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23-Aug-2010

Posted by : Mike Rockwood

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Notice Of Default? Now What?

Category : Bankruptcy

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If you are one of the over 100,000 American homeowners to receive a Notice of Default last month – well, at least you are not alone! The Notice of Default (NOD) is the official start to the foreclosure process. It probably was not a surprise to you, as it usually takes about 90 days of delinquency before it is issued. But, it’s always a shocker, and never a welcomed event. This foreclosure process that you are now in will protect you even while it humiliates you.

Don’t bother being emotional about it. It’s a waste of valuable time. Rather, view it as an opportunity to negotiate a workout that will really work for you and your family. To stem the rising tide of foreclosures, the federal government has pressured banks to modify hundreds of thousands of mortgages. Unfortunately, the banks are not cooperating, as we all know and the time and effort involved in getting a mod is onerous. And, many, if not most of trial modifications are not being made permanent. Still, you do not need to settle for anything less than a real fix. Get a mortgage modification arrangement that you can live with through the next few tough years and into the future as well.

Everyone who get an NOD asks:

What do I do next?! How can this get any more embarrassing? What are my options? What are others doing? Who can help me?

Good questions! And, understandable. But, also ask:

SHOULD I keep this house, with this mortgage? What are the tax implications of some of these workout options? How can I minimize the negatives on my credit report? Is there a way to be protected from recourse – being sued for any deficiency (shortfall) in my foreclosure workout? What are others doing to get through foreclosure better-off than before it?

You feel like your situation is unique, but there are tons of similarities to what millions of other are going through. So much so, that you will do well to hook-up with an active, knowledgeable and trustworthy lawyer or loan modification consultant to help you succeed. The advice that is suitable for the masses…is just too watered-down to do you any good beyond just “getting in line” with everyone else. You need the advice of someone who is succeeding at modifications every day.

Want to find out more about actually getting Mortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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13-Jul-2010

Posted by : Mike Rockwood

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8 Tips For Mortgage Modification Success

Category : Bankruptcy

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High School physics to the rescue! Let me tell you how inertia…in this case, file inertia…can help you get a mortgage modification.

File inertia is a term I coined after observing hundreds of mortgage modification applications (aka “files”) processed by banks. My acute observation and deduction capabilities led me to postulate this breakthrough principle! So, in the spirit of all great “scientific discovery” I will share it with you.

Applications (files) that are moving tend to remain moving. Files once stopped, tend to stay that way. It seems like a “blinding glimpse of the obvious”, no?

Here is how an appreciation of this new principle can help you help your family. There exists a force in mortgage modification process that is acting upon every application, slowing it down or stopping it altogether. This “drag” is the fact that the banks are overwhelmed. They have been for 18 months and it’s not getting better any time soon. So, the system is biased towards rejecting your papplication for any available reason and sending it to “rework” for updated information, missing docs, missing signatures, missing signatures on missing docs…Whew! Here’s how smart applicants deal with file inertia.

Your application has to be letter-perfect. Not only do you need to provide all the required info but you must also organize and present it in a way that is clear to an inexperienced and barely trained bank employee. You can hardly blame the banks…when was the last time YOU tried to hire/train 1000 people per month?Missing documents, unsigned 1040s, expired 4506-Ts and inadequate income documentation make it vulnerable to rework. Beyond that, even simple things like lousy copies, missing bank statement pages and illegible hardship statements can send your application to the rework heap.

Take advantage of file inertia. Make you application perfect by:

1. Document Income correctly and show verification clearly. Include, notarized self-employment Profit and Loss Statements, include annual award letters for SSI and EDD income, show how you calculated your monthly gross amounts and how you calculated YTD 1099 income.

2. Show rental property correctly. This is especially important if you are applying for a HAMP modification on your primary residence.

3. Be certain your front-end Debt-to-Income ratio is right. Calculate this as the total monthly payment on the 1st mortgage divided by your gross household income. It must be higher than 31%.

4. Be sure your back-end DTI (total indebtedness as percent of gross household income) is no higher than 70%. Any higher and you will get bumped (or, at least reworked).

