Tag Archives: Foreclosures

Wisconsin HARP Lender Reports an Improve in Refinances for Underwater Borrowers Compared to the State’s Foreclosures

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Madison, Wisconsin (PRWEB) November 14, 2012

Peoples Property Equity, Inc., a Wisconsin HARP Lender, reports that government’s Property Reasonably priced Refinance Plan (HARP) is gaining momentum and showing a optimistic trend in helping underwater home owners by providing them an alternative to foreclosure.

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According to the most current refinance report by the Federal Housing Finance Agency (FHFA), 11,357 HARP refinances were completed in Wisconsin YTD, and two,163 had been for homeowners who owed far more than 105% on their mortgage compared to their home’s value.

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When compared to a current foreclosure report by CoreLogic, a major provider of information, analytics and enterprise services, the total number of foreclosures in Wisconsin from September 2011 to 2012 is 12,752.

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The 2012 FHFA Refinance Report numbers indicate that prior to the HARP 2. updates rolling out in October 2011, several thousand borrowers who refinanced beneath the HARP System could not have had a good alternative to enhancing their economic situation.

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Increasingly enhancing marketplace conditions and sector and government policy are permitting distressed homeowners to pursue refinancing, loan modifications or brief sales rather than foreclosures,” said Anand Nallathambi, president and CEO of CoreLogic.

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Reduce mortgage payments by way of refinancing can assist underwater borrowers take benefit of record-low interest rates and extend repayment timelines.

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CLICK Here to check HARP eligibility

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John (JR) Katrichis, Branch Manager with Peoples Residence Equity, Inc., believes HARP two. is failing property owners since it isn’t reaching enough certified borrowers and most lenders are taking also long to concern approvals.

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Even though HARP revisions have made a positive effect on Wisconsin’s housing industry, Katrichis insists that even more borrowers need to be eligible to participate in HARP refinancing in order for the program to make a substantial effect on the foreclosure crisis.

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“The government can improve on HARP two. by expanding it to non-agency lenders and removing the Might 31, 2009 origination qualifier,” he mentioned. Other than failure to meet HARP suggestions, Katrichis mentioned that low credit scores are a key obstacle preventing underwater homeowners from taking full benefit of the new federal recommendations for refinancing eligibility.

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Thanks to the new HARP Refinance guidelines, Katrichis has been able to assist even more borrowers steer clear of what they believed was imminent, unavoidable foreclosure. About 75% of my company comes from home owners who have loan-to-value ratios above 125%, he stated. Ive even helped a homeowner with an LTV of 155% effectively take advantage of HARP advantages, he added.

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Unlike the competition, People’s Property Equity, Inc. offers underwater homeowners expedited service that permits them to save time on the refinancing process from start off to finish. “Our underwriters are correct right here in the very same building, so we can get loans authorized and closed faster than other lending companies,” Katrichis said.

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HARP two. Overview

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In fall 2011, The Federal Housing Finance Agency worked with the GSEs to increase access to HARP rewards for responsible borrowers. As a outcome, the following HARP revisions have been created to assist more underwater property owners:

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1) Eliminating specific danger-based costs for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers

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two) Removing the 125 percent LTV ceiling

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3) Waiving specific representations and warranties that lenders commit to in creating loans owned or guaranteed by Fannie Mae and Freddie Mac

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4) Eliminating the require for a new house appraisal where there is a reputable AVM (automated valuation model) estimate supplied by the Enterprises

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five) Extending the end date for HARP till Dec. 31, 2013 for loans initially sold to the Enterprises on or ahead of May possibly 31, 2009.

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CLICK Right here for a Fannie Mae and Freddie Mac loan lookup tool

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Fannie Mae on HARP Mortgage Rates and Refinances

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Housingwire reported that Fannie Mae is optimistic that low mortgage prices and Federal mortgage-backed securities purchases will entice buyers to take benefit of low interest rates.

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Fannie Mae also recommended that low mortgage prices will usher in a wave of refinancing activity, and the GSE predicts that total refinance originations will enhance by 20% this year. Katrichis expects interest prices to remain steady in the next three to six months. “The housing sector is the cornerstone of the economy, but sales continue to outpace equity positions in improvements,” he stated.

