Citi Bank Loan Modification

Getting a loan modification from Citi Bank can be a time consuming effort, however we’re going to simplify the process through a step by step breakdown of exactly what you need to do.

First, however, a little background on Citi Mortgage and loan modification programs.  A loan modification is an agreement between borrower and lender (Citi Bank) to reduce the monthly payments of the borrower to an affordable amount, allowing the borrower to keep their home, and the lender to avoid the high cost of foreclosure.

Citi is quite motivated to modify your mortgage for two reasons, first and foremost, through modification they can avoid losing significant money on selling your home as a foreclosure.  Second, a good deal of pressure has been placed on Citi Mortgage recently by the Treasury Department, Congress, and the Obama Administration to help more homeowners under the Making Home Affordable Program.

Citi Bank does participate in the Making Home Affordable program, a program designed to help homeowners reduce their monthly payments to 31% of their gross income; in depth program guidelines and help on qualification for the Treasury Loan Modification Program can be found here.

Citi has a separate department, the Office of Homeownership Preservation, dedicated to helping homeowners modify their mortgages.  Citi’s stance on outside help is that homeowners do not need professional or Attorney guidance in getting their mortgages modified.  We beg to differ.

As of November, 2009, Citi had 100,126 homeowners in Trial Loan Modifications, however, had only granted 271 permanent loan modifications.  This is a less than 1% Permanent Modification Success rate, and absolutely horrible.

Compare this with the majority of Attorney Groups, most all of which lay claim to a 90% + success rate on loan modifications for their clients.

Regardless of whether or not you need professional help, the first step in getting a loan modification from Citi Mortgage is to write a hardship letter.

Your hardship letter is your opportunity to tell Citi exactly what the financial hardship is that you are experiencing, as well as express your desire to find a plausible solution that is both in your and Citi’s best interest.

Your hardship letter should include your name, address and contact information, and loan number, as well as your purpose in contacting Citi’s Loss Mitigation Department; would you like to save your home through a loan modification, or would you rather sell it is a short-sale?  In your hardship letter you should state clearly the reason for your financial difficulty, and state whether this is a permanent or short term hardship.  Your hardship letter should be about one page typed, clear, concise, and to the point.

When you have completed your hardship letter, begin gathering the required documentation for a Citi Bank loan modification, which consists of W-2s, Paystubs, Tax Returns, and 2 months of bank statements.  If your taxes and insurance are not escrowed into your monthly mortgage payments, you will need to document those figures, and if you are self-employed you will need to prepare a 3 month Profit and Loss statement as well.

Citi’s Office of Homeownership Preservation can be reached via phone at (866) 915-8417 Monday – Thurdsay, 6am-6pm PST and on Fridays 6am-3pm PST, however we urge you  to speak to an unbiased Attorney to advise you of your legal rights prior to contacting Citi to ensure they offer you the help you are entitled to and qualify for.  Additionally, it’s important and helpful to speak with a HUD Counselor regarding your mortgage; HUD can be reached at (800) 569-4287.  You will need to fill out the following form to submit to Citi’s Office of Homeownership Preservation: http://www.citigroup.com/citi/citizen/community/homeownershippreservation/hardshp_pckg.pdf.

If your unsure still about the Citi Loan Modification Process, here’s another article that may clear up questions: Citi Mortgage Loan Modification.  Additionally, you can complete the contact form on any page of this website, even if its just to get advice about your financial situation, and we will contact you via phone immediately.

View the original article here

Why Invest In Townhouse Homes

Townhouse homes are structures that are attached to other unit or units in a row. Oftentimes, they are built and integrated with other dwellings that form multi-unit houses such as duplexes or triplexes. Others have several units within a single structure. The main difference between a townhouse and a condo is the ownership of the land on which the structure is built. When you buy a townhouse, you also buy the land along with the unit. This is not so in a condominium where only the possession of the unit is transferred to you. Townhouses are increasingly becoming popular due to their potential as an investment piece.

The Advantages of Buying Townhouses

Townhouse homes come in very affordable prices than traditionally-sized houses. While they may not be as spacious as other regular-sized homes, they are nevertheless easier to maintain and do not demand large overhead for repairs. They are also known for having exterior areas that are very easy to manage and their interiors are well-designed to maximize every corner and space.

Unlike in condominiums, living in townhouses afford you greater privacy since you do not have to worry about next-room neighbors living on both sides of your unit or above and below you. While you may share a wall with a neighbor, this is still much better than sharing the entire building along with many other people and families.

One of the greatest advantages of investing in townhouse homes is that they are extremely functional. These spaces were designed to house the needs of every member of your family. This is why you will find a lot of built-in spaces that do not only conserve what little space you have but also promote ease in your mobility around the house.

