Everyday I get call’s from homeowners who do not know what to do? They are behind on their mortgages, owe more than what the house is worth, lost their job, you name it, I heard it.
Because of so many people trying to take advantage of stress out homeowners, from realtors, lenders, lawyers, investors, scam artist, who do you trust?
I say trust yourself and your instinct! If it sounds to good to be true…..well you know the rest!
Let me tell you what I would do if you are considering loan modification or behind on your payments?
I will tell you exactly what I would tell my mom if she was in this situation.
1. “Mom, first thing thing to know is that the Governor Arnold “The Terminator” Schwarzanegar made it illegal for anyone to charge upfront to do your loan modification, even lawyers! So if anyone tell’s you they can keep you in your house just pay them “X” amount of money! Hang up the phone! Period. End of discussion.”
2. “Mom, I know you do not want to do this, but let’s call the lender, let them know what is going on and ask for help?” Yes, your lender will try to help you right or at least point you in right direction.
3. Go to website http://www.makinghomeaffordable.gov/ and read about loan modifications and call 1-888-995-HOPE and get free help!
4. You need to understand right now, if you do not have an income, lost your job, or make very little money, you are not going to qualify for loan modification. The lender is not going to let you live in home with $300K plus mortgage if you are make $1200 a month(example). If just doesn’t make sense to you it’s not going to make sense to the bank.
5. Once you have spoken to Lender and HOPE program, have a serious discuss with spouse and family does it make sense to stay in this home. Do you 100K more than it’s worth, do you need a bigger home? Is your neighbor in bad shape? Ask all these questions. Great article in USA today that has this discuss read now click here
6. If you are already behind on your payments in foreclosures, contact your family attorney now that specializes in real estate and ask them to review your paperwork to find out what are the ramifications for you both legal, and financially.
If you do not have a family attorney or cannot afford attorney. Seriously consider getting a Pre-Paid Legal membership so you have unlimited access to law firm to help answer questions and review your paperwork.
You can watch a video about the Pre-Paid Legal Membership Here and sign up right online cost is only $26 a month!
Fulls disclosure: We do earn a referal fee for referring you to Pre-Paid Legal. However, it has to be the best value in this time of need for homeowners. And yes our entire family owns a membership. If you do want want us to earn a referral fee just look for a local rep in your area.
If you have any questions on the memership call our offices (909)512-6418 we be happy to answer any questions you may have in regards to membership.
Lastly, in all honesty is that this shall pass and good times are ahead.
The reason I am passionate about this we our family went through the short sale process when we decided to sell our home, I understand the stress and worry that your family is going through and what ever your believe is, God will get you through this challenging time in your life!
That is right the Terminator strikes back in Sacramento! Sign’s 9 new law’s in legistition that is effective immediate! Bye, Bye, Loan modification companies and even attornies that get paid up front to do loan modifications!
I hope you enjoy this article. Tell me what you think? Comment below
P.S. If you like legal help that won’t cost you fortune, that can help you out to get help with answer to your short sales, or foreclosure
questions, email me Carlos@CarlosSamaniego.com I can lead you in right direction
Schwarzenegger Institutes Nine New Mortgage Laws
By: Carrie Bay
Gov. Arnold Schwarzenegger signed nine housing bills into law this week. One in particular, Senate Bill 94, consumer advocacy groups are calling a clear victory for California’s many troubled homeowners facing foreclosure.
The bill, sponsored by Sen. Ron Calderon (D-Montebello) aims to reduce fraud against desperate borrowers looking to save their homes. It bans all foreclosure consultants, including loan modification firms and attorneys who specialize in loan mods, from asking for any fees or compensation before fully completing the services contracted, whether the mod is successful or denied by the servicer.
Because it was labeled an “urgency measure,” the bill is effective immediately. It remains in effect until January 1, 2013. One local paper in Sacramento said the government’s swift action on the issue follows a colossal number of complaints made to the state’s Department of Real Estate by borrowers who said they paid up to $4,000 upfront to firms that abandoned them.
According to the Del Mar-based American Mitigation Law Group, the new law will force many loan modification companies to close their doors, while many others will scramble to come into compliance.
Assembly Bill (AB) 260, by Assemblyman Ted Lieu (D-Torrance), takes effect January 1, 2010, and caps yield spread premiums so mortgage brokers can’t “steer” borrowers into high-risk, high-interest loans. It also outlaws negative-amortization mortgages and limits prepayment penalties to no more than 2 percent of the loan balance.
The governor vetoed similar legislation last year at the urging of several industry trade groups, but Lieu successfully argued this go-around that the measure was now more important than ever to stem the tide of foreclosures in California.
According to Walnut Creek, California’s PMI Mortgage Insurance, a third bill – SB 291 – could provide regulatory relief to residential mortgage insurers in the state, and go a long way to support the market’s housing recovery.
The measure, which takes effect in California January 1, 2010, is similar to legislation enacted by Arizona last month and North Carolina in July 2009. It gives the state’s insurance commissioner added flexibility in assessing the strength of mortgage guaranty insurers, with discretion to permit such companies to continue to transact new business if capital falls below government-prescribed levels. Prior law required mortgage insurers to automatically cease conducting new business if they failed to meet the mandated capital levels.
Other mortgage-related bills signed by Schwarzenegger:
– SB 36, by Calderon, establishes standardized licensing requirements for all residential loan originators.
– SB 237, by Calderon, creates a registration program for appraisal management companies (AMCs).
– SB 239, by Sen. Fran Pavley (D-Agoura Hills), makes it a felony to commit fraud on a mortgage loan application, punishable by up to a year of jail time.
– AB 329, by Assemblyman Mike Feuer (D-Los Angeles), requires lenders to provide seniors with “a clear and informative” written disclosure of the risks and suitability of reverse mortgages.
– AB 957, by Assemblywoman Cathleen Galgiani (D-Livingston), allows buyers of foreclosed homes to choose local escrow officers, rather than being forced to use the company chosen by the seller.
– AB 1160, by Assemblyman Paul Fong (D-Cupertino), requires that mortgage loan documents be translated into the same language used in verbal negotiations.
I want to thank you again for your time, and your advise on hiring a Load modification company, you don’t need to pay anyone to do this. In my case it took knowledge to sit down and call Chase and work things out with them.
Thanks again Carlos.
This morning I read a great article about how more and more homeowners are finally realizing that they don’t have to lose their home to forclosure, because of "Loan Modifications". Below is an article that was in this morning’s USA today, Money section.
If you want to get more Free recorded information about what is a loan modification and if you qualify visit our website to get more information Free 24hr Recorded Messages on Loan Modifications
Carlos Samaniego, CMPS
Loan Modification Expert
Certified Mortgage Planning Specialist
time she came home, she feared the worst: a padlock on her door and a
sign declaring her home in
foreclosure. She was months behind on her
adjustable-rate mortgage, which she’d become unable to pay as the rate
climbed from 7% in 2004 to 12% this year. Her three-bedroom house, she
was told, would be auctioned on July 1.
blood pressure was through the roof," says Jones, 45, a nurse in North
Lauderdale, Fla. "I can see why some people commit suicide. You just
want it to go away."
But the worst never
happened. Rescued by a hardship loan and a mortgage-modification plan,
Jones managed to stave off foreclosure and save her house.
the number of homeowners facing or going through foreclosure has surged