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!

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President Barack Obama’s new mortgage relief plan, unveiled recently, aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. Still however, the million dollar question continues to linger in the minds of many homeowners. “Will it help me?” Obama’s “Making Home Affordable” program is designed to work with lenders to modify the loan terms for up to 4 million homeowners and to refinance up to 5 million homeowners into more affordable fixed-rate loans. Here are some questions and answers about the latest round of aid for homeowners. A: How do I know if I qualify for the refinancing plan? Q: Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac qualify. The property must be owner-occupied and the borrower must have enough income to make payments on the new mortgage debt. Borrowers can’t owe more than 105 percent of their home’s current value on their first mortgage. For example, if your home is worth $200,000, your first mortgage can’t exceed $210,000. Borrowers with a second mortgage still can qualify as long as their first mortgage isn’t more than 105 percent of their home’s value. Homeowners can’t take cash out during the refinancing to pay other debt. Borrowers have until June 2010 to apply for the program. Q: How do I know if my mortgage is owned by Fannie Mae or Freddie Mac? A: Call your current lender or mortgage servicer. You can find the phone number on your monthly mortgage statement or coupon book. You can also contact Fannie Mae at 1-800-7FANNIE and Freddie Mac at 1-800-FREDDIE from 8 a.m. to 8 p.m. EST. Or, go to http://www.fanniemae.com/homeaffordable and http://www.freddiemac.com/avoidforeclosure and fill out the online request forms. Q: What borrowers qualify for the modification program? A: You don’t have to be behind on your mortgage payments to qualify. Delinquent borrowers and current borrowers who are at risk of imminent default are both eligible. The program applies to mortgages made on Jan. 1 or earlier. The mortgage payment including taxes, insurance and homeowners association dues must exceed 31 percent of the borrowers’ gross monthly income. The property must be the homeowner’s primary residence. It can’t be investor-owned, vacant or condemned. Home loans for single-family properties that are worth more than $759,750 don’t qualify. The program is voluntary, relying on a $75 billion subsidy to encourage mortgage companies to participate. Lenders must agree to reduce the loan payments to 38 percent of a borrower’s monthly income. After that, the government and lender split the cost of bringing the payment down to 31 percent. Eligible borrowers will have to provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify for the loan modification program. In the affidavit, applicants will have to cite the reasons behind their financial woes, such as job loss or a drop in income. The government will then take steps to verify the information. Borrowers are only allowed to have their loans modified once. The program runs through Dec. 31, 2012. Q: What if I’m in bankruptcy or in active litigation over my mortgage? A: That doesn’t necessarily keep you from qualifying for the modification program. And borrowers in active litigation can modify their home loans without waiving their legal rights. Q: What do I do to get help? A: For the modification program, call your lender or mortgage servicer to see if you’re eligible. For the refinance program, first find out if your mortgage is held by Fannie Mae or Freddie Mac. Then contact your lender, mortgage servicer or a mortgage broker for refinancing options. Q: How soon can I get help? A: Both the modification and refinancing programs start immediately. Q: What if I don’t qualify for either program – is there any other way to get help with a mortgage? A: Contact your lender or mortgage servicer regarding other modification programs or refinance options. Alternatively, contact a local housing counselor to negotiate with your lender or servicer, to help locate other local resources like rescue grants or loans, or to facilitate a short sale or deed-in-lieu of foreclosure if staying in the home isn’t possible. A short sale is where homeowners sell houses for less than the amount owed on them, and the lender then considers the debt paid off. A deed-in-lieu of foreclosure is where the borrower gives the property to the lender to satisfy a delinquent loan and to avoid foreclosure proceedings. Local housing counselors can be found at the U.S. Department of Housing and Urban Development’s Web site at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm. Q: Do FHA, VA or USDA home loans qualify for modifications under the Obama Loan Modification Plan? A: Mortgages backed by the Federal Housing Administration, Veterans Administration or the U.S. Department of Agriculture are being modified under other programs. The Obama Administration and Congress are working on legislation that would allow modifications of these home loans consistent with the Making Home Affordable program.

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  Almost every lender/servicer cautions homeowners against paying third parties to assist with their loan modification applications.  Every participating lender in the Making Home Affordable (MHA) loan modification program is capable of working directly with their borrowers to process these applications without third party assistance.  There is also free government loan counseling help for homeowners that are struggling to work directly with their lenders.  On the other hand, many of my clients first tried unsuccessfully on their own and were then surprised at how much quicker and better the results were when I was advocating for their application.  I have a Bartlett client that was told he did not qualify for a MHA loan modification by both his servicer (National City) and a government counselor.  I was able to get him into the MHA program in less than a week.  I was able to get a Des Plaines client a mortgage modification with Washington Mutual on their rental home in Florida even though rental properties aren’t even included in the MHA program.  Whichever route you go, make sure not to pay large upfront fees and that loan modification charges are for obtaining a loan modification not submitting your application.  In Illinois, make sure that any upfront fees are for retaining a real estate attorney.  If you want to explore retaining a real estate attorney to process your mortgage modification application correctly then use the free online evaluation at:  www.illinoismortgagemods.com         The auto industries 3 Billion dollar bucket of money is almost gone and mortgage servicers have really gotten their act together on participating in MHA so even the much larger 75 billion dollar bucket will tap out.  There are gotchas within MHA guidelines just like there were with Cash-for-Clunkers but qualifying candidates should come out of it with a payment at 31% of their gross income even if that means a 6 month delinquent borrower gets reset as low as 2% on a 40 year amortization!  

www.60minuteloanmodification.com –FREE CD shows how I modified loans on all 5 of my properties. My simple system helps you beat the bank, lower your payments, and save your home. CLICK the link above to learn more.[Below is an excerpt from a live loan modification teleconference] Ryan This is the Clear Credit Group Mastermind Call. Welcome to our monthly teleconference. We’re here to beat the bank, protect our assets, and clean up our credit for life. Thank you so much for joining us today. I hope you have a pen handy. Monday the 16th we’re offering a very special, free of charge, call-in day. And here’s how it’s going to work. From 12:00 to 4:00 pm on Monday the 16th you can call Mike personally and ask any questions you like about loan modifications, short sales, foreclosures, anything else you need help with. FREE Loan Modification Quickstart CD www.60minuteloanmodification.com