How to Stop Foreclosure Effectively in 2013: Sound Advice from a Loan Modification Specialist

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Since the Home Affordable Foreclosures Alternative (HAFA) has expired, those facing foreclosure face new challenges with their homes. The HAFA program allowed people who were in foreclosure to do a short sale on their homes and completely release them from their debt after selling their property. This also allowed those who were in foreclosure to avoid being taxed on the money lost by the bank resulting from the short sale.

Now that this program has expired, those in foreclosure will have less options available to them. Those selling their homes may be held liable by their banks for losses incurred. Can you imagine what it would be like to have to pay back tens of thousands of dollars on a propertty you no longer own?

This program will not affect those who still have equity in their property because they can simply sell their home and pay off their loans. It is those who are behind who have fewer choices. If a homeowner owes more on their home than what it is worth and their loan is owned by Fannie Mae or Freddie Mac, they can try to refinance under the Home Affordable Refinance Program (HARP).

Post continued below . . .
**************************************************************
There are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

**************************************************************

This leaves us to with those who fell behind or are close to falling behind on their loans and want to keep their homes. If this is your situation and you are afraid you may lose your house and want to keep your house, pay attention to the rest of this article.

As part of President Obama’s Making Homes Affordable program, he passed the Home Affordable Modification Program also known as HAMP. The HAMP program allows those upside down (meaning they owe more on their homes than what there house is worth) on their homes to get a loan modification on their mortgage.

A loan modification is a change in one or more of the loans terms. By loan terms, that could mean reducing the interest rate, extending the term (from 30 years to 40 or just resetting the loan term back to 30), changing the interest rate type from adjustable to fixed (either permanently or temporarily) and adding past due payments, taxes, and or fees back in to the loan amount and re-amortizing the loan out over the new term. Home loan modifications can reduce interest rates to as low as 2%.

Many people have heard horror stories of people who tried to get a loan modification in the past. Banks were recklessly losing confidential client documents, stalling, giving conflicting information, dragging the process on indefinitely, having clients make payments and then not giving modifications, and even forcing sale dates on people without proper notice.

Many people even lost their homes because they paid companies who promised to get them a loan modification. The loan modification business can be a dirty business. There have been reports all around the country of people who trusted a voice over the phone with their homes, paid them a fee and never heard back from the company again, or even worse, the companies took their money and closed down. There are even companies out there calling themselves law firms and they are not even attorneys.

With so many people being victimized by the foreclosure scammers, who can you trust? That is a good question and homeowners must do their due diligence before hiring a company to modify their loan. Most people will spend hours researching flat screen TV sets and checking for the lowest price but won’t think twice before handing out money to someone who promises to save their home. But not all loan modification providers are like that.

Those facing foreclosure should go to a reputable company and research the company before getting a modification. Homeowners should Google the company, Google the people who work there, and make sure they are affiliated with a reputable law firm. Fees paid for loan modifications should go into an attorney escrow account and paid out only after services are provided.

Those seeking loan modifications should drive out to the office of the people they are working with to make sure they are a real company. They should also meet the people who will be working on their loans and feel comfortable with them and ask them to provide you with samples of loan modifications they have completed. Like they always say, believe half of what you hear and all of what you see.

Once you have found a reputable company to assist you with your loan modification, they will take down information about your loan, lender, interest rate, homes value and income. Then they will analyze that to make sure your loan will qualify for a loan modification program. The next step is for you to complete some paperwork and supply your income and housing expenses. Your loan modification company will prepare a package for your loan modification to be submitted to your lender and follow up with your lender regularly.

Most of the people who try to get a loan modification on their own fail. This is typically because their loan does not meet investor guidelines, a modification does not make sense for their situation, or the modification package was not filled out properly. An experience loan modification firm or attorney should know right up front whether your loan will qualify or not. When banks see you are working with an attorney or company and they are following up regularly, they will often award a modification faster.

Many of the banks have implemented new systems to help assist their clients who are in need of loan modifications and are now able to get the loans out with some predictability. Banks have hired a lot more staff to handle the volume of loan modification requests properly. As long as the loan meets the investor guidelines and the packages are submitted properly, most people should get their loans modified.

In the beginning of the foreclosure epidemic, the local sheriffs department did not have the proper staff to deliver all of the foreclosure summons. Courts did not have adequate staff. Many foreclosures were delayed because the foreclosure summons were not being delivered in a timely fashion.

Another challenge people facing foreclosure will face in 2013 is that both the courts and the banks have hired more people to assist in the foreclosure process. This means people will not have the time they had before. It was quite common for people to stay in their homes for up to 2 years without making any mortgage payments on their homes. This is not the case now and more people are starting to lose their homes faster than before.

Those who are in foreclosure need to take action promptly. With the new systems that are in place at the banks, sheriffs department, and court house, many people are losing their homes more quickly. With the banks cooperating now and actually giving out loan modifications, there is no reason not to apply for a modification.

Unfortunately the Home Affordable Modification Program will not be around for long. The HAMP program was supposed to end in 2012 and was extended out until the end of 2013. There has been some talk among congress to discontinue this program early so it is important to act fast if you really want to keep your home.

About the Author: Brian Saviano is the Co-Founder of Professional Loan Consultants, the number one provider of loan modifications. Our staff has successfully completed more than 500 loan modifications. For more information on how to stop foreclosure, please visit: http://www.ForeclosurePreventionTips.com/How-To-Stop-Foreclosure.