Aside from those already mentioned, townhouses are also perfect for families since they are strategically located in friendly communities and neighborhoods. Access to business centers and other amenities is also easy as these facilities could be found just about anywhere near the units. You can also take advantage of shared privileges with your neighbors such as a pool, garden and lawns.

In general, it is not difficult to see why many people prefer buying townhouse homes over other types of properties. If you are business-minded, you can actually even take advantage of their huge potential for a rentals business. With the right marketing skills and strategies and a little amount of fixing around the unit, you can succeed in attracting many interested house renters.

View the original article here

Central Jersey FCU Loan Modification

Central Jersey FCU is a Federal Credit Union that predominantly focuses in local retail banking in New Jersey. If your mortgage is currently held by Central Jersey FCU and you are facing financial hardship, modifying your home loan through a mortgage modification may be the best way to avoid foreclosure, and lower the amount you are paying each month.

Most likely your familiar with loan modifications; lately there has been a huge amount of media attention on the subject as so many homeowners across America are using loan modifications as their means to achieving financial stability.

Most lenders do not want to foreclose on homes; it costs the a significant amount of time and money, and Central Jersey FCU is no different. Getting a loan modification in fact has never been easier as Central Jersey Federal Credit Union now participates in President Obama’s Making Home Affordable Program.

How does this make getting a loan modification easier? Well, Making Home Affordable is a Government Program designed to aid borrowers that are facing financial difficulty. HAMP levels the playing field, setting a specific set of guidelines under which deserving homeowners can modify their loans provided they meet basic qualifications.

Most lenders that participate in HAMP have received bailout funds under TARP, and additionally receive financial incentive from the Government for each and every loan they modify.

Regardless of whether you are current or late on your mortgage, if you meet the loan modification program guidelines and financially are facing hardship, you do in fact qualify for a loan modification. If you are missing mortgage payments, a loan modification can help get rid of those high late and legal fees, and help you stop foreclosure. If you are “on-time”, taking a look at a mortgage modification or loan workout may be in your best interest to help lower the amount you are paying each month and make your housing expenses more affordable.

So I may qualify for a loan modification. How can a loan modification help me? A loan modification can help you lower the amount you are paying each month on your mortgage through a decrease in your interest rate, payment, and possibly lower the amount you owe. Also, a loan modification can extend the number of years you have to repay your loan, and even help to forgive legal and late fees that may have been accrued. For more information on how a loan modification can help your financial situation, complete the application form on the top right of any page of this website! Apply now!

If your mortgage is currently held by Central Jersey FCU, we’d be happy to take a look and help you qualify for a loan modification under Making Home Affordable, and answer any questions that you may have!

The Central Jersey FCU loan modification process under Making Home Affordable is fairly simple, but there are a few pitfalls to avoid. The first step in getting a loan modification from Central Jersey FCU is to create a financial prospectus. A financial prospectus is merely a detailed list of all income, expenses, and assets.

When you have finished writing up your financial worksheet, it’s time to determine whether or not you qualify under the Making Home Affordable guidelines. A detailed post on Making Home Affordable Requirements & Guidelines can be found here.

Be sure that you read the above referenced post on qualifying for Making Home Affordable; often we are contacted by homeowners that have already presented information that precludes them from qualifying for a loan modification, and this makes it very, very difficult to get them the help they need.

Document your financial hardship and support your qualification for HAMP by gathering the following documents, which are required by the Central Jersey FCU:

Hardship LetterLast 2 Years W-2sLast 2 Months Paystubs3 Months of Bank StatementsLast 2 Years Federal Tax Returns(If Self-Employed) 6 Month Profit & Loss Statement

Now that you have determined your eligibility, qualification, and gathered the required documentation, it’s time to contact Central Jersey FCU; they can be reached at (732) 634-0600 x 4132.

When you being speaking with a loss mitigation specialist, calmly and clearly convey the reason for your financial hardship, and explain that you qualify for the Making Home Affordable Program. Present your financial information, and submit the required documentation to Central Jersey FCU’s loss mitigation department. Clearly convey your intention to keep your home and your desire to come to a mutually beneficial agreement.

Be sure to log all dates of submission of documents, and keep a conversation log of what has been said and when. Upon completion of the negotiation process, sign the loan modification agreement sent to you via mail, return, and enjoy the rewards of your hard work!

If your having a tough time getting a loan modification, and your mortgage is held by Central Jersey FCU, we’d be happy to help answer any questions you may have or even possible represent you. To get loan modification help, simply complete the quick application form on any page of this website, and an expert will contact you immediately!

