The IBR PAK From LowerMyStudentLoanPayments.org Assists Those Stuggling With Student Loan Debt Apply For A New Government Plan Created To Reduced Monthly Payments


Coral Springs, FL (PRWEB) June 02, 2011

KeepMyCompanySafe, LLC, a provider of self-support supplies and details delivered online to buyers, announced right now that it has launced a new web site at http://www.LowerMyStudentLoanPayments.org, developed particularly to help people apply for an Revenue-Primarily based Repayment Strategy, which is a comparatively new system provided via the U.S. Division of Education. The IBR plan has been about for about a year, but is not widly identified to the common public.

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The objective of the internet site is to support graduates who would not be capable to spend off their loans in ten years employing a affordable portion of their earnings, apply for the earnings-based repayment plan using the company’s IBR PAK which includes all of the essential official types, a custom tailored synopsis letter, and a step-by-step guide, enabling the student loan borrower to speedily and effortlessly full the application method and submit it to their student loan servicer for evaluation. For those who qualify, the Income-Primarily based Repayment plans can cut the month-to-month student loan payment in half.

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About 1 million people are anticipated to be eligible for an earnings-based repayment program, however only about 20 percent have applied for one particular. This might be simply because the government has completed a poor job of promoting the system, and since lenders who service the federal student loans don’t tell student loan borrowers that they can apply for an IBR, according to an post in the Sun-Sentinel, a South Florida newspaper.

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For more info about the IBR PAK, please visit http://www.LowerMyStudentLoanPayments.org or contact 1-855-796-8845.

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Note: The Revenue-Primarily based Repayment Strategy is produced offered and is administered by, the U.S. Department of Education through guidelines established by that agency. The IBR PAK provider is not a government agency nor is it affiliated with a single. KeepMyCompanySafe, LLC d/b/a LowerMyStudentLoanPayments.org, the IBR PAK provider, is not offering to give loan modification services, settlement solutions, or loan consolidation services of any type.

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Borrowers taking advantage of the temporary SBA 504 refinance program with Industrial Loan Direct advantage from better terms and reduced rates


Atlanta, GA (PRWEB) April 30, 2012

With the SBA 504 refinance program coming to an end on September 27, 2012, Commercial Loan Direct a business division of CLD Capital, one of the top online originators of commercial loans and apartment loans in the country is seeing more borrowers than ever taking advantage of the higher lending limits and take-out option of the SBA 504 loan program for owner-occupied properties.

Commercial Loan Direct, a business division of Atlantas CLD Capital, is making a call to borrowers with owner-occupied properties that would qualify for SBAs 504 program. They say that now is the time to take advantage of this program, especially for borrowers that have properties that are difficult to refinance through conventional means, before it ends this coming fall.

USES. Proceeds may be used for the refinance of existing commercial loans whose proceeds were used substantially (85%) to acquire fixed assets eligible for the SBA 504 program. In addition, loan proceeds may be used to pay Eligible Business Expenses such as maintenance of building (no expansion to building), equipment purchases, rent, utilities, inventory or other obligations. These expenses must be incurred but not paid prior to the date of the application or come due within 18 months of the date of the application. All proceeds must have been used for the benefit of the small business concern.

STRUCTURE AND BORROWER EQUITY.

50%, varies – Loan secured by a senior lien from a third-party lender for not less than the net 504 loan.

Up to 40% – SBA 504 Loan secured by a junior lien from CP/SBA.

Not <10% – Borrower equity in the existing real estate and/or cash injection as needed. Additionally, the Borrower may pledge equity in any other fixed assets that are acceptable to SBA as collateral.

The Third Party loan and the 504 loan combined may not be more than 90% of the fair market value of the fixed assets securing the loan. In no event may it exceed the outstanding principal balance of the debt refinanced, eligible business expenses & closing costs.

COLLATERAL. An independent appraisal supporting the fair market value of the fixed assets being refinanced and any other assets being offered as collateral whether commercial or residential must be submitted at SBA application. The appraisal(s) must be dated within six (6) months of the date of application.

