4 Ideas to Keep away from Loan Modification Scams Presented by Loan Relief Solutions

Lake Forest, CA (PRWEB) Could four, 2009

Right now, loan modifications are increasing increasingly well-liked as a lot more property owners fall behind on their month-to-month mortgage payments. This increased recognition brings a growing quantity of scams by firms offering their loan modification assistance for a sizeable fee. Jason Lines, spokesman for Loan Relief Solutions, publisher of the do it yourself Loan Modification Guide and DYOLoanModification.com, nowadays supplied advice to aid home owners stay away from loan modification frauds.

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A loan modification is the approach by which a lender agrees to modify the current terms of a mortgage to a lot more favorable terms, such as a loan term extension, a modification of the monthly payment amounts, or a revised interest price. It is not a refinance, but rather, a modification of an current loan.

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According to current news reports*, the FBI is at the moment investigating roughly two,one hundred mortgage fraud instances, up 400 % from 5 years ago. To assist you stay away from becoming a victim of mortgage fraud, Lines gives the following suggestions.

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Tip #1: There are no loan modification guarantees.&#13

“Each and every borrower’s economic circumstance is unique and each and every lender has its personal loan modification criteria, generating it impossible for any firm to assure a loan modification,” says Lines. Profitable loan modifications include understanding what paperwork to prepare and how to prepare it, understanding your credit and how to enhance it, and presenting your case in terms that resonate with your lender. Even then, there is a chance – not a guarantee – that your loan will be modified.

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Tip #two: By no means spend a big quantity of income up front.&#13

Some loan modification firms ask anywhere from $ two,000 to $ five,000 in upfront costs – fees that might not get a effective loan modification. According to Lines, if you have $ 2,000 to $ five,000, you’re almost certainly better off paying your mortgage. Instead, he suggests employing a loan modification package to support you do your own loan modification, for a fraction of the price.

How to Stay away from Foreclosure: New Do It Yourself Loan Modification Kit Provides Step by Step Instruction


San Diego, CA (PRWEB) June 15, 2009

DIY Mortgage Modifications announces the release of The Insider’s Guide to Mortgage Loan Modification, a multimedia kit designed to aid home owners facing foreclosure function with their lender to modify their loan — and keep their house. To reach the purpose of a lowered mortgage payment that the homeowner can afford, the Insider’s Guide walks the homeowner via the procedure of negotiating with their lender by implies of detailed, step by step coaching. A year in the creating, the package provides home owners access to the tools and secrets of two authorities who have effectively negotiated more than 1000 Mortgage Loan Modifications in the course of their 25 years knowledge in loss mitigation and mortgage banking.

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Keith Martinez, Co-founder and Chief Negotiator for Mortgage Mod Advice, and Kristina Juarez, Vice president Operations and Senior Negotiator, created this kit simply because they realized that so many home owners facing the threat of foreclosure in today’s economy cannot afford the charges that were customarily charged for their personal help in the loan modification approach. “Nobody knows this process far better than we do. Kristina and I have been functioning with these lenders day in and day out for years, and we know how they think. What we’re going to show the homeowner in this kit is how to successfully complete a Loan Modification on their personal,” says Martinez.

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The multimedia kit contains step by step directions, more than and hour an a half of video tutorials, downloadable-editable forms, and unlimited e mail help from DIY Mortgage Modification Specialists. Choices for modifying the loan that are covered in the kit contain lowering the interest price, converting it to a fixed price, extending the life of the loan, or in some circumstances minimizing the principal balance.

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“The loan modification method is a challenging one particular if you are not familiar with how loan officers and banks operate… The problem is not unwillingness by the lender to restructure a property loan, the correct concern is lack of creditable info on the borrower’s portion. Ultimately, armed with this kit, the banks and lending companies aren’t starting with a leg up and a head commence,” says Dr. K. Broomes, Denver.

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For additional details on The DIY Mortgage Modification Kit (or for a sample, copy or demo), speak to us. The item is offered for acquire the web site via our secure checkout program.

