Tag Archives: Property

Florida Firm Delivers Revolutionary Principal Reduction Plan To Property owners

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Tampa, FL (PRWEB) May possibly 18, 2010

Todays Residence Solutions of America has what will undoubtedly become the really feel great story of the next few years for several of our nation’s residence owners.

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Contemplate the existing true estate and economic backdrop. The American housing market collapse is of a scope in contrast to what most home owners right now have ever skilled in their lifetimes. Unemployment has improved in all 50 states year more than year and it is nevertheless unknown if we have noticed the peak. Millions of house owners across the country have located themselves paying on a residence mortgage substantially bigger then the current value of their homes. Many can no longer continue to make month-to-month payments and even those that can are walking away from their residences as they envision no possibility of ever achieving good equity.

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While government loan modification applications have been weakly promoted to assist with this national dilemma, they have been predictably ineffective with few borrowers getting approved for permanent modifications. Even those borrowers getting permanent modifications wonder if they have genuinely benefited thinking about they could now be committed to 40 a lot more years of payments and the uncertainty of when they will ever construct equity once more.

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The excellent news is that Todays House Options of America has a program that is great for borrowers, it is good for mortgage companies, it is very good for the economy, and it is very good for the nation … and it really performs. Beginning inside its own state, Todays Residence Options of America is now providing their Principal Reduction Program (PRP) for Florida home owners whose mortgages are underwater.

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What are the advantages to the homeowner?&#13

1. Remove all unfavorable equity&#13

2. Reduce principal balance to 90% of existing market place worth&#13

3. Monthly mortgage payment lowered by 25%-50%&#13

4. Obtain 10% immediate equity

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What are the qualifications for this program? &#13

1. Need to own a house in Florida.&#13

two. Need to be upside down by at least 25%.&#13

three. Should have documented revenue to cover for the new mortgage at the existing industry worth

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How a lot does it cost?&#13

1. One time totally refundable fee of $ 1,595 to cover the expense of three appraisals, 2 credit reports, 2 title O&ampE policies, application fee &amp processing&#13

2. If the firm can not lessen the loan principal within 180 days, the one particular time charge is fully refundable

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For further information on the Principal Reduction Program, please go to the organization internet site at http://www.floridaprincipalreduction.com.

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This is the greatest choice accessible to a homeowner who wants to hold his property and can afford to make a payment based on the present industry value. The homeowner will never lose title or home ownership said Bruce To, co-founder of Todays Residence Options of America (http://www.todayhomesolutions.com)

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Home Options of America plans to offer this system nationwide by the third quarter of this year. For much more information about this plan, please check out our site at http://www.homesolutionsfund.com.

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About Today Property Options of America:

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Todays Home Solutions of America is a skilled organization supplying real estate, mortgage, residence solutions, and connected services. The expertise of our principal reduction agents permits us to aid property owners remain in their properties with a decrease mortgage and month-to-month payment. Our firm website also offers a distinctive and easy procedure for people interested in acquiring houses as a location of residence or for investment. In addition, Todayhomesolutions.com functions thousands of brief sale properties, foreclosures, bank owned and MLS listings with color photos, descriptive info, and costs.

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Tom Nguyen&#13

These days Property Options of America&#13

Phone: (888)-392-8640&#13

Fax: (813)-315-6004&#13

http://www.todayhomesolutions.com

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Multi-Celebration Suit Filed By Property owners Against Bank of America et al

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Roseville, California (PRWEB) August 24, 2011

On Wednesday August 17, 2011, United Foreclosure Lawyer Network (UFAN) filed suit in Superior Court in Sacramento, CA (case number 34-2011-00109314) on behalf of more than 100 homeowners against Bank of America and other people alleged by Plaintiffs to be involved in a scheme to defraud and otherwise take benefit of American homeowners.

