I’m Late with My Mortgage Payment- HELP

 Home Affordable Modifications    Avoid Foreclosure Free Counseling 

Are you having a hard time making your loan payment? Are you hearing about all those loan modification programs on the radio and TV and do not know who to trust?  Did you know that there is free counseling that is available to you through government programs?

You are not alone- there are millions of families who are just like you who have either missed one or more of their mortgage payments and still desperately want to keep their home.

If you can no longer afford to make your monthly loan payments, you may qualify for a loan modification to make your monthly mortgage payment more affordable.

Am I eligible for a Home Affordable Modification? Answer these questions:

1.  Is your home your primary residence?
2. Is the amount you owe on your first mortgage equal to or less than $729,750?
3. Are you having trouble paying your mortgage?
   For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
4. Did you get your current mortgage before January 1, 2009?
5. Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner’s association dues, if applicable) more than 31% of your current gross income?

 If you answered yes to these questions- you may qualify for a loan affordable modification Click here

If you have missed 1 or more of your mortgage payments- call your mortgage lender immediately or call 1-888-995-HOPE (4673) to reach a HUD-approved housing counselor. Their counseling is free.

The Home Team Girls want you to keep your home. Call us for any questions and we will direct you to people who can help. If you can not get a loan modification, call us to see if a short sale if right for you.

Avoiding Mortgage Scams

 

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

Avoiding Mortgage Scams

Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief, but fail to deliver. In reality, they make a quick profit by charging high fees or collecting mortgage payments, and keeping the money, rather than passing it on to the lender. Usually they use advertising messages like “Stop Foreclosure Now!” They are also known to use a variety of tactics to take your money, and sometimes your home as well. Knowing what types of scams are most common is the best way to avoid being conned.

 Types of Mortgage Scams:

Phony Counseling:   Some scam artists tell their victims that they can negotiate a deal with their lender if they pay a fee first. They tell them not to contact their lender and to let the “negotiator” handle the details. Once the fee is paid, the crook takes off with their money without contacting the lender.

 Bait and Switch: Other con artists trick their victims into signing documents for a new loan to make the existing mortgage current. Unfortunately the distressed homeowner could be surrendering the title of the house to a scam artist in exchange for a worthless or expensive “rescue” loan.

 Rent-to-Buy Scheme:  Some victims are told to surrender the title of their home as part of a deal that allows them to stay in the home as a renter, and buy it back during the next few years. But deals like this usually are so expensive that buying back the home becomes impossible. In the end, they lose their home and the scam artist takes off with the equity that they had built up.

 Bankruptcy Foreclosure: A few of the fraudsters may promise to negotiate with the victim’s lender or get refinancing on their behalf if they pay a fee in advance. Instead, they pocket the fee and file for bankruptcy in the homeowner’s name — sometimes without their knowledge.

 How to Find Legitimate Help

Homeowners who are having trouble paying their mortgage should contact their lender immediately. They may be able to negotiate a new repayment schedule. For more information, read “Mortgage Payments Sending You Reeling? Here’s What to Do,” at http://ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm

To learn more about shopping for mortgages, visit http://www.ftc.gov/credit and click on “Mortgages/ Real Estate.”

 Who to Contact if You’ve Been the Victim of a Mortgage Scam

The U.S. Federal Trade Commission works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues, contact: http://www.ftc.gov/ or 877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261.

  In general, be suspicious of:

• Anyone who wants the deed to your house for any reason, whether it’s to clean up your credit or obtain special” financing from an investor.

• Anyone who offers to rent your house back to you until you can get back on your feet.

• Lenders who encourage you to borrow more than you need or more than the value of your home.

• Terms that change at the last minute or offer next-day approval based on prepayments or up-front fees.

• Forms you do not understand or that contain blank spaces “to be filled in later.”

• Beware of phony credit counseling agencies charging high fees for financial counseling services you can get for little or no charge through non-profit agencies.

Red Flags for Mortgage Scams

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

Fed adopts program to stem foreclosures

This week’s C.A.R. Mortgage Update contains information Freddie Mac, curbing foreclosures, credit unions, and financial roadblocks to homeownership.

Fed adopts program to stem foreclosures

 The Federal Reserve recently announced it will seek to renegotiate mortgages it owns that might otherwise enter foreclosure, according to Federal Reserve Chairman Ben S. Bernanke. Under the program, the Fed could reduce what a homeowner owes on a mortgage; lower the interest rate; lengthen the term of a loan; or take other steps to prevent a loan from defaulting. The Federal Reserve’s program will focus on reducing the amount of principal owed by those at risk of foreclosure, especially those with loan balances exceeding 125 percent of the estimated value of their property. It is unclear how many homeowners could benefit from the program, and most individual borrowers will likely not know if their mortgages are owned by the Federal Reserve. If eligible for a loan modification, the homeowner would work with mortgage servicer and not the government directly. To read the full story, please click here

For any questions concerning your real estate situation- feel free to give us a call and we can put you in touch with professionals to help you through this tough time.

