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One of the most ambitious loan modification programs to date officially began December 15, 2008,  aimed at thousands of subprime and other borrowers who are seriously behind on payments — three months or more — and are moving rapidly toward foreclosure. Called the “Streamlined Modification Program”, or SMP, this program resulted from a unified effort among the Enterprises, the Hope Now Alliance and its twenty-seven servicer partners, Treasury, the Federal Housing Administration (FHA) and the Federal Housing Finance Agency (FHFA). The FHFA is the overseer of Fannie Mae and Freddie Mac, mortgage giants which own/guarantee approximately half of all U.S. mortgages.

So who is eligible for loan modification through the streamlined program? It is targeted toward the highest risk borrowers, those who have missed three payments or more, own and occupy the property as a primary residence, with no past bankruptcy filings. The loan is a Freddie Mac, Fannie Mae or portfolio loan with participating investors. To qualify for the streamlined modification, the borrower must certify that he or she experienced a hardship or change in financial circumstances, and did not purposely default to obtain a modification. Acceptable situations include circumstances such as divorce/separation, military service, death in the family, job loss, reduction in income, medical expenses, illness; incarceration and job transfer are all likely to be considered valid reasons.

The SMP program allows mortgage and escrow payments to be cut to 38 percent or less of an eligible borrower’s gross monthly income by either reducing mortgage rates, extending the mortgage term up to 40 years, or forbearing on a part of the principal amount until the loan matures or is paid off, at which time the borrower will be required to make a balloon payment.

If you are a borrower in need of assistance, don’t wait until it is too late. Significant amounts of your tax dollars have been allocated for loan modification programs to help stop foreclosures. Contact your lender, or visit www.freddiemac.com, www.fanniemae.com and www.fhfa.gov to get the help you need and deserve.

DON’T WAIT: DO YOUR OWN LOAN MOD. NOW!

USE LOAN RENOVATOR BY INTEGRITY DRIVEN LOAN MODS.

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   The pace of U.S. home foreclosures may not slow much after all.

Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed.

It’s not yet clear if other major leaders will follow suit and resume foreclosures in the states that require a judge’s approval. But the move by the nation’s biggest bank could give way to an industry-wide effort to push ahead with a wave of foreclosures that have depressed the housing market.

Bank of America Corp. says it’s confident of its foreclosure decisions in a majority of its questionable cases. The bank is still delaying foreclosures in the 27 other states, which don’t require a judge’s approval.

Its move comes two weeks after the bank began halting foreclosures nationwide amid allegations that bank employees signed but didn’t read documents that may have contained errors.

“The basis for our foreclosure decisions is accurate,” Dan Frahm, a Bank of America spokesman, said in announcing the bank’s new approach.

The company said it plans to resubmit documents with new signatures in the 23 states that require a judge’s approval to restart the foreclosure process. It will delay fewer than 30,000 foreclosures.

Bank of America was the only lender to halt foreclosures in all 50 states. Other companies, including Ally Financial Inc.’s GMAC Mortgage unit, PNC Financial Services Inc. and JPMorgan Chase & Co., have halted tens of thousands of foreclosures after similar practices became public.

Shares of Charlotte, N.C.-based Bank of America had been flat earlier in the day but jumped on the news. They rose 36 cents, or 3 percent, to close at $12.34.

Analysts at FBR Capital Markets said in a note to clients that the bank’s announcement demonstrates that the issue may be “overblown.” 

 This is the time to seek out a Loan Modification. You can do it yourself with Loan Renovator. Start with this great product first. Place the burden on the banks to cooperate with you before they sell your home!

WFB LEGAL CONSULTING, INC…..in conjunction with LOAN RENOVATOR.

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Remember, when a homeowner is found to be ineligible for a HAMP (Homeowner Assistance Modification Program)  modification, Bank should pursue other foreclosure prevention initiatives. Second-look modifications may be offered to homeowners who do not meet the qualifications for permanent HAMP modifications but have demonstrated the willingness and ability to sustain more affordable payments. If no modification program fits the customer’s qualifications or the customer has made a decision to transition from homeownership, Banks should then  consider a viable short sale or deed in lieu (DIL) ahead of completing foreclosure. Accordingly,…..

LOAN RENOVATOR AND INTEGRITYDRIVENLOANMODS.COM are here to get the process started.

