Texas Loan Modifications by an Attorney

 

                     Thinking about doing it yourself? Watch this video of a Government official try.... http://www.youtube.com/watch?v=I2G5XiHP6ls  (click)

 

                         DON'T LET THE BANK PUSH YOU AROUND...
                         LET QUALIFIED ATTORNEYS FIGHT FOR YOU!
 

 

   Now Financing is available for loan modifications.

                  Loan modifications do not hurt your credit.

                  

                      $995 down and a low monthly payment

                   

                        **written money back guarantee**

 

             Foreclosure activity sets records in first quarter 2009

 

· A homeowner is injured, gets sick, loses a job or perhaps their interest rate goes up
They try to refinance- but no longer qualify.
· They miss a mortgage payment and the Government says, “call your lender”
They do - and they get the runaround.
· The evening news says, “don’t pay anyone an upfront fee to modify your loan”
They call a HUD approved counselor for FREE assistance - but get nowhere.
Sound familiar? Call us today at 1-800-547-9081
or
 

Click Here to determine your eligibility


HomeEquityLending.Com  Corporation has helped thousands of homeowners obtain better terms on their mortgage since 1998. VIRTUALLY ALL   clients first try to negotiate  modifications on their own. For the expertise, convenience and results that only a fee based service will deliver call Home Equity Lending today at 1-800-547-9081 or Click Here for a FREE Eligibility Estimate. We are familiar with President Barack Obama's loan modification program.

YES, IT IS POSSIBLE TO GET A LOAN MODIFICATION ON YOUR OWN.

It is also possible to represent yourself in court, buy and sell real estate on your own, and if you're brave, you could even perform medical operations on yourself. It would be risky for a borrower to try this on their own because their home is at stake. When it comes down to it, the lenders are not working for a borrower's best interests. They don't want to help you save your home, they want to get as much money out of you as they can before they take your home. They are debt collectors  and they only work for their bottom line. We prefer that you  try it yourself so you will appreciate our service.

In order to qualify for a loan modification, you have to meet their qualification guidelines. They won't tell you what these guidelines are but we know them. So anyone can apply on their own, but if they don't meet those internal guidelines, they will get denied. Once a borrower has been declined for a loan modification, it is very difficult to reverse this and get them approved. The lender already recorded all their phone conversations and kept all their documentation on file.  This doesn't always work out so it is best to see if you pre qualify before doing it. We will do this for free so just call us. Then you can try it on your own or let us do it.

 

Is the loan modification process new?

       

    1. It has been always available to homeowners in extreme distress

       

       

    2. Mortgage Modification have been recently mandated by federal government

       

What is the purpose of a loan modification?

       

    1. The modification process exists to assist the homeowners who have a valid financial hardship, and as a means for the lender to avoid foreclosure

       

       

    2. Restructure Mortgage note to reduce payments based on capacity to pay

       

What is Loan Modification?

       

    1. Loan Modification can be performed by the homeowner, although most are unsuccessful

       

       

    2. Loan Modification is not a refinance and can only effect a existing mortgage

       

       

    3. It is a restructure of an existing mortgage, such as new rate & term

       

       

    4. It is not a new loan, we cannot add or delete individuals from or to the loan

       

       

    5. Modifications are usually referred to as part of the loss mitigation department by the lenders

 

 

Ideal Candidate for a Modification:

Behind on mortgage payments

Don’t qualify to Refinance

High Interest Rate(s)

Loan is about to adjust or adjusted

No Equity in home

Don’t worry if you have:

Bad credit

Home has lost value

Haven’t made a house payment in months

Have high credit card debts

                  Cant Verify all income

 

What are the Requirements?

Currently Working

Must have reasonable hardship

Hardships can be overcome with the right professional help

Be able to afford the new restructure of loan

Easy to qualify

How long does it take?

The process usually takes between 30–90 days, although some lenders the completion period is executed in less time

The speed of completion depends on the lender and the client

 

What to expect?

       

    1. Most modifications result in:

       

All of the late payments being moved to the back of the loan

Conversion of an ARM (2/28, 3/37, Neg Am) to a fixed loan, typically a 5 or 30 year fixed

Possible balance reduction

Lower monthly payments

A Better Financial Position

What Do I need to start?

2 Years Tax returns

Most recent 2 pay stubs required

If Self Employed, Business license

Bank statements, last 2 months

All household Income

Mortgage Statements

 

       

 

Why use a Legal Law Firm?