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According to UFANs managing attorney Kristin Crone, This is a chance for home owners to fight for their rights. And, it will be a fight. The complaint particulars how a vast quantity of property owners nationwide are facing mortgage debts far higher than the value of their homes. Some property owners lost what equity investments they had in their houses when the housing marketplace crashed.

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The lawsuit levies blame for the crash of the mortgage market place against large banks and mortgage lenders. According to the complaint, among 2000 and present, mortgages had been packaged up in pools and the pools have been sold to investors. Because a bank could rapidly recoup amounts spent issuing mortgages by the sale of these pools of mortgages (otherwise known as Residential Mortgage Backed Securities, or RMBS), the banks incentivized mortgage brokers and lending institutions with higher fees for origination (yield spread premiums, origination charges, and discount costs). These fee incentives encouraged the origination of hugely predatory loans to men and women who could not afford the loans extended term, the complaint alleges.

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The complaint alleges that the terms of the loans have been complicated and tough to comprehend even for sophisticated borrowers. A lot of of the loans had a two to five year period of a low fixed interest price and interest only payments. Most home owners were promised a refinance prior to the increased payments due at the end of the fixed rate period. But, when the time came to refinance, in spite of the truth that the monetary scenario of the borrower a lot of times remained the same, no refinance was provided. In some instances, refinances or loan mods were granted but they truly improved the borrowers month-to-month payment and/or necessary a huge money payment up front of $ ten,000 or far more.

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Court documents show that the lead Plaintiff in the case, like several others, was told by Bank of America to quit her mortgage payments in order to be considered for a loan modification. The homeowner stopped her payments and started negotiations for far more fair terms with the bank. Smartly, the homeowner saved money so she could bring her loan existing if negotiations had been not fruitful. The complaint alleges that she was promised her home would not be foreclosed even though she was being regarded for a loan modification. She told bank representatives that she could bring her loan current if it was going to sell. Court documents show that the bank promised her the foreclosure would be postponed. It was not. This client has now permanently lost her property to a third party buyer.

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UFAN plans to bring claims against all of the key banks on behalf of property owners within the subsequent handful of months. Our consumers want to fight for their rights and they are just asking for a fair shake, says Ms. Crone. We are attempting to give them the likelihood to be heard and to try to stay in their homes under affordable loan terms. The banks have been providing everyone the runaround by way of loss mitigation departments that repeatedly shed documents and claim to perform with homeowners whilst selling their residences out from beneath them. Filing suit was a last resort for many of our clients, but the bank produced it appear as if it was the only way to truly get their focus.

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Complementary consultations offered.

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ABOUT UNITED FORECLOSURE Attorney NETWORK

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The United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm practicing on the cutting edge of mortgage fraud and foreclosure defense. UFAN represents consumers who have been victims of predatory lending and/or wrongful foreclosure. The committed attorneys and employees at UFAN perform tirelessly to seek justice for fraudulent mortgage practices and fight for the rights of American property owners. For far more details contact toll free of charge 1-866-400-4242.

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This release might constitute attorney advertisement. The data in this release and on the United Foreclosure Lawyer Network (TheUFAN.com) internet site is for basic details purposes only. Absolutely nothing in this release or on the United Foreclosure Attorney Network (TheUFAN.com) website ought to be taken as legal advice. Prior successes are no guarantee of future overall performance. Litigation is inherently uncertain and benefits in litigation are in no way assured.

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Homeownership Preservation Foundation Offers Help, Six Warning Indicators of Foreclosure Scams to Avoid Property owners Falling Prey to Rip-offs

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Washington, DC (PRWEB) October 18, 2010

Details about individual foreclosures is publicly offered, with any person able to access info such as the owner’s name and address, and in some states, other sensitive information. This signifies that homeowners in foreclosure can become the target of mortgage loan scammers who seek to take advantage of their predicament. The Homeownership Preservation Foundation (HPF), which gives data and financial education to guide customers toward the path of sustainable homeownership, is alerting homeowners to resources that will aid them keep away from getting victimized by unscrupulous firms conducting mortgage loan modification and foreclosure rescue scams. The Homeowner’s HOPE Hotline, 1-888-995-HOPE, is a central point of speak to for homeowners who believe they may be a victim of a scam.

