Reduce Your Mortgage Online

First of all you must get on the phone to your lender to call off the Sheriff’s Sale. You can get them to stall the Sheriff’s Sale up until the moment it is done, but you have to have a good strategy in place for keeping your home.

There are many options available in today’s economy to help you keep your house but you will have to act quickly and you must document your communication in case you ever need to prove anything in court.

Natalia Osorio Editor of the “Loan Modification Foreclosure” website — http://www.LoanModificationForeclosures.com — pointed out;

“…Helping you keep your house and stopping foreclosure is uppermost in the minds of our President and Congress to stop the tide of families going under. I have a working relationship with my Senators and Representative, meaning I do not hesitate to call them or their offices for help in such matters. They are a wealth of information and resources…”

Get on the phone to your lender and ask either for a loan modification or that your missed payments be put on the end of your loan. You have to be tenacious and you can’t give up. This is truly a case where the “Squeaky Wheel Gets the Grease”. You must be in a mindset as well that you are not going to give up because this is exhausting and difficult work. You might have to call the lender every day to get some action going.

Refinance your house or take out a loan to get caught up. Right now the interest rates are probably better than what you are paying.

There are companies out there trying to help people avoid foreclosure but before you hire one, be sure to do some background research on them. I have come to the place where I do not believe that the Better Business Bureau is the best source of information on companies but they are a good place to start. I would go to my State Attorney General’s Office for additional information on some companies. Ask them for information and ideas.

If you have a hardship situation then negotiate with your lender to let you give the house back to them with a “Deed in Lieu of Foreclosure”. They will require that the house be listed for sale for at least 90 days. If a “short sale’ possibility comes up that is an option too.

Get on the phone to a real estate attorney. In your mortgage you may have up to one year as a “Right of Redemption” so that you can correct your situation with your lender. The attorney may have to file something for you to cause the lender to stop the foreclosure but better this than actually going to foreclosure.

“…Your lender should want to help you because it is terrifically expensive for lenders to take you through the whole foreclosure process, $30,000 and upwards in legal fees. They do not want to lose this money on top of getting the house back…” N. Osorio added.

With regard to stopping the sheriff’s sale, talk with your attorney about this as well. Last, don’t give up. This is difficult but not impossible.

Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

Article Source:http://www.articlesbase.com/mortgage-articles/how-do-i-save-my-home-from-foreclosure-when-i-already-have-a-sheriffs-sale-date-1783453.html

Reduce Your Mortgage Reduce Your Mortgage Act, Avoid Foreclosure, Background Research, Better Business Bureau, Congress, Economy, Grease, Har, House Foreclosure, Interest Rates, Loan Modification, Mindset, Relationship, Senators, Source Of Information, Squeaky Wheel, State Attorney General, Stopping Foreclosure, Tide, Wheel

Mortgage Loan Modifications -  Can You Do it Yourself?

What Is The Loan modification Formula That Lenders Are Using?

There have been a lot of changes made recently to the formula that lenders use to determine if you ‘qualify’ for a loan modification. Many banks today have developed procedures to facilitate how they handle the thousands of loan modification requests that they receive on a regular basis. The credit crisis, compounded by the utter confusion coming out of Washington’s talking heads, has lead to a huge amount of uncertainty in the mortgage market. Specific solutions offered by the government, including the Hope for homeowner program, and the president’s newest program, the home affordable modification program, have proven to be difficult to implement, complex to understand, and in many ways impossible to succeed.

It is critical for you to take control over your own situation. The government is not going to help. In fact the new home affordable mod program is being viewed as only being able to help 5% of homeowners restructure their mortgage debt. Certainly not enough to stem the foreclosure tide. You can help yourself. I am a banking veteran with over 30 years in banking, finance, tax accounting, and mortgage origination. I have been around long enough to see that these quick fixes being thrown out by government bureaucrats will do nothing to fix the problem. I have also experienced first hand the difficulties my clients have had in just trying to get a bank on the phone let alone help them do a modification. However, a professionally designed system is now available to swing the door wide open for a person to take the reins and complete a loan modification with their lender. No, you don’t need to hire an attorney. Of course, lawyers will be quick to disagree with me, saying that only they can negotiate a good deal for you. This is not lets make a deal. The banks have very specific guidelines and policies that they must follow in order to complete a modification. There is no deal making involved. What IS involved is some calculating to determine affordability, income and debt ratio determination, and a bunch of fairly simple forms to fill out.

You see, most lenders had pretty much settled on a specific formula, which they used as a benchmark to determine whether they would consider modifying a loan. This formula was based on a specific debt-to-income ratio, which was customary in the industry.

That’s until a study done in 2008 that showed that 60% of all loans which were modified at the beginning of that year had re-defaulted! The rate of default for 2009 is higher than that unfortunately.

So the lenders had to make a change to their ‘formula,’ to prevent modifications of loans which were likely to re-default, while still giving a chance to worthy borrowers.

Remember however that nothing is certain except change itself! Because just when the banks had the process of modification of loans perfected, and they thought that their formula was perfect, the President went ahead and changed the formula.

On Wednesday, February 18Th, 2009, President Barack Obama unveiled his plan to help struggling homeowners.

In this plan, up to 9 million homeowners should be able to get their loans modified, either by Fannie and Freddie, or their existing lenders. This is the Home Affordable Modification program that I mentioned above.

However, the plan does not mandate compliance, but rather gives incentives to lenders and servicers to modify loans early.

So what does this mean for you?

Well for starters, you should review the complete guidelines which were released on March 4Th, 2009, to see if you qualify. These guidelines are somewhat difficult to get through, even for seasoned professionals like myself.

Secondly, since the modifications are still not mandatory, you must still know how to package your deal, so the lender says yes.

First, let me tell you that this is not Rocket Science! But you still to have a little “insider” knowledge to make it happen! Research the process and do it yourself!

Wishing you all the luck in your situation…

Tony Fontana has been a banker, mortgage banker, network marketer and tax accountant for almost 30 years. When he discovers something that makes his life easier, and can make your personal life easier, or your business more profitable, he loves to share it with everyone he knows! Visit: http://www.tonyfontana.com for more information.

Learn more about how to do your own loan modification, visit here: http://www.tonyfontana.com

Article Source:http://www.articlesbase.com/mortgage-articles/mortgage-modifications-made-simple-1574032.html

Reduce Your Mortgage Reduce Your Mortgage Credit Crisis, Finance Tax, Foreclosure, Government Bureaucrats, Lenders, Loan Modification, Market Specific Solutions, Modification Requests, Mortgage Debt, Mortgage Loan, Mortgage Market, Mortgage Origination, Quick Fixes, Reins, Simple Mortgage, Talking Heads, Tide, Uncertainty, Utter Confusion, Veteran