www.bankmortgagesecrets.com How to do Loan Modification Best loan modification without loan refinance best strategy for The Obama plan. Avoid bankruptcy, loan secrets banks do not want you to know.

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www.60minuteloanmodification.com – LOAN MODIFICATION IS IT RIGHT FOR ME? I have a free 60-Minute Loan Modification CD that teaches you How I modified 6 of my own mortgages and teach others to do the same. Follow the link above. MORTGAGE MODIFICATION TIPS: QUESTIONS #2 My loan modification application will reveal that I overstated my income on my original loan modification, what should I do? Well the good news is that you are certainly not alone, a huge chunk of folks stretched the truth on their loan apps especially on stated income loans. And while that is a serious issue, this concern should not stop you from getting help. There is plenty of blame to go around for the situation we are in; I dont think you should be on the hook for it. So let the past be the past. Resolve today take a step toward improving your current situation and saving your home. MORTGAGE MODIFICATION FORUM www.60minuteloanmodification.com

Mortgage modifications are now in the spotlight due to it being the only clear exit from the nation’s default and foreclosure crisis. The government and banks need to employ rules and use them to correct all of the financial damage from the easy mortgage loan approvals for borrowers over the past six years. Before you accept a pre-packaged government or bank proposed mortgage modification that may not be the best offer you can get, you need to get a second opinion.  There are established loan modifications companies who follow the law, are endorsed by the Better Business Bureau who will give you a free consultation on your case, so it is worthwhile to seek such companies out.  I am on the side of the fence that believes the only way out of this crisis is to re-underwrite each loan originated from 2003-2007, especially mortgages that are not fully-documented 30-year fixed.  Officials claim there are approximately $7 trillion in loans made during that period from 2003 to 2007. So, borrowers should be re-underwritten to the standard 28/36 debt to income ratio back when loan defaults were less common.To make matters worse, borrowers who have excellent credit scores over 750 who came in with 20% down and have 30-year fixed loans are walking away because of super flexible guidelines back then, and negative equity.  Home values have dropped up to 75% in some of the worse hit areas in the certain states.By re-underwriting and doing principal loan balance reductions based on what a borrowers actually makes corrects the past five years. Using the 28/36 ratio, the homeowner’s has lower monthly debt payments, and is able to keep a normal lifestyle, as well as save some money.  This ratio has been proven over time. Moreover, if home values drop homeowners will be less likely to say sayonara due to them not being over leveraged to their home. There are millions of ‘Prime’ borrowers in the nation and in a town near you, fully leveraged and not saving a penny as all of their after tax income and more is going out to pay down loans on depreciating assets. Millions of homeowners are over leveraged. This concept worked well in when their home increased by $70,000 or more annually. However, when their home values drop like a meteor, the quickest way is to get rid of the largest expense, which is the upside down house. The banks and loan servicers are beginning to comprehend this as it has is experienced from people with low credit scores to “A” credit people. A pro-active approach is the best solution. However, there is a large opposition with banks when it comes to principal balance reductions due to it involving the bank accepting an immediate credit hit. The fact is unless banks re-underwrite each loan to a strict guidelines of 28/36 debt-to-income ratios the programs will not work.  If the bank simply offers you a 5-year interest only teaser rate which is the most popular loan modification, they are merely setting the borrower up for disaster later than now.  A longer term fixed rate and/or principal reduction is the answer. If you think you know how to do a loan modification yourself, you may be able to lock down an excellent deal. On the other hand, call Green Credit and let them work this out for you:

Foreclosure is not something that anyone plans. It often happens as the result of unexpected circumstances, such as a job loss or prolonged illness. Or there may be a variety of factors involved. The end result is that you are faced with losing your home and all that you have invested in it . . . but there is a solution.

Is your variable-rate mortgage resetting higher, leaving you in the dust? Have you lost a job recently, or suddenly had an expensive emergency with a loved one? Have you recently been through a pricey divorce, or had to send your child to college?In the old days, before the invention of loss mitigation, circumstances like these that led to falling behind on mortgage payment simply meant that you would have to give up your home. Foreclosures stay on your credit report for a decade, and result in great upheaval in your life.Now days, you can try to get a loan modification. Or reamortization. Or a restructure on your loan. Or if all of these fail, you can at least do a real estate short sale. If your lender or bank agrees to let you do a short sale (which are becoming more and more common in this depressed real estate market), you then hire a professional agent to help you find a buyer for your home, at a lower price than the amount you owe on it. With the banks’ approval, they will forgive your mortgage and absorb the extra loss, and in exchange you are done with each other and no one has defaulted or foreclosed. It’s a win-win solution for a losing situation.Now, if you’re hard up for cash and missing payments, you’ll likely be reluctant to hire someone to help you find a buyer. But it is possible to find a real estate agent who will work partially pro bono or at a reduced rate, and this has the added benefit of making your lender more willing to help you.And you’ll definitely have to scale back in all aspects of your spending budget at home- you need to prove to the bank you’re making a rigorous effort to make payments but you simply cannot do it any longer, for permanent, or at least long-term reasons.Of course, a short sale is a last resort. You should start talking to your lender the minute you think you might have to miss a payment, or you’re falling behind. You may be able to do a workout on your loan and restructure it, or get a full-out loan mod. In this market, it is becoming more and more common for more and more banks and lenders to make accommodations for struggling homeowners. It’s in their best interest, and in the best interest of the entire industry and the economy.