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1-888-995-HOPE Accessible Resource for Property owners to Report Fraud

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“One particular of the most devastating aspects of the present economic crisis for property owners is the prospect of losing their properties to foreclosure, and to add to their distress, a lot of property owners have fallen victim to foreclosure help scams,” said Colleen Hernandez, CEO of the Homeownership Preservation Foundation. “Never be fooled. You can find specific guidance on how to keep away from mortgage loan scams by calling 1-888-995-HOPE or going to the web site at http://www.995HOPE.org,&ampquot said Hernandez.

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HPF has formed a coalition with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Below Law to curb foreclosure rescue scams. The Homeowner’s HOPE Hotline has a devoted team trained specifically to take information on reported foreclosure scams and perform with home owners to address any monetary concerns. This information is employed by local, state, and federal agencies to shut down unscrupulous organizations. &#13

The U.S. Government Accountability Office released a report in July 2010 entitled “Residence Ownership Preservation,” which warns: “The existing foreclosure crisis has offered persons who could perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented possibilities to profit from home owners desperate to save their houses.”

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The report says that the most active scheme is one particular in which men and women or organizations charge a fee for solutions not rendered. In addition, the report said there are two other sorts of foreclosure rescue and loan modification scams that are frequent: advance-fee loan modification schemes and sales-leaseback schemes, with advance-charge schemes getting the most common. The U.S. Federal Trade Commission not too long ago reported on a new twist on the advance-fee scam–a forensic mortgage loan audit.

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Scams aren’t constantly easy to spot – but it assists if to know what to appear for. Right here are Six Warning Signs of a Foreclosure Scam:

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National Mortgage Complaint Center Warns About The US Residential Actual Estate Market place & Urges Congress To Restore The Property Purchasers Tax Credit That Consists of Investors

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(PRWEB) September 01, 2011

The National Mortgage Complaint Center is urging US Property of Representatives Speaker John Boehner to introduce immediate legislation that restores the Federal Tax Incentive Strategy for house buyers. Nevertheless, the group says, “the Federal Tax Incentive House Purchase System ought to not be restricted to 1st time residence buyers only. We believe a much more robust federal tax incentive plan is known as for, to contain not just 1st time property buyers, but all certified property purchasers, like investors. A person demands to step up to the plate to rescue the US residential actual estate markets, and leadership is required-now.” http://NationalMortgageComplaintCenter.Com

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The National Mortgage Complaint Center is now warning, “If a person in the federal government does not exert some leadership quickly, it may possibly be also late for the US residential true estate markets, and our economy. We appreciate the idea of totally free enterprise, and or threat, and return is lost on President Obama, but a person in DC had better begin thinking outside of the box now, or it could be too late to do something about the sinking US residential actual estate markets.” The National Mortgage Complaint Center is also warning, “Now would not be a time for the US Congress to permit President Obama, and former House Speaker Pelosi to make an Economic Social Statement, with one more insane plan that permits men and women not certified to acquire a property, to get a single. Now is the time to let the totally free enterprise method function, for certified buyers, with tax credits becoming the incentive for participation.” http://NationalMortgageComplaintCenter.Com