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A lot more Loan Modification Yourself Press Releases

Loan Modification Con Artists Days Are Numbered – Florida Firm Helps Defend Customers

Delray Beach, FL (PRWEB) June 24, 2009

As foreclosure prices soar, millions of Americans are hunting for options to help stop losing their homes. According to HUD (Housing and Urban Improvement) officials far more than 40,000 loan modifications are becoming completed each week. Sadly there are numerous Americans who are becoming taken advantage of. A lot of customers are unaware that they do not need to have to, nor should they “employ” a company to receive a mortgage loan modification.

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Debt Consolidation Connection is a non-profit customer credit counseling agency and customer advocate who assists people find ways to manage their debt problems. Their motto on loan modification is “if you have to pay, walk away” The agency has created a cost-free step-by-step loan modification manual and video that answers FAQ’s and shows how to file for a loan modification straight with lenders with no fees or charges. Below you will locate some of the most widespread tactics used by unscrupulous “loan modification companies”.

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Beware of the Following:&#13

Do Loan Modifications Really Work?

Mission Viejo, CA (PRWEB) June 24, 2009

Fitch Ratings has place out a report examining the effectiveness of loan modifications in terms of maintaining home owners out of foreclosure. Their findings make the initial reports of enormous failure prices appear like the excellent old days. Reports that had come out earlier in year identified that fifty percent of modifications accomplished in the first half of 2008 had gone back into default by year-end. The new study by Fitch estimates that amongst 65% and 75% of modified subprime loans will turn out to be 60-days or far more delinquent once more within a year of the loan modification.

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Modifications can combine reduce interest rates, maturity date extensions, altering from adjustable to fixed interest prices, and the reduction of principle. Of the 4, principle reductions are statistically the best way to guarantee the lengthy term accomplishment of a loan modification. According to LPS Applied Analytics, modifications that incorporated principle reductions have a 25% reduce re-fault price than those without having a reduction.

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Fitch’s numbers concurred with these numbers, locating that modifications with principle reductions had a 40% to 50% opportunity of a re-fault. Not surprisingly, Fitch discovered that modifications exactly where loan principle was enhanced due to missed payments and penalties being added to the backend of the loan had a re-fault price of 60% to 70%

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At problem is regardless of whether home owners going it alone in negotiations with lenders are obtaining enough in the way of concessions to make their modifications sustainable. The do it yourself modification usually takes into account only the home owners earnings in relation to a modified payment. Lenders, who are attempting to mitigate their own losses for the duration of the negotiation process, aren’t volunteering to give more than what the homeowner is negotiating for in the course of the method so the modification ends up purchasing time but not significantly else. Added customer debt and other expenses are usually not factored in to the negotiations leaving the homeowner with a continuing month-to-month payment deficit which then leads to re-default.

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One answer to this difficulty is for the homeowner to retain professional counsel to both analyze the total financial picture and to negotiate the modification according to what is going to function inside the specific situations of the homeowner. The objectivity and encounter of a skilled negotiator will undoubtedly yield much better a greater outcome for the loan modification, which in turn will result in a sustainable monthly payment.

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A Loan Modification/ Debt Settlement Case Study by the Feldman Law Center

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Loan modifications and debt settlements are typically believed of as separate processes with no any crossover values when, in fact, coordinating the two activities can have some major advantages. Don and Shannon R. (names changed) are Feldman Law Center customers that lately synchronized their loan modification and debt settlement for maximum outcomes.

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Beginning 15 years ago with a tiny investment, Don and Shannon had constructed their manufacturing enterprise into a huge success. The money permitted Shannon to stay house to raise their six year old son, paid for household vacations, and gave them the opportunity to construct their dream house which they planned to live in for the rest of their lives. As the economy started slowing, so did the enterprise for their manufacturing firm. Compounding the issue, the interest rate on their mortgage began ticking higher, adding hundreds of dollars to their monthly payment.