5. Get your credit report (it’s free annually at www.annualcreditreport.com). Make sure all current debts are accounted for.

6. At the end of your budget – after income taxes, debt payments and costs-of-livingyou should have about $0 left each month.

7. In order to be reviewed, seriously reviewed, you must be in default. Most require that you be more than 60 days late before they send your file to the collections department. That’s where you want it to be in order to get considered for a modification.

8. Make it easy to understand. Put it together like you are there presenting it with a cover letter, a table of contents page, with notes to clarify things, etc.

Do these eight and you will capture the power of file inertia instead of falling victim to it. It can help you get through the Mortgage Modification process successfully and in a reasonable timeframe.

Need more “insider tips” to get Mortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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12-Jul-2010

Posted by : Mike Rockwood

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Villains Are Rich AND Poor

Category : Bankruptcy

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Millions of homeowners had high-paying jobs and lots of savings and lots of home equity when this economic mess started. Congratulations. And, a special “shout out” to those of you who still do.

But, millions of other American homeowners had not achieved such a lofty place financially when the recession hit. Some of them are young and just getting started on wealth-building. Some are less fortunate, less well-connected. Some are in the midst of personal problems such as divorce or death in the family or are sick themselves. Some of these folks are distracted form wealth-building by interests such as church or the environment or helping victims of domestic abuse, etc. Some just have vocational priorities like teaching or preaching, that don’t pay very well.

And millions of other American homeowners participated in a horrendous and shameful scam that foolishly, greedily and sometimes fraudulently enabled them to borrow more money from the rich than they should have been able to. These “shameless” Americans not only used that money to purchase dwellings near and even in “good” neighborhoods way above their classbut then had the audacity to actually move their families into them! Everyone seems to agree that these “idiots” should lose their homes and go back toI don’t know, wherever such people rent. Foreclosure is ideal to facilitate this transition (I hope you recognize that I’m kidding!).

Heroes and villains abound in all three groups. I work as a foreclosure consultant so I get across the table and on phone consults with thousands of American homeowners in trouble. The vast majority in all three groups are heroes. Americans just trying to extend our heritage of restlessness and hope for a better life for our families.

I bristle when I hear the industry pundits pander to smug viewers by attacking the members of the financial lower class. Certainly there are as many housing crisis villains in the wealthy upper-class as in the struggling lower-class.

So, let’s keep after bad guys as we clean up this housing mess. But, let’s be nice. After all, even the villains in this story bought homes with the booty. It’s not like they – well, you know lots of bad things that you can do with ill-gotten gains.

Need more nformation about foreclosure workout solutions and getting Mortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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01-Jul-2010

Posted by : Mike Rockwood

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Mortgage Modification Rejections Are Good, Hope For A Mortgage Modification Rejection, Please Reject My Mortgage Modification Application!

Category : Bankruptcy

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Rejection has become a way of life to applicants for mortgage modifications. The lenders have made very little progress in improving process performance in spite of over 18 months of financial incentives from the Obama Adminitration’s Making Homes Affordable Modification Program (HAMP). Applicants, even very well qualified ones, get rejected routinely.

These days, rejection of your mortgage modification is a very good sign! Of the modifications that we have successfully mnaged for clients in 2010, not one single application was granted without a prior rejection. You read that correctly – every one of the modifications I have completed for clients in 2010 has been rejected before being accepted. Even applications that initially were grantedTrial Modifications resulted in a rejection of the permanent mod before final acceptance. Some of them were rejected as many as three times before being granted! Wow!

The application process alone is daunting. Then, weeks of follow-up is required to keep the application on-track. Now, in addition, homeowners must also become expert at overcoming the rejection objections that lenders throw in their way. That means being able to tactifully escalate problems to supervisors, managers, directors, VPs, and CEOs. That means being able to mobilize local congresspeople, regulatory agencies and even the press! It’s a challenge!

But, stop whining. If that’s the way it is we just have to deal with it. The list of reasons for rejection include: “Your loan investor’s not participating in modification programs”, “You failed the NPV calculation”, “You make too much”, “Your income is too low”, “You have too many assets”, “Your 4506-T has expired”, “Your Ratios are wrong”, “You did not provide updated docs”, “We need a note from your mom (O.K., I made this one up!)”, ad infinitum.