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The National Mortgage Complaint Center says, “On the topic of the US Federal Government, mortgages, and failure, we have a gigantic issue in Florida, and the intense US Southeast involving imported toxic Chinese drywall, and probably 200,000+ properties. Generally these homes turn into foreclosures, simply because of homeowner fears about overall health effects to themselves, or their youngsters. These fears are not unfounded. In a common Florida property, or condominium, that consists of toxic Chinese drywall, the electrical wires turn black, and copper tubes, or pipes also turn black, get pitted, and leak. The astonishing factor to us is in numerous to most situations US Taxpayer owned Fannie Mae gets the property as a foreclosure, and merely resells it to a new home purchaser, with the only disclosure becoming As Is. As soon as the Florida, or Gulf States foreclosure purchaser discovers the home includes toxic Chinese drywall, the house becomes a foreclosure all over once more. And President Obama is contemplating obtaining the US Federal Government into the mortgage enterprise? Has absolutely everyone in Washington, DC lost their minds? President Obama has but to mention the toxic Chinese drywall disaster in Florida, or US Gulf States a single time in public, soon after practically three years in office?” http://NatonalMortgageComplaintCenter.Com

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For much more info about the imported toxic Chinese drywall disaster please check out http://ChineseDrywallComplaintCenter.Com

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Connected Loan Modification Press Releases

Is the Mortgage Debt Relief Act Protected? Expert Property Options Thinks Not

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San Diego, CA (PRWEB) September 22, 2011

Home owners, who go past 2012 with no loan mod and have to quick sale, could have a huge tax bill. Some short sales take a year. Property owners who wait till 2012 might have a brief sale close in 2013 and face a enormous tax bill.

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EHS says Be Concerned. Heres how the 2007 Act functions. If your lender forgives any of your loan, it is reported to the IRS as ordinary income. That revenue could add over $ 100,000 to your taxable revenue. The 2007 Act forgives that tax.

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Congress created a bi-partisan 12-member committee to decrease the $ 1.five trillion dollar tax deficit. Every thing is on the table which includes the tax deduction for mortgage interest and property taxes. This tax credit, which permits property owners to exclude up to $ 2 million dollars in mortgage debt forgiveness, is an simple repair. Remember, congress didnt extend the initial time buyer credit.

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2012 is a presidential election year. There is no telling who will be in power or what the political ear will be willing to hear.

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Even the existing mortgage interest tax deduction is under scrutiny. The committee estimates that by limiting mortgage interest and other itemized deductions for household incomes above $ 250,000 or people over $ 200,000, they can shave off $ 250 billion from the deficit. Why not let a temporary act currently scheduled to expire for everyone in 2012 disappear? This will affect folks producing a lot much less than $ 250,000.

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Homeowners want to believe tough. Banks can hold homeowners on the hook paying if they face serious taxes. They can foreclose if home owners cant pay. Suggestions: Dont wait!

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For answers, sign up for a Cost-free Guide for Distressed Home owners.

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Mary Ellen Wilson, broker (Lic. #01487433), Expert Residence Solutions Inc. dba Specialist House Auctions International, 877-267-2514×7, 877-276-8563 FAX, mewilson(at)experthomesolutionsincusa(dot)com, has been licensed because 2005. Her web experiences from 1995, prompted her to commence EHA online in Might, 2009. She has run over 40 auctions.

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A total media kit is accessible with videos, audio, photos, art, interview concerns, and top ten.

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Associated Loan Modification Press Releases

Florida Property owners On Verge of Private Economic Apocalypse and Do not Know It Free Seminar Shows How Short Sale With Deficiency Waiver Ends Foreclosure Nightmare

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Sarasota &amp Manatee, FL (PRWEB) November 01, 2011

Nationally recognized genuine estate professional, John Michailidis, offers totally free seminar for FL home owners behind on mortgage payments. The unemployed, underemployed, divorced, and those who’ve seasoned recent health-related emergencies are being targeted for Foreclosure. Now, Sarasota &amp Manatee county residents can discover how to beat Foreclosure thru a “Brief Sale With Complete Deficiency Waiver” even when they owe a lot far more than the property’s worth. Ideas on how to virtually assure approval even if prior Quick Sale attempts have failed will be provided.

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Sarasota &amp Manatee county Florida home owners behind on their mortgage payments and who are either unemployed, underemployed, divorced, or who have experienced recent health-related misfortunes are being targeted.

