The Loan Modification Blog

Bail Out = BO and BS - (add another O and have a perfect pair!!)

Ok...this is the absolutee outrageous ttruth (as you'll ONLY get with me)!

Did you ever make a mistake so bad that you beat yourself up more than ANY one else? Well I did. I bought my ex-fiance' a home in Lajolla CA. It wwasn't a lot, just $500,000.00(!!). For nearly a year I had a few tenants in the house off setting some of the rent, but mostly I have been floating the thing to the tune of $2,000 per month OUT OF POCKET. Finally I said THAT'S IT - NO more!

I called my Lender COUNTRYWIDE.

They said I could qualify for a new amazing special program that would help me with my already $200,000 under water house. (the house dropped from $500,000to $300,000 - 14 offers CWHL  took 6 months to respond to the offer)...This SPECIAL OFFER is part of the "Bailout Program".

The repI spoke to at CWHL said they (FNMA) would loanme another $15,000 to keep the house payments going...and "all I had to do was qualify for the payment". WOW - "FREE MONEY at COUNTRYWIDE"..is it true?? YEAH Right!!

I stopped for a moment and said to the rep "you're kidding right?" No Sir!, he replied, "you're an excellent candidate for the program". I almost hit the ground laughing hysterically!!

I said, so" let me get this straight..you'll loan me another $15,000 and secure the money with a NEW 3rd mortgage on the house?". Again, I said "you'rekidding me, right?"...again, "No Sir". I said, so you'll loan me another $15,000 on a house already $200,000 underwater? What kind of complete JOKE is that? ...the scary thing about that was HE DIDN'T UNDERSTAND what I was talking about!!! I could have taken the money but I'm not liar or cheat. It seems this Bail Out has BO and is filled with BS !

3-4 minutes later he said..."well I guess this isn't the best program for you but its all we have". This is what you'll have to deal with when working with your clients creditors too! Foolish uninformed people attempting do their own representation...BAD MOVE people! You may want to visit www.fixmyreport.com

BE Wise,

Corey

Are you TOO an idiot for paying your mortgage?

Are you an idiot to pay mortgage?

By KATHLEEN PENDER
San Francisco Chronicle

In real life, working with real people its not so clear cut and simple as the FDIC would prefer it to be. Many banks are disapproving homeowner negotiations entirely. People struggle with "letting go" and "what will happen if they stop making their payments" is the core question they struggle with. Most people are responsible and want to maintain their integrity and their word.

What this plan fails to incorporate, is that its far easier for a lender to foreclose on you, since your now 3 months in arrears and days away from losing your home.

The plan is far to risky for many American homeowners. To claim a hardship, a real hardship like our Client Kathy M, in New York, who after being extremely successful, wanting a child, had 3 miscarriages that left her near dead from blood loss. She is now paralyzed from the waist down and cant afford her mortgage, to a man in the Bay Area that went from $1,500,000 annual income down to $900,000. They both are having a hardship but its all relative.

With this plan, in California, its just 90 days to an NOD (Notice of Default), in Illinois for example its 7 months from date of service or up to a year without making any mortgage payments. It is never a wise move to negotiate for yourself. Don't forget, banks are creditors just like Capital One, Sears and American Express. Even though our Nations Banks are now motivated to solve their financial difficulty, due to an injection of our money, buying in to their cookie cutter plan for your life is not a wise idea. Take precautions when speaking to your Mortgage Lender. I will post this at www.TheLoanModificationBlog.com

FREE Loan Modification Audio Podcast at www.FixMyReport.com

San Diego,Ca- FixMyReport.com has just launched a free audio podcast that covers some real basics about Loan Modifications in an aggressive way. If your looking into Loan Mod's then you have to get this podcast just click here. 

• Learn our unique & aggressive step-by-step procedure towards reducing your monthly mortgage payments and lowering your interest rates. Every successful result started with a great game plan. Find out the advantages we can offer you and your family.  
• You'll learn how we'll use Real Banking Insider Secrets to negotiate with your Bank...this will end up saving you HUNDREDS if not THOUSANDS of dollars per month. DO NOT TRY this at home!
• Plus...you'll get our FREE STEP 1, 2, 3 Audio Podcasts on Loan Modifications, Credit and building your Financial Future!..and some other great stuff along the way!
• We'll send you a useful checklist you'll need to start your review. I dont kow about you, but I hate wasting time & money! So, first we'll need to see if you can qualify for a Loan Modification. 
•   Corey Goldstein founder of FixMyReport.comAn Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.   

Loan modification scams are becoming more and more prevalent across the country

"Loan modification scams are becoming more and more prevalent across the country, particularly in California," Attorney General Jerry Brown said when First Gov officials were arrested earlier this month.

Facing foreclosure? Beware when looking for help

-by Pete Carey in the Merury News

Found this article that covers in depth some of the companies that seem to be scamming people out of money regarding loan modifications. We posted an earlier articile on First Gov. 

