FACING FORECLOSURE - STRUGGLING TO MAKE PAYMENTS - HARDSHIP BEHIND - NOD FILED - UPSIDE DOWNS?
* Foreclosure * Deed in Lieu of Foreclosure * Stay and Rent * Short Sale
* Loan Modification/ Forebarance * Refinance
Before a loan modification, forbearance, short sale, or deed in lieu consult attorneys and accountant experienced with loan forensic issue, bankruptcy law and tax laws.
Making Home Affordable Program
This is a federal program for conformingFannie Mae or Freddie Mac loans that offers incentives to lenders who temporary reduce interest or offer a principal reduction when payment is no longer affordable to the borrower due to significant change in income, or expenses or when the amount owed is mor than the home's current value.
HOME AFFORDABLE REFINANCE:
Available for owner occupied borrowers with income to support a refinance up to 105 percent of the current market value of the first trust deed. Borrower need to obtain an approval from the second trustdeed lender to subordinate, or remain in a second position. Qualify borrowers can shop around. Note : Borrowers must be current with no payment more than 30 - days late, in the last 12 months.
HOME AFFORDABLE MODIFICATION:
If there is substancial chance borrowers can catch up, the lender can voluntarily agree to modify the loan terms for a first trust deed so that the borrower's monthly mortgage payment does not exceed 38 percent of his or her income.
EXCLUDED:
Jobless, investment properties, loan balances exceeding $729,750, loans made after Jan. 1 2009, instances where expenses far exceed income.
DO I QUALIFY? Utilize self - assestment tool: www.financialstability.gov/makinghomeaffordable/
IS YOUR LOAN FANNIE MAE, FREDDIE MAC, OR GUARANTEED?
www. fanniemae.com/loanlookup https://ww3.freddiemac.com/corporate/
1-800 -7 FANNIE or 1-800- 732-6643 1-800- FREDDIE or 1-800-373-3343
* If theloan is fannie or Freddie owned it has a chance to be modified or refinanced. Try for the refinance 1st and if it
doen't qualify consider a loan modification.
* If loan is not guaranteed, Fannie Mae or Freddie mac Owned, as of now the only option is a loan modification
with current servicer.
Steps
1. Get copies of original loan note and documents to accumulate all facts about your situation. Request
documents in writting.
2. Find out who services the loan. The loan service is ussually the one who can modify the loan and may not
be who you pay.
3. If you think you may be in danger of foreclosure,call the Homeowner's HOPE TM Hotline at 888- 995-HOPETM, a
counseling service provided by the Homeownership Preservation Foundation.
HOW DO I APPLY FOR A MODIFICATION ?
1. Talk with a free mortgage counselor at an agengy certified by the U.S. Department of. Housing and Urban
Development. www.hud.gov. click on the "Foreclosure Avoidance Counseling "link. Counselors ask about your
morgage and income; from that they probably will be able to tell if you're a candidate.
2. Contact the bank or company handling your loanon your own. You may try asking for the problem loan
department, loan workout department. loss mitigation department, or foreclosure department. Expect wait times
as borowers are lined out the doors to renegotiate affordable loans.
RAMIFICATIONS :
Information given to lendercould be used against you . The lender can request your tax documents to ensure you did not commitfraud. Speak to a professional! For instance, a loan modification for someone who holds a security clearance could be considerred a financial hardshipand jeopardized the clerance and continue employment.
Homeowners Beware Foreclosure Rescue Scams
With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called *foreclosurerescue companies* claim they will help save your home, but in reality are out to make a profit -- at your expense.
Report Fraud
if you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:
Making Home Affordable Program
This is a federal program for conformingFannie Mae or Freddie Mac loans that offers incentives to lenders who temporary reduce interest or offer a principal reduction when payment is no longer affordable to the borrower due to significant change in income, or expenses or when the amount owed is mor than the home's current value.
HOME AFFORDABLE REFINANCE:
Available for owner occupied borrowers with income to support a refinance up to 105 percent of the current market value of the first trust deed. Borrower need to obtain an approval from the second trustdeed lender to subordinate, or remain in a second position. Qualify borrowers can shop around. Note : Borrowers must be current with no payment more than 30 - days late, in the last 12 months.
HOME AFFORDABLE MODIFICATION:
If there is substancial chance borrowers can catch up, the lender can voluntarily agree to modify the loan terms for a first trust deed so that the borrower's monthly mortgage payment does not exceed 38 percent of his or her income.
EXCLUDED:
Jobless, investment properties, loan balances exceeding $729,750, loans made after Jan. 1 2009, instances where expenses far exceed income.