While banks should meet these obligations in good faith, many lawsuits have nevertheless arose as a consequence of misleading and even false promises. If your bank fails to consider you for a loan modification, consult with a lawyer, especially if the bank places certain conditions on the modification process. This is just good business sense. Likewise, should you be offered a forbearance without any verbal or written conditions attached, see an attorney. And finally, should you be threatened with foreclosure because you obtained a forbearance, and are now being told by the bank that it was “conditioned” on a permanent loan modification for which you do not qualify–see an attorney! Your rights are paramount.

Predatory Lending Litigation

WFB LEGAL CONSULTING, INC.—(949) 413-6535

“ESTATE PLANNING & ASSET PROTECTION YOU SHOULD TRUST”

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I thought I would post the article below to highlight the fact that foreclosures provide opportunities for investors—investors who are now more motivated than ever to assist homeowners in distress. The same process by which LOAN RENOVATER was developed, has led to the creation of http://privatemoneybank.com/wbernard — the need for an “all-purpose” investor. An investor who has all the right tools at his or her disposal in order to cure a homeowner’s particular needs–whether that be the loan modification process or short sale. A homeowner who can not qualify for a loan modification but who may know someone interested in purchasing their property by short sale, can now recommend a private funding source to help both the homeowner and the perspective buyer. Please read on:

Obtaining funding is the #1 Challenge for most Investors in today’s business market. They cannot find financing on small deals, let alone multi-million dollar opportunities. If only the cash had been available to them, their dreams of financial freedom would have become a reality. Fortunately, you have uncovered the missing link to funding in every type of  economy—-http://www.privatemoneybank.com/wbernard 

Finally, you’re not at the mercy of the bank! Too many of us are experiencing serious love-loss with the banking system. Think about it, how many times have you felt like your loan owned you rather than the other way around? 

With Private Money, you get to be involved in the negotiation process, and the more you know about Private Money, the better you’ll be at parleying the best terms for you and your property. By thoroughly understanding the terms of Private Money, you can keep more money in your pocket and make a substantial return on your exit strategy. 

Once you’ve arranged and closed several deals, you’ll begin to think of and finance your deals like a bank. And, instead of your loan having you over a barrel, it will be structured to work toward the goal of ultimate short-term or long-term profit! 

With Private Money, you can get funding on great deals that banks would normally shun. Sometimes you’ll find a promising investment property that needs repairs, making them unsuitable for most banks, but perfect for most private money lenders. Private Funding loves the ugliest house on the prettiest street. You see, they look at the property’s future value, while the bank only looks at the property’s present condition. By going through a private lender, you open up more doors to opportunity and more avenues to make more money!Here’s a quick synopsis of the kinds of deals Private Money Loves:

 *Single Family Homes  

*In Already Established Areas  

*The Ugliest House on the Prettiest Street

*Usually 65 cents on the Dollar  

Don’t you hate making an offer while crossing your fingers behind your back and hoping that the bank will think it’s as good a deal as you do? While conventional lenders have no imagination and can’t see what you see, Private Money lenders are all about creativity and know that sometimes the uglier the house, the better the return will be! 

 Having a Private Lender in your court gives you confidence to put properties under contract. As long as you find the no-brainer, steal of a deal, do the proper due–diligence, and turn in a completed package to your private money lender, you can rest-assured that the deal will fund.  

SO…visit http://www.privatemoneybank.com/wbernard  today! 

We’ll have you up and running within 48-72 hours of your application. Finally, you can make offers with confidence! 

http://www.privatemoneybank.com/wbernard

Brought to you in conjunction with cheap homes for sale orange county….your provider of wholesale investment properties. We provide properties for investment means through private wholesale, rehab., or advertised listings.

