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Experienced New York & New Jersey bankruptcy attorney tell you how you may be able eliminate your second mortgage in a Chapter 13 Bankruptcy.

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Foreclosures in New Jersey are skyrocketing as well as across the nation. Home prices are declining while payments to the lender remain unaffordable to many families. In this video, Fredrick P. Niemann, Esq., a New Jersey Loan Modification and Foreclosure Defense Attorney discusses whether loan modifications are an appropriate alternative to foreclosure. If you are behind in your mortgage payments or are looking for relief from high interest rates, this is a must video for you.

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http://realestatemarketingthisweek.com – New Fannie Mae Streamline Loan Modifications may do more harm than good

Part 5 –

We do realize that there are situations that people are in that they want to be out of and we want to move past. We have back in the studio, the author of Real Estates Future also the author of The Foreclosure Sharks white paper, a fantastic manual that he has put together that you can get for free. Dan Havey thank you very much for coming back. You can get a copy of the white paper The Foreclosure Sharks at http://mortgageanswerman.com.

So Dan I know that you have brought the just recently released new Fannie Mae, Freddie Mac guidelines, with their streamlined modification process. This is the kind of thing where the consumer can go and do-it themselves, right?

Yes, except that we would certainly advise against that. These are the guidelines that Fannie Mae came out with; they are effective as of a couple weeks ago now. But with Christmas and the holidays I dont think a whole lot of people have figured out what this is all about yet. So as we said in the last segment the guidelines that they have come out with here, and what I have is a print out but I dont know that this is the whole thing because I have heard some commentary on this that actually says that it is much worse then I am about to relay to everyone on the air.

I am just going to pick out a couple points about this and then I will let Michael laugh about them because some of these things are just crazy in the fact that it doesnt really help the home owner and I also dont think it is going to move us past the conditions we have to get people some really good loan modifications, the kind of loan modifications that we are talking about where you actually employ an attorney to help you with your loan modification.

The reality of it is we need to get through this mess we dont need to stave it off, push it out further and in my opinion that is what this does. That is exactly what is going on here, there was an article I was reading by Fitch, which is one of the major bond rating firms and that is exactly what they said. They said that the alt-A arms are all coming back to roost now, I think the default rate was over 14% on all alt-A arms, being at least 90 days past due. And the comment in the article was something like, well we havent really seen a lot of losses from it yet and then it said in a caveat at the end, and we think its because they are not really foreclosing on any of these guys yet, so that is why they havent seen any losses. Well if you keep pushing it off into the future eventually you are going to have to see some of these losses.

We have the same thing here with Fannie Mae, which I think it is just another band-aid; it is not going to really solve the problem. First what they have here, and this one is pretty benign, that once they give you the new mortgage payment you have a three month trial period. If you make the payments during that trial period they let you keep the modification. So that one is not so bad.

The next one says that the qualified borrower cant be in litigation, bankruptcy, or have an existing work out plan, and you have to be at least 3 months behind or in foreclosure in order to be eligible for this streamline.

Ok I get to comment right? SO basically what Fannie Mae and Freddie Mac just told everyone, according to this that I am reading right here, Fannie Mae and Freddie Mac just told you to be 90 days late on your mortgage. That is exactly right, they said that the only way they were going to be able to help you was to be 90 days late on your mortgage.

So I have been, over the past several months, heck Dan you helped us put together the package, you are the cofounder of the modification hotline and I am on the radio every week when we do a little blip about load mods from time to time, saying dont trust anybody who tells you to be late on your mortgage. First of all no loan professional, no mortgage professional, no loan modification specialist will tell you to be late on your mortgage, however, Fannie Mae and Freddie Mac just said you need to be at least 90 days late on your mortgage if you want them to help you.

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http://www.SaveMeFromForeclosure.com is the nations leading foreclosure prevention expert. If you are a homeowner in default we can help you stop foreclosure and avoid foreclosure on your mortgage and your home and house. You Have Options & We Can Help is our slogan, and you can get free foreclosure help. We can help you stop foreclosure and save or keep your home, or we can help you avoid foreclosure and sell your home fast.

If you are behind on your mortgage payment & want to save your home from foreclosure & keep it to avoid foreclosure, http://www.SaveMeFromForeclosure.com will suggest an attorney backed loan modification. A loan modification is a great way to stop foreclosure. It can help you reduce your interest rate, the principal balance on your loan, or sometimes even both.

To see if you qualify for a loan modification and to get a free, no-risk, no-obligation analysis of your mortgage situation, visit http://www.savemefromforeclosure.com/questionnaire.php or call us toll free at 1-888-472-8380 so we can help you stop foreclosure fast and you can avoid home mortgage foreclosure.

