Fighting Foreclosure

One question those in foreclosure are now asking is whether or not the lender foreclosing owns the mortgage note? Through out the country , the foreclosure process may be brought to court by the company servicing the loan.

A review of the public records can reveal some surprising information regarding who currently own your mortgage note.

Finally Judges have been known to dismissed foreclosure actions due to failure of mortgage companies to prove that they actually hold the mortgage note and mortgage.

Amazon new book on Fighting foreclosure today

I am feel very optimistic about future mortgage rates . Why? Well the buzz is that home loan rates will come down to a low 4.5% within the next month. Treasury is focusing on lowering rates to stem the foreclosure crisis. However, how they will do it has not been revealed. The only information they have released so far is that they are looking for additional ways to help the struggling housing market and is convinced that lower rates will be required.Click Here!

One of the ways they might lower rates can be seen in their willingness to purchase mortgage backed securities as direct debt issued by various lenders. This news have since forced the bond prices to increase in value which conversely push down mortgage interest rate. However, this is a moving target, because one week bonds rise while another it fall.

The Federal Government does not directly dictate home loans rates. Rates are derived from price movements of mortgage backed securities, which compete in the open market. Since this is an open market it is not only the Treasury can buy or sell mortgage bonds but they must compete well. So the market is not left up to Treasury Department to lower rates.Click Here!

The only problem with this perfect scenario is a mortgage refinance requires a new evaluation of your home. Currently appraisers are being a bit tight by appraising the subject home at the low end. They are lowering the risk for the bank but preventing a great opportunity for you to lower your mortgage payments. So for homeowners to position themselves to take advantage of the lower rates you might have to make sure their property is in excellent conditions, prepare it like you are going to sell it. Look at things like curve appeal, kitchen and bath room condition. Some of this upgrade don't cost a lot of money but can deliver a good presentation.

Also your credit scores will be crucial in getting the best rate . Take a look at your credit before you apply for a mortgage .A few months ago a 620 middle score was good, today underwriters are looking for scores in the lower 700 . Therefore, getting your credit evaluated could better your chances of obtaining a lower interest rate.

Fighting ForeclosureAuthor: george Haughton

Fighting foreclosure in the last two years has been the number one issue for homeowners. Homeowners are losing their homes in record numbers. Therefore, how can homeowners survive foreclosure? What are the foreclosure time line and the reasons for foreclosure?

Foreclosure is a legal solution to a contract breach by the homeowner. To cure the problem both parties (bank and the homeowner) must decided upon a solution. If there is no agreement reached between the homeowner and their lender then the lender is forced to act on their own with foreclosure being the end result. Fedral government has regulations in place to protect the homeowner by requiring the lender to prove that they have tried to work with the homeowner. This can come in the form of loan programs or loan modification. Disclosures in the form of written notices will be mailed to you the homeowner regarding a possible foreclosure. .

The lender sometime use a loan servicer to help as a go between to help move the foreclosure process along. This could be a benefit as well a problem. The servicer really could stand in the way of the homeowner not getting the best deal from their lender. So if you find yourself in this position you must be careful when negotiating with your Loan Servicer. The servicers are the ones who move the file to the attorney. Recently some home owners fighting foreclosure have challenged their law suit under the legal question: has to who really own their mortgages? What they found in over 80 percent of the case the lender the mortgage note is not the one filing law suit against them. In fact in some case the note can not be established, that is why fighting foreclosure make sence for the homeowner.

What are some of the reasons motivating homeowners to continue fighting foreclosure ? Well consider this : you might come out of it with a lower mortgage rate and lower payment. This fight could protect your equity and investment.

http://www.squidoo.com/stopsforeclosures or http://360.yahoo.com/ghaughtons

Article Source: http://www.articlesbase.com/mortgage-articles/fighting-foreclosure-686439.html

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Written by George Haughton

Are you applying for a Loan modification ? If you are then there are some good news you should know about. This article will look at some of the changes to be executed by the various lenders working with the new streamline process designed to help more homeowners complete the process in a much faster time.

The new streamline modification program, (SMP) for short has been rolled out to meet the challenges of the unprecedented home foreclosures. The Federal Housing Finance Agency along with the Government sponsored entities Freddie Mac and Fannie Mae have all agreed this move was needed.

The streamline modification is now available to homeowners which should remove from the system time consuming traditional steps that would normally slow down the loan modification process. Another goal of this program is to bring the payments and all escrow payments within 38% of the homeowner's gross income. This might mean the lender could be moved to bring the rate down to meet this target. The mortgage term could be extended to 40 years to allow the homeowner to qualify. All of this is a benefit to both the lender and the homeowner.

Thousand of distress homeowners certainly get help with initiation of this program and some say it will put them on track to help three out of five delinquent borrowers. This program has the potential to create some early relief to those who would other wise lose their home. In the past the process of loan modification took months. Lets hope this change can help calm down this housing problem.

