Thursday, December 10, 2015

How to Prevent Loan Modification Denial

Strategies to Prevent Loan Modification Denial:

As the borrower, you must be involved in the loan modification process at every stage of the process. The #1 reason for a loan modification denial is the lenders claiming that you did not send complete and accurate documentation in a timely fashion. You must keep detailed and organized records of all communications to and from the lender to prove you provided the lender with all of the documents required for a loan modification application. You must always keep in mind the following strategies to prevent a loan modification denial.

Sunday, November 8, 2015

Using a Mind Map

I began using mind mapping software in 1998. A mind map is a visual outline of my thoughts...of my ideas on any subject matter. The mind mapping software provides tools to help connect and to help organize my brainstorms. The underlying premise of mind mapping software is simple. It is a graphical outlining tool. A mind map project always begins with the main concept. The software allows me to create an icon of my main concept. I can then create "branches" of additional ideas that "grow" from the main concept. For example, I am working on an online tool that can assist homeowners with applying for a loan modification. The name of my project is "Loan Mods Made EZ". This is how the mind map may start out: 

As you can see from the Loan Mods Made EZ icon I created connecting branches of elements of what I believed to be necessary to move the project forward. Most important, I efficiently captured my thought process. There is no limit to how large a mind map can grow. The mind mapping software allows me to connect files, videos, web pages, and pictures. Most mind mapping software contain useful tools that allow one to create, connect, and organize all of the information needed to develop an idea or concept. I have been using visual mind since 1998 however there are many great mind mapping products to choose from.  
Needless to say that using mind mapping software does not necessarily equate to launching a successful business. I have a few mind maps that...let's say...have been sitting on my hard drive waiting to be re-opened.
The tool has allowed me to better organize my priorities. My many mind maps act as reminders of my desired objectives. The maps keep me focused on the purpose of my daily grind. The maps have helped me maintain perspective during some of the most difficult times in my life. The maps have contributed to my successes. A mind map is simple to create yet a powerful boost for growing your empire.   

Thursday, September 17, 2015

Preparing for the Loan Modification Process

Steps to a Successful Loan Modification:

  1. Determine your eligibility status before contacting your lender
    • You must have suffered a financial hardship that makes your current. mortgage payment at the current interest rate unaffordable.
    • You must have steady income (other than unemployment benefits) for at least 3 months.
    • Your income must be greater than your expenses (excluding your mortgage).

Monday, September 14, 2015

Debt Defense News Alert

Consumers Will Get $60 Million in Refunds From Debt Collectors 9-12-2015
Two of the nation’s largest debt collectors must refund nearly $60 million to consumers and stop trying to collect on another $128 million in debts, after an action filed by federal regulators Wednesday. San Diego-based Encore Capital Group and Virginia-based Portfolio Recovery Associates are accused of pressuring consumers with false statements and churning out lawsuits using robo-signed court documents by the Consumer Financial Protection Bureau. The two firms and their affiliates purchased a mammoth amount of debt resulting from unpaid bills — together, more than $200 billion in defaulted consumer debts on credit cards, phone bills and other accounts, according to the CFPB. Encore and Portfolio purchase the right to collect on the debts for pennies on the dollar, then attempt to collect the original amount from consumers... Read More at Time Money

Thursday, June 11, 2015

Student Debt Update

Recent news on the student debt movement have brought light to the solutions commonly associated with mortgages and linked them as the potential solution to the growing issue of student debt. Aside from the utilization of the approach of strategic default, increased concern by the government has led to debt forgiveness initiatives targeted to students who had been misled by for-profit colleges across the United States. Check out the link to the Student Debt Monitor page to read more.

Wednesday, May 27, 2015

Got Questions? Get Answers... MD Is Concerned About Her Family's Future And Is Considering Strategic Default

Got Questions?

To Whom it May Concern;

I came across the term 'strategic default' recently while researching the idea of letting my home go into foreclosure. I am not a homeowner struggling to pay my bills, I have excellent credit and not very much credit card debt.  I was looking for a way to avoid bankruptcy if possible.

I purchased my home about 7 years ago.  I was a single mom of 2 young boys and my tiny, 2 bedroom ranch made perfect sense for us at the time.  I planned on making improvements over the years and being able to some day sell my home and make a profit.  However, we are now desperate for a bigger home and unfortunately owe more than I could sell it for.  I have talked to representatives with HARP who say that because I have no trouble paying my mortgage that they can't help me. I have talked to my mortgage servicer and they can't help me either.  I would not qualify for a short sale, deed in leiu or even to refinance.

I struggle with this idea feeling that staying here and paying my mortgage every month is the morally right thing to do but this home no longer suits our needs as a family and is in need of repairs that I simply cannot afford. I met with a "real estate" attorney thinking he could help guide me.  He had never heard of strategic default or the mortgage debt relief act.  He was unable to tell me anything.  He said I was asking a lot of what if type questions he couldn't answer.  He told me because I pay my bills I should simply keep doing that.

I came across your website and it said you offer consultation on such a process and to email you.  So, I would appreciate any information you could provide to help guide me in the path that is right for my family and I.

Thanks for your time.



Get Answers...

Tuesday, April 21, 2015

Latest Foreclosure News 4-16-2015

Freddie and Fannie to Lower Some Fees 4-15-2015
The federal regulator of Fannie Mae and Freddie Mac plans to lower the mortgage fees paid by some borrowers, but the move would amount to only modest help for risky buyers with checkered credit histories. The Federal Housing Finance Agency is expected to announce in coming days changes to fees that Fannie and Freddie charge lenders to guarantee mortgages, according to people briefed on the matter. For those borrowers affected by the changes, the benefits would be tiny, amounting to less than one-tenth of a percentage point. Fannie and Freddie, which back most home loans, will raise fees for other borrowers, like those who buy investment properties, to balance out the cost of the fee reduction. The changes are not expected to have any effect on revenue. Read More at the New York Times

Foreclosure to Home Free, as 5-Year Clock Expires 3-29-2015
The statute of limitations does not halt a foreclosure case that is continuing in court. But in some Florida courts, homeowners’ lawyers have argued that once a foreclosure is dismissed even for technical reasons, the lender cannot refile a new foreclosure to seize the home if the statute of limitations has passed. Still, the lender has some recourse: It can keep a lien on the house that must be paid off if the property is ever sold. The issue is now before the Florida Supreme Court. The lenders’ lawyers have warned in court papers that if the state’s high court sides with the homeowners, “it would spawn a public policy hazard” and dissuade banks from extending mortgages in Florida in the future. Read More at the New York Times

Monday, February 23, 2015

Student Debt Monitor

The Student Debt Monitor page is our newest project dedicated to providing news and information relevant to this rising issue which has been plaguing many young Americans. Aside from the links leading to general articles discussing this topic matter, we will soon be updating with original content which dives into the major concerns, roots of the problem, and the potential solutions surrounding the student debt crisis.