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.

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.

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.

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

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.

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