Sure, all of these can be valid. But, often they are simply errors resulting from lender mismanagement of the application or are blatantly untrue statements that delay or stop the application process prematurely. If the borrower does not persevere it means the end of the application and a tragic conclusion to a family’s hope for assistance. So, when you get rejected do not give up. At least you’re not being ignored! Immediately get a precise explanation of why your application is being rejectd. Go through agents and escalate to a supervisor if you must to get a straight answer. Then, address the issue. Supply the missing doc or sign the updated form or correct the data entry error on your income (No, it’s not $85 per month. It’s $8500!) or do whatever it takes to get it back on track. Request reconsideration when you submit the information or correction to the agent. If you have submitted a good and accurate application upfront, you will eventually be granted mortgage modification.

So, don’t be dicouraged when you get rejected for a mortgage modification. It’s significantly better than getting the dreaded “Your application is under active review and no further action is required of you at this time. Please call back in 10 days”. Oh, it’s even hard for me to write those words! Rather, take the rejection as encouragement that you are actually getting some traction and will likely get approved very soon. Takes a lot of perseverence, eh?

Need more street-smart advice about succesfulMortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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19-Jun-2010

Posted by : admin

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2010 Debt Relief and Money Saving Strategies For Consumers In This “New” Economy

Category : Debt Counseling

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Product DescriptionDo you want to learn how to save money and pay down your debt at the same time. Then this book is a must read for you. There are 16 money-saving strategies listed that will guide you and your family into the good habit of saving money, and you can put them into practice right now and start your money saving plan. Along with the easy and practical money saving strategies you will read all about what to do with your high interest credit cards and debt. Find . . . More >>

2010 Debt Relief and Money Saving Strategies For Consumers In This “New” Economy

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17-Jun-2010

Posted by : Mike Rockwood

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Loan Modification Tips – When To Escalate

Category : Bankruptcy

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You won’t get a loan modification by waiting in line. It’s just too long. Get “out-of-line” by following my advice.

In the current Loan Modification Frenzy, the “line” is too long. Hundreds of thousands are in the queue ahead of you with more than 50,000 added per week. The banks can’t staff and train and manage and retain nearly enough workers and the systems and procedures are overwhelmed as well. Add to that the fact that the banks are only begrudgingly cooperating with the effort – and you have a formula for frustration and failure.

Only 4% of us, at the front of the line are getting good modifications. so, let’s continue to figure-out just what theyare doing and copy it! In several recent articles I’ve described the way the winners construct their applications and follow-up on their files to leverage “File Inertia”. Let me now describe how they escalate problems when they occur.

Because problems are an inevitable part of such a convoluted and broken process, effectively dealing with them is critical. I advise you to 1) Ask 5 Times, 2) Escalate Well and 3) Escalate Well Beyond.

Ask 5 Times – Handling common problems is easy. If they misplaced your 4506-T Form, send them another one. If they want 3 months of bank statements instead of the 2 their forms statesend it in. What I mean by Ask 5 Times is, when you get information from the agent that is just wrong, and you can’t seem to get them to perceive itI call back and try another agent, 5 times. That’s right, it’s not worth it to try to prove your point and sometimes the agent is just not savvy enough or trained well enough to understand your question or concern. If I can’t get 5 agents to give me the “right” answer, then I ESCALATE.

Escalation means going up the chain of command. It means requesting that a manager or supervisor review the situation with you. Be sure to do this politely to minimize the snub to the agent but be firm. Simply say (to the 5th agent) “Please connect me to your supervisor, will you? This matter is ust too important to me to let this go. I want to hear it from a supervisor”. Sometimes the agent will obligeand other times the agent will argue with you. I believe that sometimes too, agents will ask their co-worker to pose as a manager for the call. It may happen that the manager will have to call you back. Don’t hold your breath. Occassionally you will get lucky and a well trained and well informed manager will get on the line and provide some real vaue.