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About Peoples Residence Equity, Inc.

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Peoples Property Equity, Inc has emerged as a leader in helping underwater borrowers take benefit of updated House Cost-effective Refinance Program (HARP) guidelines by providing efficient refinancing approval and trusted guidance to property owners impacted by the housing crisis.

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Contact JR. Katrichis at (888) 574-6143 or on the web at http://wisconsin.harpmortgagelender.com/ for much more info about HARP loans in Wisconsin NMLS ID: 208096

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Passage of Mortgage Debt Relief Act to Encourage Quick Sales vs. Foreclosures for Residence Owners in 2013 East Bay Property Owners Aim to Take Benefit Ahead of Law Expires

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Oakland, Hayward, Fremont. California (PRWEB) January 10, 2013

According to the Internal Revenue Service, the Mortgage Debt Relief Act, which originally passed in 2007, enables a borrower who either obtained a loan modification or opted for a brief sale (a sale of a property for significantly less than whats owed) to be exempt from realizing the forgiven amount as taxable income.

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The extension of this law genuinely was a needed part of the actual estate recovery we are now seeing all over the nation. Whether selling a residence or if a single is fortunate enough to receive an cost-effective loan modification, the law served as a counter weight to the foreclosure epidemic we have witnessed considering that 2007. Stated Charles Lassey Founder of ACL Actual Estate and Property Management, a Northern California Complete Service Brokerage Firm that specializes in Short Sales and Property Management.

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In that study, it was located that the new extension almost certainly would not contribute to a new onslaught of delinquent mortgages in the initial half of 2013.

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Numerous opponents who took concern to the law pointed out that it will reward folks who strategically stopped paying their mortgages in hope for help from their banks and or servicers. ACLRealEstate.com disagrees when it comes to loan modifications, since several of the applications that exist right now apply only to loans that had been originated from 2010 and prior, with the bulk of assistance going to borrowers whose loans originated from 2008 and prior.

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Encouraging home owners to complete a quick sale is exactly where the industry appear to be headed. For the next 24- 36 months, a short sale will be the conventional sales in several locations of the nation. This law tends to make offers homeowner one further incentive not to go through foreclosure.

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Parsa Law Group Educates California Property owners about Alternatives as Foreclosures are Expected to Continue All through 2009

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Orange County, Calif. (PRWEB) April 28, 2009

Six California cities are integrated in the top ten markets in the nation with the highest foreclosures prices during the very first quarter of 2009, according to a current report from RealtyTrac, an on the web foreclosure listing firm. Coupled with the growing statewide unemployment rate, now at 11 percent, and according to MDA DataQuick, an 80 % boost in default notices issued to California home owners in the course of the very first 3 months of 2009, compared to the previous period, foreclosure activity is expected to continue all through 2009.

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“Most people going by way of a foreclosure do not know or recognize their possibilities and as a result miss the chance to save their house through loan modification or bankruptcy,” said James Parsa, founding attorney at Parsa Law Group. “If either of these possibilities are viable, it can maintain a family in their property and aid to keep property values in the neighborhood,” stated Parsa.

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California cites listed in RealtyTrac’s top ten markets with the highest foreclosure prices nationwide contain: Merced (two), Stockton (four), Riverside/San Bernardino/Ontario (5), Modesto (six), Bakersfield (7) and Vallejo/Fairfield (eight). Extra California cities listed consist of: Sacramento/Arden/Arcade/Roseville (11), Salinas (15), Fresno (16), Visalia/Porterville (17), San Diego/Carlsbad/San Marcos (18), Oxnard/Thousand Oaks/Ventura (19) and Los Angeles/Long Beach/Santa Ana (20).

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Parsa Law Group, a law firm focused on providing customer debt relief through loan modification, bankruptcy and debt resolution, has effectively negotiated four,000 loan modifications throughout California and Nevada. The firm, which promotes client education and advocacy, emphasizes the importance of hiring a qualified skilled for these services rather than attempting the do-it-your self technique.

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“As knowledgeable attorneys, we’ve helped thousands of households navigate through the maze,” said Parsa. “We function toward solutions that match every single family’s circumstance and ease the pressure they feel when facing foreclosure, bankruptcy or overwhelmed with debt.”