View the original article here

Mixed Jobs, Foreclosures and FHA Homes for Sale News in Illinois

The month of August 2010 produced both positive and negative economic news for Illinois. Over 1,000 state residents are expected to lose their jobs for the month. The news comes as the state recorded a considerable decline in its foreclosure rate, with foreclosed bank, government and FHA homes for sale all posting lower totals.

Foreclosed homes in Chicago, IL and in most areas of the state posted fewer numbers for August, with the state recording a combined 14.25% decline compared with the previous month. A total of 16,808 filings were recorded by the state for the month, including auction notices, bank repossessions and notices of default.

August figures for foreclosed homes in Illinois represent a ratio of one household for every 314 being in some stage of foreclosure. When compared with August 2009, the filing totals are actually higher by 29%, with the state ranked ninth among all states in the U.S. in terms of foreclosure.

With the news of declining bank repossessions, government foreclosures and FHA homes for sale comes a not so positive development for the state. Unemployment is set to rise in the region, with over 1,000 residents warned that they could lose their jobs before August ends.

As the state deals with the ongoing housing market crisis along with the absence of deals involving people buying foreclosure houses for sale, workers face the possibility of becoming unemployed, with around 12 companies notifying the state of plans to close factories or implement mass layoffs.

Among them are PNC Bank, Northwestern Memorial Hospital, Precision Dormer LLC and National Manufacturing Co. The firms have already told the Illinois Department of Commerce and Opportunity of their plans to downsize. State law requires companies implementing layoffs or closing units to provide a two-month notice of their decision. The provision applies to all companies that have at least 75 fulltime employees.

Mass layoff is categorized under state regulation as a loss of job to 25 employees at least or one third of the population of employees at a single unit within a one month period. So, although bank repossessions, government foreclosures and FHA homes for sale recorded a lower total for August, economists have expressed worries over the number of people who are about to lose their jobs in the state.

View the original article here

Why Bank Foreclosure Homes Are Smart Investments

Many real estate investors have already proven that buying bank foreclosure homes is a great way to earn money. And with the present economic crises, it is important that you take measures so that your money is put to a good use. Foreclosure investing , for one, is a sure way to multiply your money and grow your wealth. If you are still unsure of whether to try it or not, here are several reasons why you should take that chance.

Wide Variety of Properties To Choose From

Finding bank foreclosure homes for sale is very easy. The market is replete with many good opportunities that provide good buys to real estate investors. Considering that there are thousands of foreclosures  that are available at cheap rates, it is not difficult to find a property from which you can enjoy great instant savings. And even those properties that need repair can still be turned into a golden business potential if you know how to turn challenges into fine opportunities. Of course, it takes some time to find the property for yourself but if you can actually learn the proper tricks in just a short time.

Cheap Investments

Foreclosed homes come in very affordable prices than newly-built homes and constructions. Banks that own these houses always aim for quick sale and thus are only too happy to give huge discounts in exchange for fast, easy sale transactions. A large inventory of non-performing assets could actually be disadvantageous to a bank’s financial outlook and any reduction to its size would be a welcome respite. This is why it is far easier to negotiate with a bank when it comes to foreclosure. Just make sure that you are well-prepared when you make your offer.

A Buyer’s Market

The foreclosures market is considered a buyer’s market and is a known haven for cheap bargains and huge financial opportunities. It is easy to buy repossessed houses and turn them into profitable investment pieces. Bank foreclosure homes can be easily bought at low rates and flip them later for large resale profit. First time home buyers prefer these homes because of their low prices rather than construct or buy a newly-built house.

View the original article here

Stimulus Mortgage Help

To date over $50 billion has been spent of the $787 billion stimulus bill towards helping homeowners avoid foreclosure through Stimulus Mortgage Help.  This Stimulus Mortgage Help comes by way of various Government Programs that encourage banks to modify the mortgages of homeowners that are in financial trouble.

There are Four (4) Major Government Programs that came about during and after the Stimulus that offer mortgage help and relief to homeowners in trouble.  Here are the programs and how they can help you:

The most common source of stimulus mortgage help is the Obama Loan Modification Program, the technical name of which is the Making Home Affordable Program. This program offers homeowners the option to refinance or modify their mortgage to affordable payments allowing them to avoid losing their homes.

Under the loan modification side of the Making Home Affordable Program, homeowners can reduce their monthly mortgage payments to 31% of their monthly gross income; to find out what your new mortgage payment would be for your home, merely multiply the amount you make before taxes by .31!

Qualification for the Making Home Affordable stimulus mortgage help is based on a couple of key questions, which are as follows:

Is your home your primary residence?Is your loan balance less than $729,750?Are you experiencing financial hardship and having a tough time making your mortgage payments?Did you get your mortgage before January 1, 2009?Is your payment (including Taxes and Insurance) higher than 31% of your gross income?