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According to national genuine estate professional, John Michailidis, the menace is foreclosure, and by some estimates upwards of 40% of Sarasota and Manatee homeowners are vulnerable. A cost-free report outlining the dilemma can be downloaded at http://NoEquityHomeSaleReport.com.

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“Foreclosure destroys families and communities, and has literally displaced millions of American citizens,” said real estate specialist John Michailidis, GRI, CRS, JD. “The dirty small secret that bankers and politicians look to be ignoring is the truth that Foreclosure is practically one hundred% avoidable thru the use of a Brief Sale With Deficiency Waiver.”

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With congressional watchdogs testifying that the record of government loan modification applications, “has been nothing short of abysmal,” many delinquent homeowners are below the false assumption that Foreclosure is unavoidable.

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According to Mr. Michailidis, “A foreclosure most undoubtedly is avoidable and I’ve got the track-record to prove it. In practically each case we’ve taken on, we have been in a position to safe a Short Sale with Full Deficiency Waiver, which means the homeowner was able to move on with their life, totally free from mortgage debt, and with out the specter of the banks coming after them down the road.”

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Mr. Michailidis is presenting a series of cost-free, on the internet, community-outreach public seminars for Sarasota and Manatee County Florida home owners who are behind on their mortgages and worried about foreclosure. “The goal of these free seminars is to disseminate as widely as achievable information that is getting suppressed by the banks. Participants will be capable to submit queries by way of email throughout the event and obtain customized responses,” he said. Scheduling and registration details is offered at http://FloridaForeclosureEnders.com.

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Mr. Michailidis is a recognized genuine estate author and speaker, and the broker/owner of SaraMana Properties, exactly where he focuses his company on exclusively helping homeowners to keep away from foreclosure by means of Quick Sales. He is also a graduate of the Northwestern University School of Law in Chicago and is a member of the Illinois Bar. A message can be left for Mr. Michailidis at 941-548-7771, or by way of e mail at info(a)SaraManaProperties.com.

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Brookstone Law, Pc: Obama’s Housing Strategy Is a Red Flag for Property owners Looking for Relief

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Newport Beach, CA (PRWEB) November 05, 2011

Though the Obama administrations recent efforts to assist home owners could bring relief to millions who owe a lot more than their houses are worth, the measures getting regarded as by Washington are clearly made to benefit banks more than homeowners, according to Vito Torchia, Jr., managing attorney of Brookstone Law, Pc.

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The Presidents proposal is purely political and will possibly enhance spending a lot more than avert foreclosures. He intends to placate the Banks at the expense of homeowners who clearly need to have loan modifications, which banks have been reluctant to provide, stated Vito Torchia, Jr.

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According to media coverage, the collapse of the housing industry has left an estimated 11 million Americans owing more on their mortgages than their houses are worth. Although about 70% of those borrowers have loans with interest prices higher than are available today, their lack of collateral prevents them from refinancing into new, much more cost-effective loans.

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It is becoming increasingly apparent that home owners with out expert legal counsel are going to have to deal directly with banks that are empowered by the government to supply solutions not most likely to give home owners what they need to have, mentioned Vito Torchia, Jr.

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Current media coverage shows that though a reduction in monthly payments could avert some property owners who aren’t in default these days from going into foreclosure, experts anticipate an estimated two.2 million borrowers to shed their properties in 2012.

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If the Presidents plan is intended to support property owners who are beneath water, assisting the Banks while pushing more than two million people over the cliff is clearly the incorrect way to do it, said Vito Torchia, Jr.

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According to media coverage, lenders could reduce their losses significantly by modifying mortgages to reduced the month-to-month payments of defaulting borrowers, but Banks are doing so due to the fact it lowers their bottom line income.

