Loan Modification


 
Are You Having Difficulty Making Your Mortgage Payment?
  

Do You Own More Than Your Home Is Worth?
   

Are You Facing Foreclosure?


 

 We Can Help!  We'll Keep You Home!

 

 

Dear Home Owner,

 

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner's situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure.



Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender.  Our average loan payment reduction is 25% - 45%.



We are an advocate network group, not a service group. We fight predatory lending and represent homeowners and consumers who need our help to work out deals with their banks.


Our sole focus is on Loan Modifications and in addition to our network of Attorneys, we are affiliated with more than 50 full time Mortgage Professionals including mortgage underwriters, loan processors, loan auditors, and mortgage negotiators.

 



You've Come To The Right Place.  We are the Solution You Need



The number of foreclosures across the nation are on the rise. If you are having difficulty making your mortgage payment, upside down and facing foreclosure, we can help.


We make sure your file is prepared properly and fast-tracked through the Lender.  With our focus on Loan Modification and Consumer Debt, you can rest assured knowing that we are focused on your needs.  

 


Our foreclosure relief network is comprised of a dedicated team of highly trained professionals, attorneys, underwriters, and brokers in the mortgage and loan industry. Our team will work diligently with your lender and/or invoke federal and state legal remedies to facilitate a solution that fits your budget and goals.


It is important for you to understand your options and rights. Do not be fooled by the banks telling you to do this on your own without professional help. You must understand the banks only have THEIR best interest in mind and must look out for their investors.


Even if they were to offer you a workout plan, it would be in their favor not yours.


And BEWARE of so called "Loan Modification Shops" that are nothing more than someone trying to take your money for little or no work. Even if they are trying to do the right thing, chances are that they are operating illegally as many states require that you MUST BE an attorney in order to do this.


And the banks know this and most times are unwilling to work with these 3rd party shops, as they know they have no leverage.



The Following Are The Most Common Ways We Assist Homeowners Facing Foreclosure


After performing a thorough assessment of your personal finances and analyzing your lender's loss mitigation policies, our professional loss mitigators will negotiate directly with your lender on your behalf, to get you the best possible solution to your home foreclosure problem.

 

We can help you save your home and credit history through a variety of loss mitigation options.  Our average loan payment reduction is 25% - 45%.

 

  • Loan Workout

Many homeowners with the 2/28 and 80%/20% purchase loans are having a pay rate adjustment of 28% to 44% and many homeowners can't handle the new payments and will not qualify for a new loan.


A loan workout is a broad term used in the loss mitigation arena. It is used when you negotiate with your lender any kind of plan that will benefit both you and the lender when you are delinquent or in default.


We construct a financial plan that considers your current income and details a list of your monthly expenses and make recommendations to improve your budget and cash flow so your income exceeds your total monthly expenses each month.


The key to our success rate is constructing a financial plan that you and your lender can approve and, most importantly, that you are able to perform. We work with you to compose a hardship letter that describes why the problem occurred and, the good news, why it won't happen again.

 

  • Loan Modification:

This term has been getting a lot of attention lately and rightfully so.


With millions of homeowners stuck in skyrocketing adjustable rate mortgages and no way to refinance out of them, loan modifications may be the only way to assist struggling borrowers.


This term is used when your lender modifies your current mortgage (same loan you have, only changes are made to the note) in order to work with you and make your mortgage more affordable.
 

The Mortgage Modification program allows most homeowners to lower their monthly payments and save their home from falling into foreclosure. This can be accomplished by a combination of the following ways:
 

1. Interest Rate Reduction:
 

This is the most common method used to lower your monthly payments. We will negotiate with your lender to lower the interest rate and lower the monthly payment.

 

2. Principal Reduction:

If you are upside down in your home's value, we will negotiate to lower your mortgage amount to current market value, lowering the monthly payment.



3. Change of Terms:


Often times we will be able to change the terms and lengthen the amount of time you have to pay back the loan, thereby lowering your monthly payment.

In the past this was only used when a borrower was delinquent but now we will see it being used before someone is delinquent. This is usually the best way to help people avoid foreclosure

 

  • Forbearance

 

This is used most of the time, when a Notice of Default has been filed.


You are allowed to delay or reduce payments for a short period, with the understanding that another option will be used at the close of that time to bring your account to a current status.


Your lender, if in agreement, will then temporarily cease legal actions. Typically 30% of sub-prime lenders (with high interest rates) will only offer a workout program that requires borrower to immediately pay at least 20% or more of the total delinquencies including foreclosure fees, plus the balance of the delinquency will be added to their regular monthly payments over a period of six to forty-eight months.


Forbearance plans do not remove a foreclosure action but simply stop it in place until the loan is current. FORBEARANCE PROGRAMS OFTEN FAIL IF THE LENDER IS NOT FORCED TO CONSIDER THE ABILITY OF THE BORROWER TO PAY. WE REQUIRE THEM TO CONSIDER YOUR ABILITY TO PAY.

 

How We Do It: 



1. We use Underwriters to build out a financial model, "proving" that you cannot afford your current payment.


2. We use Underwriters to build out a financial model, "proving" that all you can afford is a new lower proposed payment. (we know the minimum each bank will except and we bring in your new proposed payment right at that minimum.)

 

3. We do a property profile and appraisal report, showing your current home's value, showing if you are upside down, and if it is trending downward, and how fast and at what rate.



4. We prove to the bank with a financial model that it is in their best interest and worth more to them to work out the Loan Modification with you than it would be for them to take the property back.



5. We do a Forensic Loan Audit finding loan violations (a high percentage of loans originated in the last 5yrs have them)



6. We use the violations we find as leverage, threatening legal action if we do not get the modification we are looking for.

 

7. We use our contacts we have established within the banks to get these through in a fast and streamlined manner. Often, personal circumstances or an upward payment adjustment or "reset" will cause the homeowner to fall behind on their monthly payments.


By actively counseling our clients and aggressively negotiating with their lenders, we are capable of modifying the original loan to give our clients a fresh start in managing their home finances.

 
We will also work with the lender to either completely remove the delinquent amount or push it to the back of the loan.

 

What We Charge

 

Our charges are based on your loan amounts, home value and the number of loans you have on you mortgage. 

 

Click here to see our charge structure.

 

Click here to see our "do it yourself" programs.



Short Sale



With our short sale program, we are able to use our legal methods to negotiate a sale price of your home at or below market value even though you may owe substantially more than that.


We work through a nationwide network of Real Estate Agents to insure your home sells fast.


A short sale will stop the foreclosure and prevent the adverse credit implications associated with a foreclosure. 

 

TO READ MORE ON SHORT SALES, CLICK HERE

 


 

If you're not sure and just want to find out if you qualify, give me a call and I will walk you through your options. Believe it or not, you may just need help getting a temporary reduction in your payments to 'catch up'. In any case, call me to talk about the several options that you may not be aware of.


If you don't know what else to do and you don't call me at 832-330-4588, what will it cost you in damaged credit, frustration and stress? If I am unavailable when you call, I have my assistants taking calls from 6am to 10pm Central time Monday through Saturday.


I know how you feel and we can help.


Sincerely,

 


Jim McNinch
Foreclosure Prevention Network
loanmod@trademarkforeclosureprevention.com


832-330-4588

P.S. Don't let the lender's abusive scheme take advantage of you and cause you to lose your home to a foreclosure auction! Save your credit and have peace of mind dealing with an expert.


P.P.P.S. Still skeptical? Go ahead and check me out online. Go to google.com or yahoo.com and search "Jim McNinch".

 

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