If you’ve answered yes to all of the above questions, you most likely qualify for mortgage help. If you’re unsure whether or not you qualify for stimulus relief, or need more information, complete the contact form on this page and we’ll help you out!

Under the refinancing side of the Making Home Affordable, homeowners may be eligible to refinance their home loan provided they meet the following simple criteria:

Do you own a one – four unit home?Is your loan currently owned by Freddie Mac or Fannie Mae?Are you current on your mortgage?Is the balance of your loan less than 125% of what the home is worth?

If you’ve answered yes to the above questions, you may qualify for a refinance; however, often homeowners get better results through a loan modification than a refinance. Read about the pros and cons of refinancing and loan modification here .

The Mod-in-a-Box program came about when the FDIC took over Indymac Bank. Qualification for Stimulus Mortgage Help under Mod-in-a-Box is very similar to the loan modification side of Making Home Affordable, with the exception that your lender must be Indymac FSB, and your “affordable payment” is 38% of your gross income. For more information on this program, please read this post.

The very best FHA Loan Modification Program is FHA HAMP (Home Affordable Modification Program). FHA HAMP’s guidelines are almost identical to the Making Home Affordable Loan Modification Program, however FHA HAMP is strictly for loans underwritten by the Federal Housing Association. There’s a huge amount of information to cover on FHA HAMP, and rather than discussing it here, check out this post for all the program guidelines if your loan is an FHA loan.

The Federal Housing Finance Agency, or FHFA, monitors loans originated and serviced by Freddie Mac and Fannie Mae. The FHFA Loan Modification Program offers a comprehensive program to help homeowners that are facing financial difficulty and in danger of defaulting on their mortgage. For more information on the FHFA Loan Modification Program, please visit http://www.fhfa.gov.

If you’re having trouble making your mortgage payments on time and are in need of stimulus help, Modification Zoom can assist you in getting the help that you need. Complete the contact form at the top right and we will contact you immediately!

View the original article here

Foreclosed Multifamily and Single Family Homes for Sale Hurt Renters

The number of distressed multifamily and single family homes for sale continues to rise in most areas of Wisconsin. With the foreclosure crisis weighing down the state's housing market, it is not only homeowners, but also renters, who are hurting. Recently, a forum designed to address renters' problems was held in Kenosha County.

The forum was held to hear out the problems of renters who are living in foreclosed homes in Milwaukee, WI and in other areas of the state. It was organized by Grace Lutheran Church's Reverend John Bischoff and County Supervisor Day vin Hallmon. According to Bischoff, he has received numerous calls from homeowners and renters who were evicted due to foreclosure.

According to lawyers from the Legal Action of Wisconsin who participated in the forum, problems start for renters when the place they live in become Wisconsin foreclosed homes for sale and they are then forced to vacate the premises at short notice. State laws require landlords to provide notice to tenants within five days after the landlord has received the notice of foreclosure.

In cases when the foreclosed home for rent has already been sold, the landlord is required to provide sale confirmation documents. The problem, according to forum organizers, is that there are some landlords of foreclosed multifamily and single family homes for sale who do not live in the local area and are consequently unable to inform tenants of the foreclosure or the sale.

When this happens, tenants are often left with only a day to vacate the premises before the people buying foreclosure houses for sale take over the property. In foreclosure cases, it is often a problem to determine how long occupants have to leave the premises and clear out their belongings.

Lawyers at the forum have explained that there are cases when renters in a foreclosed property need not move out immediately since the process of foreclosure can take months to complete. They also explained that renters who have leases are allowed under the law to remain in foreclosed multifamily or single family homes for sale for up to three months or until the lease runs out. They further added that most lenders allow tenants to remain in foreclosed houses as long as they are aware that there are people still living in the properties.

Search foreclosed homes in WI cities:

View the original article here

Foreclosed Single and Multi Family Homes for Sale Remain High in CA

Foreclosure rates in most California areas declined in August 2010, although the number of foreclosed properties, including foreclosed single and multi family homes for sale, remains high. Most major cities and counties of the state are in the top ten local municipalities with the highest rates of foreclosure in the whole U.S.

The total number of foreclosed homes in Merced, CA is among the highest in the country for August, with Merced occupying sixth place among counties and cities with the highest filings. One household out of every 111 in the county received a filing for August 2010. Meanwhile, Modesto's foreclosure activities declined by 10% in August 2010 compared with the same month in 2009, but the area is still second nationwide in terms of foreclosure totals.

California foreclosed homes for sale accounted for almost 20% of the nationwide foreclosure totals for August, with over 69,000 households receiving a notice of foreclosure in the state during the period. The August total represents a 3% jump when compared with July 2010, but translates to a 25% drop compared with August 2009.