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There’s no shortage of home owners whose property values and incomes have collapsed via no fault of their own even though lenders claim there is a moral problem in bailing out borrowers who can’t pay off their debts. This is ludicrous taking into consideration the Banks pushing of toxic loans, then regularly victimizing hardworking people all through the nation trying to hold their residences as has been effectively documented in the media, mentioned Vito Torchia, Jr. This clearly shows the Banks dont care about customers, who need to have powerful counsel in order to safeguard their rights when dealing with the Banks.

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Recent media coverage has incorporated reports that FannieMae, FreddieMac and most national banks have refused to participate in a California system that delivers to spend half the price of principal reductions for lower- and moderate-revenue home owners with a demonstrable hardship, such as a extreme illness or a layoff.

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If they wont help low income property owners with hardships, it is apparent they wont aid other property owners suffering from the toxic loans, lack of due diligence and wrongful foreclosures for which the banks are initially accountable, said Vito Torchia, Jr. Home owners attempting to save their houses are at greater risk than ever of not being capable to repair the troubles brought on by the banks that threaten them with the loss of their residences.

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According to media coverage, state prosecutors from about the nation are pursuing mortgage fraud claims against the key banks and might persuade them to commit billions of dollars to writing off some of the debt owed by borrowers.

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Fannie and Freddie, which have already been rescued by Washington, want to support homeowners beneath water, but if their consistent leaning towards a solution that rewards the banks at the further expense of home owners continues the victimization of millions of men and women in our country who are just trying to hold their properties, stated Vito Torchia, Jr.

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ABOUT BROOKSTONE LAW, Pc&#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Pc is a law firm comprised of attorneys with expertise and success in organization, corporate and personal finance, employment, entertainment and media, art and museum, intellectual house and actual estate law. The firm has a network of a lot more than 40 affiliate attorneys nationwide and employs extremely educated specialists, paralegals, paraprofessionals and administrative employees devoted to serving clientele. For data, call (800) 946-8655 or visit Brookstone Law.com (http://www.brookstonelaw.com).

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HomeAffordableGuide.com Provides Discount to First one hundred Property owners

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Clinton Township, Michigan (Vocus/PRWEB) February 11, 2011

The creators of HomeAffordableGuide.com are writing an revolutionary eBook that walks homeowners via the Loan Modification and Short Sale application procedure, revealing confirmed suggestions and insider secrets along the way. The very first one hundred property owners to check out http://www.HomeAffordableGuide.com will be eligible to obtain the software at a a single-time discounted value of $ 9.95 and obtain the experts guidelines eBook for totally free upon publication prior to anybody else. Together these exceptional instruments grant property owners access to secrets only known to mortgage counseling specialists and software that produces the necessary paperwork to keep away from foreclosure primarily based on the individual’s crucial variables.

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Home owners no longer need to have to feel overwhelmed since staying organized while trying to keep away from foreclosure has never ever been less complicated. With the computer software, homeowners facing foreclosure are capable to auto-populate and auto-calculate the right types with their unique information. Currently, HomeAffordableGuide.com functions as a standalone service enabling homeowners an effortless, interactive approach that guides homeowners through application to all of the government and in-property mortgage programs.

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The addition of the eBook will improve the overall expertise and education of home owners. The new book will supply homeowners with a personal counseling knowledge from the comfort of their own house. The eBook gives insight into how the foreclosure procedure operates and reveals established information that can much better position the homeowner to obtain a Loan Modification or Short Sale.

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The application and guide were created by two professionals that have helped several homeowners keep away from foreclosure through Loan Modifications and Short Sales. They developed these resources to share their knowledge and guidelines to avoid more home owners from falling victim to the economic crisis. A lot of government officials, agencies, and assistance programs have reviewed the software step-by-step and agree that HomeAffordableGuide.com has created valuable resources that ought to be in the hands of every homeowner facing foreclosure.

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To see if you are eligible to apply for a Loan Modification or a Short Sale go to http://homeaffordableguide.com/are-you-eligible/ and answer a handful of quick concerns. Only the first one hundred homeowner’s to acquire the software program at the discounted cost of $ 9.95 will be issued the eBook upon publication for free ahead of anybody else.