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Not wanting to lay off staff that had worked for the organization given that its beginning, Don first reduce his salary then, as organization continued to slow down, stopped taking his salary altogether. They could reside off of their savings for a even though, but their month-to-month overhead as effectively money owed to their general contractor for the completion of their house would deplete the account inside a handful of months. Needing to tap the equity in their property, they had it appraised in preparation to apply for a property equity line or a second mortgage. The appraisal came back with negative news there would not be enough equity in the house to get approved for either one.

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With no other alternatives, Don and Shannon would have to use credit cards to cover their monthly deficit until enterprise picked up once more. There have been and handful of sizeable orders that had been pushed back by a quarter or two. If even a couple of the orders came via, Don could catch up on his personal back spend and, in turn, spend down the accumulating debt balance on the credit cards they were living on. It would be a matter of a couple months, which they both felt confident about obtaining via.

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Months passed and the orders they have been counting on in no way materialized. Their credit card balances had grown to a point exactly where sustaining payments to their creditors and the mortgage would be impossible. Following missing their initial mortgage payment, Don and Shannon referred to as The Feldman Law Center to see if they could get their mortgage modified from an adjustable to a fixed with a reduce interest rate.

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At their initial consultation, their financial assessment revealed the challenges they were possessing with their credit cards in addition to the mortgage. Their consultant, seeing an opportunity to save Don and Shannon thousands of dollars per month suggested that they commence their loan modification combined with a debt settlement instantly, to which Don and Shannon agreed.

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They initiated the debt settlement procedure and decreased their payment by a total of 47% instantly. Four and a half months later their loan modification was completed. Here’s a summary of their savings with a combined loan modification and settlement:

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Don and Shannon credit card payments before they started their debt settlement totaled about $ three,800 per month. Beginning the debt settlement process reduce their payment to $ 2,014, a savings of $ 1,786 per month. Furthermore, they will be credit card debt free of charge 48 months from starting the plan.

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Their loan modification with GMAC resulted in their mortgage interest dropping from 7.two% to 4.45%, saving them $ 1,270 per month for the subsequent 5 years. Their interest price becomes adjustable at that point but they will no longer be generating credit card payments due to the completion of their debt settlement.

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Their total combined savings from the combination of their loan modification and debt settlement is more than $ three,000 per month. Their savings more than the subsequent five years will total more than $ 150,000

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Right after initiating their loan modification and debt settlement, Don and Shannon were capable to sell a part of their company to another manufacturer, saving overhead and allowing Don to resume taking his salary, even though at a reduced level. Even with his reduce in salary their month-to-month price range covers their payments due to the thousands they saved on their mortgage and credit card payments. They credit The Feldman Law Center, not only for saving them thousands of dollars but with giving them their lives back.

Stay away from Foreclosure, Accomplish Loan Modification with New YourFreeModification.com

Santa Ana, CA (PRWEB) July 20, 2009

YourFreeModification.com is a new, effective and easy way to prepare loan modification requests and steer clear of foreclosure by easing monthly mortgage burden. Bypass loan modification companies whose costly solutions only add to a homeowner’s economic tension, yet supply no guarantee of good results. Banks consider loan modification requests ready with YourFreeModification.com 1st because they are carried out proper and completed without middlemen.

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“Utilizing YourFreeModification.com distressed property owners can attain in 20 minutes employing our straightforward application what a skilled will charge at minimum $ three,000 to do. What’s much more, applications generated by our computer software are a lot more probably to generate a optimistic decision,” stated Dave Brown, President of Household Savings USA, the firm powering YourFreeModification.com. “Avoid foreclosure by modifying your property loan to make it manageable.”

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Key Characteristics of YourFreeModification.com Include:&#13

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ModTrainer.com the Answer To Loan Modification Scams And The Foreclosure Crises


Sacramento, CA (PRWEB) August 25, 2009

ModTrainer.Com is proud to release its user friendly educational method developed to empower property owners who are struggling with their mortgage on how to confidently request a loan modification from their lender.

