Tag Archives: Modification

Home owners Customer Center Now Endorses the Law Offices of L E Ludt and Urges Home owners in any State Trying to Get a Loan Modification or a Mortgage Workout to Use Them

Posted on by


(PRWEB) May 21, 2012

The Property owners Consumer Center has endorsed the law offices of M.E. Ludt simply because this law firm really delivers for homeowners, who are looking for a loan modification, a mortgage workout, a foreclosure defense, or pre-foreclosure related troubles. The group says, “Regrettably, all also frequently homeowners attempt to get a loan modification on their own on, and the typical outcome is failure, and a foreclosure. With so a lot of non attorneys, or mortgage brokers offering these varieties of solutions, we fear many desperate home owners spend for one thing they in no way get. The Law Offices of M.E. Ludt regularly achieves important outcomes for property owners looking for legal assist with their mortgage, with a foreclosure, a mortgage workout, or with mortgage loan modifications throughout the US.” The Home owners Customer Center says, “If a homeowner has verifiable earnings, if the homeowner qualifies for a single of the MHA revenue/expense hardships, if the homeowner has received a mortgage default notification, if the homeowner is facing a foreclosure, or if the homeowner desires to negotiate far better terms for their mortgage, there is a extremely very good opportunity the Law Offices of M.E. Ludt can assist them.” For much more information about the nationwide solutions getting supplied by the law firm of M E. Ludt please contact 1-888-364-8844. http://HomeownersConsumerCenter.Com

&#13

The Homeowners Consumer Center has endorsed the Law Firm of M.E. Ludt for their legal capabilities for homeowners in all 50 states, who are require the following sorts of assistance: &#13

Loan Modifications &#13
Foreclosure Defense &#13
The homeowner has received a default notice from their mortgage lender &#13
The homeowners loan servicing business has misapplied mortgage payments, and the homeowner is now becoming shown to be late on their mortgage &#13
Mortgage workouts, or mortgage forbearance agreements

The Property owners Consumer Center says, “The attorneys of the Law Office of M. E. Ludt, LLC are a nationwide group of attorneys that offer extensive mortgage representation for property owners searching for a loan modification, foreclosure defense, or a mortgage exercise by way of the federal MHA or In-house applications. Their representation contains regional of counsel attorneys in ALL 50 STATES. The Law Office of M. E. Ludt, LLC and its nationwide network of attorneys will represent you in court, mediation hearings, and or for the duration of the complete mortgage renegotiation approach.” The Property owners Customer Center is urging property owners searching for a loan modification, foreclosure defense, or a mortgage exercise to make use of the unequaled talents of the Law Office of M. E. Ludt, LLC in all US states. For far more information please contact the Law Office of M. E. Ludt, LLC at 1 (888) 364-8844. http://MELudtLaw.us

&#13
&#13
&#13
&#13
&#13

Neighborhood Housing Innovations (CHI) Will Host Free Rapidly Track Loan Modification Workshop Chase Mortgage Holders Searching For Aid Encouraged To Sign Up Early

Posted on by


White Plains, NY (PRWEB) May 23, 2012

Neighborhood Housing Innovations (CHI), a HUD approved non-profit housing counseling agency, will host a free of charge three day event to aid Chase Bank mortgage holders who are getting difficulty paying their mortgage loan move closer to a resolution by means of one-on-one meetings with Chase Bank representatives. The event will take spot on June 12, 13, and 14 at the CHI offices positioned at 190 East Post Road in White Plains, New York.

&#13

The CHI Quick Track Loan Modification Program is a special system made by CHI to take away roadblocks from the loan modification approach by supplying a forum for property owners to have face-to-face contact with a banks representatives, major to the bank generating faster homeowner relief choices. This is the fifth such workshop they will host.

