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Lender Loan Modification Scams-First and foremost, when you are considering a Loan or Mortgage

modification , beware of companies that advertise their ability to lower your rates, payments or principle balance for fee or commission. In fact the Federal Trade Commission states: "People facing foreclosure should avoid any company or individual that requires a fee in advance, guarantees to stop a foreclosure or modify a loan or advises the homeowner to sop paying the loan or mortgage company." Never pay upfront fees for this type of service!

So what else should you watch out for? You should watch out for companies that use words like "Federal" or Government" in their names but are NOT affiliated with the government.

Distressed homeowners that are looking for home foreclosure alternatives must also be cautious because not only is your pocket book on the line but so is the short time you have to avoid foreclosure. For example: You may find that even a ligitimate Loan or Mortgage Modification is not the right option for you because the new loan terms are still out of reach. If you want to avoid foreclosure you may find a short sale is your best option but time is ticking so you must get educated quickely!

In this video clip, Short Sale Specialist Luis Montejano & Stephen Munson of Munson Realty Southern California Real Estate-discuss Loan Modification Scams. They discuss what and who you should look out for to avoid Loan Modification Scams.

Learn More About your Home Foreclosure Alternatives.

Lender Loan Modification Scams-In this clip, Short Sale Specialist Luis Montijano & Stephen Munson of Munson Realty Southern California Real Estate-discuss Loan Modification Scams: what and who to look out for.

Learn More about:

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

Qualifying for a loan modification-California Loan Modification

What Is HAFA-Home Avordable Foreclosure Alternatives program

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Lender Loan Modification| Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain

02-15-11

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Office: (877) 636-0444

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Secondary: (626) 376-9732

Lender Loan Modifications-More than 1 in 7 homeowners are falling behind or are already behind on theirmortgage and are searching for solutions. The search is frustrating and filled with a lot of bad information that is often fraudulent. If you or someone you know has found yourself in the position of being upside-down on their mortgage then you need trustworthy facts.

So here we go…

What is a Lender Loan Modification?

A mortgage or loan modification is a process through which your lender changes any or all of the following:

Interest Rage
Principle Balance
Terms (example: from an adjustable to a fixed rate)

This process can allow you to stay in your property.

Why would a lender modify my loan?

Lenders understand that sometimes it is better for them to work with current homeowners to lower payments or adjust the terms in order to keep them in their properties. The average foreclosure can cost a lender from

35-50% of the value of a property, so keeping you in your home is a good option for everyone.

stacks of paperwork Items you will need handy to begin the Modification Process:

In most cases you will need the following for your lender to consider a modification:

Documentation about your first mortgage, such as your monthly mortgage statement
Documentation about any second mortgage or home equity line of credit on the house
Credit card information such as: Account balances and minimum monthly payments due on all of your credit cards
Other Debt information such as: Account balances and monthly payments on all your other debts such as student loans and car loans
Most recent income tax return
Bank information: your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources

A hardship letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)

How to qualify for a Lender Loan Modification?

First contact your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. You may have to ask to be referred to one of the following departments (different lenders have different names for these departments):

Loss Mitigation
Mortgage Modification
H.O.P.E.

What if I don’t qualify for a mortgage modification, can’t afford my home, and owe more than it’s worth?

You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe and avoid foreclosure.

Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain in this video more about what a loan modification is, who qualifies and how to avoid Lender Loan Modification scams.

Learn more about...

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

Qualifying for a loan modification-California Loan Modification

What Is HAFA-Home Avordable Foreclosure Alternatives program

Copyright © 2011 By HFA|Home Foreclosure Alternatives Stephen Munson& Luis Montejano-Munson Realty Southern California Real Estate *Lender Loan Modification| Los Angeles Short Sale Specialist Luis Montejano & Stephen Munson Explain*

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Home Foreclosure Alternatives

02-14-11

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Office: (877) 636-0444

Mobile: (323) 216-9671
Secondary: (626) 376-9732

Home Foreclosure Alternatives-Before you consider walking away, you must look at all of your Home Foreclosure Alternatives

I'ts important that you weigh each Foreclosure Alternative against each other and make a well informed decision before you accept the devastating blow of a foreclosure to your credit rating.

Distressed home owners facing foreclosure are not alone, today,1 out of every 7 homeowners are delinquent on their mortgage or in the foreclosure process.

Let's talk about Home Foreclosure Alternatives. What are the options?