Lenders along with the hosing counselors are adopting this new process to help the more than 10,000 per month to prevent foreclosure. Now it up you the borrower to contact your lender, legal counselors or service companies to get qualified for this streamline modification program (SMP) today.

Fighting foreclosure with loan modification is now in over drive with both the government and the lenders leading the way to stop homeowners from losing their home. I hope this information was of help as well as good news to many families around the country who are the point of being evicted from their home.

Book review

Books on fighting foreclosure.

IF you are fighting foreclosure, when should you apply for a loan modification verses just simple refinancing your loan? Here are a few reasons why homeowners pursue a loan modification instead of just refinancing their loan.

The number one reason, the homeowner is behind on their mortgage payments, at least three months and will not qualify for a traditional mortgage. Number two : your rate is adjusting resulting in a higher monthly mortgage payment making your loan unaffordable? Another reason could be your property has depreciated leaving you "upside down" on your mortgage, then refinancing at this point could be difficult to do.

Therefore,fighting foreclosure involves protecting your credit as much as you can, If you are to have a chance of refinancing.. It is true there are some FHA loans available to homeowners with low credit scores. This could be as low as 500. Therefore, these lenders will take into account your hardship explanation and the situations surrounding the reasons why you are in foreclosure. However, the majority of lenders require at least a 580 middle score to quality.

These are just a few reasons behind a loan modification request. However, with the treat of foreclosure pending, applying for loan modification can certainly help you fighti foreclosure giving you a chance to stay in your home. Therefore, on like the process of refinancing, which looks at your current credit scores, loan modification does not, they lean heavy on your income and ability to pay.

The other factor under consideration is your ratios. If you choose a refinance or loan modification both take in account your total monthly income verses how much of that income you need to spend monthly to make your loan affordable. However, a refinance do consider both front and back end ratio for qualifying purposes, while a loan modification just look at you back end ratio. This allows the homeowner to qualify for far more mortgage than if you did a refinance.

Also the cost of doing a loan modification is far less than a refinancing. However, fighting foreclosure requires you start early with the process giving you enough time to negotiate the best deal and work with various option. So the answer to refinance or just apply for a loan modification depends on your situation.
The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

Written By : George Haughton
Fighting foreclosure just became interesting for many home owners. I have taken one paragraph out of President Obamba's speech to analyze it some more for my understanding and to be able to write or blog about it. The flowing is the paragraph regarding how the government will work with those in foreclosure:

"If lenders and home buyers work together, and the lender agrees to offer rates that the borrower can afford, we'll make up part of the gap between what the old payments were and what the new payments will be. And under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower's income. This will enable as many as three to four million homeowners to modify the terms of their mortgages to avoid foreclosure."

After reading the speech I got to wondering if this new payment was based on a new rate and current monthly income with a subsidy from the government for the difference. For example if the home owner makes $1000.00 per month then my monthly payments would be about $310 per month. However, what if my original monthly payment was $2000.00, which included my taxes and my income went from $2800.00 to the current $1000.00 will the government pay the difference? I really doubt this could actually be the case but that is how it sounds to some home owner fighting foreclosure. Other say this $310 is based not a traditional 30 mortgage but more like a 500 year mortgage. Fighting foreclosure just got easier.

This is what one reporter wrote quoting the president: "In prepared remarks today in Phoenix, the president said, "Let's say you earn about $30,000 per year and you find a house that costs $232,500. 31 percent of your monthly income would be about $775, which puts you in a nice comfortable 443-year mortgage at an interest rate of 4.0%, which is fair for someone like you. You win, the banks win, and most importantly, the economy wins."

Again fighting foreclosure not only just got easier but if you can't stop foreclosure with this plan then you don't need to own a home right now.

How do I know if I qualify for this plan? Here is the White house web site

With so many homes owners fighting foreclosure it is not surprising to hear of a cave for sale on Ebay because foreclosure. This home is in no way your average home in any community but it is still a place the Sleeper's family calls home.

Like many families the Sleepers are fighting foreclosure because they can not refinance to save their cave home. So they have taken it to the internet by offering it on Ebay with a starting bit of $300,000. If you are in the market for something different and probable one of a kind home hurry you might still be able to deliver the winning bid.

Click through to see the plexo

Home Affordable Refinance

There is a great flexibility in a refinance today if your mortgage is owned by Fannie Mae of Freddie Mac. However, loans such as sub -prime, adjustable, loans owned by lenders and loans in securities are eligible for a Home Affordable Modification. These loans will be guarantee by these agencies to help home owners fight foreclosure.

Some of the outstanding features of this loan:

1.Owner occupy property 1-4 are eligible for refinance.
2. No investors' loan is eligible at this time.
3.This is not cash out product, just to lower rate.
4. Mortgage payment must be excellent with in the last 12-14 months. If you are currently behind on your mortgage then refinance is not for you.
5.Mortgage insurance is not required if you current mortgage does not have one.
6.The loan can go up to 105% of the appraisal value, even if you are upside down on your mortgage.
7.Second mortgage must subordinate.
8.There is no maximum total loan to value, however the new mortgage can be used to pay off 2nd mortgages.

