We Handle Debts

Joe answers:

Ray,

Have you had a forensic loan audit conducted?

Forget about the government-sponsored programs. Those are not the best loan modifications, anyway.

You see, many of the mortgages currently on the books contain violations of federal and/or state lending regulations. The goal of the forensic loan audit is to discover any violations in the borrower’s home loan. Any violations found provide additional legal leverage which can be applied to motivate the lender to modify the loan or face a potential lawsuit.

During the forensic loan audit, the borrower’s loan and disclosure documents are thoroughly reviewed by experienced underwriting, fraud, and compliance professionals, who are searching for violations in the following areas:

* RESPA (Real Estate Settlement Procedures Act)
* TILA (Truth in Lending Act)
* Individual state violations

Predatory lending violations can occur during the origination, servicing, or collection of a home loan.

A large percentage of currently outstanding home loans have existing violations that can be used to help in the loan modification negotiation process.

There are literally dozens of potential violations that lenders may have committed in the course of a borrower’s home loan, either intentionally or by negligence. The forensic loan audit is designed to bring them to the forefront, providing the home loan negotiator with some legal leverage to ‘turn the tables’ on the lender, potentially giving the homeowner the upper hand.

Lenders don’t want homeowners to have this information. This is why banks and mortgage lenders encourage homeowners in default to contact them directly to work out loan modifications. They know that they’ll be able to work out more favorable terms (for themselves, of course) if the homeowners don’t have competent, professional representation.

This is also the reason why lenders support legislation that prevents anyone (including attorneys) other than the lenders themselves from collecting upfront fees to negotiate loan modifications. They realize that most attorneys will not represent clients if they’re unable to collect fees for their work, and the lenders are perfectly content leaving homeowners with nowhere else to turn for help.

Currently, you can find out more about the loan modification process, and obtain a FREE FORENSIC LOAN AUDIT by visiting:

http://www.NegotiateWithMyBank.com

Joe answers:

Yes, they do not have to delay the foreclosure because you requested a modification. Otherwise you could keep requesting and never have to pay back the money and keep the house too.

You can ask your work out rep to delay your foreclosure for 30 days, they will usually do that, depending on how long you have been trying to screw them.

Joe answers:

Be careful. There are a lot of scammers out there. First thing to do is visit www.makinghomesaffordable.gov. This is run by the government and will outline the process and let you know if you qualify.

Not everyone is eligible for a mortgage loan modification. Loan modifications are designed to help people who can stay in their homes with moderate changes in their financing structure. It is not supposed to be a cure all for all troubled mortgages. Basically there are 5 requirements to qualify for a loan modification. They are:

1. The home needs to be your primary residence;
2. Your mortgage must be less than $729,750;
3. You’re having trouble making your existing mortgage payment;
4. Your mortgage was established before January 1, 2009; and
5. Your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues) are more than 31% of your current gross income.

You don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. If you qualify, talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation. A good site I used was www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals. I ended up contacting the bank by myself, but knowing what was possible in advance helped me tremendously.