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Urgent NEW info: Distressed Home Owners / Seller's - Follow these Steps to Avoid Foreclosure and "Modify your Loan" - Effective Immediately - It's LAW!
This is NEW information.  They must work with you if you meet the 3-requirements below and follow the 4-steps below, and submitt a letter (sample below) or they are breaking the LAW.    Please pass this information on to your Distressed Homeowners and/or Sellers. This is effective IMMEDIATELY! Most distressed home owners are not aware that they have this option. There is already a "Bailout" for home owners that was made into LAW on June 30, 2008.  As you know from several of my other Blogs we have been trying to find out how and where  to direct distressed Home Owners / Seller to get this help.  Finally, after 3-months, I believe I have the info we need.
Below, I have itemized the specifics and "HOW TO's" for Sellers to use this New Law,  Section 1403 of the New Housing Bill (HR 3221).  It requires Mortgage Services to modify loansfor homeowners and help them AVOID FORECLOSURE as long as certain requirements are met.  This law requires servicers to act in the best interest of all their investors and obligates them to modify the Home Owner's loan if they can afford the modified loan terms and if the lenders are likely to recover more for their investors by working with the Home Owner than by going ... more

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