DEERFIELD BEACH, Fla. (PRWEB) May 5, 2007
Tag Archives: Loans
Quicken Loans Launches Newest Customer Education Video, Explains President’s Housing Stimulus Program
Livonia, Mich. (PRWEB) April 5, 2009
Quicken Loans these days released a new video aimed at educating shoppers on the information of the lately announced Creating House Inexpensive strategy. The plan, frequently referred to as “President Obama’s Housing Program,” aims to help maintain Americans in their homes by removing some of the standard barriers to refinancing a house, enabling buyers to take advantage of today’s historically low mortgage interest prices.

The video, which is available on the Quicken Loans YouTube channel, provides particular guidance on who qualifies to refinance under the new housing plan, as well as the guidelines that have been established for loan modifications. Further info is obtainable at http://www.quickenloans.com/creating-house-affordable.

Quicken Loans’ YouTube channel hosts a series of educational videos on subjects ranging from the home appraisal procedure to usually overlooked homeowner tax suggestions. To view the complete series, please go to http://www.youtube.com/user/quickenloans. The Quicken Loans Mortgage News page also delivers up-to-date mortgage sector news and podcasts.

About Quicken Loans:
Quicken Loans is the nation’s largest on the internet retail mortgage lender and 1 of the best ten biggest retail lenders overall. The organization closes loans in all 50 states by means of the Net from centralized locations in Southeast Michigan Cleveland, Ohio North Scottsdale, Ariz., as well as its San Diego-based 1 Reverse Mortgage. Quickenloans.com has been named “Very best of the Net” by Forbes and Income magazine.

Quicken Loans has been named to FORTUNE Magazine’s “100 Very best Businesses to Perform for” list for six consecutive years, ranking as higher as #2, and also has ranked #1 or #two on Computerworld’s list of “100 Very best Locations to Operate in Technology” for the past four years. For a lot more information, visit http://www.QuickenLoans.com.

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Far more Loan Modification Press Releases
Quicken Loans Simplifies Loan Modification Program for Consumers
Livonia, MI (Vocus) September 26, 2009 –
Quicken Loans, the nations biggest on the internet retail mortgage lender, has released a new on the internet tool to support home owners figure out their eligibility for the Making Home Affordable Plan.

The Producing Home Reasonably priced plan has two components. The first is for homeowners who generally would not be able to refinance since they owe more on their mortgage than the residence is worth. This system enables these property owners to refinance with present loan-to-value ratios greater than 80 percent but lower than 125 percent (this system was previously capped at 105%).

The second part of the strategy is aimed at helping home owners who are struggling to make their mortgage payments and face imminent foreclosure on their house. The government is operating to provide loan modifications for men and women who can prove economic hardship through job loss, adjust in income, considerable debt or an adjusting interest rate.

If you are not sure which category fits your circumstance ideal, or if you are eligible for this program, the Quicken Loans loan modification tool might be in a position to help clarify the greatest option for you and your household.

This online tool assists property owners differentiate regardless of whether their circumstance qualifies for the loan modification or refinance portion of Making Property Reasonably priced in 3 methods or significantly less. It also incorporates an equity calculator if you are not positive what your loan-to-value is.

Lastly, Quicken Loans has also released a Making Property Cost-effective video to assist homeowners understand their new loan modification options below this plan. Right here, home owners can discover about Refinance Plus, and particulars as to how you can qualify.

With these two tools and information, property owners can now take benefit of this plan and maybe avert imminent foreclosure or relieve economic tension.

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Credit Heaven Announces their Rate Busters Program to Slash Interest Rates for High Interest Loans and Credit Cards
Miami, Florida (PRWEB) September 9, 2008
Ada Johansen, President of Credit Heaven, the nation’s premier credit repair firm, today announced that Credit Heaven will implement their new Rate Busters program.

“I have long supported a systematic and streamlined approach to loan modifications and interest price reduction,–reaching an enhanced return for creditors compared to foreclosure, collections and defaults,” said Johansen. “The system we are announcing nowadays will offer reasonably priced solutions for eligible customers. It gives a systematic method for modifying troubled loans — a industry exactly where we are seeing developing defaults. This system will minimize future defaults, increase the worth of the loans, cut servicing charges and salvage those consumer’s credit ratings. Our objective is to get the greatest recovery possible on loans in default or in danger of default, although helping troubled borrowers remain in good credit standing. I think we accomplish that with this framework.”

Johansen continued, “Collections and defaults are frequently a lengthy, costly and destructive method to both creditor and borrower. Avoiding default not only strengthens consumers’ credit scores and their economic strength, but decreases accounts that go to collections for the creditors. This is a ‘win-win’ plan all about.”

The Rate Busters plan is only obtainable to clients already enrolled in Credit Heaven’s credit repair services. They cannot guarantee good results but as with all other solutions provided by Credit Heaven, customers only pay if the service is profitable. Please pay a visit to http://www.CreditHeaven.com or contact 1 888 474 4705 for a lot more info.

