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.

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.

Are you in need of a mortgage loan modification and have questions about loan modification companies? Let’s take a closer look at the services these companies provide and whether or not they can really help you stay in your home. Loan modification companies have been coming out of the woodwork since the housing crisis erupted in 2007. The role of such a company is to serve as a liaison between the borrower and the lender and aid the borrower in obtaining a new set of more comfortable loan terms on a mortgage loan. The Loan Modification company should work as an advocate for the borrower. Their service is worthwhile only if they get the consumer a better deal than they could get on their own. Historically the niche has been filled by attorneys or groups of attorneys who are highly skilled and knowledgeable in the rules and regulations surrounding loan workouts. The dangerous thing about the recent proliferation of new loan modification companies is that now you have a lot of folks jumping into this industry with no prior knowledge of the subject matter – and they are learning on your dime. Even worse, there have been countless incidents of people being scammed by loan modification companies asking for large amounts of money upfront and then either disappearing entirely or claiming to be unable to modify the loan in question. With the rollout of the federal program aimed at helping consumers modify their loans (The Making Home Affordable program), there is now a uniform set of guidelines and expectations governing loan modifications. If your lender is participating in the Making Home Affordable program then you should be able to work with them directly to get your loan modified and bypass all 3rd party loan modification companies and attorneys. Even if your lender is not participating in the federal program you should be able to work with them directly. Start by putting together a comprehensive list of your income and expenses and make sure you have a firm grasp on what size payment you can afford – once you know this number don’t settle for anything higher. When you’re ready to contact your lender you will need to speak with a loss mitigation specialist (see the list of phone numbers at the bottom of this article). If you have tried to work directly with your lender, and are getting nowhere despite your best effort, it may be necessary to enlist the help of an attorney or loan modification company. You need to proceed with the understanding that a lot of people have been scammed by loan modification companies and you will have to be extremely careful when choosing your service provider. The ideal scenario is to use an attorney or group of attorneys who have been in the loan modification industry for many years. Avoid using a firm that has been in the industry for less than 2-3 years. As stated earlier, it is largely the new entrants into this field that have been causing problems. That’s not to say that all new loan modification companies are bad – it’s just a much safer bet to go with a company that was in the business long before the recent housing crisis. Choosing a firm that has been around for a long time does not ensure that you won’t get taken for a ride. You will need to ask for references of satisfied clients that you can contact. You should also avoid all but the most basic upfront fees. There are plenty of companies that will be content to get paid the majority of their money after your loan is successfully modified. Another point to consider is that a skilled and reputable attorney or loan modification company may be able to get you a better deal on your loan modification than what you can get on your own. If you have tried dealing with your lender directly and are not able to come up with new loan terms that are comfortable then you should seek help. Remember, it will almost always cost your lender far less to modify your loan than it will cost to foreclose on it. It is in their best interest to keep you in your home. With home prices plummeting and homes sitting on the market for months and months – your lender is not interested in owning your home. Loan modification can be a win for both the consumer and lender in a lot of cases. Are you ready to start the loan modification process? Here are the numbers for the loss mitigation departments that handle loan modification services for several of the nation’s largest lenders: Mortgage Company Contact Info Ameriquest (800)-211-6926 Bank of America (800)-846-2222 Chase Mortgage (877)-838-1882 ext. 52195 Countrywide (800)-262-4218 Ditech (800)-852-0656 Fifth Third Bank (800)-375-1745 option 3 GMAC Mortgage (800)-850-4622 HSBC Mortgage (800)-338-6441 Indymac Bank (877)-736-5556 WAMU (866)-WAMU-YES Wells Fargo (877)-216-8448

www.modification.org Our policy is to exhaust every loss mitigation technique until we find a solution to keep you in your home. Call 1-888-826-3193.

www.mtgmodadvice.comHome Loan Modification info & advice. Get everything you need to know about Mortgage Loan Modification an Alternative to Foreclosure from Loan Modification Experts. Want more FREE information about the Mortgage Loan Modification process? Simply visit: www.mtgmodadvice.com Every homeowner that is possibly facing foreclosure needs to be equiped with the vital information needed to complete a successful loan modification. Now you can learn about the loan modification process through a series of free videos. www.mtgmodadvice.com Or you can call usl for free loan modification advice at 1-866-208-6325