&#13

“What is truly exclusive about this program is our capacity to operate with homeowners ahead of the workshop to get as much of the paperwork in order as achievable so that the process is that significantly further along after they meet with the bank representatives,” stated attorney Peter Spino, CHIs Senior Manager of Foreclosure Prevention Counseling. “While banks have departments in spot to deal with loan modifications, there are nonetheless representatives who are unfamiliar with the procedure and this can be very frustrating for property owners. Being aware of what paperwork you will want ahead of time, and becoming effectively ready for the 1st meeting, is crucial to speeding up the procedure,” added Spino, who has been with CHI given that 2009.

&#13

Chase bankers will see 100 homeowners more than the three day period for approximately 1 hour, and every will obtain free of charge support from CHI just before, in the course of and soon after the workshop. Because of the limited space, Chase mortgage holders are encouraged to sign up early.

&#13

Folks who would like to register for the program need to speak to CHI at 1-877-483-2686, ext. 1. Much more details can be found at http://www.chigrants.org.

&#13

Property owners in Westchester County, New York who are currently experiencing or are anticipating getting difficulty producing timely mortgage payments, or who have already defaulted or are in danger of foreclosure, are eligible to participate. There is no charge to take portion in the event. Property owners with mortgages by means of other banks can also receive support solutions by way of CHI.

&#13

CHIs mission is to offer the housing and human services that enable low and moderate revenue households and people to attain the greatest social and economic independence at the lowest expense to society. Considering that its founding as a 501c (3) nonprofit in 1991, the agency has helped thousands of homeless persons and low revenue households and folks. The agency is skilled in the development of a lot of diverse varieties of housing with neighborhood acceptance and support. CHI has created 25 projects and owns and manages over 600 housing units in the New York location.

&#13
&#13
&#13
&#13
&#13

National Mortgage Complaint Center Now Endorses the Law Offices of M.E. Ludt for Homeowners Nationwide in Need to have of a Loan Modification, Mortgage Exercise or Foreclosure

Posted on by


(PRWEB) Could 29, 2012

The National Mortgage Complaint Center has endorsed the law offices of M.E. Ludt for any US homeowner searching for assistance with a loan modification, mortgage exercise, foreclosure defense, pre-foreclosure related troubles, or mortgage servicing difficulties. The group says, “With so numerous non attorneys providing these kinds of solutions, we fear many desperate homeowners pay for anything they by no means get. The Law Offices of M.E. Ludt regularly achieves significant benefits for homeowners seeking legal assist with their mortgage, with a foreclosure, a mortgage exercise, or with mortgage loan modifications throughout the US, and our endorsement of the Ludt law firm, and their network of participating law firms nationwide is a really massive deal.” The National Mortgage Complaint Center has endorsed the Law Office of M. E. Ludt because they provide considerable final results, and they have wonderful capabilities for homeowners in all 50 states. The group says, “If a homeowner has verifiable earnings, if the homeowner qualifies for one of the MHA income/expense hardships, if the homeowner has received a mortgage default notification, if the homeowner is facing a foreclosure, or if the homeowner wants to negotiate better terms for their mortgage, there is a very good likelihood the Law Offices of M.E. Ludt can help them.” For more info about the nationwide solutions becoming supplied by the law firm of M E. Ludt please contact 1-888-364-8844. http://MELudtLaw.us

&#13

The National Mortgage Complaint Center has endorsed the Law Firm of M.E. Ludt for their legal capabilities for home owners in all 50 states, who are require the following sorts of help: &#13

Loan Modifications &#13
Foreclosure Defense &#13
The homeowner has received a default notice from their mortgage lender &#13
The property owners loan servicing company has misapplied mortgage payments, and the homeowner is now becoming shown to be late on their mortgage &#13
Mortgage workouts, or mortgage forbearance agreements

The National Mortgage Complaint Center says, “The attorneys of the Law Office of M. E. Ludt, LLC are a nationwide team of attorneys that offer comprehensive mortgage representation for home owners looking for a loan modification, foreclosure defense, or a mortgage workout by way of the federal MHA or In-house programs. Their representation consists of regional of counsel attorneys in ALL 50 STATES. The Law Office of M. E. Ludt, LLC and its nationwide network of attorneys will represent you in court, mediation hearings, and or during the entire mortgage renegotiation procedure.” The National Mortgage Complaint Center is urging property owners searching for a loan modification, foreclosure defense, or a mortgage workout to use the unequaled talents of the Law Workplace of M. E. Ludt, LLC in all US states. For far more info please contact the Law Office of M. E. Ludt, LLC at 1 (888) 364-8844. http://MELudtLaw.us

