Posts Tagged ‘avoid’
Bank Foreclosure – Forbearance Agreements won’t Stop Foreclosure – RealEstateMarketingThisWeek.com
http://realestatemarketingthisweek.com/foreclosure/foreclosure-rates-on-forbearance-agreements-done-with-banks-reaches-58/ – Foreclosure rates on Forbearance Agreements done with banks reaches 58% –
Part 3 – In studio with us today on this fine New years eve is Dan Havey, the co founder of the modification hotline as well as the author of The Foreclosure Sharks a great white paper he put together. He is also the author of Real Estates Future and this segment we are talking about loan modifications and some specific information.
You also have a great story to tell about this to. Well unfortunately I have too many stories about people who have had to go through foreclosures, bankruptcies, loan modifications. The one story I want to talk about real quick is a friend of mine who unbeknownst to me went out and did a loan modification on her own and not to get into a whole bunch of technical details on it she ended up getting a pretty decent interest rate because they actually cut her mortgage payment in half and she was pretty happy about that.
She owed a little bit more than the house was worth, she wasnt terribly upside down, but by the time they got done with her she certainly was going to be because the modification, and actually I should not call it a modification, I should call it a forbearance agreement, what they did to her was to say, OK we will cut your interest rate in half, we will cut your monthly payment in half, but we will take all of that deferred interest and tack it onto the back end of the loan. So that by the time her interest rate went back to where it had been, it was going to adjust up over the next five years, so that within that five year time period she was actually going to owe $60,000 in back interest on top of the principal balance that she had before she went to go talk to her bank.
What kind of a deal is that? I didnt think it was a very good one and she ended up eventually not taking it and just recently let the house go back to the bank, because she just looked at it and said, Wait a second here, I am already $20,000 upside down, by the time Im done with you guys I will be $80,000 upside down and so great I get a cheaper payment for a while. She moved into a rental property that was even cheaper then what she would have had to pay to stay in the house and from what she tells me the house is nicer.
Some of the unfortunate scenarios that come up that we get to see. Unfortunately we talk to lots of people that have similar situations, trying to do these on their own and it is possible to do a loan modification on your own. We know that, the program is designed for you to do that. The problem is it generally does not work out.
The re-default rate on loan modifications done on your own is significantly higher than loan modifications facilitated by an attorney that is representing you, for a number of reasons. Number one you have to pay an attorney to represent you. The other is that I think you are going to get a better modification based its not just a negotiation between you and the loss mitigation department for the bank. We are talking about using a professional attorney who is a trained negotiator to negotiate on your behalf with another attorney. By the way, theyre not talking to the same loss mitigation people in India that you may be talking too.
Here are some numbers that just came out from John Dugan who is the Office of the Comptroller of the Currency and they did a study of the loan modifications that have been done to date. In many cases these were forbearance agreements, not loan modifications. If an individual talks to his bank, generally speaking he will not get the same as result as what an attorney would do, so most of these are really forbearance agreements. And in that case, 36% had defaulted or were 30 days past due after 6 months and 58% were in default after 8 months. Again that is 58% in default after eight months and I saw some numbers the other day and unfortunately I didnt bring them in with me today, that according to some study of the very few modifications that have been done using an attorney, I say very few, but it is still thousands or tens of thousands, but few compared to what is getting done directly with the bank, the number is only like 5% of the ones done with an attorney have re-defaulted and again I dont have the numbers with me so I cant site the source…
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*Reduce Credit Card Debt with our Affordable Attorneys. Avoid Bankruptcy.
USOBA & TASC APPROVED! www,debtassistancerelief.org We have a very good track record of negotiating with credit card companies. Our experts in this credit debt reduction will negotiate with your creditors and will reduce your debts. http://debtassistancerelief.org/ There are many cases when the negotiation helped the debtor to reduce his debts by over 60%. We not only negotiate with your credit card companies for debt reduction but also consolidate your payments into small monthly installments. This monthly payment will be 40%-60% less than your current monthly payment, as most of the debt would have been eliminated. In case you have extra money left over, you will have the flexibility to pay higher amount to get out of debt even faster.
Duration : 0:0:59
Credit Cards Caused Current Bankruptcy Crisis & Make it Difficult to Stop Foreclosure in Chicago, IL
http://www.HelpStopForeclosureChicago.com know that Credit cards have become so pervasive in our lifestyles it has become extremely difficult in some instances to use cash as a result. In Chicago, IL try reserving a room, renting a car, or even ordering a pair of shoes without one. Credit cards have become all too easy to obtain. Consumers in Cook County are inundated with offers through the mail, newspaper flyers, and even in places previously unheard of. Visit some doctor and dentist offices in Chicago, IL and you’ll likely see credit card applications conveniently placed within arms reach. Simply put society has become saturated with credit card offers.
After viewing this video you will gain a better understandings the ways you can reduce credit card use as well as making the correct spending decisions and by visiting http://www.HelpStopForeclosureChicago.com, our experts can help get you back on the right track!
If these are some of the problems you are currently facing then this video should be very helpful. Dont forget to visit http://www.HelpStopForeclosureChicago.com for more information and a FREE No-Risk, No-Obligation consultation today. No matter if you want to try to KEEP or SELL your home, we can help you Stop Foreclosure Fast!
Duration : 0:1:15
Loan Modification – Part 1: Home Mortgage Bailout – Real Estate Foreclosure Prevention Process
Loan Modification Attorneys Negotiate Home Mortgage Bailout – Foreclosure Assistance Plan – Real Estate Foreclosure Prevention Alternative To Fraud and Scams. http://ModificationHotline.com Will Help You Survive The Mortgage Meltdown Crisis by Modifying Your Home Loan. Avoid Foreclosure and Bankruptcy. Get Your Bailout Today.
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Go To http://ModificationHotline.com and Complete Our Easy Form – It Takes 2 Minutes and Can Help You Save Your Home.
Duration : 0:10:40
Credit Cards Caused Current Bankruptcy Crisis Make it Difficult to Stop Foreclosure in San DiegovCA
http://www.StopForeclosureSanDiegoCA.com know that Credit cards have become so pervasive in our lifestyles it has become extremely difficult in some instances to use cash as a result. In San Diego, CA try reserving a room, renting a car, or even ordering a pair of shoes without one. Credit cards have become all too easy to obtain. Consumers in San Diego County are inundated with offers through the mail, newspaper flyers, and even in places previously unheard of. Visit some doctor and dentist offices in San Diego, CA and you’ll likely see credit card applications conveniently placed within arms reach. Simply put society has become saturated with credit card offers.
After viewing this video you will gain a better understandings the ways you can reduce credit card use as well as making the correct spending decisions and by visiting http://www.StopForeclosureSanDiegoCA.com, our experts can help get you back on the right track!
If these are some of the problems you are currently facing then this video should be very helpful. Dont forget to visit http://www.StopForeclosureSanDiegoCA.com for more information and a FREE No-Risk, No-Obligation consultation today. No matter if you want to try to KEEP or SELL your home, we can help you Stop Foreclosure Fast!
Duration : 0:3:38