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“Loan Modifications are important to helping households maintain their properties, and with the scam modification businesses and the federal government programs not assisting adequate, modtrainer.com is an outstanding resource for struggling homeowners who want to stay in their properties but are obtaining it difficult to make their mortgage payments.” says Ken Henderson Director of Operations for ModTrainer.com.

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Created by seasoned loan modification pros the ModTrainer.com method contains the following elements:

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Forensic Mortgage Audit

New Fannie Mae and Freddie Mac No Documentation (No-Doc) Loan Modification Tends to make It Achievable For Millions to Qualify For Mortgage Assistance


San Francisco, CA (PRWEB) April 09, 2013

Beginning July 1, 2013, government owned entities Fannie Mae and Freddie Mac will let home owners who are behind on their payment by at least two months but not far more than 24 months to modify their loans with out any documentation necessary. This new fight fire, with fire technique essentially aids borrowers who supplied little to no documentation when they initially obtained the loan, the potential to receive a loan modification with no the red tape.

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Charles Lassey, an East Bay True Estate Broker with ACL Actual Estate and Property Management Says The major 800 pound gorilla in the area was trying to figure out a way that to assist the people who genuinely necessary the assist, the folks who barley provided any documentation when obtaining the loan all of a sudden have to prove something they clearly couldnt prove in the past unless they would have gotten a decrease interest or fixed rate loan then.

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Whilst this variety of no documentation loan modification makes lots of sense, this announcement should also be extended to brief sales. Following all, why are bank statements, earlier years tax return, hardship letters, and so on., needed to prove a present hardship to qualify for a short sale? Isnt the option to a brief sale or loan modification foreclosure? This is a great step in the appropriate path, ultimately.

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ACL Real Estate and House Management is a complete service East Bay Region Brokerage that specializes in Selling and Managing Single Loved ones/ Multi Household units. The Service Locations Incorporate but not restricted to: Alameda County, Contra Costa County, San Mateo County. Berkeley, Dublin, Livermore, Pleasanton, Oakland, Hayward, San Leandro, Castro Valley, Fremont, Sunnyvale, San Mateo, and several a lot more places.

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Connected Loan Modification Services Press Releases

Cease Foreclosure, Forensic Loan Audits with Loan Modifications

Mamaroneck, NY (PRWEB) September five, 2009

Via the Forensic Loan Audit, Guardian Advocate Group, Llc is offering customers a way to have leverage in order to aid them receive a Mortgage Modification More quickly and with quite tiny hassle.

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Forensic Loan Audits involves a Comprehensive intake interview with all parties on the mortgage, Full loan document and disclosure audit by employees attorneys and CPA’S to Uncover Violation in Truth In Lending Act ( TILA ) and True Estate Settlement &amp Procedures Act ( RESPA ). We also Carry out a Reverse engineering of your loan terms and Annual Percentage Rate ( APR ) for feasible TILA violations. “Our Clientele get a Full report with all violations and findings, According to Gregg Schwack “Branch Manager”

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“Our Forensic Loan Doc Audits will aid home owners to find out if there loans were carried out illegally and give us nearly a full proof answer to their mortgage troubles,” says Mike Luchen President of Guardian Advocate Group, Llc”

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Guardian Advocate Group, Llc specializes at delivering home loan mortgage modification solutions, it also offers buyers with a number of other debt associated services such as Debt Settlement, Short Sales, Principal Reductions and Forensic Loan Audits. Guardian Advocate Group is a a single quit shop for all modifications and credit card debt settlement.

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About Guardian Advocate Group, Llc :&#13

Guardian Advocate Group, Llc was founded by “Mike Luchen” a Top Realtor Ranked in the Leading 1% in the Globe with Coldwell Banker Residential Brokerage due to the current predicament of most property owners in today’s marketplace.