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By Inman News
 
Rates on three of four types of mortgages tracked in Freddie Mac’s weekly rate survey hit new records for the second week in a row, with 30-year fixed-rate mortgages averaging 4.58 percent with an average of 0.7 point during the week ending July 1.
Rates on 30-year fixed-rate loans are down from 4.69 percent last week and 5.32 percent a year ago, and at a new all-time low in records going back to 1971.
Rates for 15-year fixed-rate mortgages also hit a new low in records dating to 1991, dipping to 4.04 percent with an average 0.7 point, down from 4.13 percent last week and 4.77 percent a year ago.
Rates on 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans averaged 3.79 percent this week with an average 0.7 point, a new low in records dating to January 2005. The 5-year ARM averaged 3.84 percent last week and 4.88 percent a year ago.
The 1-year Treasury-indexed ARM averaged 3.8 percent with an average 0.7 point, up from 3.77 percent last week and 4.94 percent a year ago.
Rates surveyed by Freddie Mac are for prime borrowers taking out loans with 20 percent downpayments. Borrowers taking out loans too large or risky for purchase or guarantee by Freddie Mac can expect to pay more.
Mortgage rates have tumbled in recent weeks as worries about the European debt crisis and the prospects of a double-dip recession have investors fleeing stocks for safer investments in bonds and mortgage-backed securities guaranteed by the government.
The new lows have spurred homeowners to refinance, but don’t appear to be igniting interest among homebuyers.
The Mortgage Bankers Association reported this week that applications for purchase loans were down 3.3 percent from the week before during the week ending June 25, and down 36 percent from a year ago.
The MBA said demand for refinancings grew by 12.6 percent from the previous week, and applications for refinance loans accounted for 76.8 percent of all mortgage applications.

Remember, a loan modification using loan renovator can be a useful alternative to securing a managable rate if your equity status or credit score has been impacted, and you otherwise qualify for a modification hardship. Use whatever tool is available to you, but don’t wait! Take action now and take back control of your finances,  residential home, and even wholesale investment properties!

LOAN RENOVATOR

In conjunction with: WFB Legal Consulting, Inc.

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With so many people interested in buying cheap foreclosures, there are still many real estate bulls out there. We’re nowhere near the end of the bear market in real estate.

For starters, May 2010 was the worst month for new home sales in America since records began in 1963.

Every month, the Commerce Department counts the number of new homes sold during the month. In April, for example, it counted 42,000 new single-family home sales. That’s an annual rate of 504,000… and a 15% increase over March levels.

The Commerce Department reported its most recent tallies last Wednesday. In May, it counted only 25,000 new home sales around the country. In addition, the Commerce Department revised its sales numbers for April down to 37,000… and revised March’s sales numbers down by 4,000 to 32,000 after people backed out of their agreements.

The Commerce Department said the average sales price for these new homes was $200,900… a new seven-year low. That’s down 10% from a year ago, and 22% from the all-time high in June 2006.

These shocking declines in real estate sales show the government’s tax credit artificially spiked activity in March and April. Now that the tax credit has expired, no one’s buying houses. The Commerce Department also said the national inventory of new houses for sale hit a new 11-month high in May.

Meanwhile, even though mortgage rates are at 50-year lows, no one wants to borrow mortgage money anymore. Thirty-year fixed mortgage rates hit 4.69% last week, yet applications for mortgages fell in five of the last six weeks, and are now running at low levels last seen in 1997.

LOAN SAVER CONSULTANT in conjunction with:

http://www.wfblegalconsulting.com  

http://www.cheaphomesforsaleorangecounty.com

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I wanted to take a minute to advise all that predatory lending has not, in my opinion, decreased in this country. Lenders have been taking advantage of homeowners by promising forbearances, in writing no less, premised on the hidden contingency that a homeowner be approved for a loan modification at a later date–an “approval” never devulged to, much less barginned for by the unsuspecting homeowner.

If you know someone in this position, or if you are a victim of this practice, call a lawyer and investigate your rights under both State and Federal law–you may have a cause of action.

WFB Legal Consulting, Inc./in conjunction with LOAN SAVER CONSULTANT

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Business Opportunity or Scam–Attorney or No Attorney?
A cottage industry growing as fast as this one is fraught with rip-offs. Many loan mod businesses will be shut down over the next six months as the business becomes regulated by the states or further by the Federal government.  Be careful who you do your mod(s) through. IF you don’t use Loan Renovator, please make sure a reputable attorney handles it. Put your mod. on a credit card, so that if something goes wrong, even with a money-back guarantee (which is what you get in the Loan Renovator system), you can dispute the charge.

While I’ve seen loan mods that cost as much as $5000, I suggest you keep in mind how much the attorney is charging and compare that to the fully-guaranteed Loan Renovator system.

