Is your current mortgage payment (Including property tax and insurance) more than 31% of your income? The governments “Making Home Affordable” program is incredibly generous, the home equivalent of the “Cash for Clunkers” program. We have achieved mortgage payment reductions of over 50% for clients that were never late on their mortgage- they had just experienced or were about to experience a reduction in income. This includes clients that had their new mortgage payments calculated and reset based on their impending pension income rather than current employed income! There are 37 lenders participating in the “Making Home Affordable” program and working with them makes predicting an outcome easier however, we have also achieved mortgage modification for Non-participating lenders (Including West Suburban Bank and Key Bank). Continue reading ‘Mortgage Modification-Crunch the Numbers!’ »
Archive for the ‘foreclosure’ Category
Home mortgage lenders have never been as willing to work with homeowners on modifying mortgage terms as they are today. That said, if your mortgage lender has filed a foreclosure action against you that means they are fed up with trying to keep you in the home and are willing to assume the legal costs and potential capital loss of taking your home and selling it at auction. The Making Home Affordable “MHA” loan modification program is very powerful and many homeowners are able to successfully apply for this payment relief on their own. However, if you are past the foreclosure initiation point then it is advisable to hire a qualified Real Estate attorney before it is too late. If the clock is ticking on you then get a free online evaluation at: www.illinoismortgagemods.com and you will at least learn what options are realistic. Even if you have failed again and again on your own it is still quite possible that you meet the program guidelines and proper representation would turn that No into a Yes. A good Real Estate attorney with experience in Making Home Affordable loan modification submissions can be retained for as little as $500 upfront with any/all remaining funds due AFTER a loan modification has been offered to you. Do not pay ANY upfront loan modification fees to ANYONE that isn’t an attorney licensed to practice law in Illinois. Retain an attorney and pay for results! Continue reading ‘Stop Foreclosure Today!’ »
What is the best way to seek mortgage modification?
Almost every lender/servicer cautions homeowners against paying third parties to assist with their loan modification applications. Every participating lender in the Making Home Affordable (MHA) loan modification program is capable of working directly with their borrowers to process these applications without third party assistance. There is also free government loan counseling help for homeowners that are struggling to work directly with their lenders. On the other hand, many of my clients first tried unsuccessfully on their own and were then surprised at how much quicker and better the results were when I was advocating for their application. I have a Bartlett client that was told he did not qualify for a MHA loan modification by both his servicer (National City) and a government counselor. Continue reading ‘What is the best way to seek mortgage modification?’ »
When encountering mortgage foreclosure problems, many would be tempted to opt for the option of bankruptcy instead of many other options out there today. Filing for bankruptcy would mean that you mortgage debts could get wiped out immediately as soon as your application for bankruptcy is approved, nevertheless there are still a few things that you would need to be aware of before you choose this option as your solution to stop foreclosure. Many have inquired and asked the question of can bankruptcy stop foreclosure, and the answer is most definitely yes, but before you opt for this solution, read and understand the facts below that could possibly help you make your decision in your bid to end foreclosure proceedings.
The option of filing for Chapter 7 or Chapter 13 Bankruptcy to postpone and possibly eliminate foreclosure proceedings is available for those that require them, nevertheless if you are hoping to retain your home, think again! Your bankruptcy lawyers would make sure that all your assets are seized, and this includes your home and all other belongings when you file for bankruptcy. In short, you would end up with almost nothing once the bankruptcy lawyers finish dealing with you! You might successfully get rid of your mortgage debts and stop mortgage foreclosure, but you would also undoubtedly lose your home, and you need to start from scratch again when we speak of finances and assets.
And remember, the distinction (or more like the curse) of declaring bankruptcy would be attached to you for the rest of your life, and you would not be able to get rid of the bankrupt-tag no matter how hard you try once your application for bankruptcy is approved. Continue reading ‘Can Bankruptcy Stop Foreclosure Right Away – A Few Things You Need to Know’ »