Related Posts

Received a Foreclosure Notice? Why You Shouldn’t Plan to Move Anytime Soon – If Ever

Foreclosure Notice: How to Understand It & What to Do When You Receive One

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

How to Avoid a Deficiency Judgement After Foreclosure

I filed Chapter 7 bankruptcy, and all my debts listed were discharged; can the bank still foreclose?

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2013 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here.

Alan Iverson Loses $4.5 Million Atlanta Mansion to Foreclosure — and That’s Not the Only Trouble He Faces These Days

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

Alan Iverson has lost his $4.5 million Altanta mansion to foreclosure. And that’s not the only bad news the talented former NBA MVP faces these days.

Post Continued Below . . .
**************************************************************

Buy Foreclosures Cheap! Get Firsthand Advice from a Real Estate Investor, Landlord and RE Cleaning Company Owner
buy-foreclosures-cheap2
Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
**************************************************************

According to sports blog YardBreaker.com:

TMZ broke the story … Iverson allegedly defaulted on a $1.2 million mortgage which sent the $4.5 million home into foreclosure. He briefly fought off an auction … but ultimately, he couldn’t stop it.

Sources close to the sale tell TMZ … Iverson’s bank purchased the mansion yesterday for $2.5 million.

Read more details on how Alan Iverson lost his home to foreclosure.

The Home Alan Iverson Lost to Foreclosure — 10,000 Square Feet of Real Beauty

According to AOL’s real estate blog, the home is 10,000 square feet and is. . .

“one of, if not the finest, private gated estates . . . in Atlanta.” Iverson had sunk $4.5 million into building it with a custom bar, gourmet kitchen, master suite with “spa-like” bath and luxury accents such as copper gutters.

See photos and more details on Iverson’s Atlanta mansion.

Related Posts: Celebrity Foreclosures

Olympic Foreclosure! Gold-Medal Winner Ryan Lochte’s Parents Face Foreclosure

Celebrity Foreclosures: O.J. Simpson’s Miami Home in Foreclosure; Comedian Tracy Morgan’s Mom’s Home in Foreclosure (and He Won’t Help)

Celebrity Home Foreclosure News: CSI Actor Losing Home to Foreclosure

Celebrity Foreclosure News: Famous R&B Singer Hasn’t Paid Mortgage for Over a Year, Yet He Is Still Unlikely to Lose His Home to Foreclosure

Celebrity Foreclosures in 2011: From Sports Greats to Entertainment Superstars, Home Foreclosures are Not Limited to the Average Joe

Home Foreclosure News of the Day: Celebrity “Beach” Daughter in Foreclosure and Iraq War Veteran Suing Over Illegal Foreclosure

Celebrity Home Foreclosure News: West Wing & Thirtysomething star Timothy Busfield May Lose Home in January

Tiger Woods’ $865,079.36 Monthly Mortgage Payment

Octomom Avoids Foreclosure

Stopping Foreclosure: “Extreme Home Makeover” Family Held Raffle to Avoid Foreclosure?

Another Extreme Home Makeover Family Facing Foreclosure: Are These Families Irresponsible?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2013 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.)  — in your jurisdiction — before taking any action based on the information listed here.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 2/6/2013

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Property Preservation Contractors Needed (Baltimore, MD & Surrounding Areas): Company with expanding workload needs contractors to perform the following duties: winterize properties; board up windows; repair roofs; lawn maintenance; trash removal; etc.

Must have own transportation and all applicable tools, in addition to a digital camera and internet access. You will also be expected to get your own general liability insurance after 60 days. Get full details on this property preservation job.

Property Preservation Crews Needed (Lakeland, FL): Seeking experienced professionals in the Polk County area with the following to perform property preservation duties: commercial-grade lawn equipment (eg, mower, edgers, blowers, etc.); a reliable truck/trailer; a laptop, camera and/or smartphone; and lockboxes and knobs.

Pay/Compensation: 30 days net; twice per month (on the 15th and the 30th). You must be able to cover your own expenses while you wait for payment. Must be licensed and insured. Get full details on this property preservation job.

Post continued below . . .
**************************************************************
As these job listings illustrate, there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
**************************************************************

Property Preservation Vendors Sought (Memphis (Western), TN): Duties include, but are not limited to: foreclosure trashouts and debris removal; landscaping (initial and ongoing); general cleaning; winterizing; etc.

Must have general liability insurance of at least $1,000,000, and initial start-up supplies and equipment. Responsible for taking before, during and after photos of completed jobs. Get full details on this property preservation job.

Property Preservation Contractors Needed (Columbus, IN): MMM Inspections in need of experienced property preservation contractors in cities and towns throughout the state of Indiana. Duties you will be expected to perform include: trash and debris removal; general home repairs; boarding up of windows, doors and other entry ways; doing lock changes, snow removal; covering swimming pools; etc.
 
You are responsible for having your own tools, eg, for lawn maintenance, general home repairs and other tools necessary to take on the duties associated with REO (bank-owned properties, eg, foreclosures). Other necessities include owning/having access to a reliable vehicle, a computer, internet access, a digital camera, printer, and a scanner. Get full details on this property preservation job.

Related Posts that Can Help You Learn the Industry & Get More Foreclosure Cleaning / Property Preservation Jobs

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2013 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.