Stop Foreclosure Today!

Many people often ask me if I can send them an exhaustive list of lender contact info to help them with their loan modification business. Unfortunately, I don’t have that, and it’s likely that no one will ever have that. There are literally thousands of different banks out there, many with multiple numbers and departments depending on the specific investor or region for any given loan. To confuse matters more, lenders change numbers, create new departments, change processes and go out of business from time to time, especially these days as banks are cutting jobs and dealing with high volumes of defaults and mod requests. Plus banks get bought by other banks, sometimes keeping the old department and numbers, and sometimes not. Long story short, compiling an accurate, up-to-date, and exhaustive list would be extremely difficult, if not impossible. You’re better off just keeping your own current lender list and updating it as you go. Add to the list every time you have a client with a new lender. All the info will be on the mortgage statement and the website, and you can get specific department (i.e. Loss Mit, or Loss Mitigation, department) contact info from there. You should keep a lender contact spreadsheet to help you keep your files and communications organized. All that said, however, here are some websites that have lists of contact info for many common banks. I’ve personally checked the links and called some of the numbers on these lists; some still work, while some don’t. These links can be a good start for compiling your own list. http://lvattorneyma.wordpress.com/2008/12/13/list-of-loan-modifications-lenders/ http://www.loansafe.org/forum/loan-modification/133-lender-information-apply-loan-modification-loan-workout.html

Well, again we need to ask ourselves how many times the government has tried to fix something only to have little effect or even make the situation worse?  Enter the “Hope for Homeowners act of 2008″ (HUD refers to this as H4H).   Realtors, how did your last Short Sale go?  It’s a fair question because with the HOPE program we are asking the same loss mitigation departments to write-off the portion of the principal balance that is “upside down”.  The only difference is that the end result will be a new loan at 90% LTV instead of the sale of the property.  Is there any reason to believe that loss mitigation will be any more willing to write-off the thousands of dollars needed for the benefit of a refinance as apposed to a sale?   Another factor is that the lender will end up only about 85% of the current value of the property.  How is this?  Because it is a refinance with closing costs, and assuming the person in question qualifies for the HOPE refinance, they will most likely not have the $$ needed to pay for the closing costs & pre-paid items.  So a 90% LTV = 85% to the bank + approx 5% for closing costs.  Also, the Up-Front mortgage Insurance, which is currently 1.75% for a regular FHA loan, will be 3.00% for the HOPE loan!  The monthly mortgage insurance, which is normally .55% for a regular FHA loan, will be 1.5% for the HOPE loan!   I know there are a lot of people HOPEing this will be a solution to help our ailing housing market, I must at the very least be a skeptic.   Details about HOPE for Homeownership act.

Loan mods rock, check em out, even if your are current on your mortgage

The home loan industry has changed stated income loans requirements if you don’t know yet. Most lenders now want full documentation loans and borrowers qualifying by using traditional debt to income ratio calculations. This directly affects the high cost housing markets like California, Florida, and the tri-state area of New York, New Jersey, Connecticut as well as parts of Maryland, Virginia, and Massachusetts. The reason is a lot of homeowners in these markets used adjustable rate mortgages and qualified by using stated income, stated assets and some instances no verification of employment.The adjustments for adjustable rate mortgages (ARMs) will continue through 2010 and into 2011. Most homeowners will be unable to refinance due to loss of equity in their home, their job, or other hardship. So, their best option is to negotiate with their loan servicing company or let the home go into foreclosure. Homeowners need to understand that when they send in a payment to the lender or loan servicer, that is their primary business to collect debts not negotiate with the public to change terms or modify interest rates. Furthermore, in a majority of the cases the borrowers do not get through to the right person or worse yet call them back in a timely fashion until they are close to foreclosure.If a borrower has a truthful hardship and the bank is slow to react or refuses to listen what happens is a foreclosure results and the borrowers credit is hurt for seven years. When you are facing this situation and getting nowhere with a business and you don’t get the results you need in a timely manner, you should hire an attorney who specializes in foreclosures and loan modifications!There are many stories from borrowers who say they most banks will not discuss your situation unless you are behind two to four months in payments. Once that occurs, your hard earned credit scores from years of being responsible are wiped out. Furthermore, you may never be eligible for a home loan at market rates for quite some time. The solution is to use a Loan Modification company that actually does have an attorney on staff to get answers and responses quickly so your situation is resolved quickly. You end up keeping your home, getting a loan modification, reducing your interest rate to an affordable level, and in some cases reducing your loan principal but there’s no guarantees. An experienced debt representative from the attorney backed loan modification company will call you to see if you do qualify based on certain criteria. Although, some firms will take your money and you don’t qualify. Those are the ones you have to watch out for. They hit you when you’re down. Work with a company that has success, years of experience, paralegals and an attorney on staff. You will feel more at ease knowing you have the best team working on a solution for you whether it be a short sale, a deed in lieu of foreclosure, tax ramifications of short sale, or a loan modification.A lawyer who specializes in negotiating with lenders can achieve magical results especially if they find RESPA or TILA violations to use for leverage. A real estate attorney understands how to speak their language and get the lender to negotiate. When a homeowners uses an Attorney, the lender’s loss mitigation and legal department become very receptive and responsive. Get a good legal team on your side to stop foreclosure and get a loan modification!