Other cities and counties in California that recorded some of the highest foreclosed single and multi family homes for sale in August include Stockton, Riverside-San Bernardino-Ontario, Bakersfield, Vallejo-Fairfield and Sacramento. Stockton came in third among cities and counties with the highest foreclosure rates for August, with a ratio of one household out of every 100 receiving a notice of foreclosure.

Riverside-San Bernardino-Ontario is ranked seventh, with one household out of 113 facing foreclosure or already included in the real estate foreclosed homes data. Bakersfield is at number eight, with one household out of 120 getting an August filing, while Vallejo-Fairfield is at number nine, with one home out of 124 getting foreclosed or facing foreclosure. Sacramento-Arden-Arcade-Roseville rounded up the top ten, with one household out of 125 being in some phase of foreclosure or another.

Although the number of foreclosed single and multi family homes for sale among the metro areas that made the top 10 in August remains high, all 10 areas recorded a decrease in foreclosure rates for the second consecutive month, giving analysts some hope that the housing market crisis has reached its peak.

Search foreclosed homes in CA cities:

View the original article here

Funds Issued to Battle High Number of Foreclosures and VA Homes for Sale

Local communities in Indiana are set to benefit from the third round of financing from the U.S. Department of Housing and Urban Development (HUD) under the Neighborhood Stabilization Program (NSP). Areas suffering from huge supplies of foreclosed VA homes for sale and bank foreclosures will soon be receiving their share of the $31.5 million earmarked for the state.

Among the neighborhoods that will benefit from the third round of funds are neighborhoods suffering from the impact of foreclosed homes in Indianapolis, IN as the city is set to receive $8 million. Gary, on the other hand, will get $2.7 million, while several cities will share the $12.6 million that will remain after over $8 million are given to the state's officials.

Other local governments that will benefit from the funds designed to battle blight caused by thousands of foreclosed homes in Indiana are Elkhart, Muncie, South Bend, Anderson, Fort Wayne, Kokomo, Hammond, Elkhart County and Lake County. Elkhart will get $1 million, while Elkhart County will receive $1.19 million. South Bend will get $1.7 million.

According to state officials, the funds can be used to purchase VA homes for sale and other foreclosed properties for the purpose of redeveloping them. Or they can be used to demolish empty properties that are too far gone to be redeveloped. States are given some leeway on how they want to use the funds, but the methods still require the approval of the HUD.

Some of the areas that will benefit from the third round of NSP financing have been provided with aid before. Cities like South Bend and Elkhart, which both have a long list of house foreclosures, have received federal dollars before. South Bend was awarded over $4 million two years ago which were used to renovate 10 houses and demolish four more. Multi-unit dwellings were also built in the area after it received its share from the first round of financing.

State officials have expressed optimism that the over $30 million that had been reserved for Indiana will go a long way towards improving the condition of neighborhoods that have greatly suffered from the impact of large number of foreclosed properties, including VA homes for sale and bank foreclosures.

View the original article here

Fannie Mae Homes for Sale and Other Unsold Houses Climbed in August

Inventories for unsold dwellings in the U.S. rose during the month of August. These include Fannie Mae homes for sale, other types of foreclosed residential properties, newly built dwellings and existing homes. The rise marks the eighth consecutive month that housing inventories have moved up.

Inventories of unsold newly built houses and foreclosed homes in Philadelphia, PA are at a one year and a half high with a 10.6% annual increase. The figure is the same in Houston, Texas and in Orange County, California. The data was provided by ZipRealty and was based on the 26 housing markets tracked by the firm.

Available residential properties for sale in these 26 markets, including foreclosed homes in Pennsylvania, climbed by 0.4% in August compared with July. These totals include townhomes, condos and single family dwellings. Analysts have revealed that inventories for unsold houses traditionally spike in August and have not shown a change in trend for the past 28 years.

According to August housing market data, inventory increases were highest in areas where bidding contests on properties under listings of foreclosed homes for sale caused housing supply to decline to low levels a year ago. These areas include Las Vegas, Phoenix and San Diego.

August inventories for existing, newly built, foreclosed properties and Fannie Mae homes for sale rose in Las Vegas by 9.3% compared with July 2010. In Phoenix, August inventories are up by 4.6%, while San Diego recorded a jump of 3.8% when compared with July figures.

When it comes to year-by-year increases, San Diego recorded a 59% rise and Orange County posted an increase of 43%. Los Angeles, meanwhile, recorded a 25% rise in inventories compared with year-ago levels.

Analysts have revealed the one of the factors creating problems for the housing market is the fact that most home sellers cannot afford to lower their homes' prices without going below the amount owed on their mortgages.

