The Mortgage Guru

If you are upside down in your home (meaning you owe more than the home is worth), facing foreclosure, stuck with a high interest rate or have an adjustable rate mortgage then you should consider a mortgage loan modification. The process is pretty simple really and there are several different programs available depending on your specific situation. I work with an attorney back loan modification company and they have been quite successful at assisting homeowners like yourself in modifying their mortgage loans. The attorneys and legal team will perform a forensic audit on your loan documents to determine if there have been any federal law violations. Thusfar 85% of all loan audits have revealed some type of violation. They use this information as leverage with the banks legal department to remove late fees, lower your interest rate and in some cases reduce the principal. Their ultimate goal is to give you a fresh start and a payment your family can afford for the long term!! And the beauty is they offer a 100% money back guarantee so you really have nothing to lose. To find out if you qualify for a mortgage loan modification contact me directly at 702.526.3133 or by e-mail at mgarnes@garnesmortgage.com to get started…

Tags: mortgage loan modification by Matt Garnes
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What do you think Las Vegas?? Congress just shot down a bill which could have potentially saved over 38,000 homes in Nevada. Let’s look at the details…The proposed bill would have allowed bankruptcy court judges to modify the terms of residential mortgages for owner-occupied properties just like they do for vacation homes. Senate Majority Leader Harry Reid, D-Nev., who supported the bill blames the banks for the failure in Congress and was quoted as saying “I hope the banks are proud of themselves. What they have done to our country. And now they are standing in the way of our trying to help a little bit, trying to help people who have a home and they cannot get any relief.”

Citi backed the bill but other large banks warned the legislation would make home buying more expensive because in order to recoup losses banks would need to increase interest rates and require more money down. (Wow! just like in the 1980’s…and I seem to remember we did not have a housing crisis in this country when you were actually required to qualify and put 20% down on a home, hmm)

Here’s another bit of information which may help to shed some light on this…the banking industry spent tens of millions of dollars lobbying Congress in the past year. These same banks are now receiving your tax dollars from Congress to bail them out because they are “too large too fail.” So what’s the motivation for the banks to shoot down a bill that would keep homeowners in their homes? They can spend millions upon millions of dollars lobbying to Congress but they say they cannot afford the losses if bankrupcty judges modified loans and would need to raise interest rates to recoup these predicted losses.

On the flip side the bankrupcty provision could have allowed any homeowner to stop paying their mortgage, file for bankruptcy and get a lower payment. So is it fair that your neighbor could cut a deal just by filing for bankruptcy? Where would it end?

That gives you a lot to think about doesn’t it? What do you think Las Vegas? Send your comments to mgarnes@garnesmortgage.com I would love to hear from you.

Tags: foreclosure by Matt Garnes
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