&#13

The National Mortgage Complaint Center, or its initiatives have been featured on CNN, NPR, or in Newsweek Magazine, the Wall Street Journal, Money Magazine, Very good Housekeeping Magazine, CBS Market place Watch, The Los Angeles Times, The New York Times, and several other publications, or news media outlets. http://NationalMortgageComplaintCenter.Com

&#13
&#13
&#13
&#13
&#13

Associated Loan Modification Services Press Releases

The Property owners Customer Center Now Urges Homeowners Nationwide in Want of a Loan Modification, Mortgage Workout or Foreclosure Support To Get in touch with The Law Offices of M.E. Ludt

Posted on by


(PRWEB) June 11, 2012

The Property owners Consumer Center is 1 of the ideal identified property owners advocates in the United States, and the group is endorsing the law firm M.E. Ludt as the go to law firm for home owners in any state, who are in search of a loan modification, pre-foreclosure defense, foreclosure defense, or a mortgage exercise. The Law Workplace of M. E. Ludt, LLC also assists homeowners with loan servicing nightmares. The group says, “Tragically, millions of individuals, or families struggling to save their residences attempt to fix a important issue with their bank, or loan servicer on their personal, and the common outcome is failure, and a foreclosure.” The Home owners Customer Center has endorsed the Law Office of M. E. Ludt simply because this law firm regularly produces significant results for property owners searching for relief beneath 1 of the federal MHA loan modification, foreclosure defense, or mortgage workout applications nationwide. For more data home owners wishing a loan modification, or dealing with a achievable foreclosure, mortgage default, or loan servicing troubles are urged to make contact with the law firm M.E. Ludt at 1 (888) 364-8844. http://MELUDTLaw.US

&#13

The Home owners Consumer Center has endorsed the Law Firm of M.E. Ludt for their legal capabilities for homeowners in all 50 states, who are require the following sorts of assistance: &#13

Loan Modifications &#13
Foreclosure Defense &#13
The homeowner has received a default notice from their mortgage lender &#13
The home owners loan servicing firm has misapplied mortgage payments, and the homeowner is now being shown to be late on their mortgage &#13
Mortgage workouts, or mortgage forbearance agreements

The Home owners Customer Center says, “The attorneys of the Law Office of M. E. Ludt, LLC are a nationwide team of attorneys that provide comprehensive mortgage representation for property owners in search of a loan modification, foreclosure defense, or a mortgage workout by way of the federal MHA or In-home programs. Their representation consists of nearby of counsel attorneys in ALL 50 STATES. The Law Office of M. E. Ludt, LLC and its nationwide network of attorneys will represent you in court, mediation hearings, and or for the duration of the complete mortgage renegotiation procedure.” The Property owners Consumer Center is urging property owners seeking a loan modification, foreclosure defense, or a mortgage exercise to utilize the unequaled talents of the Law Workplace of M. E. Ludt, LLC in all US states. For a lot more details please get in touch with the Law Office of M. E. Ludt, LLC at 1 (888) 364-8844. http://MELudtLaw.us

&#13
&#13
&#13
&#13
&#13

Homeowners Customer Center Now Urges Homeowners In Any US State To Use The Law Offices of M.E. Ludt If They Are Significant About A Loan Modification Or A Mortgage Workout