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Citi Announces New Preemptive Initiatives to Help Homeowners Stay in Their Properties : Initiatives build on and accelerate Citi’s complete loss mitigation efforts, which have prevented around 370,000 foreclosures representing more than $35 billion in loans since early 2007
NEW YORK (PRWEB) November 10, 2008
Launches Citi Homeowner Help system. Starting now, and over the next six months, this program will preemptively reach out to a pick group of 500,000 homeowners whose mortgages Citi holds these home owners are not at present behind on their mortgage payments, but some may possibly call for support to remain existing on their mortgages. This work is anticipated to result in workouts of approximately $ 20 billion in underlying mortgage balances. Citi is focusing specifically on borrowers in places that are most likely to face extreme financial distress. Extends foreclosure moratorium practice. Citi will systematically implement its practice of not initiating a foreclosure or completing a foreclosure sale on any eligible borrower exactly where Citi owns the mortgage, the borrower is looking for to keep in the property which is his/her principal residence, is functioning in great faith with Citi, and has enough earnings for inexpensive mortgage payments. In addition, in order for its efforts to have the broadest possible influence, Citi is functioning diligently with investors to secure their approval to expand the program to consist of mortgages Citi services but does not personal. Citi also lately streamlined its current loan modification system, which is equivalent to the FDIC/IndyMac model, to aggressively rework delinquent loans. This plan uses a simplified formula to decide an reasonably priced payment as a percentage of the borrower’s gross income and then reduces the monthly payment to that
Fannie Mae And Freddie Mac Will Modify Loans – six Million Households Face Foreclosures – Loan Modifications To Reduce Foreclosure By April
Pleasant Grove, Utah (PRWEB) March four, 2009
There is some very good news concerning loan modification, Fannie Mae and Freddie Mac will modify loans below Obama’s program. Though Loan Modification is a viable way to reduced your payments, beware of loan modification scams. FBI is conscious of this increasing dilemma of loan modification fraud, they have not been capable to act rapidly adequate to stave off the fraud wave.

Against a backdrop of record-low new residence sales and ballooning losses from foreclosures, Housing Secretary Shaun Donovan told lawmakers Thursday that the lending industry is set to launch the Obama administration’s $ 75 billion foreclosure prevention plan next week. Donovan stated “we anticipate to see huge numbers of loan modifications take place really rapidly,” and hopes it would lead to foreclosure prices to drop as soon as April.

Donovan said the plan will permit “borrowers with massive debts and unaffordable mortgages to have their property loans modified to reduce the monthly payment”, even if they are not in default. Borrowers who owe up to five percent far more than their home’s existing worth will be able to refinance, if their mortgages are held by mortgage finance firms Fannie Mae or Freddie Mac. At the very same time, loan modifications will be available for borrowers who owe up to 50 % much more than their home’s at present worth. Donovan stated “we expect to see massive numbers of modifications occur very rapidly,” and hopes it would cause foreclosure rates to drop as quickly as April.

At the same time the “FBI is conscious of the developing difficulty of loan modification fraud”, they have not been capable to act swiftly enough to stave off the fraud wave. They report that they have over 1,500 mortgage fraud investigations more than the final month.

Sean Walker CEO of HomeSaversUtah (http://HomeSaversUtah.com). and President of Good Neighbor Loans, LLC, (http://gnmloans.com), emphasized there are many factors which a homeowner ought to be conscious of when functioning with a loan modification firm.

United Law Group Files Lawsuit Against Bank of America and Subsidiary Countrywide Residence Loans
Irvine, CA (PRWEB) April 27, 2009
United Law Group, the major provider of legal foreclosure prevention and foreclosure litigation solutions these days announced that it filed a complaint in the Superior Court of the State of California County of Orange Central Justice Center against Bank of America and its subsidiary Countrywide House Loans, Inc. for tortuous interference with contract, defamation (slander) and unfair business practices (pursuant to B&P Code
United Law Group Granted Trial Against Bank of America and Subsidiary Countrywide Home Loans
Irvine, CA (Vocus) October 21, 2009 –
United Law Group produced yet another constructive step on behalf of home owners when it a federal judge denied Bank of Americas motion to dismiss the case against the bank. Focused on guarding the rights of property owners, United Law Group filed a complaint in the Superior Court of the State of California County of Orange Central Justice Center against Bank of America and its subsidiary Countrywide House Loans, Inc. for tortuous interference with contract, defamation (slander) and unfair enterprise practices (pursuant to B&P Code
United Law Group to Appeal Ruling in Case Against Bank of America and Subsidiary Countrywide House Loans
Irvine, CA (Vocus) February eight, 2010
United Law Group will appeal the dismissal of their suit against Bank of America and its subsidiary Countrywide Property Loans in the 19th Circuit Court of Appeals. Previously denied their motion to dismiss the lawsuit in the Santa Ana Federal Court, Bank of America attorney argued that the bank had the proper to slander United Law Group simply because of Californias anti-SLAPP (Strategic Lawsuit Against Public Participation) law. U.S. District Judge Andrew J. Guilford agreed to dismiss the case primarily based on the laws broad-sweeping language, which delivers protection to massive corporations.