On the other hand, homebuyers are not buying since most of them believe that prices will drop further and mortgage rates are going to remain low. Analysts have stated that in short, buyers of Fannie Mae homes for sale and other for-sale dwellings are waiting for sellers to make the first move, while the latter are hoping that buyers will take advantage of low mortgage rates and low prices and start shopping for homes.

View the original article here

Central Florida Educators Federal Credit Union Loan Modification

Central Florida Educators (CFE) FCU is a Federal Credit Union specializing in retail banking in the Central Florida area since 1937. If your mortgage is currently held by CFEFCU and you are behind on your mortgage, or if you are worried about becoming behind and having trouble making your monthly payments, this information may help you.

Central Florida Educators Federal Credit Union has accepted TARP Bailout funds from the Federal Government, and now participates in Obama’s Making Home Affordable Program. Making Home Affordable is a Government Program designed to help homeowners avoid foreclosure and lower their mortgage payments through a process called loan modification.

A loan modification is the single best way to stop foreclosure and truly find financial stability; by definition, a mortgage modification is an agreement between borrower and lender to lower the payment of the borrower to an affordable amount, so both parties can avoid the cost and inconvenience of foreclosure.

Loan modifications can lower the interest rate of the existing mortgage, change the duration (number of years) of the loan, decrease the monthly payment, possibly decrease the total amount owed (principal balance) of the loan, forgive legal and late fees, and restructure overdue debt.

Loan modifications help many homeowners are able to lower their monthly mortgage payments by multiple hundreds if not thousands of dollars each and every month.

If your mortgage is currently held or being serviced by Central Florida Educators Federal Credit Union, and you are looking for more information or help on getting a loan modification, we’d be happy to take a look at your case and help you qualify for a loan modification that meets Making Home Affordable Guidelines.  Apply here!

Quite obviously, the first step in getting a loan modification from CFE FCU is to determine whether or not you financially qualify for a loan modification. For more in depth information on how to qualify for a loan modification under the Home Affordable Modification Program (HAMP), a detailed article can be found here, or additional guidelines can be found by visiting makinghomeaffordable.gov.

To determine whether or not you qualify for a loan modification, draw up a detailed list of all sources of income, each and every monthly expense, and total all available assets. Document the information that you are listing by gathering the documentation required by the Central Florida Educators Federal Credit Union loan modification program, which is:

Last 2 years tax returns2 Years W-2s2 months paystubs3 months bank statements3 month Profit & Loss statement (if self-employed)

Additionally, you will need to write a hardship letter; more information on how to write a hardship letter can be found here.

When you have gathered all the required documentation, created your financial prospectus and hardship letter, and made sure that the information you are presenting does in fact qualify you for a loan modification with Central Florida Educators FCU, now it is time to contact the loss mitigation department, which can be reached at (800) 771-9411 or (407) 896-9411.

Present the information that you have gathered above in a clear concise manner, and explain that you do in fact qualify for a loan modification under Making Home Affordable. Be sure to write down and log each and every date or notable event in the loan modification process, including the date and time of submission of documents, follow up calls, and expected time table.

A loss mitigation specialist will be assigned to negotiate the terms of your loan modification. When negotiating, re-iterate your intent to keep your home, your inability to make the current payment, and your ability to pay the lower payment that you are asking for. Stick to your guns, and don’t be tricked into agreeing to a higher payment than you can afford under program guidelines.

If at any point during the loan modification process you are having a tough time, and you want an immediate expert opinion, complete a contact form on the top right of each and every page of modificationzoom.com. We are happy to help you qualify for a loan modification and answering any questions you may have.

View the original article here

Community Bank and Trust Loan Modification

Getting a mortgage loan modification from Community Bank and Trust can be an arduous and time consuming process, however, here is some information on their requirements and guidelines, as well as the Community Bank and Trust loan modification program process to help you save your home and achieve financial stability.

Community Bank and Trust now participates in the Treasury Loan Modification Plan, also known as the Obama Administration’s Making Home Affordable Program, designed to help homeowners lower their monthly mortgage payments to affordable amounts and decrease the amount of foreclosures nationwide.

Throughout the Country, many homeowners are desperately in need of assistance to help lower the amount they are paying every month on their mortgage, and, according to the USA Today, homeowners that achieve a permanent loan modification under Making Home Affordable save on average $550 per month on their loan payments.

This sounds great, right?  How is this the National average of savings for loan modifications under HAMP (Home Affordable Modification Program)?  Well, the Obama Loan Modification Program allows for the reduction of interest rates to as low as 2% on 30 year or 40 year terms, and the purpose of  a loan modification is to prevent loss to the mortgage servicer by allowing the lender to avoid having to foreclose on homeowners that may be able to make lower, affordable payments.

