On May 1, 2010 the Feds announced they were not only going allow but give lenders a incentive to reduce your loan balance to the market value of your home----so now on June 4, 2010 they now state the May program will start in Oct 2010----
This is a 50 billion program to fix a trillion dollar problem.
So the question is, when should you apply for this limited program----NOW---It is first come first serve!!
It will take lenders 4 to 7 months just to get your loan to an underwriter who will order a appraisal and it a fair bet getting a approval will take a another month or two.
The trick is to get in line---take a number.
Soon 48% of all homes with a loan will be underwater----Many areas are more than that that now.
If the lender lowers your loan balance ---your loan payments will follow----
For those of you not now making loan payments----this should put off foreclosure as per the new rules that you must be denied a HAMP mod before they can have a foreclosure sale. I bet an attorney will need to threaten lenders to make all this happen----
For those of you that are now in the walking away process ----Try this ---- You are not making your payments now---Often the attorney fees are less than a one month loan payment. You might not have to move. Dealing with lenders will make most homeowners crazy and most will lose their homes. Lenders hate attorneys—they know too much---can’t threaten nor panic them ----Lenders can’t call the homeowners and threaten them---take so much of the lender’s negotiating tools away.
Of course a lot of this is just my opinion.
If you are making your home loan payments with your savings or withdrawals from 401s or using credit cards as a ATM—you are in a hole---stop digging ---Thinking some magic income wind-fall will solve your problem, is not a logical financial plan.
We can help you plan out a way off this mess caused by a recession and the collapse of the real estate market. We know of an attorney that threatens credit card companies with a lawsuit and often get 25% to 30% reduction in the balance with zip interest, long term payoff and only take about 90 days.
We have been in the modification business for over 10 years.
You found us because a major TV network or Christian Radio station recommended our firm.
These were not paid commercial.
Jim 800 663 4396
I believe in the golden rule!
Marketplace/Economy: Mortgage Applications Increase as Rates Continue to Drop!
With mortgage rates at a 50 year low, applications have increased by nearly 9 percent.
If you're considering a Home Purchase then now is the time to take action! Check out the "Resource Center" in the left-hand column of this newsletter for an interactive online tool that can help answer just about any mortgage or real estate related question.
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Brian Tracy Inspirational Article of the Month:
Remain Flexible at All Times
Brian Tracy is a world-renowned personal and professional development coach that has helped millions of people achieve their goals and develop a positive mindset. Brian will be contributing to our newsletter every month by providing us with an article to help inspire you, our clients, to reach higher and achieve more than ever before.
Toyota Warns of Engine Defect in 270,000 Cars
Toyota Motor warned on Thursday of an engine fault affecting eight models of its luxury Lexus and Crown sedans, potentially requiring a global recall that could affect up to 270,000 units. Click Here to Read the Article by Yahoo News
Giant, Prehistoric Whale-Eating Whale Found! The massive skull and jaw of a 13-million-year-old sperm whale has been discovered eroding from the windblown sands of a coastal desert of Peru.
Flying Cars Are Just Around the Corner!
While this may seem far-fetched, it may be closer to reality than you think. The Terrafugia car, a small plane that can drive on roads has been called the first “flying car.” Recently it became one step closer to being street and sky-legal.
Click Here to Read the Full Article by Reuters.com
Hate Your Commute? Then Pity Workers in Beijing and Mexico City
If you think your drive to work is bad then spare a thought for commuters in the cities of Beijing, Mexico City and Johannesburg which have come top in a global poll of the worst driving commutes in the world.
Click Here to Read the Full Article by Reuters.com
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YouTube.com Video of the Month:
Did Somebody Say Water Bloopers?
What better way to enjoy a hot summer day than to spend a few minutes indoors, watching others fail miserably at their effort to cool off! Some of these clips will make you cringe! Enjoy the following video and be sure to forward to family, friends, and co-workers! Click Here to Watch the Videos by YouTube.com
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Delicious Recipe of the Month:
Southwestern Quinoa Cakes
If you like quinoa you will love these quinoa cakes! They are full of flavor and a good source of protein. They are delicious hot off the pan and even better served inside warm pita bread with avocado slices, cilantro and hot sauce. You can eat them cold, microwave them, or re-heat them in a convection oven for the best results. Click Here for the Full Recipe by CookingWithMelody.com
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Funny Dumb Criminal Stories of the Month: Funny Dumb Criminal Stories – 3 Instant Classics!
Every month, our dumb criminals seem to get even dumber! These folks can bring a smile to your face knowing full well they've been locked up! Read and enjoy!