Loss Mitigation Training The global economic crisis that is currently plaguing the world economy has took a great toll on homeowners and is now threatening to take, in one fell swoop their very houses away from them. The increasing number of losses being suffered by the grieving homeowners has risen into epic proportions. The woes of all those calling for help have given birth to a continuously and rapidly growing industry called loss mitigation. This industry has sprung along numerous loss mitigation jobs with it to aid in its crusade to combat homeowners’ most dreaded enemy, foreclosure. As the demand for loss mitigation continues its steep climb, the demand for loss mitigation workers has also greatly risen. The mortgage bailouts will certainly create huge opportunities for loss mitigation jobs, so to all those who want to grow along with this relentlessly booming industry, you might consider taking up loss mitigation training to ready yourself towards becoming qualified for the numerous loss mitigation jobs available. Getting training and support can be easier than what most people think. In fact, the resources you need may be well within your reach. You can for example get them online. Having a background in lending or real estate may help though, but it is not really required. You can browse about loss mitigation for a few hours each day or enroll under online loss mitigation training. If such are not possible you can buy CDs or DVDs and watch them part by part each day. Just make sure that the materials you will be buying specifically pertain to the state of your residence because respective states have their very own laws and regulations when it comes to loss mitigation. Whether you will be engaging in browsing, enrolling in online studies, or watching CDs and DVDs, you can do such during your free time so you will be able to train and study without having much of a change in your lifestyle. There are plenty of jobs in the loss mitigation industry, so it is guaranteed that your efforts will surely pay off when you get a loss mitigation work, whether full or part time. Aside from the earnings, you will also be able to take part in helping people save their homes from foreclosure, which may motivate you to do more. Engage in loss mitigation training now; help others while improving your economic status. Get Into a Loss Mitigation Career Loss mitigation training can pave the way for your journey towards a very rewarding career that can save others from foreclosures while saving your own self from your financial problems. Many companies are looking for loss mitigation work qualified individuals, or you may offer your own loss mitigation solutions. Lenders have grown tire of foreclosing homes and are now looking on better alternatives like loan modification. Loan modification can provide lenders more profit and less loss than getting the home sold in a foreclosure sale. Past trends have proven that foreclosed homes nowadays are very difficult to sell are often just left idle, causing high holding expenses and generating no profits. Loss mitigation lead training will teach you different techniques on finding loss mitigation leads and on working as mediators between homeowners and lenders in restructuring loans to benefit both parties. Commissions can be obtained from each successfully completed loan package, and with enough effort and some wits, you will surely make good doing such business. The global economic crisis has and will continue to produce more and more great job opportunities in the loss mitigation industry in the coming decades. If a fresh career is what you want, this is the time to take advantage of the situation and start learning how to help others while in their foreclosure dilemma while making sure there will always be money on your pockets. Anyone Can Enter the Loss Mitigation Industry Many people have the wrong notion that only bankers and real estate brokers can emerge successful in helping others in negotiations for loan modification and loss mitigation. Actually, anyone who can handle public relations well and is good in making negotiations can take that first step and get started with loss mitigation lead training. You can start working with other loss mitigation trainees or loss mitigation specialists or you can start advertising your own business as a loss mitigation solutions provider. It easier, however, to be part of a network of loss mitigation individuals or loss mitigation companies than starting on your own. Being a newcomer in the loss mitigation industry might make it very difficult to start building your very own clientele. You can engage in advertising to let people know that your company exists. Before being able to help people save their homes, you must first get them to trust you. You must keep doing marketing efforts until your company gets firmly established. You can also outsource your loss mitigation lead generation from telemarketers. CallComLeads can provide you with the best high quality telemarketed loss mitigation leads. CallComLeads also offers the best insurance leads in the industry today.

Short Sale Pros Team negotiates another successful Short Sale! This property had 3 lein’s, back HOA, and back taxes and we got the deal done! Contact us anytime for NO COST help with Short Sales. www.shortsale2020.com