Unfortunately, to date of those placed into Trial Loan Modifications, only 4% have actually gotten permanent loan modifications.  There’s no real easy answer as to how to ensure that you get a permanent loan modification, other than that it may be in your best interest to consult with a professional that can help guide your loss mitigation efforts, or simply represent your case for you.

If you are looking to qualify for a loan modification with Community Bank and Trust, first you should put together a hardship letter, as well as a financial prospectus detailing your current financial circumstances, specifically your gross and net monthly income, expenses, and assets.  Additionally you will need to gather the required supporting documentation consisting of W-2s and paystubs, or a 3 month Profit and Loss Statement and 2 Years Tax Returns if self-employed, 3 months bank statements, and a copy of your most recent mortgage statement.

A detailed look at Community Bank loan modification requirements and guidelines can be found under the Making Home Affordable Guidelines, available here.

View the original article here

CCO Mortgage & Citizens Bank Loan Modification

CCO Mortgage (also known as Citizens Bank) provides a number of loan modification programs to help borrowers stop foreclosure and lower their payments. Additionally, Citizens Bank now participates in President Obama’s Making Home Affordable Program.

Regardless of whether or not you are current on your mortgage, if Citizens Bank is your lender, we most likely can qualify you for a loan modification. Actually, if you are behind on your mortgage, this may create even more of an incentive for Citizens Bank to modify your loan. If you are on time, getting a loan modification is still possible, and modifying now can avoid irrevocable damage to your credit.

How can this help you? Well, a loan modification can help you decrease your interest rate, payment, and possibly even the principal balance of the loan. An aggressive loan modification can help you keep your house, and in the process lower your payment by hundreds if not thousands of dollars.

Let’s take a look at what exactly a loan modification is: A loan modification is an agreement between you (the borrower) and your lender (Citizens Bank) to lower your mortgage payments to an affordable level to help you avoid foreclosure. Citizens Bank has faced significant financial setbacks over the last two years due to the high number of foreclosures, and, as such is willing to work with qualified homeowners to lower their monthly payments and help them keep their homes.

When applying for a loan modification with Citizens Bank / CCO Mortgage, it’s important to remember that the primary basis of whether or not you will be approved for a loan modification is based on whether or not you are facing what Citizens will look at as an “acceptable financial hardship”.

Citizen’s Bank and CCO Mortgage’s loss mitigation guidelines cover a number of acceptable financial hardships, here are a few of the more common ones: Decrease in income, job loss, unemployment, adjustment of an ARM (Adjustable Rate Mortgage), any increase in mortgage payment, death in the family, illness, disability, child birth, excessive credit card debt, decrease in assets, and increases in other household expenses.

As previously stated, Citizens Bank now participates in the Making Home Affordable Program, meaning that it’s conceivable to get an interest rate as low as 2% on a 30 year fixed loan through an aggressive loan modification. For more information on the Making Home Affordable Program, check out these HAMP Guidelines.

If your mortgage is currently held by Citizens Bank, it may be in your best interest to take a look at a loan modification as you are most likely paying more than you have to on your mortgage.

When applying for a loan modification with Citizens Bank, you will need to document your income, assets, and expenses. Here’s a quick list of what you will need:

Last 2 Years W-2’s2 Yrs. Tax Returns2 Months Paystubs3 Month Bank StatementsCopy of Latest Mortgage Statement

Please note that Citizens Bank may ask for additional supporting documentation when reviewing your loan modification package.

You can reach the Citizens Bank Loss Mitigation Department directly at (800) 234-6002. Now, as with most lenders Citizens Bank has two different departments that field calls on delinquent loans and how homeowners are treated and the help they receive varies base upon which department of Citizens they have reached!

The first department of Citizens Bank that speaks to delinquent homeowners typically is their collection’s department, who will try to get the homeowner to catch up by immediately paying back the amount they are late on, including the legal and late fees that Citizens Bank assesses.

The second department at Citizens consists of loss mitigation specialists and negotiators. Modification Zoom has significant experience working with lender loss mitigation departments and getting the best loan modifications for our clients. If you believe you need help getting a loan modification from Citizens Bank / CCO Mortgage, complete the form to the right, or apply here.

Often, homeowners contact us after they have presented financial information to their lender that makes it impossible for them to get a loan modification. If you do not have years of loss mitigation experience, the time to learn is not on your own foreclosure.

Modification Zoom can help get a loan modification from Citizens Bank / CCO Mortgage that will put you in a much better financial situation. Complete a form on any page of this website, and we will contact you immediately. The consultation is quick, absolutely risk free, and completely confidential. Take the first step today!

View the original article here

How To Earn Profits From Foreclosure Properties For Sale

It is a known fact in real estate industry that foreclosure properties for sale give investors a chance to earn quick profits. Even those who were hesitant to dip into the market have found the industry a very lucrative haven for business opportunities. With the market being more buyer friendly nowadays, more and more people are discovering the huge potential of investing in foreclosed properties.