FEES. The Borrower is required to pay an annual guarantee fee to cover the cost of the refinancing program in the amount of 1.043%.

ELIGIBILITY REQUIREMENTS.

Commercial Loans being refinanced must have been current for the past year according to the original or modified terms, with no payment being past due for more than 30 days. Any modification must have been entered into prior to issuance of SBA final rule on 10/12/11. A transcript must be provided to demonstrate compliance with this requirement. For the refinancing of same institution debt, the transcript of account for the entire period of the loan must be provided. This will be used to determine the overall creditworthiness of the Borrower.

No refinancing where the creditor on the debt to be refinanced is in a position to sustain a loss; causing a shift to SBA of all or a portion of a potential loss from an existing debt.

Debt being refinanced must have been incurred not less than two years prior to the date the application is received by SBA. Additionally, the small business concern must have been in business for two years prior to the submission of the application.

Debt may be refinanced even if it does not meet the job creation requirement or other public policy goals set forth by the SBA. In such case, the 504 loan size may not exceed the amount obtained by multiplying the number of full-time equivalent employees (40 hour work week) of the Borrower by $ 65,000.

Borrower must currently occupy 51% of the building being refinanced.

RESTRICTIONS.

No refinancing of loans with an existing federal guaranty; such as an SBA 7(a) or 504 loan or an USDA loan.

No refinancing of debt to an Associate of the Borrower, an SBIC, or New Market Ventures Capital Companies (NMVCC).

When the debt being refinanced is same institution debt, the Third Party Loan cannot be sold on the secondary market as part of a pool of guaranteed loans.

CLOSING.

All loans approved must be closed within 6-months. Loans will be canceled by SBA if not funded during this time period.

When loan being refinanced is Same Institution Debt, either an escrow account or an interim loan may be used. When loan being refinanced is not Same Institution Debt, an interim loan must be used.

Any delinquency on loans being refinanced after SBA approval but before the loan funding must be reported to the SBA as an adverse change.

Approved under the Small Business Jobs Act of 2010, the SBA 504 Temporary Refinance Program allows for the refinance of qualified debt under the SBA 504 Loan Program through September 27, 2012.

View CLD’s SBA Commercial Interest Rates







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The Law Offices of Kramer and Kaslow: Advocates and Bankers Join to Fight Loan Guidelines


Calabasas, California (PRWEB) June 16, 2011

Philip Kramer from the Law Offices of Kramer and Kaslow comments on a current New York Instances post about new banking regulations. The New York Occasions reports that, As banking regulators are rewriting the rules for the mortgage market place, unusual alliances have sprung up in opposition to tighter lending requirements. Advocacy groups like the N.A.A.C.P. and the National Council of La Raza, a Latino civil rights organization, on the one hand, and the American Bankers Association on the other, are joining with each other to fight rules they say could make residence loans significantly less inexpensive for minority and working-class Americans.

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Politics makes strange bedfellows, says noted attorney Philip A. Kramer of the surprising coalition of consumer advocates and the banking industry coming with each other to fight new, stricter loan regulations for mortgages.

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According to The New York Instances article, the growing alliance in between civil-rights organizations and banking lobbyists could extend beyond the present round of monetary rule-making. If Congress turns its focus to restructuring Fannie Mae and Freddie Mac, for example, the identical groups could voice equivalent concerns over something that restricts the availability of credit for first-time home purchasers,

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David Stevens, chief executive of the Mortgage Bankers Association, was quoted in the article. I consider everyone agrees that the enthusiasm for advertising house ownership went way too far, stated Stevens. But now the danger is that we go also far the other way. We still require to be capable to make affordable mortgages that dont just go to the wealthy, who can afford the biggest down payments and who have the most constructive credit ratings.

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Philip A. Kramer, who represents hundreds of consolidated litigation plaintiffs suing banks for their mortgage practices, has a various take, The crisis occurred because banks have been able to profit enormously and this encouraged poor behavior. Purchasers had been sucked in since they wanted the American Dream to personal their personal property. It was a ideal storm of desire for a much better life and the pure greed of the profit motive. My belief is that regulatory brakes on each sides are definitely necessary to avoid a future disaster.