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About HomeAffordableGuide.com&#13

HomeAffordableGuide.com was developed in 2009 by a group specializing in assisting property owners attain Loan Modifications and Short Sales. The software was developed primarily based on their experience to guide and educate homeowners via the complete procedure of applying for a Loan Modification or Quick Sale in 5 effortless actions. For much more info visit: http://www.HomeAffordableGuide.com/

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Bank Dual Tracking Procedure Hurts Property owners

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Chicago, IL (PRWEB) February 28, 2011

Whilst most economic analysts agree that the American economy is now in recovery, the nation’s foreclosure crisis continues to wreak havoc on the lives of a lot of homeowners. In 2010, 33 states witnessed an improve in foreclosure rates, with Arizona, Nevada, New Jersey, and Utah reporting the most significant jump in home foreclosures. People are continuing to lose their houses to foreclosure in record numbers. What is most surprising is that several of these foreclosures occurred whilst the homeowner was negotiating with their bank for a loan modification to reduce their mortgage payment. “Banks are employing a loan-modification/foreclosure “dual track” technique which is confusing and misleading. You could argue that banks are punishing property owners who are doing their ideal to save their properties from foreclosure,” states Richard G. Fonfrias, J.D. of Fonfrias Law Group, LLC (http://www.chicagomoneylawyer.com), a leading Illinois bankruptcy and financial rescue lawyer.

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Dual track loan modification/foreclosure is when banks simultaneously pursue foreclosure action and loan modification evaluation. The dual-track method has been responsible for accelerating foreclosure for many home owners, including ones who had been directed to spend lower payments in the course of the loan-modification trial period and then were fined for failure to spend the complete amount when the loan modification failed. “It is apparent that the banks want to foreclose and are only going via the motions of loan modification. Usually the homeowner is caught off guard, believing that they are secure from foreclosure since they have made arrangements for loan modification with the bank, but in reality the bank has placed them in a dual track program negotiating for a modification, even though at the exact same time initiating foreclosure proceedings,” says Fonfrias.

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Consumer advocacy groups want to finish dual tracking and are outraged with banks and other mortgage investors, like Bank of America, more than dual tracking exactly where thousands of borrowers are losing their houses even though negotiating to reduced mortgage payments. Numerous really feel that homeowners are being tricked by the banks and feel that a lot more wants to be carried out to increase public awareness about the shortcoming of the dual track program and to curtail the questionable practices of some banks servicing delinquent mortgages. Financial analysts have been disappointed with the performance of loan modification applications like the federal government’s Property Reasonably priced Modification Strategy (HAMP) which has completed little to decrease the number of foreclosures. The quantity of mortgage modifications in 2010 actually fell 58% from the April 2009 peak.

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“It’s very essential for residence owners taking into consideration loan modification to comprehend how this much less than simple procedure performs and to be fully conscious of all its implications. Banks have been less than forth-coming disclosing information. Totally free foreclosure counseling is obtainable to customers from government-authorized agencies. Several home owners have also lost their houses due to errors created by banks in the course of the convoluted dual tracking method. When this has occurred, it is very hard to reverse a residence foreclosure sale and to repair the harm caused to all parties. Monetary rescue and bankruptcy lawyers are seeing far more of these instances every week,” says Fonfrias.