If you are behind on your mortgage payment & you want to sell your home fast, even if you have no equity, or you owe more than your home is worth and need help with a short sale, http://www.SaveMeFromForeclosure.com can you help you. We can help find a buyer for your home, or negotiate a short sale with your lender so you can sell your home fast without having to bring any cash to closing.

To get started with a free, no-risk, no-obligation analysis of your mortgage situation if you need to sell your home fast, visit http://www.savemefromforeclosure.com/questionnaire.php or call us toll free at 1-888-472-8380. We can help you avoid bankruptcy & we can help you stop foreclosure fast so you can avoid home mortgage foreclosure.

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http://realestatemarketingthisweek.com/taxes/arizona-is-not-a-recourse-state-so-chances-are-you-will-not-owe-1099-c-income/ – Arizona is not a recourse state, so chances are you will not owe 1099 C Income –

Part 6 – In Arizona, typically its not a recourse state, so if they are telling you that theyre going to garnish your wages because you didnt pay back your entire mortgage, there is a local bank ,that was threatening a very good colleague of ours about a small second mortgage that person had taken out. Threatening to send it to collections and garnish her wages. It simply isn’t going to happen.

But nevertheless, there is still the tax implications that apply, if you need to navigate through this maze. There is a lot to it, you need to protect yourself. You talked about bankruptcy is one of those exclusions, right? One of the problems with bankruptcy is people dont understand the bankruptcy laws. They are so tight now and your feet are really held to the fire from the federal government right now. It’s not like you just didn’t make your mortgage payment, so you go file bankruptcy, it’s just not realistic. Assuming bankruptcy is the last resort option for everybody. And we certainly want to avoid that, it would not be sound financial advice from any credible source that I can think of.

Let’s walk through a case scenario, somebody who is listening to this broadcast, their head is spinning right now, they’re thinking, oh my gosh. I should have known about the tax implications, a short sale versus loan modification. Let’s start at the top and work through a quick scenario. And then we’ll point out the specifics of what they should be considering right now.

For example, we talk about this all the time and to your credit Michael Barnes and to Velocity Financials credit, you were early in bringing out the loan modification for people who were in a distress situation regarding a mortgage, maintaining or keeping up with the mortgage payment. So you started going down the path where the refinance started to become a much more difficult option, with new constraints and all the other factors that led to part of this economic crisis, a loan modification has become a buzz topic today. Driving to the station today, driving down Camelback Road, I see a sign on the corner. You know, one of those stick in the ground, homemade jobs, that says don’t refi a Loan, modify, with some success rate and the phone number.

Hang on there I want you to say the success rate. The sign literally said, 99% success rate, and it goes back to the point that you made when they say that they can reduce your mortgage principal by tens of thousands, hundreds of thousands of dollars, thats the absolute last resort for any lending institution. Thats not what this is about, so let’s start with that, then we will work on the tax ramifications of how that might work in the overall financial strategy.

I am familiar with the loan modification industry here in Arizona. There is no regulation, unfortunately. We at Velocity Financial work with a national network of attorneys, so if you’re the guy in El Centro California, or youre in Phoenix, or youre in Alaska it doesn’t matter where you’re at. We have someone who is an expert in that field in that state because the laws are different. But without the regulations some person with the ugly yellow sign on the side of the road says he has a 99% success rate, I don’t believe him it’s probably not using an attorney, who knows, dont buy into that garbage. Were going to tell you the truth, if we cant do a loan modification, we will tell you that we cant do it. And if a loan modification is not the best thing for you, you can find the some of these other options… http://realestatemarketingthisweek.com

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News
Why Lenders Cannot Find Mortgage Notes

It seems like the mortgage note would be a basic piece of paperwork a mortgage lender would have readily available. However, with the way mortgages (primarily subprime mortgages) have been sold, re-sold, and re-sold again over the past 5 years the paperwork hasn’t always kept up with the sales transactions. If this is the case with your mortgage company and you ask them to produce your original mortgage note and they cannot, then they may not legally be able to proceed in a foreclosure against you until they can locate the note. If this is the case you may have some time to work something out to keep your home.

Visit http://www.miamiattorneygroup.com or call
(888) 445-2851.

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LegalFaces Directory Law Practice of Carl E. Person Affordable, Experienced Legal Representation by Attorney with Ivy League Training – Trademark, Copyright, Securities, Antitrust and Other Commercial Litigation — and Asset Protection or Recovery Litigation — for Plaintiffs or Defendants in Federal or State Courts. To discuss your problem on the telephone, or to make an appointment to discuss your problem in my office, please call me at 212-307-4444.