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A lot more of Philip Kramers observations can be found at the Law Offices of Kramer and Kaslow weblog.

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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior companion of the Law Office of Kramer &amp Kaslow, in Calabasas, California. Kramer &amp Kaslow is Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

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Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes industrial litigation and trial advocacy, with a concentration on company litigation, and genuine property matters. He has prosecuted and defended circumstances for more than twenty five years.

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Mr. Kramer is a licensed genuine estate broker and has spent considerable time offering legal services in connection with genuine estate issues relating to loan modification and loss mitigation, land use and zoning, environmental troubles, easements, building and development, finance, and landlord tenant matters.

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Mr. Kramer is admitted to practice ahead of all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has attempted in excess of 200 circumstances. He has appeared on nationally televised programs concerning pre-trial process and trial technique and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer frequently lectures on a broad spectrum of different legal and company issues.

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Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

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Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization committed to bringing professionalism and civility back into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in a lot of firms. For a lot more info contact (818) 224-3900 or go to http://kramer-kaslow.com

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Vehicle finance internet site Car Loan 4U reveals the most common MOT failures


Macclesfield UK (PRWEB UK) 30 Could 2012

Each and every motorist has a duty to make positive their car is secure to use on the roads, but a number of times, faults can go unnoticed causing an MOT failure.

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Study shows that there are 5 common failures that drivers face: a massive 40% of all vehicles fail their MOT.*

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The number a single frequent failure that motorists face is with lighting and signalling defects. Indication lights, brake lights and signal lights are the mostly likely to make drivers fail their MOT.

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The second most common MOT failures are suspension defects closely followed by defective breaks and illegal tyres.

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An additional frequent failure which tends to make its way into the best five list is when the drivers view of the road is impaired.

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Vehicle Loan 4U Co-Director Ryan Dignan comments

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Taking your auto for an annual MOT test can be a daunting expertise as many may not know what the finish result will be. Older vehicles are far more prone to MOT failure than newer cars.

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Generally new cars only need an MOT test when they are three years old. In order to keep away from pumping far more cash into an unreliable automobile, it could be worth buying around for a new automobile now.

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Whilst not every person can afford to buy a new vehicle, reasonably priced vehicle finance is offered. Car Loan 4U offers vehicle finance loans beginning from just 7.9% APR.

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Prime ideas for passing your MOT

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Regency Financial Group, the Low Price Leader in Loan Modifications, Joins the Beasley Broadcast Household, 560 WQAM and Joe Rose, Broadcaster, Anchor, and Former Miami Dolphins Player, with Endorsement


Coral Springs, FL (PRWEB) June 20, 2011

Regency Economic Group (Regency or the Organization), a mortgage broker business specializing in loan modifications, announced nowadays that it has signed an endorsement agreement with Joe Rose of 560 WQAM and the Beasley Broadcast Group, Inc.

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Joe Rose is a former Miami Dolphins player, who is now a Radio Broadcaster on 560 WQAM, Miami Dolphins Broadcaster and Sports Anchor for NBC-6 Miami, Florida.

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We are thrilled to have Joe Rose join our group, stated James Clavijo, President and Chief Financial Officer of Regency, he is a amazing and entertaining Broadcaster and one particular of the most recognizable on-air talents in the South Florida marketplace. We think his addition and becoming a element of the 560 WQAM radio advertisers will bolster our Advertising Campaign in South Florida.

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I am excited to introduce Regency Financial Group to all the listeners in South Florida, they have genuinely helped a lot of struggling home owners uncover a resolution to their economic troubles and assist keep their houses, stated Joe Rose, in addition there is no cost to get in touch with and acquire a cost-free consultation, everybody hurting and trying to save their properties need to get in touch with now.

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Regency offers low price loan modifications and now provides Automobile Loan Modifications. The Company just introduced a new pricing structure, beneath the new structure a property loan modification will only price $ 199 for the account setup and software platform license and then only $ 799 fee that is paid when an approved modification is received from the lender. The total price is nevertheless below $ 999. The initial consultation to figure out if a homeowner qualifies is cost-free.