Posted on by


(PRWEB) June 13, 2012

The Property owners Consumer Center has endorsed Law Office of M. E. Ludt simply because this law firm frequently produces important final results for homeowners searching for relief under one particular of the federal MHA loan modification, foreclosure defense, or mortgage workout applications in all 50 US states. The Home owners Customer Center says, “There genuinely are some wonderful mortgage relief applications that have been developed by the US Congress. Regrettably most US home owners looking for a loan modification, a mortgage exercise, or foreclosure defense most likely will fail if they attempt to qualify for one of these programs on their personal. It is for the cause we have endorsed the law firm of M.E. Ludt. This law firm has a network of law firms nationwide, and the staff at the M.E. Ludt law firm are up to speed on the greatest applications for a loan modification, a mortgage workout, a foreclosure defense, short sales, and they will be sincere with you. If they can help you-they will say so. If they can’t assist you-they will say so as well.” For a lot more details home owners wishing a loan modification, or dealing with a achievable foreclosure, mortgage default, or loan servicing troubles are urged to speak to the law firm M.E. Ludt at 1 (888) 364-8844. http://MELudtLaw.us

&#13

The Home owners Customer Center has endorsed the Law Firm of M.E. Ludt for their legal capabilities for homeowners in all 50 states, who are want the following varieties of help: &#13

Loan Modifications &#13
Foreclosure Defense &#13
The homeowner has received a default notice from their mortgage lender &#13
The property owners loan servicing business has misapplied mortgage payments, and the homeowner is now becoming shown to be late on their mortgage &#13
Mortgage workouts, or mortgage forbearance agreements

The Homeowners Consumer Center says, “The attorneys of the Law Workplace of M. E. Ludt, LLC are a nationwide group of attorneys that provide complete mortgage representation for homeowners in search of a loan modification, foreclosure defense, or a mortgage exercise by way of the federal MHA or In-property applications. Their representation consists of regional of counsel attorneys in ALL 50 STATES. The Law Workplace of M. E. Ludt, LLC and its nationwide network of attorneys will represent you in court, mediation hearings, and or for the duration of the whole mortgage renegotiation process.” The Property owners Customer Center is urging home owners looking for a loan modification, foreclosure defense, or a mortgage exercise to make use of the unequaled talents of the Law Workplace of M. E. Ludt, LLC in all US states. For more information please speak to the Law Office of M. E. Ludt, LLC at 1 (888) 364-8844. http://MELudtLaw.us

&#13
&#13
&#13
&#13
&#13

Homeowners Consumer Center Now Urges Property owners In All US States Needing a Loan Modification Or Mortgage Exercise To Get in touch with The Ludt Law Firm-For A Vital Service & Genuine Aid

Posted on by


(PRWEB) June 25, 2012

The Homeowners Consumer Center is a single of the very best branded home owners advocates in the United States, and the group is endorsing the Ludt law firm as the go to law firm for property owners in any state, who are looking for a loan modification, pre-foreclosure defense, foreclosure defense, or a mortgage workout. The Ludt law firm also assists home owners facing loan servicing nightmares. The Home owners Customer Center says, “Tragically, millions of men and women, or families struggling to save their properties attempt to fix a considerable issue with their bank, or loan servicing business on their personal, as opposed to possessing a very capable law firm do it for them-we feel the error is fatal for most home owners-with the outcome becoming a foreclosure.” The Property owners Consumer Center has endorsed Law Office of M. E. Ludt simply because this law firm regularly produces substantial outcomes for homeowners searching for relief under one particular of the federal MHA loan modification, foreclosure defense, or mortgage workout programs nationwide. For far more details homeowners wishing a loan modification, or dealing with a feasible foreclosure, mortgage default, or loan servicing concerns are urged to speak to the law firm M.E. Ludt at 1 (888) 364-8844. http://HomeownersConsumerCenter.Com

&#13

Important Notice from the Homeowners Customer Center: “If any US homeowner is searching for a loan modification many banks are telling property owners to quote stop generating your mortgage payments. We say that is insanity. Do not quit generating your mortgage payments with no initial consulting a law firm, and we advocate the Ludt law firm.” http://HomeownersConsumerCenter.Com

&#13

The Home owners Customer Center has endorsed the Law Firm of M.E. Ludt for their legal capabilities for property owners in all 50 states, who are need the following varieties of help: &#13