Understanding Foreclosures

Foreclosures happen because of the home owner’s default on their mortgage, which could be due to several reasons. In order to recover their money, banks repossess their properties to at least mitigate the effects of mortgage defaults. As a result, lenders become more interested in aiming for a quick sale so that they could easily recover whatever losses they have incurred from these bad debts. Oftentimes, foreclosure properties for sale are priced way below their actual market values. Buyers could then easily come off with instant equity when they buy these properties. This is why most home buyers prefer to purchase foreclosure houses rather than buy a newly-built house.

To Rent Or Flip

Buying foreclosure properties for sale present numerous unique opportunities for buyers such as renting them our flipping them for a huge profit. A rentals business could be very profitable but you have to make sure that you are adequately prepared for the responsibilities of a landlord. You might also have to wait for some time before you can realize any good profit coming from your rentals business since in some cases, you will need to repair the house in order to attract house renters.

However, if you are interested in a house flip business, this, too, could bring you large, instant profit. House flipping, though, will mean that you have to make the necessary repairs to make it more marketable. The profit that you will earn from this venture can then be used to buy another property to flip. It will not be long before you find yourself in a very successful house flipping business. Of course, you will never run out of good repo properties to buy from the market. You just have to be patient when it comes to searching for the right property or house to flip.

Investing in foreclosure properties also merit a smart understanding of its risks and advantages. Just make sure that you have done your homework right and can manage the difficulties that could come your way.

View the original article here

Carrington Mortgage Services – New Century – Loan Modification

Let me start by saying if your mortgage lender is Carrington, you may be facing an uphill battle in getting them to modify your loan. Loan modification requests have often been arbitrarily declined in the past, and there exists a horrific track record of not diligently helping homeowners that qualify for assistance, although lately Carrington has shown some improvement in helping homeowners that are facing financial hardship.

A good deal of the loans currently held by Carrington Mortgage Services actually were originate by New Century, a loan servicer notorious for originating high interest rate subprime mortgages that set borrowers up for financial failure 2 or 5 years in the future.

Bruce Rose, CEO of Carrington Mortgage Services

The amount of dirt on Carrington Mortgage Services goes back years; here’s a previous entry I wrote about Carrington: Carrington Mortgage Loan Modification Epic Fail. Recently, Bruce Rose, CEO of Carrington was listed with NACA as one of their ten most wanted financial predators, and they have faced a number of lawsuits for unfair and deceptive business practices.

Rather than focusing on the bad however, let’s focus on the positive, and why you most likely are here; Let’s talk about how you can get a loan modification from Carrington.

Carrington participates in Obama’s Making Home Affordable Program. How does this help you? Well, HAMP (Home Affordable Modification Program) has set guidelines that make it easier for homeowners like yourself to get a loan modification that will allow you to afford your monthly mortgage payments.

We’ll get back to Making Home Affordable and qualification for this program in a minute. First things first, if you’re not familiar with what a loan modification is or the general process for getting one, I suggest you take a look at the Loan Modification Q&A here.

Getting a mortgage modification can help you in so many ways, and if you manage to wrestle a good loan workout from Carrington, you will probably reap the benefits of saving hundreds if not thousands of dollars per month as a result of lowering your monthly payments, interest rate, and possibly even the amount that you owe on your mortgage.

If you want to take the guesswork out of the loan modification process, and are having trouble getting a Carrington loan modification, complete the contact form to the right; we’ll call you immediately and coach you.

Prior to calling Carrington, which can be reached directly at either (800) 790-9502 or (877) 206-9904, be sure that you put together a hardship letter, as well as a detailed and complete list of all income, assets, and expenses. Take a look at the Making Home Affordable Guidelines here prior to submitting your package and make sure that you qualify.

Often, homeowners contact us that have already submitted financial information to their lender that does not qualify them for a loan modification, which makes it that much harder for us to qualify a homeowner that has already been declined.

When you are absolutely positive that you qualify for a loan modification and have completed your hardship letter and financial prospectus, begin gathering supporting documentation to reinforce your case: You will need a copy of 2 years W-2’s, 2 years tax returns, the last 2 months paystubs, 3 months bank statements, a the most recent copy of your mortgage statement or coupon.

Eventually these documents will be reviewed by a Loss Mitigation Specialist and / or Negotiator at Carrington, who will give a yea or nay on your loan modification request. It is very important to advocate for yourself, and negotiate the very best terms possible on your loan modification.

I hope this helps; if you are in need of professional assistance, any of us here at Modification Zoom would be more than happy to help you. More information on Carrington is posted here regularly so check back often, or subscribe to our rss feed for news and updates!

View the original article here