We are in uncharted territory to say the least and their will always be those who prey on the misfortunate.

Even as cookie cutter modifications are being created and guidelines are being established they are still guidelines and the challenge is really if you don't fit in the cookie cutter. What if your loan is not within the parameters established and you still need help.

We continue to reinforce the idea that someone should be on your side. Not the banks, not the investors, not the government.... Who is on your side? Get help, ask for referrals. 

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.

Generic Loan Modifications are going to make it difficult.

It's "virtually impossible" to change the terms of a restrictive pooling and service agreement to give servicers more leeway to do modifications, Levitin said, and the consent of all investors in a particular mortgage-backed security is needed to change the agreements. A pool of loans may be held by thousands of investors, and practically speaking, "it is impossible to gather up 100 percent of any MBS issue," Levitin said.

This is going to get ugly if you take the time to read this article in depth it's easy to see the true difficulty in pulling these generic Loan Modification packages. As I comb the internet for updates I'm reading a lot of good news about Fannie Mae and Freddie Mac and yet there is the reality of all complicated situations that are going to cause serious problems for all those that don't fit into the cookie cutter mold.

www.FixMyReport.com may be the resource that you need to get someone on your side in the negotiation process.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.

Loan Modification: TIME OUT from Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac, the mortgage-finance companies seized by the U.S. government, will suspend foreclosures and evictions over the holidays.

Loan Modification: TIME OUT for the time being everyone has some time to deal with the insanity. If your looking into a loan modification now is the time to consider options that are on the table for you and get someone on your side. Especially if you don't fit into the criteria that are being laid out.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.

I didn't see this coming...Citigroup to raise credit card interest rates

Citigroup to raise credit card interest rates. for clients that have not seen an interest in two years. Oddly it seems like that would be a group of people with good debt habits.

If you have credit card debt or debt is affecting your FICO. Now is a good time to take a look at what you look like from a Credit Report standpoint. Wherever you want to go financially, most likely your credit score will help you do it. A small correction may make a significant difference in your credit lines.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.

Housing industry can't be saved with loan modifications but I still want one...

"In places like Nevada and California – and a couple hundred thousand homes in Texas, too – homeowners owe more than their property is worth and aren't interested in hanging around to see the end of this movie..No amount of loan modification will quickly fix the mess the housing industry has gotten itself into."

I found this article on dallasnews.com and while it has some valuable information if I need a loan modification it doesn't necessarily motivate me to find one.

I think that ultimately that as referenced before on this blog that if the industry can somehow pull 50% it would be a good thing, I still think it could be better. If family "a" moves out of the house and family "b" moves in for less money because the property value has heavily adjusted it makes sense to figure out a way to keep family "a" in the house.

The key is to get someone on your side. An a attorney based loan modification program gets someone on your side. Not the banks side, not the investors side, not the government but your side.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.comcan assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.

Lawmakers Debate Pitfalls of Loan Modification:More proof that you need to be proactive regarding your Loan...

Lawmakers Debate Pitfalls of Loan Modification by Louise Hay

Excerpt from the article...

These mortgages are no longer owned by the banks that service them; they are instead owned by numerous investors, and some in the industry think the investors may sue banks that modify mortgages.

“The servicers are telling me they’re not in power at this time,” Representative Brad Sherman, Democrat of California, said. “You have 10 investors, and any one of them can allege from a purely negligence standpoint that the value of the portfolio has not been maximized.”

If you have a loan that needs modification and you read this article you can't help but sweat. As lawmakers begin to dig deep into the Loan Modification world they are realizing very quickly that one size does not fit all. Investors who put up the funds for the mortgages may seek retribution from the banks, the government, etc.

Each loan is it's own specific legal agreement that needs to be dealt with on a case by case basis. I am bombarded with advertising on the radio of companies trying to pick up the Loan Modification Leads and then selling them back to the Real Estate professionals that are now doing loan modifications. Weird Huh! They made money selling you the loan, now they make money negotiating the loan. 

When I read this article it reinforces what this blog is about. Get someone to represent you in the negotiation process. An attorney that can look at your specific situation and access the damage and a next step for you. You have the right to have someone on your team. 

The lawmakers are trying to be fair and the reality is that while they unravel the legal issues there are people going further into debt and losing their homes. 

ACT NOW! We would like to help. 

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.com can assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251. 

50% would be good? Which side do you wanna be on?

``We realize a number of these can't be saved because of the borrower's situation,'' said MBA Chief Economist Jay Brinkmann. ``But if we can save half of them, that's a good result.''

Found this on Bloomberg.com it's a good read to see how important these loan modifications are to restore order the chaos in the economy right now. I think this kind of information is just more fuel to continue to push for loan modification if you need one. The longer people have to wait the higher probablility of being on the wrong side of that 50%.

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. FixMyReport.com can assist you in finding the best solution regarding Loan Modification and more. Extraordinary solutions for unique clients. He can be reached via email by clicking here or call him directly at 858-270-0251.