Loan Modifications-Congress has provided US bank’s billions for loan modifications. The Home owners Customer Center says, “Home owners in all states should contact the Ludt law firm, if they want more info about a loan modification, supplied they are nonetheless generating payments on their loan. Hundreds of thousands of current homeowners qualify for these programs.” &#13
Foreclosure Defense &#13
The homeowner has received a default notice from their mortgage lender, and they do not respond in a proper manner. &#13
The homeowners loan servicing business has misapplied mortgage payments, and the homeowner is now being shown to be late on their mortgage. This may possibly contain misapplied reserve payments for taxes, insurance coverage, or a alter in loan servicing organizations. &#13
Mortgage workouts, or mortgage forbearance agreements.&#13

The Homeowners Customer Center says, “The attorneys of the Law Workplace of M. E. Ludt, LLC are a nationwide group of attorneys that provide comprehensive mortgage representation for homeowners searching for a loan modification, foreclosure defense, or a mortgage workout by way of the federal MHA or In-home applications. Their representation involves regional of counsel attorneys in ALL 50 STATES. The Law Workplace of M. E. Ludt, LLC and its nationwide network of attorneys will represent you in court, mediation hearings, and or throughout the entire mortgage renegotiation method.” The Home owners Consumer Center is urging property owners in search of a loan modification, foreclosure defense, or a mortgage exercise to use the unequaled talents of the Law Workplace of M. E. Ludt, LLC in all US states. For much more data please get in touch with the Law Office of M. E. Ludt, LLC at 1 (888) 364-8844. http://MELudtLaw.us

&#13
&#13
&#13
&#13
&#13

Connected Loan Modification Services Press Releases

Needs to Qualify and Get Approved for Principle Reduction Loan Modification DOJ Settlement. Brief Sales Could be a Great Viable Choice if Borrower is Not Authorized, According to ACL Genuine Estate

Posted on by


Oakland, California (PRWEB) October 15, 2012

Specifications have finally been created obtainable to the public on terms amongst the US Justice Division and Bank of America, Chase, Wells Fargo, Ally Financial (formally Gma) and so on. Its crucial to check directly with your States Attorney Generals Office to figure out what, if any, special specifications/ were integrated.

&#13

If one is unable to qualify for the principal reduction loan modification. A Brief Sale Might Be a Excellent Viable Option If Borrower Is Not Approved. East Bay (Oakland, Berkeley, San Leandro, Castro Valley, Hayward) urged to Speak to a Neighborhood Actual Estate Agent for a specialist opinion on listing your house for a brief sale. &#13

ACL Genuine Estate and Home Management Specializes in all factors pertaining to Distressed Actual Estate and Property Management.

&#13

Valuable Hyperlinks:&#13

Net Present Value Calculator: http://www.CheckMyNpv.com

&#13

Potentially Eligible Borrower. A Potentially Eligible Borrower is a borrower who meets the following criteria:

&#13

i. The borrower presently holds the mortgage and was the owner occupant of the residential home securing the mortgage at the time of origination.

&#13

ii. The borrower has not previously defaulted on a modification that afforded terms equal to or a lot more favorable than these in the HAMP guidelines.

&#13

iii. The loan-to-worth ratio (LTV) of the home securing the borrowers mortgage exceeds 100% at the present marketplace value of the home.

&#13

iv. The borrower is a single whom “BOA” are not prohibited or prevented by law or by contract either from soliciting or from providing principal modification.

&#13

g. Necessary Documentation. Necessary Documentation shall consist of the following documents:

&#13

i. Credit Report.&#13

ii. Salaried/Hourly Wages Most current pay stub.&#13

iii. Self-Employed Verbal financial information followed by completed P&ampL template certified by client.

&#13

iv. Alimony and Youngster Assistance Copy of legal agreement specifying quantity to be received (client shall certify twelve-month continuance if not included in legal agreement) and most recent bank statement, deposit slip or canceled verify as evidence.