A good rule of thumb is that if it takes more than 6 months with the modified loan to break even on the cost of the loan mod, it’s too expensive. Use this rule for yourself, too, when you are setting up your own mod. To give a simple example, if you have a loan of $3000 a month and your new modified loan will be $2500, you are saving $500 a month, so your loan mod should cost no more than $3000.  Of course it’s up to you as to how comfortable you are with the numbers. But Remember, Loan Renovator is only $997.00 and is a guaranteed money back proposition under the terms of its use.

While an attorneys handles this work and will do all of the actual negotiations on behalf of you or your clients, once qualified by Loan Renovator, negotiations are not insurmountable. Loan Renovator also provides training materials to show you how you should interact with your lender once you submit your loan modification package. Know this: if you can show a hardship, a loan mod. is a terrific way of saving a lot of money on your most important and largest monthly expense, every month as long as you own the property.

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From an REI article I pulled:

As most of you know by now, HUD announced Friday that the 90 day title seasoning requirement on FHA, Fannie Mae and Freddie Mac loans will be waived beginning February 1, 2010 for one year. This is the greatest news to hit the real estate investing world in the past 20 years. This is the most exciting decision the government has made in recent history as it pertains to real estate investing.

The FHA 90 day title seasoning rule has been in effect for quite a while. This rule applied when someone was originating an FHA, Fannie Mae, or Freddie Mac loan to purchase a home. The rule stated that the seller of the property had to be on title for at least 90 days. This one stipulation was so powerful (and constrictive) that many rehabbers would avoid doing deals when they knew an FHA buyer would be the most likely purchaser of the property.

Not to mention the scores of short sale and foreclosure investors who didn’t (or couldn’t) hold onto deals for 90 days before re-selling. As you can see, the 90 day FHA title seasoning rule had an enormous impact on the residential real estate world from its very inception.

And this problem was even further exacerbated by the recent mortgage meltdown because private lending all but disappeared and government lending skyrocketed, with now some 75% of all loans originated in this country now being FHA, Fannie Mae and Freddie Mac loans. So this rule became so pervasive, it affected nearly 3/4 of all of all real estate transactions.

As real estate investors, re-selling a property to a new buyer in the shortest amount of time possible is the name of the game. But for the longest time, if you marketed your deal and a buyer came along that was using a government backed loan (FHA, Fannie Mae, Freddie Mac), in order to sell to that buyer, you had to wait at least 90 days. This has been the source of much pain, lost profits and frustration for hundreds of thousands of buyers, sellers, investors, agents, closing companies and mortgage brokers. But not anymore. This is the greatest gift the government has given real estate investors in 20 years.

You may be asking yourself why on earth would the government want to help us investors? Well, I doubt they had us in mind when they drafted this legislation. In fact, here is what HUD said was the reason:

“…This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities…”

What this tells me is that the government does recognize the value real estate investors bring to the real estate marketplace.

But with all government initiatives, there is always some fine print. The highlights have been laid out below:

1. 90 day seasoning rule waived for 1 year beginning February 1st 2010
2. No previous flipping activity existing on the subject property in the past 12 months
3. The property was marketed “openly and fairly” by MLS, auction, FSBO, etc
4. If the increase in price is over 20% of the seller’s acquisition cost, a 2nd appraisal may be required
5. All transactions must be arms-length

On top of all the other reasons why 2010 is the perfect year to be in short sales and foreclosures, this new change is icing on the cake.

Brought to you by LOAN RENOVATOR–the fully guaranteed and complete DIY Loan Modification tool, and by, WFB Legal Consulting, Inc.–”asset and estate protection you can trust”

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An interesting article from the Times I thought was worth blog space!
By Tony Marrero, Times Staff Writer
In Print: Friday, February 12, 2010