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Get in touch with Details:&#13

Richard G. Fonfrias, J.D.&#13

Fonfrias Law Group, LLC&#13

Very first National Plaza&#13

70 West Madison, Suite 1400&#13

Chicago IL 60602&#13

Phone: 312-969-0730 &#13

http://www.chicagomoneylawyer.com

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About Fonfrias Law Group: Chicago’s financial rescue and bankruptcy lawyer Richard Fonfrias of Fonfrias Law Group is prepared to help Illinois home owners in serious economic trouble and shoppers facing mounting monetary debt. With eighteen offices serving Chicago and communities all through Illinois, Florida and California, Fonfrias Law Group provides all types of bankruptcy legal services, tax defense, debt consolidation, negative credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing tips. To uncover out how Chicago’s experienced financial rescue and bankruptcy legal group can support you, get in touch with 312-969-0730 or inquire on the web. http://www.chicagomoneylawyer.com

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More Loan Modification Services Press Releases

Objective and Thorough Property Valuation Evaluation Is Crucial To Successfully Negotiating With Commercial Mortgage Lenders According to Kevin M. Levine

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Woodland Hills, CA (PRWEB) March 21, 2011

An objective and thorough house valuation evaluation is the important to a profitable negotiation with industrial real estate mortgage lenders, stated Kevin Levine, Executive Vice President of Strategic Asset Solutions/Peak Asset Options of Woodland Hills, California. Several distressed loan borrowers think that they can submit just any proposal to modify the loan or conduct a quick sale of the house, Levine stated. And numerous potential actual estate investors submit delivers to obtain mortgaged properties or buy mortgage loan notes from lenders at really low prices. Sometimes those proposals are successful but generally they are summarily rejected by the lender.

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Levine explained that borrowers or potential purchasers usually submit a very low figure proposal, believing that will smoke out the lender and stimulate a counter provide. That response doesnt happen extremely often, he said. A lender usually avoids, in impact, bidding against itself. Levine explained that the lender need to be convinced the proposed loan modification, brief sale or note purchase will make an end result at least equal to what the lender will comprehend upon foreclosure. This can only be carried out by supplying the lender with a quite thorough house valuation evaluation, Levine stated.

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We devote considerable time and work gathering existing industry information and operating data about the house. If there are tenants, we analyze their rental rates in comparison with industry prices, he stated. Important elements relating to tenants are the remaining terms of their leases, the likelihood of renewal, and their anticipated rental renewal prices which may effectively fall below the existing prices. So even if the occupancy is fairly higher now and the property is producing sufficient earnings to service the debt, taxes and maintenance, that may possibly not be the case in a few months.

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Levine commented that properties occupied by the borrowers operating organization need an examination of the company economic functionality. The home owners enterprise could be declining swiftly in this economy, Levine added. In such a non-arms length situation, the enterprise will not be in a position to pay the contracted rent. An option and realistic rental price most likely will be drastically lower, diminishing the value of the house.

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Levine stated that lenders usually welcome and appreciate receiving an objective and thorough valuation analysis. They typically then will have the house reappraised but the valuation evaluation we give them creates a benchmark and provides a basis for contesting the reappraised value if that becomes needed.

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Strategic Asset Solutions/Peak Asset Solutions delivers commercial loan modification and brief sale services in California and all through the country. The companys personnel bring in depth industrial real estate experience to every single assignment, such as market analysis, valuation, legal, and negotiation encounter. Each borrowers unique lending situation is completely analyzed, and the borrower is assisted in preparing current operating reports and projections. Then Strategic Asset Solutions/Peak Asset Solutions drafts and submits to the lender a loan modification proposal. That proposal could contain a principal reduction, interest price reduction, and waiver of penalty charges. In those situations exactly where a loan modification will not function to the mutual advantage of the borrower and lender, Strategic Asset Solutions/Peak Asset Options will try to broker a quick sale of the commercial actual estate at a significant discount from the loan balance, or will seek to negotiate a sale of the note to a third-party.

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Strategic Asset Options/Peak Asset Options is a member of the Peak Corporate Network headquartered in Woodland Hills, California. In addition to industrial loan modifications, the Peak Corporate Network provides mortgage lending, loan servicing, residential quick sale, 1031 exchange, trustee operate, foreclosure solutions, and true estate sale brokerage solutions. These solutions are available mostly all through the Western United States for each residential and industrial real estate properties and loans.

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