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“We have a champion team of licensed mortgage bankers, loan processors, Realtors and on staff attorneys &amp CPA’s who handle the each day obstacles homeowners will encounter. We will guide you whilst doing a loan modification, or mortgage forensic loan audit each and every step of the way. We even supply Do It Yourself Loan Modification Kits”

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“Guardian Advocate Group, Llc constant track record of uncompromising ethics, integrity and trust is unsurpassed. We respond swiftly and give you the most efficient and personally tailored service obtainable in the market these days. We know that several Americans face difficult occasions and individual hardship. We are very successful in assisting in the home loan modification method.”

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For Homeowners who require assist or would like a free consultation, We encourage folks to contact our loss mitigation consultants at 877-511-6637 or Check out THEM on the net at http://www.GuardianMods.com

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Mortgage Options Releases its New Do It Your self Loan Modification Program, Creating it Less difficult Than Ever for Home Owners to Modify Their Own Mortgage


Spring Hill, FL (PRWEB) September 19, 2009

House owners who have tried to modify their mortgage with a Loan Modification Company or even an Attorney could not have had much help. There have been all sorts of horror stories about loan modification companies taking income from distressed residence owners and not performing the services. Luckily there could be a better answer, a Do It Yourself Loan Modification may be the greatest answer for a lot of struggling residence owners.

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Mortgage Solutions a Florida primarily based mortgagae lender has just come up with a excellent answer. Right after months of work, and evaluation the folks at Mortgage Options have come up with a system designed to aid borrowers do their own loan modifications using computer software similar to what the banks themselves are making use of.

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Property owners can locate information about a Do It Your self Loan Modification Choice at Mortgage Options new site by going to http://www.myloanmodificationstation.com. The Loan Modification Station was made by Mortgage Solutions to let a borrower log into the system enter all their private data and get a full loan modification package that is full and professionally prepared, ready to send to their bank. The best portion is that they have produced the system inexpensive for virtually everybody. The pricing is set at only $ 119.00 for a total DIY situation, and $ 295.00 with complete assistance. Even though they do not negotiate on the borrowers behalf they do nonetheless offer you complete assistance with regard to negotiation techniques, responses, and procedures.

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The People at Mortgage Options seem to understands that a lot of distressed property owners are currently beneath sufficient stress and when they designed the system it was developed with the thought that it had to be affordable. “The final thing Mortgage Solutions wanted to do was place an undo burden on an individual who is already in distress financially.” That is why Steve Fingerman and the team at Mortgage Solutions decided to make the platform as inexpensive as attainable for the average homeowner.

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The Loan Modification Station will also give a home owner a full proposal, monetary statements, hardship letters, a hardship affidavit and even a comprehensive threat analysis displaying the lender their possible loss vs the benefit of modifying the loan. According to Steve Fingerman at Mortgage Solutions the program will give a borrower essentially every single item required in order to get a effective loan modification approved by their bank.

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All the details including guidelines about carrying out your personal Mortgage Modification can be found on their web internet site at http://www.myloanmodificationstation.com. The method is made to be easy to use, and consumer friendly. House owners must also know they do not have to be presently in default to be eligible to modify your mortgage. House owners under stress do nonetheless have to be in imminent danger of default. This means that if a property owner has discovered themselves in scenario where their revenue no longer covers their expenses they nevertheless may possibly qualify beneath President Obama’s Mortgage Modification System. The exact same applies for property owners who have exhausted most of their savings to just cover expenditures.

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Remember that the buyers can do their personal Loan Modification without possessing to spend an Lawyer or Loan Modification Company but a comprehensive and expert package can aid make confident you get the greatest terms achievable from your lender.

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The Team at Mortgage Options is functioning on a version of the software program that will apply the same principals to quick sales, and allow somebody to enter the same data and get a total quick sale package with danger evaluation, proposal, hardship letters and any other related documents that may be required. Stay tuned for more details. When that launches, it will have a little monthly access charge which will permit actual estate agents to use the program as often as they need it for a tiny monthly access fee.