&#13

v. Other Taxable and Non-Taxable Rewards (Social Safety /Disability / Pension / Public Assistance) Award Letter OR most current bank statement and, if non-taxable, also want 4506-T.

&#13

vi. Rental Income Signed letter from customer detailing specifics of rental income and most recent bank statement, deposit slip or

&#13

A Settlement Loan Modification is a modification made according to the following priority:

&#13

i. All delinquent interest payments and late charges will be capitalized.

&#13

ii. Principal will be forgiven in the quantity necessary to obtain a DTI of 25%, subject to the provision that the LTV require not be decreased below 100%.

&#13

iii. If, following the principal reduction step, DTI is above 31%, the interest rate will be lowered to the extent necessary to achieve a DTI of 31%, but in no event will the interest price be lowered below two% (starting at year 5, any lowered interest rate will be adjusted upward, so as to boost the net present value (NPV) of modifications). HAMP step price requirements will be utilized, as summarized beneath:

&#13

1. Modified price no lower than 2% is in impact for 5 years.

&#13

two. At the end of 5 years, the rate steps up at (up to) 1% per year, till the PMMS rate in effect at the time of the modification is reached (rounded to the nearest eighth).

&#13

For comprehensive settlement Click Here

&#13
&#13
&#13
&#13
&#13

Myron M. Cherry & Associates, LLC Brings Lawsuit Against Wells Fargo for Alleged Misrepresentations In Connection With Federal Loan Modification Programs

Posted on by

Chicago, Illinois (PRWEB) October 26, 2012

Regardless of receiving billions of dollars in taxpayer bailout cash, Wells Fargo fraudulently misled and penalized buyers in search of to modify their loans, according to a federal lawsuit. The lawsuit was filed on behalf of Stephanie Watson and potentially, thousands of similarly situated homeowners across the nation. The law firm of Myron M. Cherry &amp Associates, LLC represents Ms. Watson.

&#13

Wells Fargo, according to the complaint filed these days, misled accountable home owners in want of support, telling them to miss mortgage payments and then assessing outrageous fees, mentioned Mr. Cherry. This practice has left property owners in need of help in a worse position than they have been prior to looking for support by way of these applications.

&#13

According to the lawsuit, homeowners searching for to modify their mortgages below the federal governments Residence Inexpensive Modification Plan (HAMP) were intentionally misled by Wells Fargo. The lawsuit alleges that the organization routinely advised buyers that they should miss mortgage payments or otherwise be in default on their loan, in order to qualify for a loan modification. When consumers followed this advice, Wells Fargo charged buyers substantial fees and penalties, reported delinquent payments to the credit reporting agencies and, in the end, failed to in fact modify the mortgage the lawsuit charges. As a outcome of this alleged practice, Wells Fargo avoided modifying mortgages whilst at the identical time collecting huge fees and penalties leaving clients in need of help in an even worse position.

&#13

The lawsuit seeks nationwide class action status and was filed in the United States District Court for the Northern District of Illinois (Case No. 12-cv-8578)

&#13
&#13
&#13
&#13
&#13

Bank of America Loan Modification Horror Story Video Series Gains in Recognition on the Banking Poor You Tube Channel

Posted on by


San Diego, CA (PRWEB) November 27, 2012

When Southern California filmmaker De Veau Dunn went to Bank of America to apply for a refinance on his property loan, he had no thought he would be provided a loan modification that would swiftly turn into a fiasco. The information of his predicament were in the end featured in BloombergBusinessweek. Dunn was asked to give a death certificate numerous instances, along with other financial documents, in order to complete the financial transaction with Bank of America.

&#13

Initially, I thought the bank was generating fairly a handful of mistakes with all of their repeated, outrageous requests, but they continued this madness till I started broadcasting their shocking Bank of America loan modification horror story on social media, said Dunn.