After toiling to cobble together an industry solution to prevent a Lehman failure, the government, in the person of Hank Paulson, flanked by Geithner and Bernanke, determined that Lehman would file for bankruptcy. Paulson was very clear that he could not stomach another bailout, on the heels of Freddie, Fannie and Bear. He was very specific that Wall Street would have to learn a "moral hazard" lesson. From a practical standpoint, Paulson’s reasons for pushing Lehman to file are irrelevant. Outside the bubble of Manhattan, the American public was also weary. A clear majority would not support a bailout. They would regard such action — not without reason — as a use of taxpayer money to bailout a bunch of greedy investment bankers who had brought this on themselves. Moreover, there was little support to be found in Washington for further government backing of Wall Street. Even if memories were long, only a rather small minority of Americans could remember the Great Depression, the last crisis to meet or exceed the severity of our current woes. (The failure of the Bank of the United States early in the Depression has been widely viewed as a mistake that created havoc in 1930s financial markets). And unfortunately, our Congress is not teeming with politicians with a financial or economic background that enabled them to understand the potential implications for the global financial system of a Lehman failure. By mid-September of 2008, bailout fatigue held our government and many Americans in its grip. And so Lehman filed for bankruptcy. There were many factors that over time created the conditions for the failure of a Lehman. In this moment, however, it was largely a combination of government and public sentiment, together with Paulson’s "moral hazard" resolve that required a bankruptcy rather than another shotgun marriage like that of Bear Stearns and JP Morgan.

How to choose the right telemarketing list?First of all after you’re compliant with a SAN number you need to figure out what your target marketing will be. Constructing a proper call list is very important to your success. It is an absolute must to figure out the target audience and then mold your list around that. For example, if you target reverse mortgages you want to filter by homeowners that are over the age of 62 and have 60% or lower LTV, scrubbed against DNC of course. Another one might be to target renters that make a good income to try and convert them to buyers. Not only is it a great time to buy in most markets with the values so low, but you can also network with realtors this way. Now you can get these lists from various different vendors as well as some online sites. There are numerous databases to pull from as well. You have the consumer database which is the most common. Most every data supplier uses this as their main database because you can pull so many different lists out of it for many different industries. For mortgage this one isn’t the best though, reason being that every mortgage filter is modeled. It is derived off of averages in that geography. The pros of this database are that you can get it a lot cheaper than some of the other mortgage databases. The cons are that it only runs 65-70% accurate after filtering. This data usually ranging from 6-12 cents per record depending on the vendor and the amount of filters you use. This is the database you should use for a small call center to a large one. Or if you doing a mass mailing to blanket an area. I use a lot of this database in my call center.

The Filterable columns normally includes:- Loan Type (Variable & Fixed)- Credit Score Range- Credit Card User / Debt- Loan Amount- Home Value- LTV- Loan Origination- Length of Residence- Lender TypeThe second data bank that is most common is the Prescreened data directly from the credit bureau. This requires an approval with each buyer as well as third party agreement not to resell the data or misuse it. The bureau’s data is filterable by credit selects obviously and runs very very accurate. About 90% is the average accuracy. This stuff runs between 28-38 cents per record depending on the vendor and filtering. If you go directly to the bureau and skip the vendors you can get the data cheaper per name but they make you commit to $10,000 per month. This database is best used by a single dialing LO of a small shop with a bigger marketing budget. The filters that are mortgage related to this data are:-Revolving Credit Balance-Credit Score-Monthly Payment-Delinquencies-Mortgage Origination-Bankruptcies-Mortgage Balance-Length of Residency-LTV-Phone Number-Installment Loan BalanceThe third type of list is a specialty list. This is where you go and find a niche database. One example of this would be the Adjustable Mortgage Leads or Loan Modification Leads. These are very niche and expensive but if you manually dialing sometime the investment are worth it. There are compiling agencies that gather this targeted stuff and sell it as a premium. The compilers include title agencies, certain lenders, etc..The main thing to think about when paying for a list is to deal with a sales rep that knows their stuff. Not just some order taker that knows nothing of your industry. Make sure that they are scrubbing for DNC and also make sure you do your due diligence on picking a legit vendor. There are a ton of resellers out there and you need to be careful! Do your research on the company and its track record before diving in with your check books!

www.surefireloanmod.com Todd Wetzelberger tells you how to separate a good loan modification firm from a scam “mod shop”. He also details his own experience getting his own loan modifications on his property in New Orleans after Hurricane Katrina.

Auriton Solutions supports the Homeowner’s HOPE(TM) Hotline (1-888-995-HOPE) by providing HUD-approved Hotline counselors who offer free housing counseling, guidance, advice and assistance to thousands of homeowners every day. We help homeowners avoid foreclosure. If you are facing foreclosure, call 1-888-995-HOPE for free today.

Learn your options for stopping foreclosure on your Battle Creek house. Tips and traps from Michigan’s #1 Foreclosure Solution & Short Sale Team. For much more, check out www.howtostopmichiganforeclosure.com Whether you are trying to avoid forclosure in Battle Creek, Springfield, Pennfield, East Leroy, Urbandale, Marshall (or any other part of Calhoun County), this video will help you. Are you in any of these situations? This is a must-see video! Bankruptcy Help With Foreclosure Laws Foreclosure Behind On Payments Bill Collecting Forclosure Pick Foreclosure Attorney Lawyer Need Payment Assistance Collections Want Mortgage Assistance Programs