Yesterday we helped a client reduce his second mortgage with WAMU by 25%
Countrywide is helping some of our clients reduce their mortgage balances in line with the fair market value of the subject properties.
One of our competitors shut down yesterday due to the fact their lawyers weren't returning files and were the subject of many complaints including from the State Bar of California.
Tuesday, December 9, 2008
Wednesday, December 3, 2008
A new deal with Countrywide
Subsequent to a two plus hour phone ordeal with Countrywide today, I was finally triumphant and extracted a loan modification approval on a negative amortization loan. They agreed to permanently waive the negative amortization and lower the monthly payment for a five year fixed term. Also, due to the fact the subject borrowers were eight months behind on their payment, the bank agreed to add the indebtedness to the back end of the loan term.
Sunday, November 30, 2008
How To Prepare A Loan Modification Budget
Perhaps the single most critical document that we submit to the bank is your budget.
If you have non-owner occupied properties, you should prepare a budget for each property and your personal income and expenses: Ex:
Non-Owner Occupied
EXPENSES:
Mortgage Payment:
Property Tax:
Maintenance:
Liability Insurance:
Utilities:
HOA Dues:
INCOME:
Rental income:
Owner Occupied:
EXPENSES:
Transportation (including gas):
Auto Insurance:
Property Tax:
Medical:
Food:
Utilities:
Garbage:
Water:
Phone:
INCOME:
Wages
Passive Income
After the modification you should have at least at 20% debt to income ratio: Ex: Income = $10,000 Expenses- $8,000.00
If you have non-owner occupied properties, you should prepare a budget for each property and your personal income and expenses: Ex:
Non-Owner Occupied
EXPENSES:
Mortgage Payment:
Property Tax:
Maintenance:
Liability Insurance:
Utilities:
HOA Dues:
INCOME:
Rental income:
Owner Occupied:
EXPENSES:
Transportation (including gas):
Auto Insurance:
Property Tax:
Medical:
Food:
Utilities:
Garbage:
Water:
Phone:
INCOME:
Wages
Passive Income
After the modification you should have at least at 20% debt to income ratio: Ex: Income = $10,000 Expenses- $8,000.00
Wonderful Loan Modification Result
There are many loan modification companies out there just taking money from people and not even working the files, not even contacting the bank with a power of attorney.
Loan Deal Inc. distinguishes itself from the other firms as we offer face to face consultations and we really work hard on our files.
Last week we were able to cut a client's first mortgage in half and their second by 85%. Instead of paying $4,300 monthly. The only have to pay 2, 100.00. They will make up the fee they paid us in about six weeks.
Loan Deal Inc. distinguishes itself from the other firms as we offer face to face consultations and we really work hard on our files.
Last week we were able to cut a client's first mortgage in half and their second by 85%. Instead of paying $4,300 monthly. The only have to pay 2, 100.00. They will make up the fee they paid us in about six weeks.
Sunday, August 31, 2008
MODIFY YOUR LOAN SO YOU CAN AFFORD TO STAY IN YOUR PROPERTY
Ubiquitous companies acting in bad faith are currently attempting to take advantage of consumers in this awful housing crisis.
Beware of firms that have little or no experience negotiating with creditors and who ask for a deed to your house for their payment.
A reasonable fee to be charged is somewhere between $2,000.00 and $4,000.00 for a loan modification relative to one piece of real property.
A loan modification occurs when the lender agrees to reduce a monthly mortgage payment, typically when the borrower is victim to an unforgiving variable rate mortgage that is about to re-cast. Some banks may even be willing to lower the principle balance on the subject loan if the property value has significantly declined. Which is not unusual in this market.
A loan modification is not a re-finance. However, most of the same documentation will be required: 3 years tax returns, the last three months bank statements and the last three months W 2's if you are a wage earner. Additionally, you will need to provide a hardship letter and a budget proving at least a 80% debt to income ratio.
There are two ways to convince the lender to cooperate 1) A hardship 2) Legal attack where the GFE (Good Faith Estimate) and the TIL (Truth in Lending Statement) do not correlate.
For more information, visit our website: http://www.bestdebtdeal.com/ or call our office at 415 756 4108.
Beware of firms that have little or no experience negotiating with creditors and who ask for a deed to your house for their payment.
A reasonable fee to be charged is somewhere between $2,000.00 and $4,000.00 for a loan modification relative to one piece of real property.
A loan modification occurs when the lender agrees to reduce a monthly mortgage payment, typically when the borrower is victim to an unforgiving variable rate mortgage that is about to re-cast. Some banks may even be willing to lower the principle balance on the subject loan if the property value has significantly declined. Which is not unusual in this market.
A loan modification is not a re-finance. However, most of the same documentation will be required: 3 years tax returns, the last three months bank statements and the last three months W 2's if you are a wage earner. Additionally, you will need to provide a hardship letter and a budget proving at least a 80% debt to income ratio.
There are two ways to convince the lender to cooperate 1) A hardship 2) Legal attack where the GFE (Good Faith Estimate) and the TIL (Truth in Lending Statement) do not correlate.
For more information, visit our website: http://www.bestdebtdeal.com/ or call our office at 415 756 4108.
Monday, August 25, 2008
Can I Negotiate with My Creditors?
In the U.S. you can do almost anything by yourself, save for a surgical procedure under general anesthetic. However, most consumers have no idea how to talk to a creditor. They don't even know who to speak to. It is better to hire a professional who knows the best things to say.
I recently saved one debt negotiation client who almost ruined his case. He told his creditor, an insurance carrier, represented by an attorney, that he was going away on a vacation to Europe for a month and had to resolve his debt right away. How sympathetic is a creditor to someone who's claiming financial hardship and contemporaneously taking a luxurious trip to France?
Do you really have the time and know how to resolve your own debt?
My firm is one of the few companies, perhaps the only firm that handles debt negotiation on a contingency fee basis. That means, you only pay us, if we save you money. Typically, we charge 30% of what we save you. Ex: Your original credit card debt is $10,000.00. We cut that down to $5,000.00. You owe us $1,500.00 on top of your reduced payment to your creditor.
In order for us to accept your case, you must be able to pay your creditor back at around fifty cents on the dollar. Otherwise, we will reject your case. If you can't pay back around fifty cents on the dollar, you may want to consider other options, such as bankruptcy.
I recently saved one debt negotiation client who almost ruined his case. He told his creditor, an insurance carrier, represented by an attorney, that he was going away on a vacation to Europe for a month and had to resolve his debt right away. How sympathetic is a creditor to someone who's claiming financial hardship and contemporaneously taking a luxurious trip to France?
Do you really have the time and know how to resolve your own debt?
My firm is one of the few companies, perhaps the only firm that handles debt negotiation on a contingency fee basis. That means, you only pay us, if we save you money. Typically, we charge 30% of what we save you. Ex: Your original credit card debt is $10,000.00. We cut that down to $5,000.00. You owe us $1,500.00 on top of your reduced payment to your creditor.
In order for us to accept your case, you must be able to pay your creditor back at around fifty cents on the dollar. Otherwise, we will reject your case. If you can't pay back around fifty cents on the dollar, you may want to consider other options, such as bankruptcy.
Subscribe to:
Posts (Atom)
Posts