       

    1. 87% of all homeowners who attempt loan modification are unsuccessful, Why?

       

Most homeowners are intimidated by lenders

Most homeowners do not really understand mortgages

Homeowners simply answer the lenders questions without knowing the impact of what they are saying

Homeowners unintentionally either overstate or understate their income, and the lender won’t qualify them

The lenders are not forth coming in what options are available for the homeowner

We have a high Modification completion rate

100% money back guarantee, if you don’t pass our financial audit or we are unable to get your loan modified.

We offer 3 day recession. If during this period you decide not to move forward with the modification, we will refund all fees paid.

We do not charge for 2nds, Most of the firms do.

 

Dealing with the lenders is our job:

We know how to present the best possible package in order to have the lender accept the modification

We are not intimidated by the lenders, all of our staff members are previous mortgage underwriters, Adjusters or Auditors

With a combined experience in real estate and mortgages of over 30 years. We have the know how…

Established Contacts with Mortgage Lenders

Banks only Allow one opportunity to Correctly Modify Mortgage

RESPA Violation Auditing

Our mission is to help you, stay in your home.

 

                                     Free vs. Fee
 
 
The question that many distressed homeowners are asking themselves lately is, "Should I pay, or should I go?" This is due to the constant bombardment of news warnings, loan modification advertisements, and water cooler gossip concerning the foreclosure crisis going on in our country.

Many will tell you that a loan modification should be done only by an experienced real estate attorney while others say that you should never pay anyone upfront fees for a loan modification under any circumstances due to the fact that it can be accomplished  on your own.

However, what most government and private agencies neglect to tell you is that "The average American trying to get get through to negotiate a loan modification will not be able to get it done", which was stated by congresswoman Maxine Waters of Los Angeles California when she attempted to assist some of her constituents in modifying their mortgage loans.

The fact is, most lenders are so overwhelmed with the daily flood of borrowers looking to get "bailed out" from their less than perfect mortgage that in most cases it could be weeks, months, or even years before you get a response from your lender. Many times, a day late, and a dollar short leaving you out in the cold with no home, no money, and bad credit.

With this ever growing crisis there is an ever growing demand for loan modification servicing companies that can often eliminate much of the headache, frustration, and legwork that comes with modifying a mortgage loan. This often makes the process that much easier not only for the borrower but for the lender as well.

 
So should you pay for a loan modification or try it yourself?
 
FREE
 


 

  1. Contact your lender on your own and request consideration for loan modification.
  2. Deal with the stress of being put on hold, transferred to numerous departments, or often told you don't qualify.
  3. Rely on your own knowledge of your legal rights as a borrower, foreclosure and respa laws,  and loan modification processes.
  4. In many cases it was the "lender" who got you in this mess in the first place due to poor lending practices.
  5. Your lender could disqualify you from loan modification due to the fact that you are unaware of your rights as a borrower.
  6. Often the lender will ask you to make a large payment before they are willing to work out a loan modification.
  7. Lenders often treat delinquent borrowers disrespectfully with the attitude, "Why don't you take care of your responsibilities", causing you unnecessary stress and worry.
  8. This is your home which makes you emotionally involved which can sometimes make it difficult to stand up for yourself when you are already suffering some form of hardship.
  9. Think about it...Your lender is NOT going to tell you if there was some form of legal discrepancy, respa violation or predatory lending in the loan that you were given if they were the ones that broke the law when giving you the loan in the first place.
FEE

 
  1. Let a professional real estate attorney contact your lender on your behalf.
  2. Most lenders will respond much faster to borrowers that have legal representation than they will to borrowers with no representation.
  3. Most real estate attorneys have a good understanding of your legal rights as a borrower and will not let your lender take advantage of you.
  4. Borrowers who have legal representation often get a much better deal than borrowers without representation.
  5. In most cases attorneys have already serviced hundreds if not thousands of clients therefore they already know the process involved making the loan modification process  that much quicker, more efficient, and more beneficial to the borrower.
  6. A licensed real estate attorney knows the laws when it comes to mortgages and foreclosure and can therefore thoroughly examine all of your loan documentation to make sure that you weren't taken advantage of.
  7. If an attorney discovers that the loan was fraudulent or in violation of your rights then you could be entitled to damages in addition to the loan being forgiven.
  8. Attorneys are not emotionally involved and therefore will not let the lenders take advantage of you and will make certain that your rights are well represented.
 

