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50% That Got Mortgage Help are Behind One Year Later?

Reading an article in the Orange County Register, I was surprised by the report. It states that the borrowers that got help have fallen behind in payments 1 year later. total of 50% of the homeowners with loans modified in the first half of last year had missed at least two payments a year later reported by Office of the Comptrooler of the Currency and the Office of Thrift Supervision. O.K. that looks real bad!

The homeowners didn't really get any help! The group they are talking about either had their mortgages lef the same or increased. They didn't get any reduction in interest and their payments went up.

DAAAAAAA! They are behind again, go figure!

The ones that had their interest lowered and payment adjusted did a lot better, 33% failed in this group. The 33% found themselves back in trouble from other problems hitting them, like job loss, medical or family breaking up.

There is no data that can say whether the Obama administration's plan is going to work or not. It had a slow start but is doing better in the resent months. We can only hope and pray that something works so we can move on

Valorie Stover , Specializing in YOU!

Posted by Valorie Stover, SFR Realtor, for Mission Viejo, Lake Forest and Vicinity on 10/01/2009 06:42 PM

Comments (4)

Market Report in the Mortgage / Finance Channel

mission viejo ca, real estate mission viejo, mortgages, financial, foreclosures

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4 Comments on 50% That Got Mortgage Help are Behind One Year Later?

OCT

We are really in a sad state of affairs. I feel for those who have lost or are in danger of losing their homes. It seems obvious to me that folks are doing whatever they can to just hold on (including attempting to stall foreclosure in the hope of a miracle). I agree with your closing sentence.

This isn't really unexpected, is it?

If the modifcation doesn't actually MODIFY the terms of the note, it won't do any good!

I agree with you, its a big DUH! moment for the financial industry, eh?

If homeowners are going to be helped, and stay out of foreclosure, we need to be able to get them REAL help! They need rates dropped, delinquencies rolled into the loan, and terms extended. In some cases even principle forgiven.

For Example: I have a client in Delaware for whom I represented in obtaining a modification from his bank. Unfortuantely, this homeowner did not qualify for the Making Home Affordable Program, and the bank was unable (unwilling) to look at other solutions to this homeowner's problem. After escalating this file to their Executive Resolution Office, and speaking with the actual Investor who held the note, I was able to obtain a modification that TRULY works as a solution. Initially this homeowner was paying $1500.00 (including escrows) per month on a mortgage that is completely upside-down. Now after making his first payment (and no contribution was required by the way), this homeowner is now paying roughly $625.00 per month, for the remainder of the term of his mortgage! To make this even more difficult to believe, this borrower and his wife hadn't made a payment on their mortgage in over 3 years (due to stall techniques suggested by an attorney, including a BK that got dismissed)!

Admittedly, these drastic modifications are few and far between. But what is the likelihood that this homeowner will default on this loan in the near future? Barring any extenuating circumstances, I feel confident in saying THIS is the type of solutions EVERY homeowner should be getting if we truly want to help fix this great bubble burst we are experiencing.

Just an example of how SOME are getting what they need while MANY are getting shoved to the sides. I only wish I had the ability to HELP everyone like I was able to help this homeowner!

Gloria, with crossed figures we wait!

Walter, your clients a very lucky that they came to you for help! Wish there were more answers for others.

DEC

Assist in getting Your Clients Home Loans Reduced to Current Appraised Value Guaranteed – We have helped more than 2000 homeowners so far, would you like to help a few yourself? (National)

Our Office is seeking professional folks who would like to help spread some good cheer (for a Change) to homeowner’s nation-wide.

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· Homeowner must have monthly income

· Homeowners have no more than 50% Debt to Income (DTI)

· Homeowner must owe at least 25% more than their home is worth (125% LTV – Loan to Value) so their current appraisal must be 75% or less than their existing mortgage balance.

· All types of Credit qualify

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· Up-Side Down

· Loans - current or behind

Structure of ‘New Note’

· 30 year fixed at approx.

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This is an amazing program for anyone wanting to save their home and reduce their principle to the appraised value needs and wants it. Program is good anywhere in the USA.

Real Example of a couple whose home was about to be in a distressed situation;

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The Program saved $290,000 on what they owed!!!! And reduced their payment by $1640 a month!

How would that change your life? They have since sent six other families to do their loans.

Once you start telling people about this, word of mouth spreads like wildfire. This does not affect the homeowner’s credit in anyway; they do not owe the DIFFERENCE as income or have to claim it on taxes.

If you only told people you know about this, you'd have more work than you know what to do with, if you market it, you'd have too much work! Your job is to explain the program, provide homeowners an information packet to fill out and turn them over to us to finish the process.

This program is attorney driven; the fee to do the program is $3895.00 no matter what the Homeowner’s ‘New’ loan amount is. As a consultant you earn a $1000 commission on each completed file + 1.5% when Loan Closes (60-90 Days).

This is a Fantastic Program! Finally we can help those who are in a distressed situation that want to keep their home plus we have a 100% MONEY BACK GUARANTEED!

Contact my office and I'll give you more info and help you get set up submitting 10 files a month which would be $10,000 a month, plus the back end when they close.

You may also contact us if you’re just looking to reduce your own mortgage. And yes, if you sign up as a consultant you may do your own home, WOW-what a great way to spend time - Helping others every day.

Commission Based: $1000.00 per complete file submitted + 1.5% when Loan Closes (60-90 Days)
Telecommuting is ok.
Part-time opportunity.
Perfect opportunity for individuals with disabilities
Principals only.

Please do not contact us about other services, products or commercial interests.

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