Lender Loan Modifications or Lender Workout | Of course the best course of action for the distressed home owner is to stay in their home and avoid any other alternatives. With that in mind a Lender Loan Modification or Workout should be vigorously pursued. With this as an option your lender may be willing to:

Add the missed payments to the existing loan balance.
Change the interest rate, including making an adjustable rate into a fixed rate.
Extend the number of years you have to repay.

When the lender can work out terms that lower the monthly payment and bring the principle balance closer to today's market value, this is the best choice.

Unfortunately though this is often only a temporary fix and ultimately stretches out the ultimate conclusion of the home owner having to give up their home.

Why is that? Often the new terms are still not enough to justify the homeowner staying in the home. For example: The principle balance is still way above market value or because of financial hardship there is simply not enough income to sustain even the new terms of the loan

So then what?

Sell And Bring Cash to Closing- Of course is a ridiculous option for most because their resources have already been drained.
Deed in lieu of foreclosure-A Deed in lieu of foreclosure is when the home owner gives up title or deed to the lender to satisfy the loan. However, if the borrower owes more on the home that is owed, it is often unlikely the lender will agree to a Deed in Lieu of foreclosure.

Short Sale- A short sale can is often the best solution for home owners who are upside down. In the past, it was rare for a bank or lender to accept a short sale. Now, however, due to overwhelming changes in the market, banks and lenders have become much more flexible when it comes to approving short sales. Recent changes in many corporate policies and the Obama administration have also greatly improved the chances of getting many short sales approved

Loan Modification or Short Sale?

California Short Sale Specialist Luis Montejano and Stephen Munson explain in this YOUTUBE video clip

Lender Loan Modifications-Who qualifies, when it is worth your effort and how to avoid fraud.
HAFA (Home affordable foreclosure alternatives) Who qualifies, and the relocation financial incentives
Short Sales: How it affects your credit, who qualifies, what are all the implications.

Luis Montejano has earned the prestigious Certified Distressed Property Expert® (CDPE) designation, having completed extensive training in foreclosure avoidance, with a particular emphasis on short sales.

Learn More About:

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

Qualifying for a loan modification-California Loan Modification

What Is HAFA-Home Avordable Foreclosure Alternatives program

Copyright © 2011 By HFA|Home Foreclosure Alternatives Stephen Munson& Luis Montejano-Munson Realty Southern California Real Estate *Home Foreclosure Alternatives-Home Foreclosure alternatives,Foreclosure Alternative,Lender Loan Modifications,short sale, short sales, home short sale,*

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What is HAFA-Home Affordable Foreclosure Alternatives program

02-13-11

view my blog
Office: (877) 636-0444

Mobile: (323) 216-9671
Secondary: (626) 376-9732

What is HAFA-Home Affordable Foreclosure Alternatives program-The huge number of foreclosures in the US is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining Home Foreclosure Alternatives.

Short sales are honorable solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in seven homeowners struggling to make loan payments, distressed homeowners are not alone, and there are Home Foreclosure Alternatives available.

Here are some Bullet Points on the HAFA program.

HAFA Eligibility

At present, the home owner is eligible if all the following conditions are met:

• Property is borrower’s principal residence
• Loan is a 1st lien mortgage
• Originated before Jan 1, 2009
• Mortgage is delinquent or default is reasonably foreseeable
• Current unpaid balance is equal to or less than $729,750
• Borrower’s total monthly mortgage payment exceeds 31 percent of borrower’s gross income
*information taken directly from HAFA

Incentives for the Distressed Home Owner

$3,000 to Borrowers for Relocation Assistance

Is your lender participating? Lenders and loan servicers participating in HAFA must sign a participation agreement with Fannie Mae to participate in HAMP by October 3, 2010.

The list of lenders that are participating is constantly growing, please contact us for the most recently update list (there is no fee or charge).

California Short Sale Specialist Luis Montejano and Stephen Munson explain in this clip the more highlights of the HAFA program. Luis Montejano has earned the prestigious Certified Distressed Property Expert and has helped countless Californians avoid foreclosure

Learn more about:

Short Sale Agents-How to find a short sale specialist

Short sale hardship-What qualifies as short sale hardship

Short Sale Vs. Foreclosure-Short Sales Affect On Credit

Qualifying for a loan modification-California Loan Modification

What Is HAFA-Home Avordable Foreclosure Alternatives program

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Marketing Short Sales-Finding A Buyer

02-12-11