 

 

What are the Foreclosure Downfalls?

Short sale Property

Credit Report states Foreclosure

Damaged Credit

Possible Deficiency Judgment

IRS 1099’s

Must Qualify to Rent

 

 

 

Here is an interesting story from CNN on a Homeowner trying to stop a foreclosure. We hear this nightmare frequently.

 

Folks losing homes dial 1-800; no one answers

LOS ANGELES, California (CNN) -- Megan Cavallari looks up from her stack of hundreds of faxes and documents, proof of her efforts to try to save her home from foreclosure. She's been on hold for over an hour, trying to get details for a loan modification.

Finally, she's transferred to another line. But she doesn't get a human. Exasperated, she sighs. Once again, it's the "automated lady."

"Every report says the banks are helping, and everything on the radio says they're helping," Cavallari said. "You call and call and call; you're not getting a voice. You're getting a recording."

Cavallari, a music composer who does scores for films, is like hundreds of thousands of Americans going through foreclosure. But she says the process of trying to save her home -- and her $92,000 down payment -- has worn her out. She recently filed for bankruptcy and is moving out of her home with her young daughter.

The entire ordeal has been draining, especially trying to reach somebody at the bank. "You call them. After being on the phone with them, they send you to an automated lady. [Then] they send you to a Web site after you've been on the phone for an hour."


http://www.cnn.com/2009/LIVING/04/15/foreclosure.phones/index.html?iref=mpstoryview

 


 

 
What is a loan modification and how can it help me?
A loan modification is when a lender or loan servicer modifies the terms of a loan which they currently collect payments on. The purpose of a modification is to create a payment that the homeowner can afford based on their current financial situation, and to re-establish a loan which will perform and give the holding lender an efficient return on their investment. Loan modifications are granted on an individual basis, targeting homeowners who for whatever reason are having problems making their current payments, and do not have an option to refinance their mortgage, sell the property, or improve their financial situation. Loan modifications stand apart from refinances with no transfer of property between lenders, no new liens recorded in public records, and no new accounts on credit.

Loan modifications are accomplished through a detailed negotiation process between the servicing lender and the requesting party. A successful modification will drastically reduce the homeowner’s monthly mortgage payment(s) to a level which they can realistically handle, which means final results are determined by their true expenses and affordability. The method of obtaining the needed mortgage payment can be accomplished by one, or a combination, of the following; interest rate reduction, term extension, principal balance reduction, and/or converting payments from principal and interest to interest only. This renegotiation not only helps homeowners avoid future turmoil, it also helps save those who are currently delinquent, and in jeopardy of losing their home.

Whether you are currently making your payments on time but foresee yourself falling behind in a matter of months, or are already several months behind and weeks away from foreclosure, modifications can help you! In the currently volatile economy, many home values have depreciated and income levels have dropped. Because of this, getting out of what could be a painful mortgage is not possible, leaving many with the only option of foreclosing. A modification will allow you to get your goals accomplished and avoid future foreclosure, leaving you with a payment that you know you can make. Not only does this negotiation prevent future hardship, it can also help you get caught up if you are behind. Once you fall several months behind, a large lump sum is required to be paid to come current. Loan modifications while focusing on future payments will also help alleviate delinquent payments. Negotiations should address the delinquency and any other problems, so you have all of your hardship wiped away at the same time. Mortgage modifications for many equate to a home saving necessity, and a fresh start with true relief from their unavoidable hardship.

How do I qualify for my loan to be modified?
Various circumstances and situations will qualify one for a loan modification. An easy way to know you may be a candidate is you are financially "hurting" when it comes to meeting your monthly obligations. Living paycheck to paycheck, paying bills with credit cards, and depleting your savings are all vital signs that you may need a loan modification. Most people at that point approach a refinance, which is where many are finding they run into a wall. The most common reason for not qualifying for a refinance is the home’s value coming in less than what is owed on the home, otherwise known as being "upside down". The second factor that will hinder one obtaining a new loan will be overall credit ratings. With a tightening finance market, top tier credit is generally needed to obtain a competitive loan with an affordable rate. Many are finding that without high credit scores, they do not have sufficient credit to get a beneficial loan. Lastly, due to many wage and hour cuts across the board, many homeowners no longer meet the debt to income ratio requirements for extended financing. The reduced income works against increased bills and generates monthly debt levels that are too high. All of the examples given are prominent suggestions of one who needs assistance through a loan modification.