The anti-SLAPP statute cited by the judge in this case has been amended 5 occasions and has more than 330 distinct legal opinions. The ruling fundamentally says that its okay for corporations to slander in the name of enterprise, mentioned United Law Group Managing Director Robert Buscho. If a man on the street stated the items that the Bank of America representatives said they would be liable. Anti-SLAPP law provides protections to massive corporations that the average individual does not have. The language employed to frighten and confuse home owners hurt those property owners and United Law Groups reputation. It appears that the banks do not want buyers to have legal representation throughout this method and will do what ever they can to ensure that happens.

The ruling came just one particular week just before New York’s lawyer general charged Bank of America Corp., its former Chief Executive Kenneth Lewis and former Chief Economic Officer Joe Value with fraud for allegedly misleading shareholders about the bank’s acquisition of Merrill Lynch & Co.

When men and women call their bank, they trust that they are becoming told the truth, said Buscho. Distressed home owners are in a tenuous position. Granting banks the appropriate to say whatever they want without having recourse opens up a Pandoras box, specifically when it is clear from the recent fraud charges that there are challenges with ethics and honesty internally.

The original case was filed in the Superior Court of the State of California County of Orange Central Justice Center against Bank of America and its subsidiary Countrywide Property Loans, Inc. for tortuous interference with contract, defamation (slander) and unfair organization practices (pursuant to B&P Code
Strategic Asset Solutions Indicates Rising Willingness Of Lenders To Accept Principal Reductions Of Industrial Real Estate Loans
Woodland Hills, CA (PRWEB) August 11, 2010
Commercial actual estate lenders normally are motivated to safe a non-recourse loan by adding a powerful guarantor, stated Kevin Levine, Executive Vice President of Strategic Asset Services (SAS) of Woodland Hills, California a business that specializes in industrial workouts and quick sales. In a workout situation they could even be prepared to minimize the principal balance, in exchange for a complete-recourse guarantee by a financially solid guarantor. However lenders in no way will lessen the principal obligation without acquiring some thing of significant value in return.

Levine explained that SAS recently was capable to negotiate a reduction of a industrial actual estate loan with a principal balance of $ four.7 million to $ three million. The lender performed its own valuation analysis, and agreed with our conclusion that the property securing the loan was not worth much more than $ three million and really possibly considerably much less, Levine said. The creating had been unoccupied for some time, and the borrower had provided notice to the lender that it would not continue to make the big month-to-month mortgage payments out of his personal funds, plus pay the house taxes, insurance coverage and ongoing upkeep expenses on the property. So the lender was faced with foreclosing on an empty building and holding it for an indefinite period of time, or accepting a new principal balance of $ three million but with a complete-recourse assure assuring ultimate recovery of that amount.

Each lender has its personal internal policies and procedures, and organization culture, Levine explained. Some lenders have policies in spot that definitely prohibit getting into into a principal reduction with the existing borrowers. In these circumstances, we often can negotiate a short sale or note buy to a third celebration. In other circumstances, the lender has no formal policy prohibiting a principal reduction but the organization culture is resistant to such a outcome, and we have to present a compelling case as to why this is the best course for the lender to comply with in order to maximize its recovery in an already poor scenario. Typically there are multiple levels of authority to be convinced: loan officers, asset managers, problem loan committees, and board of directors.

SAS (http://www.strategicworkouts.com) gives commercial loan modification and short sale services in California and all through the country. The organization is dealing with multi residential, retail, offices, industrial, land and its specialists bring extensive industrial real estate knowledge to each and every assignment, like marketplace evaluation, valuation, legal, and negotiation knowledge. Each borrowers special lending circumstance is totally analyzed, and the borrower is assisted in preparing existing operating reports and projections. Primarily based on the detailed analysis, SAS submits to the lender a loan modification proposal. That proposal may possibly consist of a principal reduction, interest rate reduction, and waiver of penalty charges. In those situations where a loan modification will not function to the mutual advantage of the borrower and lender, SAS will try to broker a short sale of the commercial real estate at a significant discount from the loan balance, or will seek to negotiate a sale of the note to a third-celebration.

SAS is a member of the Peak Corporate Network (http://www.peakcorp.net) headquartered in Woodland Hills, California. In addition to industrial loan modifications, PCN provides mortgage lending, loan servicing, residential brief sale, 1031 exchange, trustee perform, foreclosure solutions, Escrow and actual estate sale brokerage solutions. These solutions are accessible mostly throughout the Western United States for both residential and industrial real estate properties and loans.

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