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Regency also introduced a Government Employee Program (G.E.P.) that will offer the very same service for residence loan modifications but at a discounted value. We are excited to bring a new plan to the public, this program will offer all the hard operating teachers, law enforcement officers, military and other government workers our services at a discounted cost as we support them save their properties, stated James Clavijo.

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About Regency Economic Group

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Regency Financial Group is a mortgage broker company specializing in loan modifications. Regency supplies an cost-effective payment program or upfront discounted charge for account setup and application platform license and processing of loan modifications.

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For additional information please pay a visit to Regencys site at: http://www.theregencyfinancialgroup.com , or contact 877-376-3827 or e mail helpme(at)theregencyfinancialgroup(dot)com

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This press release contains forward-hunting statements that reflect Regencys existing expectations about its future outcomes, performance, prospects and possibilities. Statements that are not historical details, such as “anticipates,” “believes,” “intends,” or related expressions, are forward-looking statements. These statements are subject to a number of risks, uncertainties and other factors that could result in actual events or outcomes in future periods to differ materially from what is expressed in, or implied by, these statements. Unless needed by law, Regency assumes no obligation to update or revise any forward-hunting statements as a result of new info or future events.

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Karla Dennis Webinar: Karla Dennis Interviews Angelica Leon About Talk about the Loan Modification Method, New Applications Relating To Second Loans, And Debt Negotiation


(PRWEB) June 05, 2012

This is an announcement of the latest month-to-month webinar to be provided by 1 of the nation’s foremost tax authorities, Karla Dennis.

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Join Karla as she interviews lawyer and true estate specialist Angelica Leon on the most frequently asked inquiries folks ask about actual estate and second mortgages.

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Click Right here To Listen To The Webinar

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The focus will be on second loans, debt negotiation and actual estate methods.

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Karla Dennis invites you to a “Just Ask Karla Teleconference”. Karla answers a lot of questions about true estate and the tax implications of owning a home and/or property, featuring queries from her consumers and the public at huge.

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A lot of the inquiries tend to be related in nature and of the identical topics, so listen as she interviews Angelica to elicit the most essential subject for home owners.

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In order to benefit type this webinar, anybody interested is encouraged to attend by registering at the hyperlink under. It will be offered beginning at Tuesday June 12th at 5:30pm (Pacific), click the link beneath to study about it and sign up to join and listen.&#13

Click Right here To Register For The Webinar

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Absolutely everyone is invited to listen in on this call for totally free so they can understand the most frequent troubles that crop up concerning actual estate ownership.

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Karla Dennis is CEO and owner of Cohesive Tax, a tax arranging firm.

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An Affordable Forensic Loan Audit by Forensic Auditor Services and the Appropriate Legal Representation Can Help Save a Property

Henderson, NV (PRWEB) August 26, 2011

Homeowner rights below Regulation Z are being violated and continue to develop at astounding rates, as proof of mortgage fraud becomes much more prevalent all through mortgage documents. Forensic Auditor Services provides 70% off their forensic audits beginning August 2011. With the increasing number of foreclosures, these audits have become a essential issue when it comes to saving a property.

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Regulation Z is a federal law requiring lenders to totally disclose in writing the terms and situations of a mortgage. Regulationz.org is an on-line service that supplies homeowners a forensic loan audit, at an really low cost. Regulationz.org also donates 40% of their sales to regional charities to assist struggling property owners. For only $ 295.00, a 70% discount from retail rates, Regulationz.org will help homeowners learn regardless of whether their lender has violated state or federal laws and can help a homeowner determine how to proceed if one learns these rights have been violated. Even if a home is in foreclosure, if violations prove particular, then a mortgage company might not be legally able to foreclose on a property. Court instances have reversed foreclosure primarily based on a forensic loan audit, proving that a homeowner can nevertheless save their residence if they have the appropriate evidence against their lender. Some of these audits sell for thousands of dollars but it is no longer essential to overpay for the same benefits.