Does Fannie Mae own my home?http://www.homeaffordable

How can I avoid foreclosure? htpp://www.freddiemac.com/avoidforeclosure

Most people know by now that the government has implemented a brand new program to fight home foreclosures. The dollars set aside is about 75 Billion with additional money in reserve if needed. Aside form that they will purchase some 1.2 trillion in toxic loans. All of this to insure a future housing market that will lead the way out of the current recession.

How can this help a home owner fighting foreclosure? The two ways these program will in is to facilitate refinance, even if you owe more than the current value. Also these funds will allow a loan modification for those who don't qualify for a home refinance.

Fighting ForeclosureAuthor: george Haughton

Fighting foreclosure in the last two years has been the number one issue for homeowners. Homeowners are losing their homes in record numbers. Therefore, how can homeowners survive foreclosure? What are the foreclosure time line and the reasons for foreclosure?

Foreclosure is a legal solution to a contract breach by the homeowner. To cure the problem both parties (bank and the homeowner) must decided upon a solution. If there is no agreement reached between the homeowner and their lender then the lender is forced to act on their own with foreclosure being the end result.

The federal government have regulations in place to protect homeowner by requiring the lender to prove that they have tried to work with the homeowner. This can come in the form of loan programs or loan modification. Disclosures in the form of written notices will be mailed to the homeowner regarding a possible foreclosure.

The lender sometime use a loan servicer to help as a go between to help move the foreclosure process along. This could be a benefit as well a problem. The servicer really could stand in the way of the homeowner not getting the best deal from their lender. So if you find yourself in this position you must be careful when negotiating with your Loan Servicer. The servicers are the ones who can move the file to the attorney. Recently some home owners fighting foreclosure have challenged their lender with a law suit under the legal question: who really own their mortgages? What they found in over 80 percent of the case the lender the mortgage note is not the one filing law suit against them. In fact in some case the note can not be established, that is why fighting foreclosure make sense for the homeowner.

What are some of the reasons motivating homeowners to continue fighting foreclosure ? Well consider this : you might come out of it with a lower mortgage rate and lower payment. This fight could protect your equity or the investment that you have in the home .

About the Author:

My blog will be mostly about mortgage information.I have been in the mortgage business close to 20 years. Working with government loans and now as an additional service, i am now counseling homeowners on how to Fight foreclosure http://www.squidoo.com/stopsforeclosures or http://360.yahoo.com/ghaughtons

Article Source: ArticlesBase.com - Fighting Foreclosure

Written : G. Haughton

The question is does "NACA" home save solution works or does it just sell false hope? The acronym NACA stand for Neighborhood Assistance Corporation Of America. I wanted to know if this organization actually works or is it just a lot of positive chat?

The first time I heard of NACA I was watching the nightly news one evening . The reporter described NACA engaging in a different kind of protest. NACA was protesting the CEO's of the major banks who were behind the current housing crisis at there homes.

Bruce Marks himself a CEO of NACA, which is non profit organization, explained that he made it his duty to take the protest to the doors of such men who were at the root cause of so many people losing their homes. At the heart of the matter he said was predatory and discriminatory lending being practiced by the lenders. Any way that was the reason he was willing to fight for the little guy.

However, does the NACA home save solution really works? Here are the ides the program is based on:
* Achieving and affordable mortgage payment
* Ensuring the new mortgage payment is for the life of the loan
* Documenting your necessary expenses
* Providing individualized budget counseling
* Advocating on your behalf.

So based on this they are an advocate for affordable housing. I have spoken to a few homeowners who have attended NACA weekend workshops and got back mix reviews from them. It Is not that NACA over promise and under deliver, but a lot of these homeowners continue to have hope in the system. The same system that has time and time again failed them, in fact some say is partly responsibly for the position they find themselves in today, foreclosure.

Most loan modifications are structured by the servicer and approved by the actual lender, based on a specific some matrix . Remember these are the same lenders that financed the loan in the first place. Think about it this way, there is a car dealership in your town that sold a car to this couple, these buyers brought the car back two or three years later, complaining that it was defective.

The dealership response was to replaced two of the tires on the car because that all they can do . Unless it is the tires defective they really have not done anything for the buyer. To get to the bottom of the problem the dealership need to know why the car is defective. I can see some of you out there saying well it not the dealers problem, once they bought the car, it's their puppy.

Well that how the lenders feel too, once you signed on the dotted line it's your mortgage to pay, regardless of the defectiveness in the loan. Some loans were dead on arrival with mortgage rates too high or too low to handle the future interest and principle payments.

Therefore, if the dealership knew they had a defective car could they should at least disclosed this to the buyers and leave it up to them to decide. I don't think the buyer would have purchased a defective car or house for that matter .

NACA good intentions but the system is broke , and what is being done now is just putting a bandages on a huge sore.

Words of the day: House, home . Question what do you think of when you think of these two words. For some it is money, cash that is what first come to mind for others its family,mother,Dad,bother. So the question is what are you fighting for?