motivated to help homeowners-but only those borrowers who can prove they qualify for the program will get assistance. You are a good candidate for Obama's government loan modification plan if:

1. You live in the home as your primary residence
2. Your loan is less than $729,750 and was taken out before January 1, 2009
3. Your current payment is more than 31% of your gross monthly income (payment figure should include your principal, interest, property taxes, homeowners insurance and any homeowners dues)
4. You are facing a financial hardship situation

If you can meet these basic requirements, then you are allowed to apply for loan modification help. The next step is to submit your financial statement, which is a detailed accounting of your monthly income, expenses and assets. Based on the information you provide, your lender will determine if you meet the approval criteria or not. Get the facts today before you contact your lender.

http://loanmodsurvivalguide.blogspot.com/

Join in my blog you are not alone!!

Most foreclosures clustered in four states (guess which four?)

2009-09-15T14:19:00.000-07:00

According to RealtyTrac's report on foreclosures for the first quarter, every single one of the top 26 most foreclosure-ridden cities is located in one of four states: California, Arizona, Florida and Nevada.

Las Vegas, Merced, CA, Cape Coral-Fort Myers and California's Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield topped list. Cities in Idaho and California landed at numbers 27 and 28 on the list.

This is the old "Real estate is local" cliché taken to an extreme, and the foreclosure boom appears to be mostly a tale of four states."The metro areas with the highest levels of foreclosure activity in the first quarter of 2009 paint a picture of concentrated problems in a relatively small number of hard hit areas," RealtyTrac CEO James J. Saccacio said in a press release. "Sales activity appears to be increasing in some of these markets as home prices have fallen to levels that are attractive to first-time homebuyers and investors. While we expect many of these metro areas to continue to experience high levels of foreclosure activity throughout 2009, we also expect to see other markets rise up the ranks as unemployment rates surge throughout the country."

Looking at the data a little bit further, it gets even more interesting. 803,489 properties received foreclosure filings in the first quarter. Riverside-San Bernardino-Ontario, CA, Los Angeles-Long Beach-Santa Ana, CA comprised a full 13.75% of all foreclosures for the first quarter of 2008. At least for now, the story of the real estate market appears to be a few areas with a record of sloppy lending and inflated prices imploding and making the national story look a lot worse than perhaps it really is.

Meanwhile, there are signs that the prices may finally be bottoming as evidenced by the increased sales volume and competitive bidding for well-priced properties. The Wall Street Journal (subscription required) reports that "real-estate brokers say multiple offers on certain homes have recently become more common in parts of California and Arizona and the Washington, D.C., and Minneapolis-St. Paul metropolitan areas...On Wednesday, the Federal Housing Finance Agency reported that home prices nationwide rose a seasonally adjusted 0.7% in February from January, led by gains on the West Coast."

2009-09-15T12:57:00.001-07:00

Their Financials are not

More than 86% of Loan Modification went BAD in 2008, don’t let this happen to you!

2009-08-02T13:36:00.000-07:00

11 Things to do when requesting a Loan Modification with your lender:

1. Learn how to write an effective hardship letter

2. What to avoid so that you’re not denied a Loan Modification

3. How to complete your financial statements so that your Loan Modification is approved

4. How to calculate your Debt-to-Income Ratios correctly so that you’re Loan Modification will be approved

5. All necessary forms so that you’re Loan Modification will be approved

6. List of documents you need to submit so that you’re Loan Modification will be approved

7. How to eliminate fees, penalties and past due balances after your Loan Modification is approved

8. How to negotiate with the lender to get your Loan Modification approved

9. Learn about the NEW Obama's Marking Home Affordable program http://makinghomeaffordable.gov/Program

11. PURCHASE MY LOAN MODIFICATION SURVIVAL GUIDE EBOOK, TODAY!!

10. Get State by state resources and much much more!!

Planning for Your Financial Future: How to Set a Budget with Your Spouse

2009-08-02T13:29:00.000-07:00

What do you want your money to do for you? As your individual and joint financial goals become clear, you will need to find creative ways to get as many of these goals realized as possible. Some of your financial goals can be reached immediately, but others will take long-range planning.

The following exercise will help you separate your financial goals into long-range and immediate ones, and will lead you through making a budget that will allow both of you to work together. A budget that both of you have developed will be easier for you to maintain because both of you "own" it. Successfully creating and staying within a budget gives couples a joint sense of direction and control.

6 Steps for Making a Budget
Step 1: Determine Your Financial Goals
Step 2: Calculate Your Costs
Step 3: Write Down Your Purchases
Step 4: Analyze Your Spending
Step 5: Revisit Your Budget
Step 6: Keep It Up!

Read more on this www.oprah.com
http://www.oprah.com/article/money/couples/20090218-tows-budget-exercise