The Mortgage Guru

Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid thecommon pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:

 2. VA LOAN MODIFICATION/REFUNDING

(Available for VA loans only) (Need at least 30 days to process)                                                                                                                                       

A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to consider options to help you save your home that your current lender either could not or would not consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior approval from the Secretary. If your interest rate was lowered and an assumption is approved, the interest rate will be adjusted back to the previous rate. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program.

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Loss mitigation programs were established by the federal government and the mortgage industry in order to stop home foreclosures. They help foreclosure victims in default on their mortgages to find alternatives to home foreclosure. Every homeowner’s situation is unique and each lender has their own policies regarding the use of these programs to stop foreclosure. Our extensive experience and solid working relationships with mortgage lenders allows us help you avoid the common pitfalls that many homeowners encounter while trying to work things out directly with their lender. After performing a thorough assessment of your personal finances and analyzing your lender’s loss mitigation policies our professional loss mitigators will negotiate with your lender to get you the best possible solution to your home foreclosure problem through a variety of loss mitigation options:

LOAN MODIFICATION:

(Available on a very limited number of VA loans with lender and/or investor approval) (Called Recast for FHA)

If you have incurred a long term financial hardship, our office can assist you in supplying the appropriate information to lender to take the appropriate measures to modify the term(s) of your mortgage. This could lower the interest rate and/or extend the term of the loan resulting in lower payments. There are costs and fees associated with a modification that you will be responsible for. All property taxes must be current or you must be participating in an approved payment plan with your taxing authority to be eligible for a modification. Any additional liens or mortgagees must agree to be subordinate to the first mortgage. All requests are subject to your lender’s approval. Call Us Now if you want to talk with a loss mitigation specialist about participating in this program. 

For more information regarding the aforementioned program contact Matthew Garnes directly by phone at 702.526.3133, toll-free at 866.427.6375 or by e-mail at mgarnes@garnesmortgage.com 

Tags: Uncategorized, mortgage loan modification by Matt Garnes
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If you are upside down in your mortgage a loan modification may be the answer. If your mortgage rate has gone or is about to go adjustable a mortgage loan modification may be the answer for you. The sweeping new trend which has been extremely successful is a loan modification program.   It can reduce your interest rate, defer payments, extend the length of the loan or forgive some part of your principal. Homeowners do not have to go through the refinance process and can hire a company to deal with the current lender to “refi” under new terms.  Borrowers would get help in several ways: Interest rates would be reduced so that borrowers would not pay more than 38% of their gross income on housing expenses. Another option is for loans to be extended from 30 years to 40 years, and for some of the principal amount to be deferred interest-free.

Late last month, JPMorgan Chase expanded its mortgage modification program to an estimated $70 billion in loans, which could aid as many as 400,000 homeowners. The modifications were to include reducing amounts owed or the loans’ interest rates, and replacing so-called “pay option” loans that typically resulted in mortgages growing over time.

Bank of America, meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial as part of an $8.4 billion legal settlement reached with 11 states in early October.

I highly recommend using a company that employs attorneys to handle your loan modification. Attorneys have a fiduciary duty to put their clients first (and clients have many remedies, including lawsuits and disciplinary complaints to the bar association, if the attorney fails to fulfill those duties).

That’s a far cry from many of the fly-by-night outfits that demand big upfront fees and then fail to act, or disappear with the money.

If you would like more information regarding this program or a referral to a company I employ and trust please contact me right away so we can get you started on your loan modification process and help you save your home. I work with several attorney backed companies that offer a 100% money back guarantee if they cannot assist you.

You can contact me directly via e-mail at mgarnes@garnesmortgage.com or phone at 702.526.3133.

Thank you for reading and make it a great day!!

Tags: mortgage loan modification by Matt Garnes
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