Escalate Well Beyond the Loss Mitigation Department. Perhaps departmental rules or guidelines have to be altered in your case. Often the individual departments do not have the authority to make exceptions. You should seek assistance and support from other departments, or from bank executives, regulatory agencies, politicians, trade associations or, maybe even the press. Don’t think that your problem is too small for any of them to care about. The secret to winning their support is to ask for it in a way that indicates you 1) have used all the correct channels already, 2) understand their role and have appropriate expectations for what they can do to help, 3) know specifically what you want them to do and 4) that you are the type of person who will not stop escalating if they fail to respond.

These Escalations Well Beyond are incredibly effective. Recently one client was assisted by the CEO of Aurora Loan Servicing, another by a local Congressman’s plea to the OTS and a third by a U.S. Senator! Who’d a thunk it?

We’re all in this together (well, many of us are at least). And getting help is often just a case of knowing who to ask and what to ask for. Most people are genuinely sympathetic to those of us caught in the housing crisis. After all, it’s nearly most of us.

Rockwood, dubbed the “Loan Mod Mercenary”, has helped thousands get great loan mods despite the odds. ? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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15-Apr-2010

Posted by : Sally Depp

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Costs Of Credit Cards Consumers Don’t Think About

Category : Bankruptcy

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When it comes to credit cards, you can find a variety of costs that are not considered by consumers. These expenses may not be considered by consumers, but it is important to keep in mind that numerous of these expenses could be costly and consequently it is important to make sure that you simply use the card wisely and avoid these common fees that are charged to users that often take advantage of credit.

Over Limit Fees

Over Limit Fees are those which are charged to the credit card when the customer finds that they’re over the credit restrict. These fees could be as much as thirty five dollars. This can add up, as the fees are frequently charged for each month that the consumer is more than the credit restrict. To prevent getting more than the credit restrict, make sure that you make payments to reduce your debt and ensure that you are well-under the limit.

Late and Missed Payment Fees

Staying away from late and missed payment fees can not only help you save money when it comes towards the fees that are associated with the card, but it can also help you save money when it arrives to shop around for a new card.

Annual Fees for Membership Based Cards

With hundreds of choices which are obtainable when it comes to choosing a credit card, you will need to realize that you have choices. There are numerous cards which are obtainable that have just as numerous advantages as paid membership cards that can save you upwards of one hundred dollars each single year, as this is the average cost of paid membership type of cards.

Currency Exchange Costs

Whilst shopping on the internet, or utilizing your card in an additional country, you will need to keep in mind that the exchange fees for the credit card are built into the price. As well as the exchange fees getting built into the price of the items which are getting bought, you can find often charges that are found on the credit card from the card company because the transaction is taking place outside of the regular currency of the account.

For more FREE information on credit card relief or visit credit card debt relief

categories: debt,debt consolidation,debt settlement,debt negotiation,credit counseling,credit,credit card,credit card debt,debt management,finance,debt relief,bankruptcy,money,economy

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12-Apr-2010

Posted by : Sally Depp

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Tips On Choosing A Good Debt Counseling Service

Category : Bankruptcy

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Debt counseling services are companies that provide information and personal finance advice to individuals that can’t afford to consult a private finance advisor or those which are seeking information to much better their financial future.

What should you keep in mind whilst selecting a debt counseling service? Here are some tips that may help you choose the right debt counseling services for your needs:

When selecting the debt counseling service it is essential to choose a service that’s applicable towards the financial situation. The debt counseling services are frequently provided free of charge and are consequently suitable to a variety of financial situations but you can find others that offers more extensive services and support throughout the procedure of debt repayment for a small fee. Taking into account the financial scenario can assist to determine which financial providers are right for you.

There are lots of points that you simply can learn through the first appointment using the professionals at the debt counseling organization. The first aspects that you can understand are the plan in which the expert has created based on the info which is provided towards the personal finance expert. Most frequently, the consumer will provide the organization with info regarding their debt and assets, too as other financial obligations, savings and goals and also the debt counseling representative will create a plan that’s based upon the information that’s supplied.