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Re-locations, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

How to Find out if your Landlord is in Foreclosure

Finding out if your prospective landlord is about to go into foreclosure simply a good idea for any tenant who is contemplating renting. You don’t have to wait until the Sheriff shows up at your door with an eviction notice. You can be notified immediately when a Notice of Default is filed by your landlord’s lender, indicating that a foreclosure process has begun.

Here is how to find out if your landlord is in foreclosure.

• Call a local title company and ask for customer service.
• Give the customer service rep the property address and ask for a free copy of the first  deed of trust to be emailed to you.
• Print the copy of the deed of trust, because you will need to know the document number, book, page, name of beneficiary (the lender) and name of trustor (the landlord).
• Go to http://www.foreclosureforum.com/forms/request_notice.pdf to access a free Copy of Notice of Default.
• On your computer, fill in the blanks with the information above from the deed of trust, and enter your name and address in the space provided.
• Print the Request for Copy of Notice of Default.
• Sign it in front of a notary.
• Attach a check for $11 made payable to the Sacramento County Recorder.
• Mail it to the Sacramento County Recorder, P. O. Box 839, Sacramento, CA 95812-0839.

The Request for Copy of Notice of Default will be recorded upon receipt. Then, if your landlord’s lender files a Notice of Default, you will receive a copy of it in the mail. Foreclosures in California take about 3 1/2 to 4 months to complete. This time period should give you ample opportunity to work out the problem with your landlord. You might also consider asking if your security deposit can be applied to rent because once the foreclosure is complete, your lease is no longer valid, and you might not get your security deposit back.

If you prefer to handle the entire procedure in person, you can go to the Sacramento County Recorder’s office at 600 8th Street (at the corner of 8th and F) and pull a copy of the deed of trust. Take the Request for Copy of Notice of Default with you and fill it out at the Recorder’s office. Get it notarized, pay your eleven bucks, and you’ll go on record that afternoon, providing you arrive before 3 PM. The Sacramento County Recorder’s office is open from 8 AM to 5 PM, Monday through Friday. Same-day recording hours are from 8 AM to 3 PM.

Tenants in foreclosure should know that California law gives tenants the right to receive a 60-day notice.

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls

7.5 million homeowners “underwater”

· According to some estimates as many as 12 million borrowers may have negative equity in their home, meaning that they owe more on their mortgage loans than their homes are currently worth. However, according to statistics gathered by C.A.R. over the last 40 years, homeowners who purchase a house and keep it for at least five years have an average annual rate of return of nearly 12 percent.

· Although California’s inventory of homes with high negative equity is higher compared with other states, lower home prices have increased affordability, making it easier for first-time home buyers to enter the market and others buyers to move up to larger houses or more desirable neighborhoods.

· Borrowers who are facing foreclosure should work with their lender and apply for a loan modification program. Many financial institutions are offering homeowners the opportunity to rewrite an adjustable-rate mortgage into one that is fixed for 30 years. Some banks also are offering existing customers zero interest for a short period of time and lowering the principle balance on the loan to make payments more affordable.

 

 

 Related articles:

Don’t quaify for a Modification Program?

 What is a loan Modification?

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

  

Countrywide Bank Loan Modification for Troubled Home Owners

Bank of America, which acquired Countrywide in July, said that nearly 400,000 troubled homeowners who have subprime mortgages and option adjustable-rate loans through Countrywide may be eligible for loan modifications. To be eligible for the Bank of America plan, homeowners must occupy the home as their primary residence; the mortgage must be seriously delinquent — or likely to become so; and the loan must have been serviced by Countrywide and originated prior to Dec. 31, 2007. Bank of America will help borrowers by restructuring first-year payments of principal, interest, taxes and insurance to no more than 34 percent of the borrower’s income; halting foreclosure sales against borrowers who are likely to qualify for a loan modification; and waiving restructuring fees and prepayment penalties.

To read the full story, please click here:
http://www.usatoday.com/money/economy/housing/2008-10-06-countrywide-mortgages-settlement_N.htm

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

What if you don’t qualify for a Mortgage Modification Program?

The majority of the mortgage modification programs from the larger lenders only are available to homeowners who either already are in default or are at risk of defaulting on their primary residences. However, some homeowners, in particular those who may default on a vacation home or an investment property, have some options available.

· Homeowners who are in default or at-risk of defaulting should contact a reputable credit counseling agency to discuss possible options other than foreclosure. When calling a credit counseling agency, the homeowner should have their loan number, most recent mortgage statement, bank statements and a letter demonstrating financial hardship. To find a credit counselor, visit the U.S. Dept. of Housing and Urban Development’s (HUD) Web site at: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=CA or the non-profit organization National Foundation for Credit Counseling at http://www.nfcc.org/.

