The Loan Modification Blog

60 minutes Video: 2nd Wave of Mortgages Defaulting means,"It's getting worse."

Scott Kelley interviews Whitney Tilsen and  discusses the  Alt A's and Option Arm Loans describing the second wave that is about to come due. The reality is that some people are already defaulting and it's going to get worse.

This video covers

• The Second Wave of Defaults
• Alt-A's
• Option Arms
• Miami Foreclosure Rates
• Condo two years ago was sold at 2.4 Million now listing at around 980,000.

1 out 10 Americans are behind on their Mortgage

I highly recommend watching this video. This will give you a clear idea of what's to come and if your sitting with an Alt A's or  Option Arms it's time to give us call.858-270-0251

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Need a Loan Modification? Call 858-270-0251

Find out the benefits of lowering your mortgage payments with our Proven & Certified, Attorney based Loan Modification Program. We may be able to reduce you payments 20 or 30% or more ….and have you back on track to financial health and put your past where it belongs…the past!!!

Free Loan Modificationtion Podcast Click Here

Corey Goldstein founder of FixMyReport.com An Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients.

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Video:Foolishness of Keynesian Economics e.g. The Bailout

This video was posted by the Center for Freedom and Prosperity. It's a mini- documentary that gives real world examples of how Keynesian Economics has not worked yet.

It seems like a good idea but when you look at the evidence it's hard to ignore...

John Keynesian a British economist argued that a reduction in interest rates and Government investment in infrastructure would stimulate the economy in a depression.

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Need a Loan Modification? Call 858-270-0251
Find out the benefits of lowering your mortgage payments with our Proven & Certified, Attorney based Loan Modification Program. We may be able to reduce you payments 20 or 30% or more ….and have you back on track to financial health and put your past where it belongs…the past!!! Free Loan Modification Podcast Click Here
Corey Goldstein founder of FixMyReport.comAn Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients.

We invite you to Subscribe to the Blog and/or the email list.

ON CNN.com:Credit card holders livid about 'rate-jacking...they used to call it LOAN SHARKING

A 54 year old, Rich Stevens, and his wife just got a notice from Citibank that their rates just got jacked from 9.5 to 16.99 on their credit card but here's the scary thing...they have great credit.

Credit card holders livid about 'rate-jacking'- From Drew Griffin and Kathleen Johnston
CNN Special Investigations Unit"Aye, the Vig just doubled"

I use this gangster vernacular because it seems like loan sharking now. I know that higher risk credit card companies are not afraid to give you a high rate of 20% and above but Citibank.

CNN contacted Citigroup and no one would talk on camera.Apparently you can opt to continue to pay the lower rate but you have to close the account when the card expires...It's in the fine print. (Suggestion, try getting a card from a Credit Union.)

The Federal Reserve is expected to vote on new legislation regarding credit cards in the meantime  the people are caught in the crossfire.

Imagine for a moment(maybe you don't have to) that your behind on your mortgage and you've been using credit to help get buy to shore up the "lifestyle" that you've become accustomed to and then they rate jack your credit cards.SALT TO THE WOUND.

This is another reason that examining your own credit at the end of the year is a great New Year's Resolution. To take control of your financial Report Card as it were. These Credit Card companies are coming after you and if you don't pay attention it will affect your pocket book but more importantly when you need to make a large financial move it might be more difficult later than sooner...LIKE NOW!

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Need a Loan Modification? Call 858-270-0251
Find out the benefits of lowering your mortgage payments with our Proven & Certified, Attorney based Loan Modification Program. We may be able to reduce you payments 20 or 30% or more ….and have you back on track to financial health and put your past where it belongs…the past!!! Free Loan Modification Podcast Click Here
Corey Goldstein founder of FixMyReport.comAn Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients.

We invite you to Subscribe to the Blog and/or the email list.

Credit Card raises rates 17% to 27% without warning... Wow!

There might soon be some new legislation to assist in keeping these credit card rates down. According to this article posted on ABC News...

Credit Card Customers Might Soon See Relief by Alice Golstyn ABC News Business Unit-

This 27 year old woman who pays her bills on time
just got a rate increase from
17% to 27%...Suprise

Some of you might be getting rate increases without warning as Credit Card companies are trying to take advantage of the market and the changes to come in 2010.

However there might be some earlier relief coming...

Credit card companies will be allowed to raise rates on existing credit card balances only when the card holder is more than 30 days late, when he or she is receiving a promotional interest rate with a defined expiration date, or if the interest rate is tied to a specific market index, such as the London Interbank Offered Rate.