Via the very first appointment with the debt and credit counseling organization there is a strategy which is revealed from the financial situation that has been presented towards the debt counseling providers. It’s important to bring all info and documents towards the first meeting, as this can assist the representative to come up with a plan and financial tips that can help you to much better your financial situation. Making a list of all outstanding debts, interest rates and assets as well as ideas about how to find a lot more money within the budget is definitely an effective way to be prepared for the appointment. Being ready for the appointment is the easiest way to see results from the providers that are being supplied.

Click here for more FREE information on Debt Consolidation Non Profit or visit http://www.settle-debt.com/debt-consolidation-non-profit.html

categories: debt,debt consolidation,debt settlement,debt negotiation,credit counseling,credit,credit card,credit card debt,debt management,finance,debt relief,bankruptcy,money,economy

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10-Apr-2010

Posted by : Sally Depp

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How To Choose The Right Debt Service

Category : Bankruptcy

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Do you find yourself dealing with high amounts of debt and you’re unsure where to begin with a repayment plan as well as a budget that can facilitate the debt repayment? There are lots of ways that you can learn about the various debt repayment services or debt counseling providers such as researching via the internet as well as utilizing the first consultations which are available via companies to figure out the choices which are available and the best choice that can be created.

What are some of the things that you simply should think about when choosing in between the various types of debt providers that are available to choose from? Here are a few of the aspects that you simply should consider when selecting a debt repayment program through the services that are available:

Firstly, determine what kinds of providers that is required to your personal scenario. In the case that you’re able to manage the debt yourself and negotiate with credit card companies and other creditors and simply need information when it comes to creating the spending budget, debt counseling providers are available to provide information to the customer.

To supply more of an aggressive repayment plan there are providers that can be utilized that are meant to take control of the finances via a monthly payment that’s made towards the debt management company and this payment is controlled through the company and allocated to the numerous creditors. The debt management organization controls the payments that are made but they also have the power to work out with creditors.

Learning the differences between the two types of common debt providers which are available, in between those that are directed by the consumer and those that are directed by the debt management organization can help to figure out which type is best for your financial scenario.

Asking questions when selecting in between the various types of debt providers which are available can be an effective way to figure out which is right to your financial situation. Utilizing very first meetings and consultations to obtain insight through these meetings could be the most effective way for you personally to figure out the plans that are being presented in addition to obtain insight to which is the best option for you.

Click here for more FREE information on non profit debt consolidation or visit http://www.settle-debt.com/non-profit-debt-consolidation.html

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09-Apr-2010

Posted by : Freddie Daitatt

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Things To Think About When Refinancing Your Mortgage

Category : Bankruptcy

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Refinancing the mortgage enables the homeowner and also the lending institution that has granted the mortgage to make new terms inside the loan, including a new interest rate, a new time the term of the loan and even a brand new agreed upon payment per month. Even though refinancing arrives with numerous potential advantages it is important to consider all aspects of the loan before making a decision.

It’s essential to investigation every angle when making decisions about your finances – particularly when it comes to financial purchases for one of the largest and most costly loans that a person is going to take advantage of in their lifetime.

What are some things that you simply should consider prior to refinancing the mortgage?

Think about the expenses that are connected with refinancing the mortgage. There are particular costs which are associated with the refinancing process. First, the customer should consider any fees but they should also take into account the actual refinancing costs. These actual refinancing costs can be as much as several thousand dollars.

In the case that you simply extend the mortgage length to refinance the term of the mortgage, you are able to lower the payments, but this means that you should repay the mortgage for this much longer. It is essential to think about all aspects of the financial choice before making the choice. Learning about the advantages and drawbacks of every option can help you to make the right decision for your personal finances.

In some instances, the money that could be saved by producing the choice to refinance the mortgage is less than the cost of the actual process to refinance and consequently investigation can save you money.

How can you learn about your options when it comes to refinancing the home loan? Understanding about your choices could be as simple as making a scheduled appointment with your mortgage broker or the representative that you’ve met inside the past, via your financial institution. They can often provide you with the answers to your questions and advice about how to make the most of the individual finances, as well as advice which can assist ensure that you are prepared for the future.

For more FREE information on credit card debt consolidation loan or visit http://www.settle-debt.com/credit-card-debt-consolidation-loan.html

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