Home Loan Analysis

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.

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.

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

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.

It’s no secret that the economy has seen better days.  Real estate values have dramatically slipped and many Homeowners are finding themselves in a difficult position.

If you are one of the millions of Homeowners struggling to deal with the global recession a home loan analysis may help. There currently is a program that will help close to 4 million homeowners avoid foreclosure and you may be eligible.

Homeowners need to work out an affordable loan modification plan with their lenders, and decide on what kind of assured payment can be made each month without fail, for a long term. This program requires a mountain of paperwork and can be an intimidating challenge for most. However, a home loan analysis is a free service provided by Forensic Loan Audit and can be completed within a few hours. They will help you determine if you are qualified and should continue with the process or suggest other avenues. They can also recommend an Attorney if your case needs the support of expert legal advice.