Obama
Bailout Plan
The presidents "Making Home Affordable"
program includes two major parts, refinancing and loan
modification.
If you have not made any late payments
in the last 12 months, and your home value is near the value of your
mortgage, then you may be able to refinance. If you are behind
on your payments, but could afford a lower payment, then the
modificaiton plan may be right for you.
In any case, fill in the form to
the right or call 1-866-542-2647 for a free consultation.
Often the bank will make an initial
offer to you in hopes that you will accept it. In many cases
this is simply a short term fix that can add to your loan balance
and only temporarily reduce your payments.
Recent data
shows that up to 50% of modified loans redefault because the offer
that the bank makes is as unsustainable as the original
terms.
You must be
vigilant in your negotiations with your lender. It is best to
get third party representation from an attorney, CPA or licensed
mortgage broker that can negotiate on your behalf.
If you can
not afford professional representation, there are many certified FHA community housing counselors that
offer the service for free. Toll
Free 1-866-542-2647
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FILL OUT THIS
SHORT FORM FOR A FREE LOAN MODIFICATION
CONSULTATION or call 866-542-2647
What is a mortgage loan
modification?
Loan
modification is when you and your existing lender agree
to permanently change the terms of your original note.
A loan modification is more than just foreclosure prevention. A successful
modification is affordable and permanent.
Why would the banks want to
renegotiate?
The
banks would rather change the terms of the loan to a payment that
you can afford than take the property through foreclosure.
This will allow them to keep the loan on
their books at full value rather than being forced to mark it down according
to current mark-to-market accounting rules.
Do I qualify for a loan
modification?
There
are many factors that determine on what basis a lender will modify a
loan. Equity, income, payment history, debt ratio and many other factors. An
experienced loss mitigation consultant can guide you as to the best
approach to take. Every case is different. If you
are employed and can prove your income and
if your current payment or future payment is unaffordable, then you probably
qualify.
What does it
cost?
Fees vary among loss
mitigation companies but are generally equal to about one mortgage
payment.
Can I do it
myself?
You can negotiate on
your own but you are more likely to get a better deal if you have a
professional negotiator on your side. The bank is unlikely to
offer you the best possible deal. Professional loss mitigators
have existing relationships with most lenders and know how to get to
the decision makers.
Who is Leadsnet
Inc.?
Leadsnet Inc is a privately held
leads provider. We provide the information that you submit to
loan modification companies, mortgage companies, attorneys and
consultants. Your personal details will be made available to a
maximum of three companies. We don't sell your information to
marketing companies or third parties for any reason other than the
free consultation that you are registering for. We are not
affiliated with any government
agency.
What is a
cramdown?
A cramdown is when a
bankruptcy judge reduces the amount of a debt in a
bankruptcy proceeding, often at the objection of one or more
creditors.
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