This would be an ideal time to take a good hard look at your credit situation We cover a lot of people in distress, people needing good credit to buy property but according this article normal credit is now being attacked by raising interest rates. It seems to me it would be prudent to be proactive in this situation before you get the envelope in the mail from the Credit Card company and unknowingly owe hundreds of dollars more than anticipated. 

2 Signs that say, "Loan Modification Makes Sense"

Two headlines in the news are showing us that in certain situations Loan Modifications are going to make sense.

1. Study: Foreclosed properties losing luster - Nashville Business Journal

47 percent of US adults said they would consider a foreclosed property, down from 54%  meaning that foreclosures are becoming less motivating for buyers.

Some of these foreclosures could have been saved through Loan Modification creating a less than ideal but still a win-win-win situation for the investor, banker and home owner. Now the homeowner loses and some of these properties will be sitting for quite a while leaving the investors waiting and most likely losing.

2. Federal bank bailout isn't trickling down, panel told-By Ralph Vartabedian LA TIMES

Las Vegas is extremely hard hit right now. excerpt from the article.

"It is a sad day when a child writes to Santa that all she wants for Christmas is food," (Wow! This is America right?.)  said Julie A. Murray, who operates the Three Square food bank.

"If the Treasury cannot devise a program that moves money into the economy, then they are failing in their mission," -Elizabeth Warren, the Harvard University law professor.

The bailout is not being felt by the people and it's starting to become obvious. Another reason why Loan Modification begins to make more and more sense. We need modifications to help stabilize the economy.

Wachovia Offers $25,000 Reward for Bank Robbers. Maybe the person who catches then can get a Loan Modification

ATLANTA , -Wachovia Bank is offering a $25,000 reward for a three-man robbery crew that has hit three metro Atlanta banks at gunpoint over the past week. Any information on the robberies can be phoned to the FBI at (404) 679-9000.

The trio struck a Suntrust Bank branch in Duluth on Monday, following the same pattern as two holdups last week. While two controlled customers in the lobby, the third jumped the counter and took cash from teller stations.

Problem #1: I need a Loan Modification from Wachovia
Problem #2: Wachovia needs to catch bank robbers in Atlanta
Win Win Situation: Catch Bank Robbers and negotiate Loan Modification.

Wachovia as posted before has been in and out of the Loan Modification game leaving a lot of people in the lurch expecting help and not getting it. It is harder to deal with Wachovia but not impossible. If you are making a bold attempt to modify a Wachovia Loan please give us a call and we can talk about the latest information... Call 858-270-0251

New Years Resolution 2009: Improve Credit?

Loan Modification Question: Why would a Bank accept less, change their rate or terms to help me?

A. They have to otherwise the FDIC will close them down and sell them off at 0.13 cents on the dollar! This is not that far off from the truth. In actuality it makes good business sense. For nearly 13 years, I was in the Chancery Courts in Illinois. I can personally tell you that Foreclosure is a nasty, expensive, emotional, time consuming and litigious experience. The costs that banks incur from a property in foreclosure can often times by 20% of the total loan amount. That means in some cases, the bank will lose $100,000.00 or more and on larger loans, possibly $1,000,000.00 or more. The thing to remember is that banks are in the business of making loans, not to own your real estate. This concept hasn’t change in 100 years, nor will it ever. It’s smart business for a bank to work with us. They know it, we know it.

Visit FixMyReport.com for more Frequently Asked Questions Call 858-270-0251

Credit Solutions - How We Help

Since 2003, Fixmyreport.com has been providing Loan Professionals real solutions and resources to assist their borrowers in credit & loan education, credit and loan solutions, including problem loan investigation, credit verification and banking mediation services.

Unlike credit repair, our services have been built exclusively to streamline the loan process and to serve the mortgage financing industry.

Our mission has always been to educate, execute and expedite turning around your problem loan or credit issue.

Educate: We have trained 1317 Loan Professionals on the factors that impact their clients credit scores and how we can resolve complex loan problems through direct lender negotiations. That why we are experts in Loan Modification

Execute: We Partner with you to cause the results you need, in the time frame you need them in at the least possible cost, helping your clients resolve their most complex issue

Expedite: Complete your transaction 100% – so you lower your payments and increase your scores!

Excerpt from www.FixMyReport.com Call 858-270-0251

BankUnited partners with California firm to modify loans....but what about the rest of us.

I wanted to post this just to share with you what is actually possible. The reality is that if your on this list you probably don't need us but most likely your not on this list so call us.

BankUnited partners with California firm to modify loans-by Brian Bandell