Home Loan Analysis

Learn About Making Home Affordable

Qualify for loan modifications and get help under the new Obama home plan.

Many homeowners pay their mortgages on time but are not able to refinance or take advantage of today’s lower mortgage rates due to a decrease in the value of their home.

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email Adam at am@ioannoulaw.com.

Register for Mortgage bailout help under the Obama Mortgage Plan.

The Obama administration introduced the Home Affordable Modification Program which allows up to 9 million homeowners to reduce their mortgage payments by modifying their loans.

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

Start off the New Year by saving your home. Get you home loan modified today.

A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan. This allows the loan to be reinstated, and results in a payment you can afford.

See if you can benefit from a Loan Modification by calling the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email Adam at am@ioannoulaw.com.

Many homeowners are struggling to make their monthly mortgage payments because their interest rate has increased or they have less income.

We Are Here to Help. If you would like experts to review your options and take advantage of lower mortgage rates call the law offices of Ioannou & Ioannou, LLP 866 910 7065 or email us at am@ioannoulaw.com.

Excerpt taken from http://makinghomeaffordable.gov/pr_01282010.html

The Home Affordable Modification Program aims to help responsible American homeowners maintain a sustainable monthly mortgage payment through a pay-for-success framework that aligns incentives of borrowers, lenders and servicers. Over 900,000 Americans have begun trial modifications since the program’s inception and over 110,000 have been approved for permanent modifications as of December 31, 2009. The median monthly savings for individual homeowners is more than $500 per month. Over 100 servicers have signed up to participate in HAMP, covering more than 89% of mortgage debt outstanding in the country. For a free consult please email us at am@ioannoulaw.com

Today’s guidance refines the documentation process and makes it easier for eligible borrowers in trial modifications to get permanent modifications quickly.  Under this guidance:  A simple, standard package of documents will be required prior to the servicer’s evaluation of the borrower for a trial modification. This process will be required for all new HAMP modifications that became effective after June 1, although mortgage servicers may implement it sooner.

For more information call the law offices of Ioannou & Ioannou, LLP 866 910 7065.

January 28, 2010
Press Release http://makinghomeaffordable.gov/pr_01282010.html

ADMINISTRATION UPDATES DOCUMENTATION COLLECTION PROCESS AND RELEASES GUIDANCE TO EXPEDITE PERMANENT MODIFICATIONS

WASHINGTON – As part of the Administration’s ongoing housing market stabilization plan, the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released updated guidance for servicers participating in the Administration’s mortgage modification program. This guidance refines the documentation requirements in order to expedite conversions of current trial modifications to permanent ones.
“With more than 850,000 homeowners in trial and permanent modifications, we are providing immediate relief to struggling homeowners,” said Phyllis Caldwell, Chief of Treasury’s Homeownership Preservation Office. “Today’s guidance represents our commitment to more efficiently move qualified homeowners into permanent modifications.”

“Increasing the number of borrowers receiving permanent modifications under HAMP is critical to our efforts to preserve affordable and sustainable homeownership,” said HUD Senior Advisor for Housing Finance William Apgar. “While we continue to meet our goals to provide immediate assistance, the updates announced today should enable servicers to transition borrowers more quickly and easily from trial to permanent modification.”
On December 23, 2009, the Administration required most trial modifications to be placed in a temporary review period to ensure that all borrowers are being fairly evaluated for the program.  During this temporary review period, servicers were not permitted to cancel an active HAMP trial modification for any reason other than failure to meet the HAMP property eligibility requirements. This allowed servicers to convert a significant number of trial modifications to permanent ones. In fact, the total number of conversions more than doubled in December. Guidance released today will help improve this conversion process for the future.

The updated process requires that key documents, including proof of income, be obtained from the borrower before a borrower evaluation can begin. This more robust requirement of upfront documentation will make it easier and quicker to convert trial modifications to permanent modifications and enable servicers to use their resources more effectively.

Call 866 910 7065 for more information.