Home Loan Analysis

Latest News
From http://makinghomeaffordable.gov

OBAMA ADMINISTRATION APPROVES STATE PLANS FOR USE OF $1.5 BILLION IN
‘HARDEST HIT FUND’ FORECLOSURE-PREVENTION FUNDING

Florida will offer up mortgage payment assistance to the unemployed and under-employed while they seek re-employment. The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.

Arizona, California, Florida, Michigan, and Nevada Will Receive First Round of Funding Under Program to Support Innovative Local Initiatives to Assist Struggling Homeowners in States Hit Hardest by the Housing Crisis

WASHINGTON – State Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan, and Nevada can begin to use $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding under plans approved today by the Obama Administration. This aid will support innovative local initiatives to assist struggling homeowners in those states, as part of the first round of funding available under this new program.

“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”

President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid today as part of the first round of funding provided through this program each experienced a 20 percent or greater decline in average housing prices.

Each state Housing Finance Agency (HFA) gathered public input and created Hardest Hit Fund programs designed to meet the unique challenges facing struggling homeowners in their respective housing markets. The five HFAs submitted their Hardest Hit Fund proposals to Treasury on April 16. Treasury then reviewed each state’s proposals to ensure compliance with the Emergency Economic Stabilization Act (EESA) and offered technical assistance to develop performance and reporting metrics. Approved states will now begin to set up and roll out their specific Hardest Hit Fund programs in order to provide relief to struggling homeowners as soon as possible, with specific implementation timing depending on the types of programs offered, specific state-level procurement procedures, and other factors.

The proposals approved today include programs to assist struggling homeowners with negative equity through principal reduction; assist the unemployed or under-employed make their mortgage payments; facilitate the settlement of second liens; facilitate short sales and/or deeds-in-lieu of foreclosure; and assist in the payment of arrearages.

In March 2010, the Obama Administration announced a second round of Hardest Hit Fund aid totaling $600 million for five additional states with high areas of concentrated unemployment: North Carolina, Ohio, Oregon, Rhode Island, and South Carolina. The proposals that these states submitted are currently being reviewed.
A state-by-state summary of the Hardest Hit Fund proposals approved today is available below. For copies of the approved proposals, visit: http://www.financialstability.gov/roadtostability/hardesthitfund.html

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.

Latest News
From http://makinghomeaffordable.gov

Obama Administration Introduces
Monthly Housing Scorecard

Impact of Administration Efforts Seen in SIGNS OF House Price Stabilization and Increased Affordability

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today introduced a monthly scorecard on the nation’s housing market.  Each month, the scorecard will incorporate key housing market indicators and highlight the impact of the Administration’s unprecedented housing recovery efforts, including assistance to homeowners through the Federal Housing Administration (FHA) and the Home Affordable Modification Program (HAMP). This scorecard contains key data on the health of the housing market including:

* After 30 straight months of decline and an expectation of continued nearly 14 percent decline, home prices leveled off in the past year and expectations have adjusted upward

* Mortgages are more affordable: due to historically low interest rates, more than 6 million homeowners have refinanced, saving an estimated $150 per month on average and more than $11 billion in total. And more than 2.5 million families have purchased a home using the First-Time Homebuyer Tax Credit.

* Servicers report that the number of homeowners receiving restructured mortgages since April 2009 has increased to 2.8 million. Additionally, nearly half of homeowners unable to enter a HAMP permanent modification enter an alternative modification with their servicer, and fewer than 10 percent of cancelled trials move to foreclosure sale.

* However, the foreclosure prevention initiatives are not intended to help all borrowers and the market will continue to adjust for some time.  The supply of homes on and off market remains near all-time highs.  It will take time to work though this large inventory.

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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.

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.

Don’t Miss This Opportunity to Meet With Your Lender Face-to-Face
It’s FREE!

• Opportunity to meet one-on-one with your lender or a HUD-approved housing couselor to discuss options to avoid foreclosure.
• Information and assistance on the Obama Administration’s Making Home Affordable Program.

For more information about the Making Home Affordable Program, call P. 866 910 7065 or email am@ioannoulaw.com

Wednesday, January 27, 2010
1:00 p.m. – 7:30 p.m.
Harborside Event Center
1375 Monroe Street
Fort Myers, FL 33901

Friday, January 29, 2010
1:00 p.m. – 7:30 p.m.
Coral Springs Marriott Hotel
Golf Club & Convention Center
11775 Heron Bay Boulevard
Coral Springs, Florida 33076

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

• 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.

The Treasury Department announced the eligibility and requirements for the Home Affordable Modification Program (HAMP). Under HAMP, servicers apply a consistent loan modification process to provide eligible borrowers with sustainable monthly payments for their mortgage loans.

This Supplemental Directive introduces the Home Price Decline Protection (HPDP) incentives. This initiative is designed to encourage modification of loans in markets hardest hit by falling home prices.

The HPDP initiative provides owners with additional incentives for HAMP modifications of loans on properties located in areas like Miami where home prices have declined and where home owners are concerned that price declines may persist.

HPDP incentive payments will be linked to the rate of recent home price decline in their respective housing market, as well as the unpaid principal balance.

For more information see a loan modification expert in your area.

The new Obama Loan Modification Program can be a lifesaver for many homeowners. However, knowing how the program works, learning the ins-and-outs and the associated requirements can be a frustrating experience.

As an example, if you are not up to date as per MBA calculation at the end of your trial period, the foreclosure process will continue with the selling of your home. This isn’t something you want to manage on your own, because the risks are too high. A good first step is to contact a professional for FREE assistance. After the consultation, if they have found errors in your loan paperwork or deem your case has hardship potential, the consultants will refer you to a trusted adviser or legal counsel.

To learn more contact us at

Forensic Loan Audit
Adam Mukadam
2713 SW District Ave
Port St Lucie, FL 34953

P. 866 910 7065
am@ioannoulaw.com