· Homeowners should contact their loan servicer as soon as possible to try to work out potential solutions. According to the Federal Housing Finance Agency (FHFA), some borrowers who do not meet the requirements for an existing mortgage modification program may still be considered for a loan adjustment based on personal circumstances.

· If a mortgage modification is not possible, homeowners may want to consider a short sale — sell the home for less than the amount of the mortgage. Although a short sale enables a homeowner to avoid foreclosure and often causes less damage to the homeowner’s credit score than a foreclosure, the lender must agree to accept the loss and in some cases the homeowner may have to pay taxes on the difference. Also, many lenders are overwhelmed by the large number of short sales being submitted by homeowners, so it could take longer than usual to receive a short-sale acceptance from the lender.

· If a homeowner cannot qualify for a mortgage modification or a short sale, some lenders will consider a deed in lieu of foreclosure, where the homeowner transfers the title to the lender in exchange for debt forgiveness. Properties that have additional debt, such as home equity lines of credit or additional mortgages, may not qualify for a deed in lieu of foreclosure. Homeowners who have additional debt tied to the property must share this information with their lender for consideration when applying for a short sale.

For any questions or help with any Real Estate situation, you can call on the Home Team Girls.

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 

Temporary Halt to Foreclosure Sales

Good News for home owners -Fannie Mae has issued the following Lender Letter:

Issuance of a Temporary Halt to Foreclosures and Evictions-

 

Fannie Mae has issued Lender Letter 04-08 announcing that it will halt all foreclosure sales on occupied single-family properties that are scheduled to occur between November 26, 2008 and January 9, 2009. During this period, servicers are encouraged to continue working with borrowers whose foreclosure sales have been halted to pursue possible workout solutions.

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

 

 

 

 

Red Flags of Foreclosure Related Scams

With the high number of foreclosures lately, foreclosure-related scams have exploded onto the real estate scene. Many scams are aimed at homeowners in foreclosure, investors, buyers, tenants, and other people involved in the foreclosure process.

Once a person is late on their mortgage payment- a notice of default is filed and that notice becomes public knowledge. Anyone now can contact an unsuspecting person and lure them into a scam.  

 

The following are some red flags to watch out for:

 

1.       Asks for money upfront before providing any service

2.       Asks for payment only in the form of cash, cashier’s check, or wire transfer

3.       Asks for a transfer of title or an interest in the property

4.       Gives an unqualified promise to stop foreclosure or other assurances;

5.       Offers to buy a home for a price above its market value

6.       Asks for something to be done immediately without delay

7.       Asks for the homeowner to give a power of attorney

8.       Asks for signatures on a grant deed or deed of trust

9.       Asks for signatures without giving homeowner a lot of time to review the documents

10.   Asks for signatures on a document that has lines left blank

11.   Fails to provide copies of documents signed

12.   Refuses or fails to provide an oral promise in writing

13.   Instructs a homeowner to make mortgage payments to someone other than the lender

14.   Instructs a homeowner not to discuss the situation with the lender, housing counselor, accountant, attorney, family, friends, or others.

Avoiding Mortgage Scams

I’m Late with my Mortgage…HELP

VA reaching out to Vets with Mortgage Problems

Making Home More Affordable Program

 

The Home Team Girls Realtors® Real Estate Team helping you with Investment properties, Homes For Sale, Relocations, Seller Strategies, Certified Buyer’s Agent, Serving the Military and Veterans, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.

What is a Loan Remodification?

What Is a Loan Modification?

A Loan Modification is a negotiation between a lender and a borrower whereas the loan terms are restructured without refinancing.  The rate and terms of your loan are restructured to fit your current financial situation.
 
In these market conditions, the banks and lenders have been mandated by the president to do everything they can to work out a payment plan with their borrowers. This is a great thing for today’s borrowers, especially for those who are running late on their payments or are having trouble making them on time.The banks and lenders would rather take less money and keep you in your home making a payment that you can afford, rather than go through the expense of foreclosing on the home, hiring a listing agent, rehabilitating the home, and letting it sit empty on the market for months, only to lose thousands in the process.

 

We have referrals if you need any lenders help you with a loan re-modification, give us a call or email us.

 

Read below for more information:

 http://rosevillerealtor.wordpress.com/2008/11/18/mortgage-modification-programs/

 

The Home Team Girls Realtors® Real Estate Team helping you with Homes For Sale, Seller Strategies, Certified Buyer’s Agent, Bank Foreclosure Specialist, Short Sale Specialist. We use the service of a certified  Home Stager on all of our listings. For Roseville and Sacramento Realtor Services call on the Home Team Girls.