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About Parsa Law Group&#13

Parsa Law Group is a full-service law firm delivering certified and inexpensive legal representation for these in want of loan modification, bankruptcy and debt resolution solutions. Given that 2008, Parsa Law Group has effectively negotiated loan modifications for four,000 families and holds an A rating with the Much better Enterprise Bureau. For far more data, visit http://www.parsalaw.com, or call 1-800-256-1097.

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Speak to:&#13

Holly Naylor / Jessica Neuman&#13

Concept HALL&#13

(714) 263-8734 / (714) 263-8731

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Best Loan Modification Program is Revealed to Ultimately Fight Foreclosures

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(Vocus/PRWEB) February 01, 2011

The loan modification assistance gurus are place on notice: difficult HAMPs and sneaky foreclosure techniques will soon be obsolete. Anna Cuevas, the loan mod guru reveals dirty secrets banks are hiding from their customers.

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Her innovation, the “prime loan modification remedy” has solved one of the largest challenges men and women face fighting foreclosures. With her resolution men and women understand how to stay in their homes and fight foreclosure at the identical time.

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Her clientele have full access to her pioneer item, “best loan modification remedy”. Her special approach is teaching consumers how to cease foreclosures dead in their tracks and offers exceptional results with no pricey overtures. Shoppers discover in detail the precise mechanisms to fight the foreclosure procedure step by step.

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As Anna Cuevas added, “Our resolution has taken the loan modification market by surprise. Where most businesses promise to cease foreclosures our “leading loan modification resolution” in fact teaches a individual how to fight foreclosures.”&#13

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Straightforward step by step loan modification software&#13

Innovative videos guiding consumers by way of the procedure to fight foreclosure&#13

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Loan modification and personalized hardship letters developed specifically with the mortgage client in mind&#13

A HAMP program calculator that enables the consumer to decide how their economic status fits within the recommendations.

The leading loan modification answer assists the shrewd homeowner put a quit to the endless game of fighting foreclosures.

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Cuevas offers a remedy that will support the savvy homeowner themselves quit even the most ruthless lender from foreclosing on their residence. In reality, Cuevas’s remedy will even support a customer who has already had their home foreclosed on. Her solution is about empowering house owner to be advocate of their own rights and how to do properly. Her motto is all about information and not ignorance.

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According to a current story by The Huffington Post “Cuevas with her client with each other was in a position to overturn a foreclosure sale that must have never ever occurred “. Anna Cuevas mission is to equip her consumers with tools to fight foreclosure

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Cuevas’s solution a “top loan modification solution” gives the borrower back the peace of thoughts required, a complete nights rest and the safety they deserve. This very first class remedy is designer high quality at mass-market place rates. Its ingenious contents aid fight foreclosures and teaches property owners the exact procedure to cease them in their tracks. Anna Cuevas empowers folks with education to save their residences.

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She mentioned in her recent article about Hope for Homeowners: HAMP Trials and HAMP Tribulations, “When you are empowered with the correct data you are able to push back at all levels with the self-confidence of being aware of your stuff, in a lot of situations, a lot more than anybody else does..”

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To get on Cuevas VIP List and get the latest loan modification news go to Anna Cuevas web site. &#13

Instant access to her cost-free ebook “Dirty Little Secrets You Should Know” can be accessed on her internet site.

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For Media: Anna Cuevas is obtainable for speaking, events, and professional quotes.&#13

Anna Cuevas provided an experienced insight and expertise to not only save more than 300 households from the devastation of losing their house to foreclosure, but also to return approximately properties back to people. Cuevas empowers homeowners to become the greatest advocate and believes in “Do it your self” loan modification system. Anna Cuevas is Customer Advocate Author, Mom 5 , Ovarian Cancer Survivor and well recognized Huffington Post Blogger.

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Anna Cuevas can be reached on LinkedIn at http://www.linkedin.com/in/annatheclosercuevas

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Publicist Tatyana Gann, 615.354.7625

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Big Banks Target Veterans for Foreclosures

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Chicago, IL (PRWEB) May 17, 2013

The Federal Savings Bank echos news that veterans are finding themselves in difficult financial situations and facing mortgage foreclosure. However, in at least one state, they are even being targeted by banks looking to profit off foreclosures.

