Hey folks just a word of encouragement since the last HEMP program seemed to be more cumbersome to qualify. The new HAMP program seems to be a better success rate, now.
To clarify the guidelines that will help the Home Owner keep their home:
* The Homeowner must spend more than 31% on housing cost from their income
* The Homeowner must be in imminent default or delinquent because of major
Obviously there is more to the process but if you have this important element you have a good chance you will be able to qualify for a HAMP Modification.
In other words, the Homeowner must be almost close to foreclosure not having a selling date, show that at least 31% of the household expense’s on utilities or other credit reporting expense’s, and have clear ready to submit pay stubs and income tax statements for the last two to three years.
Many Homeowner’s make the mistake by trying to seek help from those companies that offer Home Loan Modification help and be scammed out of their money paying $2000.00 to $3000.00. Some Homeowner’s ask their friends who don’t even have a mortgage for advise further making their situation even more dire. All sort of denial tactic’s to alleviate the burden. Some people bury their head head in the sand hoping the credit collector’s will go away. Well, they won’t go away and in fact your credit rating will get worst. Then the ultimate will be the reality: Foreclosure.
So, I would encourage the Homeowner to contact your mortgage provider and tell them what is going in your life: medical bills, disability, divorce, lost job, ect. Tell them whether you want to keep the home or sell the home. Once the mortgage provider or bank know exactly how to help you either save your home or do a short sale avoiding foreclosure.
People think the bank wants to Foreclose on their home but really they would rather the Homeowner in their home because to put the house on the market is very costly. It would cost the bank at least $25,000. just to get your home back on the market to sell, again. The bank would have to pay so much money preping, cleaning, maintaining the home until it sell, court cost, sheriff fees, attorney fees, document preparation, stamps, title insurance, and some more other detail cost just to get the Homeowner Foreclosed. The Bank Don’t Want to Do That!!!!
Bank of America – 15 Billion
Bank of New York Mellon – 3 Billion
CitiGroup – 25 Billion
Goldman Sacks – 10 Billion
J.P. Morgan – 25 Billion
Merrill Lynch – 10 Billion
Morgan Stanley – 10 Billion
State Street Bank – 2 Billion
Wells Fargo Bank – 25 Billion
Financial leader spring into action when the U.S. economy falters in 2008. Based on the book by, Andrew Ross.
“Following the passage of TARP, banks made fewer loans and markets continued to tumble.”
“Unemployment rose to over 10% and millions of families lost their home to Foreclosure.”
American History that most people will forget in 20 years and like nothing happen the next generation will never learn from the past.
May 8, 2012, Big Bank is up to their old tricks, again. Their Hedge Fund Investor’s made a bad bet and the ChaseMorgan Bank lost 2 Billion U.S. Dollar’s.
Sounds familiar; these are the same guys that came crying to the U.S. Congress begging and pleading that they need help to avoid bankruptcy. They cried that the Bank is too big to fail (?). Really, what about those homeowner’s that are trying to keep their home when they apply for Loan Modifications throughout America to save their home. The same tax payer’s that the Big Bank want to use money from congress to bail them out. Its not that they don’t want to pay for their mortgage they are just trying to get a payment they can live with since they lost their job, got a divorce, spouse just ran out on them, have a medical disability or some other valid reason that would displace the family homeowner from successfully keep the original home payment.
So, these people are small enough too fail and they just won’t have the impact to the world economy not mentioning that they will have to find some shelter for their family, kids, pets or extended family members that live in the home. Big Bank cried that if they fail that ‘it’ would disrupt the U.S. economy and would go into a financial depression and it would be catastrophic to the world economy as well.
Something is wrong with this picture not enough people are not outrage enough to stop the madness and help the people that paid into the tax system in the first place. Big Bank don’t pay any taxes but seem like they get the benefit like a person that pays taxes. Big business seem to pay less tax and the consumer pays more. Stand up and speak out against Big Bank.
When I saw this story about a man and his family going after the American Dream – “The House, wife, kid and the dog.” How he as a father and the breadwinner lost his dream due to predatory leading practice but mortgage broker’s and the absurdity of Big Bank turning their back on the consumer. The insult to society of bailing out Big Bank and their not helping the very ones – tax payers money with the mess they started. Listen to Dan’s Story:
Remember that Big Bank Bail Out that President Obama signed into law? Well guess what? He also instructed Big Bank to do whatever it takes to help homeowners to save their home, too. But, it doesn’t seem like they got that message does it?
Well, I’m here to tell you that there is a way to get your “Obama Money” and going to an attorney to fight your battle for you is your best attempt to getting your “Obama Money.” Make sure they are an attorney because they follow the FTC Rule when it come to protecting your monies that you put down to do the job. This is very important. The retainer must be put into an escrow account. Don’t go to some service that offer Home Loan Modification that does not give you that protection.
Let me tell more about what’s happening to home owner’s trying to get a Home Loan Modification on their own. It may sound familiar. Well, timing is everything when filing for a Home Loan Modification. Many paper’s to be filled out and returned on a timely basis. The Bank know this and this is your biggest obstacle because I hear many testimonials over and over again. That when the homeowner was just about to get a decision they were told that they needed to submit another set of pay stubs, bank statements, a letter from the bank, a this and a that. It gets very daunting and frustrating. Which in many case the homeowner just give up and abandon the home. This is not right and this is not the American Dream, either.