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Forensic audits have turn out to be popular in terms of organizations stating they can supply a indicates to assist maintain a house from foreclosure or reduced an current mortgage price. What a lot of individuals do not know is how crucial these audits are in proving fraudulent activity below Regulation Z inside a mortgage. According to a report issued by FDIC, as higher as 80% of federally supervised banks that created loans for the duration of the mortgage boom were cited for patterns of compliance violations”. It is crucial for a homeowner, who is present on their mortgage payments, to know whether they could be paying on a poor mortgage. Or if a mortgage is in default then the audit might provide a cause for mortgage firms to negotiate with a homeowner whose property is underwater or who have attempted for a loan modification which at some point led to foreclosure. A mortgage lender with proven violations could owe a homeowner thousands of dollars a forensic loan audit is the initial step to take to reclaim what may possibly be owed.

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Audits alone will not aid a homeowner fight or cease a foreclosure it is a tool utilized for an attorney representing the homeowner to develop a foreclosure defense against the lender. Regulationz.org can help a homeowner determine if they have been a victim of fraud and can refer them to an lawyer that can offer you legal tips.

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Home owners need to have to find out their rights to defend against a fraudulent mortgage, which could save their property from foreclosure. The right tools will aid, Regulationz.org can supply them.

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Nonprofit Charity Gives Home owners Cost-free Loan Modifications to Steer clear of Foreclosure


Deerfield Beach, FL (PRWEB) September 22, 2011

Debt Management Credit Counseling Corp. (dmcconline.org), a nonprofit charitable organization (DMCC), announced these days that as portion of its new Foreclosure Prevention Plan it is providing certified home owners cost-free loan modification services. Under this program, DMCC will prepare and submit loan modifications for home owners totally free of charge if an initial assessment indicates that they qualify for a loan modification by means of the Home Inexpensive Modification System (HAMP) or the Home Cost-effective Refinance Plan (HARP), and it is a suggested answer for the homeowner to steer clear of foreclosure. DMCC housing counselors will analyze details offered by the homeowner and provide them a written action plan with suggested solutions to stay away from foreclosure primarily based on their private circumstance and goals. It is crucial that any homeowner who faces such choices understands all their offered alternatives and seeks a remedy from a HUD Authorized Housing Counseling Agency such as DMCC.

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Apart from these who knowingly take portion in mortgage fraud, most homeowners face sudden extenuating situations that force them to cease generating their mortgage payments some of these reasons may possibly be job loss, an illness, a death in the household or even an adjustable rate that has gotten too expensive. DMCC housing counselors can help these buyers steer clear of foreclosure by delivering education and guidance about their obtainable choices, creating this currently overwhelming predicament much a lot more manageable. We talk about every little thing from loan modifications and brief sales to applications that are presently supplied by the government. Our job is to supply the homeowner with the expertise so they can make an informed decision said Stephen Lichtenberger, Operations Manager for DMCC. We create an up to date budget with homeowners, as we think this is a vital step in the process to aid stop the future threat of losing their home by maximizing their finances.

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DMCC housing counselors will evaluation available options with the homeowner and advise the remedy that very best meets their economic predicament. Feasible solutions to avert foreclosure include refinancing, repayment plans, forbearance agreements, loan modifications, brief sales, and reverse mortgages. If a loan modification via the Property Reasonably priced Modification System (HAMP) or the Property Reasonably priced Refinance Plan (HARP) is a viable and desired remedy for homeowner, DMCC will prepare and submit the essential modification documents to the home owners mortgage lender. DMCC supplies this service free of charge of charge, along with personal spending budget counseling and other monetary education, as part of their charitable mission. Debt management plans to help consumers with the repayment of credit card accounts are also accessible. Decrease credit card payments obtainable through debt management plans, combined with budgeting, is an option that may give sufficient relief for homeowners to allow them to afford their month-to-month mortgage payment.

