Home Loan Analysis

OBAMA ADMINISTRATION RELEASES NEW DATA

Homeowners in modifications are saving an average of over $550 per month.

As of December 10th, 728,000 modifications are under way across the country, the program is on track to meet its goals over the next several years. Modifications are providing real benefits to homeowners.

“As this report illustrates, struggling homeowners across the country continue to receive immediate relief in the form of reduced monthly payments and a second chance to stay in their homes,” said Chief of Treasury’s Homeownership Preservation Office (HPO) Phyllis Caldwell. “Our focus now is on working with servicers, borrowers and organizations to get as many of those eligible homeowners as possible into permanent modifications.”

Article experts were taken from http://makinghomeaffordable.gov/pr_12102009.html

To speak with an expert consultant for FREE call 866 910 7065.

If you are a homeowner and are looking to take advantage of the government’s Home Affordable loan modification program Ioannou & Ioannou Law is here to help.  The Attorneys at Ioannou & specialize in mortgage assistance and foreclosure prevention. The Florida law firm offers a thorough home loan modification service designed specifically for homeowners in need of mortgage help.

Ioannou & Ioannou offers each family their own personal consultant that begins each process with a free consultation. Ioannou & Ioannou assess the borrower’s situation and determines his or her financial needs. The first step is usually determining whether or not a mortgage loan modification is really the best choice, as some homeowners are better off with short sales or other forms of loss mitigation.

Call Ioannou & Ioannou today for a FREE consultation. (866) 910-7065

Loan Modification counseling experts are available to provide you with the information and assistance you need to avoid foreclosure. As part of Government’s comprehensive Homeowner Affordability and Stability Plan (HASP), you may be eligible for a special Making Home Affordable loan modification or refinance option. In the end these programs may reduce your monthly payments and help you keep your home.

If you need help understanding the Making Home Affordable programs, you can call Forensic Loan Audit 866 910 7065 in your area.  They will provide you with free foreclosure prevention consultation. If you are eligible for the loan modification or refinance program, the counselor will work with you to compile an intake package and speak directly with your lender.  For a free consultation on how we can help you, call 866 910 706 or email us at am@ioannoulaw.com

- Don’t ignore the letters from your lender
- Have a Professional contact your lender immediately
- Contact Forensic Loan Audit at 866 910 706 or email us at am@ioannoulaw.com

If you are unable to make your mortgage payment, we always recommend:

1. Don’t ignore the problem. Contact a professional.  The further behind you get on your payments, the harder it will be to modify your loan.
2. Have a home loan counselor contact your lender as soon as you realize that you have a problem.
3. Lenders do not want to take your house. There are government options to help borrowers through difficult financial times.
4. Open and respond to all mail from your lender or bring it to expert counsel for help.

The first notices you receive will have information about foreclosure prevention options.  Then later mail may include important notice of pending legal action.  Your failure to open the mail is NOT be an excuse in foreclosure court. Contact Forensic Loan Audit at 866 910 706 or email us at am@ioannoulaw.com

Recent reports show that the housing market is showing encouraging signs of strength in recent months.  However, analysts also caution that the market is mostly responding to government stimulus measures.  It’s clear that this federal aid is saving many Americans from loosing their homes and that many more homeowners can benefit from this program.

The Federal Reserve said it will soon stop purchasing home mortgages after accumulating an unprecedented $1.25 trillion in mortgage debt since January. However, Congress’ decision to extend the aid will keep the market “reasonably stable” for another few months. We know that homeowners are still under intense pressure and need to act quickly.
Forensic Loan Audit recommends contacting a home loan modification expert as soon as possible. If you would like to speak with a loan professional call 866 910 7065 or email us at am@ioannoulaw.com

Recently, the President spoke with real people who have benefited from renegotiating their mortgages and took the time to explain how millions of others can take advantage of his Making Home Affordable Program.

If you’d like us to take the time to explain how you can take advantage of this program, please call 866 910 7065. We can help prevent foreclosure and welcome the opportunity to speak with you.

October, 29, 2009
Government Press Release

Secretary Geithner and Secretary Donovan today announced their support for three key housing measures:

Extend the First Time Homebuyer Credit, with strong anti-fraud measures. The Administration supports a limited extension of the First Time Homebuyers Tax Credit, which is currently set to expire on December 1. This credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system. In order to reinforce the progress already made this year, the Administration urges Congress to extend the Credit for a limited period. In doing so, we urge the Congress to include effective measures to combat tax fraud, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit.

Extend Loan Limits for Mortgage Loans. The Administration supports a one-year extension of the current loan limits for the Federal Housing Administration, Fannie Mae, and Freddie Mac. This extension is vital in helping support the continued availability of affordable mortgages for many working families and aiding the recovery in the housing markets. Under present law, the current loan limits will expire on December 31. Families are already applying for mortgages that are being turned down or priced higher due to this impending deadline. The extension of the loan limits is being considered in the upcoming Continuing Resolution, and we urge Congress to enact the extensions immediately in order to assure the smooth supply of capital to the housing market.

Secure Financing for the Housing Trust Fund. The Administration is committed to working with the Congress to fund the Housing Trust Fund. This Fund is an important source of support for extremely low income families who otherwise cannot afford decent housing. The Fund was created in the 2008 HERA legislation, but has not had an effective funding source and so has not been able to fulfill its important mission. While the President′ s Budget proposed to fund the Housing Trust Fund for $1 billion, and fully offset it within the Budget, today the Administration is announcing that it will actively work with Congress to identify a specific offset to assure that level of financing for the Fund.

If you are current on your mortgage you still will be able to refinance under the Home Affordable Refinance Program (HARP).

Eligible borrowers who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP, Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.

For other FAQs visit http://www.makinghomeaffordable.gov

• Department Of Justice (Fraud Division)
• Federal Housing Administration (Avoid Foreclosure Info)
• File A Complaint With The FTC
• Freddie Mac’s Anti-Predatory Lending Website
• FTC Credit And Loans Info
• FTC Foreclosure Rescue Scams
• FTC Know Your Mortgage
• Housing & Urban Development Website
• IRS Foreclosure Tax Relief Info
• IRS Q&A – Foreclosure / Loan Modification Tax Consequences
• Mortgage Servicing Complaints
• State Senator Contact Info

“Mr. President: What can be done to assist homeowners paying their mortgages but facing significant losses in equity? As a category, it is difficult for these responsible people to refinance into the more favorable mortgages now available.”
Helen Kathryn, Seattle, WA

The Making Home Affordable Refinance Program is designed specifically to help those whose home values may have fallen relative to their mortgage values.  The program is available to homeowners with a first loan, owned or guaranteed by Fannie Mae or Freddie Mac, that is 80-105% of the value of the home.

We’re focused on getting as many families as possible who are struggling with their mortgages into a mortgage that they can afford.  The Home Affordable Modification Program gets the borrower’s interest rates and monthly payments down to a level they can afford in a way that is most cost effective for taxpayers.  That will keep millions from being foreclosed on.  Our plan permits lenders to get to a level of affordability in a variety of ways, including reducing interest rates, extending terms, or writing down principal.  In addition, we have incorporated principal write downs into our incentive structure in a productive way – success payments to homeowners are available to help pay down principal more quickly.

The Administration on April 28 announced the MHA Second Lien Program and incorporation of Hope for Homeowners, a program designed specifically to help underwater borrowers, into the Making Home Affordable Program.  The Administration is strongly supporting legislation to improve Hope for Homeowners so that it can reach more borrowers, and help to increase the equity those homeowners own in their homes.