What type of person can do a loan modification and where should I look?
Anyone can attempt to negotiate a modification, however not many have the needed time or ability to do what is needed on their own. When negotiating a modification, lots of time is spent on the phone and at the fax machine. You need to be very patient and willing to take a little bit of "heat" from the lender representatives. Typically, the best modifications are performed by Attorney backed firms who specialize in modifications. Many companies offer assistance with loan modifications but do not have the experience or knowledge to negotiate with these powerful lenders, nor do they have an Attorney to back their services. When looking for a modification company, make sure you confirm whether or not they are an Attorney backed firm. We can help you  by simply filling out our 30 second form.

 

                 Mortgage delinquencies hit record high in Q2
 


Aug 20, 10:12 AM (ET)

By ALAN ZIBEL

 

WASHINGTON (AP) - More than 13 percent of American homeowners with a mortgage are either behind on their payments or in foreclosure as the recession throws more people out of work, the Mortgage Bankers Association said Thursday.

The record-high numbers in the report are being driven by borrowers with traditional fixed-rate mortgages, rather than the shady subprime loans with adjustable rates that kicked off the mortgage crisis. As of June, more than 4 percent of all borrowers were in foreclosure and about 9 percent had missed at least one payment.

One in three new foreclosures between April and June was from a prime, fixed-rate loan, up from one in five a year earlier. Last year, subprime adjustable-rate loans caused the largest share of foreclosures.

The worst of the trouble is still concentrated in California, Nevada, Arizona and Florida, which accounted for 44 percent of new foreclosures in the country. Nearly 12 percent of all loans in Florida were in foreclosure, the highest in the country, followed by Nevada at 9 percent.

 

"Clearly we have not seen the bottom in Florida," said Jay Brinkmann, the trade group's chief economist.

 

President Barack Obama has pledged to fight the problem, but its foreclosure prevention program, known as "Making Home Affordable," is off to a disappointing start. As of July, only about one in 10 of eligible borrowers had signed up.

The success of the program depends on the economy stabilizing. The number of first-time claims for unemployment benefits rose unexpectedly for the second straight week, the Labor Department said Thursday.

The number of new jobless claims rose to a seasonally adjusted 576,000 last week, from a revised figure of 561,000. Wall Street economists expected a drop to 550,000, according to a survey by Thomson Reuters.

 

How long does foreclosure take in Texas?

 

The foreclosure process in Texas can be done either through the judicial or non-judicial process. The process typically moves rather quickly in Texas compared to most other states. You can lose you home in as little as two months from the time you stop making your monthly payments.

Below is a brief definition of the judicial and non judicial foreclosure process:

JUDICIAL FORECLOSURE

The judicial foreclosure process will involve your mortgage lender filing a lawsuit in court in order to foreclose on the defaulting property. For the lender to obtain this court action to begin the foreclosure, they must first prove that you are in default on your loan.

This way of foreclosure is done when there is no power of sale present in the original loan documents. Your home will be sold court order to the person who bids the most at the auction sale.

Since this foreclosure moves through court proceedings in some cases it may take longer to foreclose then the non-judicial way. This may benefit you in finding a solution to saving your home before the house is sold.

NON JUDICIAL FORECLOSURE

This way of foreclosure is used when there is a power of sale present in mortgage or deed of trust. When your loan docs are originally signed, you as the borrower preauthorize your lender to sale your home in order to pay off the mortgage’s remaining balance. The actual sale of your home is either done by your lender or the Trustee (typically title company).

Below is three steps that must be followed during the Texas foreclosure process:

bullet Before you mortgage lender can begin the foreclosure, they are required to file with the county clerk a foreclosure notice at least twenty-one days prior to the actual sale. They must also mail a copy of this demand letter to the homeowner as well twenty-one days before the sale.
bullet The actual day of the foreclosure must take place on the first Tuesday of the month between 10:00AM and 4:00PM. Even if the Tuesday is a legal holiday the sale will still proceed.
bullet The property will then be sold to the highest bidder at the auction sale. There is no right of redemption in the state of Texas.

So remember regardless if the sale takes place through the judicial or non-judicial process, you may not have too much time to get your situation resolved if you begin to default on your payments. If we are unable to get a modification we can always do a short sale to prevent a foreclosure.

 

 

 

           100% Financing for USDA loans now available

                  100% Financing Guidelines

 

The USDA Loan Program

USDA Home Loans allow you to purchase your new home with a true no down payment home loan option with a USDA Home Loan!