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In order for homeowners to maximize the options offered to them to avoid foreclosure, it is imperative that they seek assistance as soon as they know they will not be able to meet their mortgage payments. Once a mortgage lender commences foreclosure proceedings, numerous possibilities cease to be available. Homeowners wishing to take benefit of this free of charge service ought to contact DMCC at 866-618-3328 Monday via Thursday 9:00am to five:00pm ET or Friday 9:00am to three:00pm ET and ask to speak with a housing counselor.

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About Debt Management Credit Counseling Corp.

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DMCC is a nonprofit 501(c)(3) public charity committed to educating buyers on financial issues and offering personal help to buyers overextended with debt. Education is supplied cost-free of charge to consumers by means of seminars, workshops, a proprietary monetary literacy plan, and a vast array of on the web and printed materials. Free private counseling is offered to customers to recognize the very best alternatives for the repayment of their debt. Consumers interested in speaking with a DMCC certified credit counselor may possibly contact (866) 618-3328 or request assist at dmcconline.org. DMCC is a HUD Approved Housing Counseling Agency, is authorized by the U.S. Trustee to offer bankruptcy counseling and education, and has an A+ rating with the Better Organization Bureau.

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Thomas F. Cox Urges Underwater Homeowners to Use the REST Report to Establish Federal Loan Modification Eligibility

St. Petersburg, Florida (PRWEB) September 30, 2011

Managing partner Thomas F. Cox of the St. Petersburg bankruptcy law firm of Cox &amp Sanchez urges underwater property owners in Florida to use the Real Estate Service and Technologies (REST) Report to pre-qualify for loan modification from the federal Home Cost-effective Modification Plan (HAMP) ahead of they are foreclosed.

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You could invest thousands of dollars in legal fees and numerous hours compiling and organizing documents that may possibly not even be necessary attempting to conform to HAMP recommendations, said Cox. Even then, you can run into brick walls dealing with ill-trained mortgage servicers who will nonetheless not modify your mortgage.

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Cox says the HAMP suggestions include 170 pages of technicalities requiring applicants to meet revenue, hardship and quite a few other tests, and to supply financial data such as proof of earnings and bank statements. There are so numerous requirements that 95 percent of the 13 million home owners who have applied for a loan modification beneath HAMP have been denied, he says.

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The REST Report modifications all that, noted Cox, a respected St. Petersburg bankruptcy and foreclosure attorney. REST mathematical computative evaluation tells home owners if they are certified for modification. Finishing a REST Report makes it possible for home owners to pre-qualify for loan modification if they acquire a good report and possess the documentation they utilized to help their input, according to a HAMP directive. The directive says that lenders are necessary to modify the mortgages of home owners who have pre-qualified. Cox says that REST also analyzes other choices such as a quick sale, deed in lieu of foreclosure, and numerous foreclosure defenses or bankruptcy.

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REST reports are offered to property owners and attorneys alike and price about $ 1,250. Investors Monetary Funding, Inc. administers the plan in Florida with the exclusive proper to prepare the comprehensive evaluation evaluations essential below the REST Report in the state.

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If you think a mortgage modification is in your greatest interests, my unequivocal suggestions is to obtain a REST Report, Cox recommends. It may just be the ticket that permits the club doorman to decrease the ropes, show you inside, and give you the VIP remedy.

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About the Law Office of Cox &amp Sanchez&#13

The bankruptcy lawyers in St. Petersburg at Cox &amp Sanchez, Thomas F. Cox and Stephany P. Sanchez, have over 30 years of combined expertise delivering bankruptcy and civil legal assistance to residents in the Tampa and St. Petersburg area. Their places of practice include Chapters 7, 11, and 13 bankruptcy, foreclosure, genuine estate, individual injury, and wills and estates. &#13

For much more details, pay a visit to the firms site at http://www.coxsanchez.com.

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Brookstone Law, Computer: New Federal Repair Poses Dangers for Victims of Loan Mismanagement and Wrongful Foreclosures by Banks


Newport Beach, CA (PRWEB) November ten, 2011

Even though aggrieved home owners ensnared by a foreclosure technique riddled with misconduct could get their first shot at receiving resolution from the banks, homeowners need to not assume their rights will be protected by the not too long ago announced federally mandated settlements, according to Vito Torchia, Jr., managing attorney of Brookstone Law Pc.

