Before you closed on your mortgage for your home did you ask any of the following questions:
Do we have all the paperwork?
Are these "good faith" estimates good?
Are the payment representations accurate?
How do we know that the broker isn't double-dipping?
Why isn't there any documentation of income?
Chances are not one of these questions even crossed your mind. Most people are so excited when purchasing their home they simply walk into the closing believing that the documents they sign are in compliance with current laws. However, in many cases one or more laws are violated connected to Real Estate Settlement Procedures Act (RSPA), Truth-In-Lending Act (TILA), and Article 32 Predatory Lending. The unsuspecting homeowner has no idea that these violations even exist. For the homeowner facing possible foreclosure finding out if any laws were violated when your mortgage was originated could mean the difference between losing and saving your home.
Loans with illegalities are not enforceable.
Foreclosures resulting from loans with infractions are also not enforceable.
A Forensic Loan Audit is a thorough investigative report used to detect infractions and violations that may or may not have been performed by the mortgage lender or broker when they originally funded a loan. Loan audits are often used in the loan modification process as leverage in the negotiation process. This report is essential because it underlines laws that were broken, if any, by mortgage lender or broker.
An attorney can press your mortgage lender to take action on your case in your favor, and a forensic loan audit can help to successfully modify your mortgage.
Most sensible mortgage lenders will choose loan modification when presented with the legal facts.
For the best mortgage modification service in the country contact janian and associates for a free consultation.
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Friday, May 7, 2010
Monday, October 26, 2009
Obama's Loan Modification Plan
Obama's Loan Modification Plan is aimed at assisting homeowners refinance or modify their loans for more affordable mortgage payments.
The unfortunate aspect is a large portion of the funds go to the banks and they're not obligated to heed. Only individuals who are not behind on their mortgage account and whose loans are with Fannie Mae and Freddie Mac are eligible for Obama's Loan Modification Plan. The plan is leaving millions of U.S. homeowners in danger of facing foreclosure defenseless & out of the plan.
Here are a few general customary criteria for basic eligibility for this program:
1. The home must be your primary residence
2. Cannot be used for second mortgages
3. Prove Income
4. Your current home loan must equate to 31% or more of your gross monthly income
As many as 6 million families are projected to experience foreclosure in the next couple of years.
The bleak and quick drop in the economy and in the housing market has caused overwhelming repercussions for homeowners throughout the the United States . Millions of steadfast families who pay their monthly mortgage payments on schedule have had the value of their property fall and under the circumstances are now incapable to refinance to lower mortgage rates. Meanwhile, millions of workers in the United States are having a hard time staying current on their mortgage payments after having their hours cut or being terminated. In the last 14 months alone five million plus jobs have been eradicated and millions of hard working families are now applying more than 40 or 50 percent of their income towards their monthly mortgage payment.
How To Modify A Loan
When a loan modification application is presented by a homeowner, it is carefully analyzed to decide the profitability to the investor or the possibility of loss. The "Net Present Value Test" is used to decide what will provide more cash flow to the investor-Foreclosure or Modification. The homeowner's best interest is not part of the decision making process. It is completely based on what is more financially rewarding to the investor. If modification is not in the best interest of the investor, they will deny your application.
For this reason legal assistance is available to homeowners.
For more information regarding Home Loan Modification Please call Janian and Associates at 877-369-4529 or visit: www.JaninAndAssociates.com
The unfortunate aspect is a large portion of the funds go to the banks and they're not obligated to heed. Only individuals who are not behind on their mortgage account and whose loans are with Fannie Mae and Freddie Mac are eligible for Obama's Loan Modification Plan. The plan is leaving millions of U.S. homeowners in danger of facing foreclosure defenseless & out of the plan.
Here are a few general customary criteria for basic eligibility for this program:
1. The home must be your primary residence
2. Cannot be used for second mortgages
3. Prove Income
4. Your current home loan must equate to 31% or more of your gross monthly income
As many as 6 million families are projected to experience foreclosure in the next couple of years.
The bleak and quick drop in the economy and in the housing market has caused overwhelming repercussions for homeowners throughout the the United States . Millions of steadfast families who pay their monthly mortgage payments on schedule have had the value of their property fall and under the circumstances are now incapable to refinance to lower mortgage rates. Meanwhile, millions of workers in the United States are having a hard time staying current on their mortgage payments after having their hours cut or being terminated. In the last 14 months alone five million plus jobs have been eradicated and millions of hard working families are now applying more than 40 or 50 percent of their income towards their monthly mortgage payment.
How To Modify A Loan
When a loan modification application is presented by a homeowner, it is carefully analyzed to decide the profitability to the investor or the possibility of loss. The "Net Present Value Test" is used to decide what will provide more cash flow to the investor-Foreclosure or Modification. The homeowner's best interest is not part of the decision making process. It is completely based on what is more financially rewarding to the investor. If modification is not in the best interest of the investor, they will deny your application.
For this reason legal assistance is available to homeowners.
For more information regarding Home Loan Modification Please call Janian and Associates at 877-369-4529 or visit: www.JaninAndAssociates.com
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