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http://realestatemarketingthisweek.com/loan-modification/attorney-negotiated-loan-modification-process-going-thru-the-legal-door/ – Attorney negotiated loan modification process. Going thru the Legal Door –

Part 7 – We have Dan Havey with us talking about loan modifications. This segment we want to talk about the specifics of the actual mechanics of, how does it actually work for the homeowner? Let me just start it off and if you would then explain the back end of how it works. Our job is to determine where you’re at now, be very specific about where you’re at with your mortgage now, what the rate is, what it’s done, those specifics. How much you make? We have to help the lender with one thing which is to establish a hardship which is crucial to this. You can’t be making half $1 million a year paying $5000 a month in a mortgage, they are not just going to lower your interest rate because you want it. There actually has to be some sort of change, financial change, hardship.

We determined that and then there is a significant amount of paperwork involved, Velocity Financial takes care of that for you. We fill out the paperwork along with your help, review all of the documentation, we then recommend be right loan modification, whether it be an interest rate reduction, or extending the term of your loan, waiving some of the balance that you owe which is very very rare. To make sure that once we’re done with this whole process you can sustain and live in that house and be happy forever.

So the process itself really is not that much different than what people went through when they got their loan in the first place. That is correct and it’s kind of funny, this has to be exactly the reverse. There is paperwork that we need to collect on your mortgages, we check the value of the property to see where you’re at and in most cases youre underwater with the value. We dont do an appraisal though, there is no credit analysis, we do review your finances, and these sorts of things but essentially it’s just like doing a loan. What we’re trying to determine is exactly what is sustainable for you.

So what we do at the modification hotline at Velocity Financial is to put together the entire package, just like we do for a loan package because we basically send this to a underwriter, theyre not known as an underwriter they’re known as a loan modification coordinator but at modification hotline we are the first set of eyes. We work with you directly, getting all the paperwork in, getting it put together because we know exactly what has to be in that file, how it has to be stacked, how it has to be presented, before it goes to the loan modification coordinator who works for the attorney.

Then once it is at the attorneys office with their modification coordinator, they take a look at it, they make sure that everything is in there, they make sure that it is a doable modification. This all happens before it is ever presented to an attorney.

There are a whole lot of steps and there is a lot of paperwork. The process like you said is very similar to a loan with the exception that there are no costs of the title company and all that other stuff. Those dont exist, we dont charge an upfront fee, and we do collect a retainer for the attorney. At some point during our process we make our recommendations and we turn it in. Then the attorney does their due diligence and thats where I really want you to explain what happens, what are these attorneys looking for?

Well this is where it completely goes off track, versus what a homeowner would do if they were doing their own modification, because they would do everything we just talked about, they would fill out the paperwork, get together tax returns, pay stubs, whatever the lender wanted and they would present all of it to the lender. Now they probably wouldn’t know exactly how to stack some of the paperwork, and how to calculate some of the things that we know how to calculate, but they would put all that they work together.

Where the difference comes in is once it gets to the attorney because the attorney ultimately wants to get you a loan modification but they can’t just call up the bank and say hey I want loan modification, because he is going to get the same result you did. So what he has to do is he has to go through the file, and he has to look for things like, I am going to use a bunch of acronyms here, he’s looking for things like TILA, RESPA, HOEPA, HUD violations, all these different guidelines that the lender was required to meet while giving you the loan… http://RealEstateMarketingThisWeek.com

Duration : 0:6:47

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http://realestatemarketingthisweek.com – If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney – http://realestatemarketingthisweek.com

Part 8 – So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things.

But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they should consider as they seek advice.

Absolutely, and it’s really important that you talk to each arm of the team. You’re not going to be able to make all of these decisions just by talking to your tax guy, or your mortgage guy. They all need to be on the same page, because one of the decisions by one of the three is going to impact the other two aspects of the situation.

Mike, that’s a really good point. And thats one of the reasons why we work together, Brett and I are working together and you and Brett have been working together for years and the three of us have like ideals and also know for the most part what the ramifications are from any one of our decisions. And we make sure were able to do the very best for the homeowner every single time, whether it be tax, financial advice, or loan modification, or even refinance.

People forget that we talk so much about loan modifications. It’s kind of nice because youre listening to all these lying ads about refinancing and other crap that’s gone on out there But the reality of it is there is still money out there to lent. Were still helping people out with refinancing and refinance is the first thing people should try to do with a bank thats licensed by the federal government to do these types of high loan to value FHA type loans.

You cant muddle through the tax issues without Mike Patenella working with you, and you sure should not be making huge financial decisions without Brett Fallon and his team. So we all work hard to make sure that your ultimate goal is in your best interest.

I know were getting up to the end of the hour the show is about to draw to a close, but to just give people a sense that what were talking about today is the ability to have your personal financial situation accessed. Were going to take a look at modification options or refinance options. If your mortgage is distressed were no longer suits your needs. You’re looking to move whatever it is. We will look at your tax ramifications and Mike Patenella will be happy to go through those issues with you step by step basis. And I would be happy to take a look at your overall financial picture and give you some guidance or suggestions on things that will improve the financial situations… http://realestatemarketingthisweek.com

Duration : 0:6:50

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