Posts Tagged ‘loan modification’

Although just about every property owner is eligible for a loan modification, each owner also faces a sliding scale of difficulty in negotiations with their lender. Some owners, such as those with one property, low-incomes and adjustable rate mortgages, are accepted automatically. Others owners, such as anchor textthose with multiple properties, incomes that have fallen but used to be high, or fixed-rate mortgages face a much more difficult negotiation.

Able Financial Solutions exists to help owners who face an uphill climb in their negotiations. Homeowners that have attempted a loan modification and have been turned down, even after trial payments. We know the frustration you have faced and the time you have wasted.

Able Financial Solutions has the strategy, the know how, we understand how important your home is to you. We are here to help you tell your story and help you improve your bargaining position, but ultimately it is you who succeeds, not us.

As much as we enjoy telling the world about individual clients we’ve helped, the one client who really counts is you. We consider every anchor textindividual we counsel and guide as a successful outcome. Some clients are better off not using our services, as they can achieve a beneficial mortgage loan modification on their own. Other clients may be eligible for our mortgage services, yet choose to explore some other avenues we recommend to resolve their issues.

Although not every homeowner qualifies for a modification after our initial interview and analysis, every modification we pursue will result in changes to one or more of the five mortgage terms at issue in the loan modification negotiation.

What is a successful loan modification? Let’s look at a typical loan we recently modified.

Client F.H. calls and speaks with an analyst August 23rd 2010, fearful because he received a Notice of Sale date, he was seven months past due and just turned down one month ago for a loan modification. He owed over $22,000. in past due payments and late fees. The lender set the sale date for September 23rd 2010. August 26th F.H. called back and asked Able Financial Solutions to represent him. The loan modification was completed September 21st, payments were reduced from $2,453. to $1,550. for the next 60 months. All past due amounts ($22,515) were negotiated anchor textand reduced by less than half ($10,000), and placed at the end of the loan.

No sale of the home, huge reduction in payments, dramatically reduced past due amount, no upfront fees, all on a loan which the home owner had tried to modify not once but twice in the past year.

Will your modification be similar? Only your circumstances can determine the outcome of your loan modification.

Do we have success like this often?Every mortgage modification we complete has tremendous benefits for the homeowners.

Technorati Tags: loan modification, Mortgage, refinance

Do you have a mortgage that’s “under water”?

You’re not alone. The New York Times estimates that 40% of all properties purchased since 2004 are now worth less than the mortgages their owners are paying on them. anchor text America’s housing crisis is truly unparalled both in breadth and in scope, prompting many journalists to compare the homeowner seminars held by the FDIC to the Depression-era breadlines of the 1930’s.

What are your options?

Legally, there are 7 ways to alter the terms of a mortgage, and you can learn about each of these by reading out special article The Seven Ways To Swim When You’re “Under Water”. Of these 7 solutions that homeowners and lenders are using to combat the housing crisis, loan modifications are by far the least costly and most widely applicable tool.

Loan modifications are necessary because they are the only solution — short of foreclosure — that can readily apply to the millions of Americans who currently need help on their mortgage. There are four reasons why:

• Flexibility — Loan modifications are flexible enough to apply to almost every property owner, even those with high incomes who are under water on investment properties, not their primary home.
• Relevance — Many of the 7 solutions only work when times are better; when banks are flush with money and unemployment is low. In periods like today, when banks need government bailouts to stay afloat and unemployment is hovering near 10%, only loan modifications and foreclosure are possible for many homeowners.
• Cost –Home Loan modifications are far less costly than foreclosure for both lenders and homeowners. Although they can be more expensive than some other solutions, they are the cheapest of the solutions available in these tough times.
• Streamlined Process — Loan modifications take time, but the start-to-finish process is much faster than the other available options. Compared with other solutions, loan modifications have less paperwork, faster turnaround time, and lower fees.

For all these reasons, Congress and the Obama Administration have made loan modifications a central platform of their economic recovery policy. anchor textNew laws and regulations have created powerful incentives for lenders to renegotiate the terms of a mortgage through loan modifications. Although the national housing market is unlikely to recover for many years, loan modifications are the best solution for providing timely and effective relief to homeowners.

Technorati Tags: loan mod, loan modification, mortgage modification

“Have you ever realized that with your existing loan, you could not cope with payment? Is it giving you a hard time with your expenses? If you do, then do not make it a problem any longer. Loan modification program is being offered just for you to cope as well survive your expenditures. It covers reduction of interest rate or extending the length of the loan’s term. In fact, the program includes the combination of both just to help you and permit your earnings to pay off your loan. This program is designed specifically for those who are not financially stable when starting a family or for those who are investing and need enough time for their return of investment.

Basically, for you to be included in a loan modification program, you just need to go to the bank and present your financial condition and tell them that you are having a hard time coping with payments. Tell them the truth and it is imperative for them to provide you with an option and one of these options is the loan modification program. Instead of foreclosing the property or for them to let you go into bankruptcy without exploring other options, they will offer you help. You should not have second thoughts about telling the bank about situation and always ask them what you need to do or what options you have. Eventually, they will find ways to deal with the situation in a win-win solution for you and the bank.

Banks know what you can afford, and it is their legal duty to advise you with your finances just for you to avoid high debt. Sometimes, the bank will even call you and encourage you to apply for a loan modification program if they see that you are qualified. It is your protection from a big money loss or fiscal liability. Remember that the bank can see your wage statements, tax returns and other financial records, so they know what you are capable of. All you need to do is cooperate and submit necessary documents that are being required. Know your capacity to pay and by then everything will be easy to handle.

Modifying your loan does not involve fees other than the interest rate which eventually will be lessened. With the $ 75 billion government funding for this program, banks may cooperate since it is going to be the state that will be giving the incentives.”
If you are not knowledgeable with loan modification programs or perhaps about forensic loan audit do a research about it or have somebody who knows about numbers do it for you.

Technorati Tags: forensic loan audit, loan modification