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Contacts :

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Mortgage Solutions&#13

Steve Fingerman&#13

352-688-7949 Workplace&#13

727-946-0904 Cell&#13

http://www.Myloanmodificationstation.com&#13

http://www.fhaforall.com&#13

http://www.stevefingerman.com

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Loan Modification Do-It-Oneself Plan Assists Property owners Following California SB 94

San Diego, CA (PRWEB) October 27, 2009

The Homeowner Defense Network, an organization offering trusted sources to distraught property owners, announces its Loan Modification Do-It-Oneself program. The service gives low-cost loan modification alternatives to homeowners who have fewer alternatives soon after the passing of California State Bill 94.

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“SB 94 stopped the loan modification market dead in its tracks,” says Brett Robbins, president of The Homeowner Defense Network. “And whilst the concept behind SB 94 was to eradicate unethical loan mod companies, the consequence is a power shift from the homeowner back to the lender.”

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In an attempt to weed out fraudulent loan modification organizations across California, SB 94 went into effect October 11, banning firms in the business of loan modification from accepting up-front fees.

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And Robbins says the “no upfront fee” model that some firms are currently advertising can be misleading, considering that homeowners will end up paying important costs.

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Now faced with fewer possibilities, homeowners may possibly be forced to modify their personal loans at a disadvantage without having professional representation. For a lot of, this can be an extremely hard, time-consuming and confusing procedure.

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“Homeowners are at the moment challenging pressed to uncover assistance with the loan mod method,” says Robbins. “And firms nonetheless operating may possibly or may not be compliant with the law,” he adds. But with the Loan Modification Do-It-Oneself program, Robbins says property owners can take educated, calculated and skilled-level steps in order to acquire the loan modification they want on their own.

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Produced by business professionals, the Loan Modification Do-It-Yourself program delivers crucial tools for effective loan modifications. Property owners acquire specialist direction on what increases the possibility of a loan modification – products that are occasionally required and give an benefit to the borrower but aren’t usually clear simply because they’re not required by the lender.

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These tools incorporate a suitable loan modification proposal, which shows critical data on why the loan modification is in the lender’s best interest, and a forensic audit that exposes the lender’s prospective liability if it previously violated state and federal laws. These items generally produce greater results in the loan modification approach and have swayed the lender from a “no” to a “yes” answer in numerous scenarios, says Robbins.

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But the central concentrate and main advantage of the Loan Modification Do-It-Oneself system is access to an online educational course with detailed information on the loan modification process, which includes suggestions for achievement and forums to ask questions of the experts. Participants of the plan also obtain admittance to a weekly teleseminar series, hosted by the founder of the plan and designed to aid home owners master the loan modification technique.

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“The Loan Modification Do-It-Oneself plan puts power back into the hands of property owners by providing them skilled tools to represent themselves in front of the lender,” says Robbins. “This offers property owners a significant benefit and at the same time, an chance to save potentially thousands of dollars on loan mod expenses by cutting out the middle man and costly attorneys.”

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He adds, “What’s most essential is the finish outcome: allowing men and women to save their residences by producing their mortgages more inexpensive.”

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From now until November 30 even though property owners are trying to adjust to the legislation, The Homeowner Defense Network is supplying 1 complementary service from its Loan Modification Do-It-Oneself system by mentioning offer code LMPR1.

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For much more data about The Homeowner Defense Network’s Loan Modification Do-It-Oneself program, please:&#13

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Pay a visit to http://www.LoanModDIY.org.&#13

Contact 619-269-3602 to speak straight with an specialist.&#13

Get in touch with 641-715-3900, ext. 73147, for a 24-hour recorded informational message. Callers can also leave a voice message on this line.

About The Homeowner Defense Network

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The Homeowner Defense Network (The HDN) operates with a mission to support home owners who are struggling with their home payments to remain in their residences by producing mortgages inexpensive. Headquartered in Southern California with a nationwide reach, The HDN supplies home owners with resources, expertise, assistance and access to a network of attorneys and expert organizations specializing in defending property owners. For a lot more data about The HDN, please go to http://www.TheHDN.org.

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