There are millions of people that can qualify for a USDA loan, but are not aware of it. With recent turmoil in the mortgage industry, now is the best time to take advantage of the USDA free benefits provided by USDA loans.

USDA Home Loans and our specialists can help you determine if you are eligible and your qualification level.

Get a free, no obligation consultation with a USDA Loan specialist today by filling out our .

Get Started With Your USDA Loan Request

USDA Loan Guidelines

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing. There are few loan options that permit no down payment - do not miss out on your chance for homeownership.

Grants for Community development are also available. These grants may be used to help in the rehabilitation, enlargement, and construction of community facilities. These facilities may include but are not limited to health care, public safety and public services. The funds are generally used for special initiatives such as Native American communities, federal government child care centers for the welfare-to-work initiative.

 

The USDA Loan program is here to ensure that individuals of the rural communities can compete in the global economy. By allowing communities to obtain these loans they can put into place better community centers, facilities and thus be a place where individuals will relocate and not be hampered by moving to a community that has not been able to update the public facilities. There is over $86 billion in the USDA portfolio of loans and will provide $16 billion in program loans, grants, and USDA rural development program loans.

Qualifying for USDA Home Loans is Easy

Our unique experience in working with home buyers like yourself allows us to quickly find solutions for home loans that save you money. USDA's loan program is often the best mortgage option for a home buyer residing in a qualifying area who does not have military experience. 

 
 

TEXAS USDA FAQ - QUESTIONS AND ANSWERS

Why haven’t I heard much about USDA rural development loans?
For the last few years there have been other mortgage programs that were popular and offered zero down payment and easy qualification. There was less use for the USDA program during those times. Now mortgage lending programs are much tighter and USDA RD is one of the few remaining programs with 100% financing and very favorable terms.

How much money will I need to close?
Every transaction is different. You will usually need to pay $300 to $400 for an appraisal before closing. You can ask the seller to pay all other closing costs as long as that is not more than 6% of the selling price.  You may also roll your closing costs into your USDA loan.

Will the seller usually agree to pay my closing costs?
This is very common. It depends on the real estate market in your area and how motivated the seller is. Note that the appraisal will need to be equal or greater than the selling price for the closing cost seller contribution to work.

How large of a mortgage do I qualify for?
Usually the monthly payment should not be more than 29% of your gross monthly income.

How good does my credit need to be?
If your credit score is above 620 you will have a very good chance of qualifying. You may still qualify with a lower score if your credit is reasonably good. You should not have more than 1 payment that was 30 days late in the last year.

What if I have NO credit in the credit bureaus?
You may still be ably to qualify using references for things like utility payments, rental history, monthly auto insurance, and other payment records.

Is private mortgage insurance required?
No, there is a one time 2% USDA guarantee fee. In most cases you will be able to add this to your loan if you don’t want to pay the fee upfront.

How does this program compare to a FHA mortgage?
In most cases the USDA mortgage will be better than FHA if you qualify. USDA is 0% down and FHA is 3% or more down. Also FHA charges an extra ½ % fee added to your payment and USDA doesn’t. The rate is usually similar or better with USDA.

What if I don’t qualify for a Texas USDA rural development mortgage?
It's best to consult with a loan specialist about your loan options.  In most cases USDA is a great way to acquire your new home with no money out of your pocket.

How long does it usually take to close a rural mortgage?
This can vary, three weeks is typical.

If I am ready to get started, what is the first step?

Give us a call at 800 547 9081 today.

 

 Home Equity Lending Inc. is in the business of providing loan modification financing, an analysis of real estate-secured debt and examining the potential for loan modification and restructuring of real property-secured debt. The client has retained Home Equity Lending Inc. to perform the Research and Analysis on pre qualifying for a loan modification and providing the financing for the loan modification – Home Equity Lending Inc.   Is not an Attorney, lender nor mortgage broker.

 

WHEREAS Client wishes to employ Home Equity Lending Inc. to secure third party financing for the loan modification and help prepare the client’s loan modification package for acceptance by the Attorney backed mitigation firm. If the mitigation firm does not accept the package all money will be returned to client. Client also has a three day right of rescission from date above. Home Equity Lending Inc. does not do the modification. An Attorney or an Attorney backed mitigation firm will.

 

 

 

 

 

                                

 

 

                                     

 

 

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