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According to current media coverage, fourteen mortgage servicers acting under orders from federal regulators have begun mailing out letters to possible victims of wrongful foreclosure practices inviting borrowers to submit their circumstances for a free of charge evaluation by independent consultants that are funded by the lenders but vetted by regulators.

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There are substantial issues with this so-called solution, the most essential of which is that the regulators have not released data about how they will establish how much to compensate borrowers discovered to have been foreclosed on improperly, said Vito Torhia, Jr. It funds a multi-million dollar national marketing campaign for the banks and it isn’t clear regardless of whether borrowers will have to give up rights to additional claims if they are compensated in some way.

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According to media coverage, mortgage servicers that agreed clean up their foreclosure practices and compensate victims incorporate JPMorgan Chase Bank, Bank of America Corp., Citibank and Wells Fargo &amp Co. Each mortgage servicer is necessary to mail one letter to every customer eligible for the assessment and about 70% of these potentially slated to obtain letters are still in their properties. The letters will go out to homeowners who had been in foreclosure in 2009 and 2010, a period identified by regulators as the peak of foreclosure misconduct. In addition to the mailings, an marketing campaign will begin shortly to get the word out to individuals potentially harmed by the errors.

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The banks have to send only one particular letter and they admit that completely thirty percent of these to whom they plan to send letters are not in their homes, which means numerous thousands who may possibly get aid will not even know about it, mentioned Vito Torchia, Jr. Homeowners who do not have expert legal counsel are likely to not get the settlements they deserve or and thousands are not even going to know about their opportunity to settle.

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Media coverage indicates that bank regulators claim the system will aid make certain that mortgage servicers provide proper compensation to borrowers who suffered economic harm as a outcome of improper practices.

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Its effortless for federal regulators with no skin in the game to throw out claims about how they are helping property owners victimized by the blunders of the banks and lenders, mentioned Vito Torchia, Jr. But it is obvious those without expert support are in the greatest jeopardy of losing an chance for a fair resolution — whether they get a single of the offer you letters or not.

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According to media coverage, the system is the initial tangible action to result from widespread revelations final year that banks made quite a few errors when foreclosing on troubled borrowers. Amongst other troubles, mortgage servicers employed so-named robo-signers, folks who signed foreclosure documents without having getting certified to sign or properly reviewing them, and foreclosed on homes from men and women even though they have been becoming actively reviewed for loan modifications.

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Now that the lenders are clearly admitting their culpability in widespread misconduct in mortgage loan due diligence, management and foreclosure, they are seeking to reduce their liability as considerably as feasible at the expense of shoppers. It is critical to note that more than 2 million individuals will lose their properties next year so this program barely scratches the surface of what they need to do to support these they have harmed, stated Vito Torchia, Jr.

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Media coverage also contains indications that the plan proposed by federal regulators could detract from ongoing efforts by state attorneys basic to a settlement with the nation’s largest banks more than faulty foreclosure and mortgage servicing practices making it tougher for states to assist homeowners hurt by the banks and the foreclosure crisis. Those negotiations continue even even though some states have voiced concern over the path of the talks and California has dropped out of them altogether.

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“There is no query, based on the design and intent of this system that federal regulators are more concerned about banks’ bottom lines than no matter whether banks follow the rules,” mentioned Vito Torchia, Jr. “It will be impossible to fix these troubles without costing the banks a excellent deal of funds, so there is wonderful concern about compromise options that favor banks more than property owners.”

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ABOUT BROOKSTONE LAW, Computer&#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with experience and accomplishment in business, corporate and private finance, employment, entertainment and media, art and museum, intellectual home and genuine estate law. The firm has a network of much more than 40 affiliate attorneys nationwide and employs extremely trained specialists, paralegals, paraprofessionals and administrative staff committed to serving clients. For information, get in touch with (800) 946-8655 or pay a visit to the Brookstone Law.com net web site at http://www.brookstonelaw.com.

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