SPRING HILL — Charlie and Maria Cardoso are among the millions of Americans who have experienced the misery and embarrassment that come with home foreclosure.
Just one problem: The Massachusetts couple paid for their future retirement home in Spring Hill with cash in 2005, five years before agents for Bank of America seized the house, removed belongings and changed the locks on the doors, according to a lawsuit the couple have filed in federal court.
Early last month, Charlie Cardoso had to drive to Florida to get his home back, the complaint filed in Massachusetts on Jan. 20 states.
The bank had an incorrect address on foreclosure documents — the house it meant to seize is across the street and about 10 doors down — but the Cardosos and a Realtor employed by Bank of America were unable to convince the company that it had the wrong house, the suit states.
“Their own real estate agent told them, and nevertheless Bank of America steamrolled right ahead,” said Joseph deMello, an attorney in Taunton, Mass., who is representing the couple. “This is a nightmare for anyone, and it affected my hard-working clients a lot.”
The Cardosos are seeking unspecified damages from Bank of America. The company showed negligence, trespassed and caused the couple emotional distress and financial hardship, especially because a tenant renting the home at the time got worried and left, according to the complaint. It’s still unclear if the couple’s credit rating has been affected, deMello said.
The suit names other defendants listed as “John Doe” who could include “employees, agents, contractors or other persons, ordered, hired, or told by BOA to trespass on the plaintiffs’ property and to dispose of the plaintiff’s personal possessions.”
The suit also charges the company with defamation and libel. DeMello said the Cardosos are part of a Portuguese community in the area, and the foreclosure tarnished their reputation.
Charlie Cardoso is an unemployed construction worker, and his wife is disabled. They paid $139,000 for the three-bedroom pool home in the tidy neighborhood a few blocks south of Spring Hill Drive, records show. It was Charlie’s life savings, the complaint says.
“We have a lot of friends there, and all the time we’ve been telling them the house has been paid (for),” a tearful Maria Cardoso said in an interview with WCBV-TV in Boston last month.
The couple, reached at home in New Bedford, Mass., referred a St. Petersburg Times reporter to deMello.
According to the complaint, here is what happened:
Last July, the couple’s tenant called the Cardosos in a panic. The single mother of two teenagers accused the couple of lying when they told her she could rent the house as long she wanted. Three men were there to clean out the house and change the locks, she told them.
Charlie Cardoso talked to a real estate agent for Bank of America, who said he would inform the company that it had the wrong house. The couple thought that was the end of the ordeal.
It wasn’t. A landscaper Bank of America hired in August to mow the grass on the property broke a fence to bring in his equipment. The tenant got spooked and moved out just before Christmas.
On Jan. 5, a friend of the Cardosos who was helping the tenant pick up belongings found men putting a lock box on the front door. The workers said the house belonged to Bank of America. The friend called the Cardosos.
When Charlie Cardoso called the bank, a representative told him there was a mistake, the problem would be fixed, and he would get a return call. The call never came. The lock box remained.
Four days later, Cardoso and his son drove to Florida, missing the homecoming of another son who was returning from Iraq for a two-week leave.
Cardoso had to prove to police that he owned the house. The next day he broke in through a back door and used bolt cutters to remove the lock box. The water and electricity had been turned off, and pipes had frozen.
The couple filed suit 10 days later.
Possessions the couple had stored at the home, including photos, clothes, tools and small appliances, had been removed and are presumably lost, the complaint states.
In September, three months after Bank of America started foreclosure on the Cardosos, it also foreclosed on the nearby home, records show.
The bank declined to comment to the Times beyond an e-mailed statement.
“We have reached out to the Cardosos’ representatives and hope to have the opportunity to work with them to properly assess and address their allegations,” the statement said. “We are reviewing the allegations in the lawsuit, the actual events that led to them and the causes of those events, and will consider any hardship that resulted.”
Beyond financial damages, the Cardosos want something else.
“Bank of America or somebody should apologize,” Charlie Cardoso said during last month’s television interview.
At least one bank has acknowledged the record number of foreclosures from the mortgage meltdown has increased the likelihood of such mistakes.
Citi-Residential started the foreclosure process on a home in Kissimmee in 2008 — changing the locks and emptying the pool — even though the owner, who lives in London, didn’t have a mortgage with the company, according to a report by Orlando TV station WFTV. Company officials said the high number of foreclosures they were dealing with in Central Florida contributed to the error.
DeMello said he has been fielding calls from other homeowners throughout the country with similar complaints.
As for the Cardosos, they still want to retire in Florida.
“They just don’t know if they’re going to be able to be in that neighborhood because of the uncomfortable feeling they have right now,” deMello said. “Hopefully that will change.”

Not even Loan Renovator could have helped this couple—

Call WFB Legal Consulting if anything even remotely similar to this has, or is in the process of happening to you.