DO I QUALIFY? Utilize self - assestment tool: www.financialstability.gov/makinghomeaffordable/
IS YOUR LOAN FANNIE MAE, FREDDIE MAC, OR GUARANTEED?
www. fanniemae.com/loanlookup https://ww3.freddiemac.com/corporate/
1-800 -7 FANNIE or 1-800- 732-6643 1-800- FREDDIE or 1-800-373-3343
* If theloan is fannie or Freddie owned it has a chance to be modified or refinanced. Try for the refinance 1st and if it
doen't qualify consider a loan modification.
* If loan is not guaranteed, Fannie Mae or Freddie mac Owned, as of now the only option is a loan modification
with current servicer.
Steps
1. Get copies of original loan note and documents to accumulate all facts about your situation. Request
documents in writting.
2. Find out who services the loan. The loan service is ussually the one who can modify the loan and may not
be who you pay.
3. If you think you may be in danger of foreclosure,call the Homeowner's HOPE TM Hotline at 888- 995-HOPETM, a
counseling service provided by the Homeownership Preservation Foundation.
HOW DO I APPLY FOR A MODIFICATION ?
1. Talk with a free mortgage counselor at an agengy certified by the U.S. Department of. Housing and Urban
Development. www.hud.gov. click on the "Foreclosure Avoidance Counseling "link. Counselors ask about your
morgage and income; from that they probably will be able to tell if you're a candidate.
2. Contact the bank or company handling your loanon your own. You may try asking for the problem loan
department, loan workout department. loss mitigation department, or foreclosure department. Expect wait times
as borowers are lined out the doors to renegotiate affordable loans.
RAMIFICATIONS :
Information given to lendercould be used against you . The lender can request your tax documents to ensure you did not commitfraud. Speak to a professional! For instance, a loan modification for someone who holds a security clearance could be considerred a financial hardshipand jeopardized the clerance and continue employment.
Homeowners Beware Foreclosure Rescue Scams
With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called *foreclosurerescue companies* claim they will help save your home, but in reality are out to make a profit -- at your expense.
Report Fraud
if you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:
* California Attorney General http://ag.ca.gov
* California Department of Real Estate www.dre.ca.gov
* Department of Housing and Urban Development (HUD)
www.hud.gov
* Federal Trade Commission (FTC) www.ftc.gov
* Your local Better Business Bureau www.bbb.org
Legitimate Resources
* California Department of Real Estate www.dre.ca.gov
* Department of Housing and Urban Development (HUD)
www.hud.gov
* Federal Trade Commission (FTC) www.ftc.gov
* Your local Better Business Bureau www.bbb.org
Legitimate Resources
If you are at risk of foreclosure or have already received a foreclosure notice, you should contact your lender immediately.
Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, or other qualified professional.
Homeowners may visit the U.S. Department of Housing and Urban Development (HUD) Web site at http://www.hud.gov/ to view
its Guide to Avoiding Foreclosure and its list of California HUD-approved housing counseling agencies. In addition, the non-profit
Homeownership Preservation Foundation has a 24/7 toll-free Homeowner*s HOPE Hotline at (999) 995-HOPE.
Red Flags for Foreclosure Rescue Scams
If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:
* Asks for money upfront before providing any service
* Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
* Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person,
rather thanyour lender.
* Requires payment only in the form of cash, cashier*s check, or wire transfer
* Promises to stop the foreclosure process, no matter the circumstances
* Advises you to transfer your property deed or title to his or her company
* Offers to fill out paperwork for you
* Asks for something to be done immediately and without delay. This includes pressuring you into signing
paperwork that you have not had the chance to read thoroughly or do not fullyunderstand
* Encourages you to lease your house and buy it backover time
* Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
* Asks for you to give a power of attorney
* Asks for signatures on a grant deed or deed of trust
* Asks for signatures on a document that has lines left blank
* Fails to provide copies of signed documents
* Refuses or fails to put an oral promise in writing
Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, or other qualified professional.
Homeowners may visit the U.S. Department of Housing and Urban Development (HUD) Web site at http://www.hud.gov/ to view
its Guide to Avoiding Foreclosure and its list of California HUD-approved housing counseling agencies. In addition, the non-profit
Homeownership Preservation Foundation has a 24/7 toll-free Homeowner*s HOPE Hotline at (999) 995-HOPE.
Red Flags for Foreclosure Rescue Scams
If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:
* Asks for money upfront before providing any service
* Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
* Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person,
rather thanyour lender.
* Requires payment only in the form of cash, cashier*s check, or wire transfer
* Promises to stop the foreclosure process, no matter the circumstances
* Advises you to transfer your property deed or title to his or her company
* Offers to fill out paperwork for you
* Asks for something to be done immediately and without delay. This includes pressuring you into signing
paperwork that you have not had the chance to read thoroughly or do not fullyunderstand
* Encourages you to lease your house and buy it backover time
* Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
* Asks for you to give a power of attorney
* Asks for signatures on a grant deed or deed of trust
* Asks for signatures on a document that has lines left blank
* Fails to provide copies of signed documents
* Refuses or fails to put an oral promise in writing