&#13

The “Bank of America Wants You to Die Prior to they Modify video that Dunn released has received close to 30,000 views on the Banking Undesirable Youtube Channel. When asked what prompted the creating of the video Dunn replied, Initially I did not want to make a video about this experience, but I felt I required to produce this project in case there were other folks out there that had been silently enduring this type of abuse. It turns out Dunns instincts were correct, as his very first video has received quite a quantity of emails and remarks on the Banking Poor YouTube channel. Most of the comments and emails Banking Bad has received talked about the identical sorts of troubles with loan modifications that he highlights in his first video.

&#13

Dunn says, In the end, I am extremely satisfied to be a portion of a movement that sheds light on abuses by banking institutions that may possibly have otherwise been swept beneath the rug or forgotten. It feels very good realizing that I am helping other homeowners in the process of modifying their home loans to attain some degree of financial relief.

&#13

Dunn has also teamed up with home owners advocate Steve Triebernig, who hosts the Facebook web page Preserve Bank of America Truthful. Steve has been instrumental in helping a quantity of homeowners in dealing with the banks in order to save their homes through his firm All Things True Estate that was nominated for a Far better Company Bureau Integrity Award All factors Actual Estate is located in Minnesota.

&#13

Dunn concludes, So far, the real advantage of all of this has been tapping into a vast social network of consumers that are in some way being adversely affected by the sometimes appalling behavior of large banks. Men and women have been connecting and reaching out to “Banking Negative” on the Banking Undesirable Twitter feed, Facebook and YouTube channel. Social media has truly changed the speed and volume in which the globe can connect and make progress.

&#13

About Banking Poor:&#13

The Banking Bad site and YouTube channel are dedicated to educating and informing the public of strange or immoral activities involving banking institutions. Banking Bads social media expertise enables customers to join the conversation and exchange info about their newest loan modification or banking pitfalls or successes.

&#13
&#13
&#13
&#13
&#13

Related Loan Modification Press Releases

Homeward Residential Launches Option Modification System

Posted on by


Dallas, TX (PRWEB) September 13, 2012

Homeward Residential, Inc., (Homeward) a nationwide mortgage lending and servicing company, announced it would start supplying a new, option house loan modification program, created exclusively for Homeward consumers who do not meet the requirements of the Federal Governments Producing Residence Cost-effective Modification plan (HAMP) and other traditional loan modification programs. The new Homeward Option Modification System will be offered to eligible borrowers starting September four, 2012.

&#13

We developed this program as component of our continuing efforts to support our borrowers remain in their residences, said Javid Jaberi, Executive Vice President- Servicing Operations, Homeward Residential. With the combination of principal forgiveness, a reduce interest price and amortization term extension, these consumers who previously did not qualify for other modification applications could have one more alternative to keep in their houses.

&#13

To lessen the monthly payment to an affordable level and based on the borrowers capability to pay, Homeward announced the following proponents of the Option Modification System:&#13

&#13
principal forgiveness (to be earned by the borrower in installments more than 3 years subject to preserving a good payment record) in an amount essential to decrease a current LTV of 150% or greater to no much less than 115% LTV.&#13
a reduction of the interest price to as low as two% for five years with a gradual step-up to industry thereafter.&#13
an extended amortization term up to 480 months.

We view this program as an additional safety net for borrowers that have limited options. As a result we have restricted the required documentation to hardship letter and revenue verification, added Jaberi.

&#13

We are providing this alternative modification program to assist eligible borrowers attain an affordable payment, and, as a result, eligibility for principal reduction and rate reduction will be determined on a case-by-case basis, explained Jaberi.

&#13

Homeward Residential is a nationwide integrated mortgage business, formerly recognized as American Residence Mortgage Servicing, Inc., with mortgage servicing and prime lending firms. Homeward had a total servicing portfolio of much more than 410,000 loans aggregating roughly $ 74 billion (as of June 30, 2012). Given that commencing loan origination’s in late 2011, Homeward has funded over $ 3 billion of residential mortgage loans via its correspondent and direct lending channels. With headquarters in Dallas, Texas, Homeward has approximately 2,800 associates functioning every day toward the mission of assisting families realize and preserve their dream of homeownership.

&#13
&#13
&#13
&#13
&#13