According to Atlanta ABC affiliate WSB-TV, lawyers in Atlanta, Georgia, are receiving hundreds of cases in which veterans are being victimized by big banks and ultimately end up in foreclosure. In one instance, a man was not in foreclosure and had no mortgage loan issues, but his bank suggested he apply for a loan modification. As reported by the source, during the two-year-long process that ensued, the veteran was instructed by the bank not to pay the mortgage. However, soon after, lenders were sending astronomical bills he couldn’t pay.

Similarly, Air Force veteran Richard Leder’s bank told him not to pay his lenders, and his home was foreclosed five months later even though he had the money to pay back what was owed.

It is important to bank with a financial institution you trust. The Federal Savings Bank is a veteran owned bank that puts you first. Visit us today to learn more.

The attraction of targeting veterans is likely because VA home loans are insured, WSB-TV reported. After foreclosure, a bank can sell the home loan to another mortgage company and still keep the insurance money – thus earning double profits. The problem is that the misguided instructions given to veterans are usually over the phone or in person, so there is no written record of them. This makes it much harder for homeowners to prove that the banks were acting in bad faith.

National measures

Fortunately, many states are implementing strong initiatives to help veterans who are at risk of foreclosure. For example, Michigan recently introduced a $ 5 million veteran homeowners’ assistance program. Through this new system, both active military members and veterans will have the opportunity to get financial aid from the state.

Veterans Affairs Supportive Housing (HUD-VASH), from the Department of Housing and Urban Development, is also a great resource for homeless veterans to get assistance with finding permanent homes.

Atlanta lawyers are working hard to bring justice for the veterans who were victimized by big banks. Some of the offenders are offering settlements, but for many defendants, that isn’t sufficient.

“There’s not enough money to compensate me both emotionally and physically for what I went through,” Lydia Smith, one homeowner who was targeted, told WSB-TV.







3 Unexpected Trend Changes in the Foreclosures and Housing Market – Reported by RealEstateLicense.org

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Temple, TX (PRWEB) May 24, 2013

“We’re seeing three surprises in the housing market today. Despite the ‘bad economy’ foreclosures are down, there’s been a shift in the underlying reasons for new foreclosures, and the purchasing power of cash buyers is increasing.” says Jeffry Evans, real estate agent, investor and founder of RealEstateLicense.org.

“Foreclosure filings — including notices of default, scheduled auctions and bank repossessions — during the first quarter fell 23% from a year earlier, the lowest level since the second quarter of 2007” according to CNN.

Short sales and other alternatives (where homeowners sell their homes for less than what they owe with bank approval) have been one of the major reasons foreclosure rates are dropping, but experts say the need for short sales is wavering with programs like the Home Affordable Modification Program and the Home Affordable Refinance Program, which have helped millions of homeowners avoid foreclosure.

According to CNN, last spring the nation’s largest mortgage lenders, in an almost $ 25 billion dollar settlement, agreed to help struggling borrowers by lowering their mortgage rates, reducing their principle and other fixes aimed at helping American’s keep their homes. The result has been astounding. Home prices are starting to rise (up more than 8% since January), foreclosures are down, and many are starting to look hopeful that the worst is indeed behind us.

Not only are foreclosures down, but employment is on an upward bend as well. The U.S Bureau of Labor and Statistics reported that employment in the mortgage banking and brokerage sector rose to 288,900 in March from 287,300 in February. When lenders start hiring, its a sign of confidence in current market trends.

During the crash the primary reason for foreclosures was homes being “upside down” where the market price was lower than the mortgage balance. Now it’s reverted back to the traditional reasons for foreclosure including job loss, job transfer, and other financial, family or personal issues.

Rates are lower than they have been in decades, but borrowers must have their documents in order. Financial records and cash saved for down payments are a must in today’s mortgage climate.

The interest rates are good and if you have good credit, you can get a loan. If you don’t you should work on your credit and put some money in the bank and wait to buy. The mortgage companies are still making loans, they just want a lot of information and they want to be sure that you will be able to re-pay the loan.