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Loan Renovator Loan Modification
System
Loan Renovator, the homeowner package,
is a basic, but thorough tutorial on loan
modifications. It takes you step-by-step
through each necessary action to secure
a loan modification. This system was
designed by financial industry
professionals with more than 60 years
combined experience in the areas of
consumer finance, mortgage lending and
loan servicing, you can feel rest-assured
that your financial interests are in good
hands.
This system easily walks you through
the process of loan modification. With
the guidance provided, you fill out all
the necessary questions, which ...
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A 100% money back guarantee on the purchase of the “Loan Renovator”
program.
Congratulations on your purchase! We are confident that if you follow our program,
you will be approved for a loan modification.
To obtain the guarantee, bearer must submit to original seller of the program
a receipt of purchase for the price that was paid, as well as the workout
packet that was submitted to the Lender and the original letter from their
lender stating that their loan modification was denied. Such denial letter must
be on the Lender’s original letterhead or stationary and be the letter that was
provided to the homeowner by their lender via US mail. Faxed, digital, or
scanned copies of this letter are not acceptable as they can easily be altered.
Upon receipt of this original denial letter from purchaser’s lender and a copy
of the workout packet, as well as the entire Loan Renovator package,
complete with all cd’s, dvd’s and software in good working order, 100% of the
purchaser’s investment will be refunded within 30 days of submission.
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 WFB Legal
Consulting |
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WFB Legal Consulting is proud to offer a wide range of real estate services including an unparalleled Loan Modification system as well as Short Sales. Our team of experts has a wide range of experience and can tailor our services to meet your exact needs.
Loan Modification
Do I qualify for a Loan Modification?
Briefly:
- Do you have a source of income?
- Do you have a documented hardship; reduction in income, medical bills, etc?
- Will simply reducing the interest rate to 5 percent and/or extending the term of the loan from 30 to 40 years provide enough relief and equal to 31 percent of your gross monthly income before taxes?
Depending on the solution that you chose for your loan modification you may be able to receive a reduced interest rate below 5%. Experience has shown that homeowners who attempt a loan modification completely on their own without any assistance receive the worst results, if any results at all. Additionally, the Making Home Affordable initiative can modify the interest rate below 5% but they are mandated to adjust up to the prevailing interest rate after 5 years.
Homeowners facing foreclosure may consider loan modification a possible solution but often wonder whether it’s worth the time and effort. Many dismiss the option, mistakenly assuming they can’t possibly qualify for one reason or another – perhaps they already received a foreclosure notice and think it’s too late, they’re too far behind on their payments to ever catch up, or they believe their bank stands more to gain by foreclosing on them.
The truth is that you won’t know whether you qualify until you actually apply for the loan modification and discuss the possibility with us or your lender. The best that this short answer can do is to reveal the types of information the lender is likely to examine in reviewing your application:
- A statement showing your willingness to keep your house. Your lender wants to see that you are committed to a long-term solution.
- A hardship letter describing the event that has made your monthly mortgage payments unaffordable. Hardships can include loss of job, reduction in pay, medical illness, costly medical bills, a sudden and significant interest rate increase on an adjustable rate mortgage (ARM), and so on. This needs to be from 1 to 1 1/2 pages long and be detailed. This is the most important document you will present.
- Your ability to afford a reasonable lower monthly payment. Lenders have all sorts of ways to lower your monthly payment, including dropping the interest rate, spreading payments over a longer time period (say 40 years rather than 30), reducing the balance due, forgiving late payment penalties and fees, and rolling missed payments into the balance due. If the lender is unable or unwilling to reduce the monthly payment to an amount you can afford, you won’t have a successful loan modification – nor would you want to. Please note that it is extremely rare for a lender to reduce the principal on your loan. Lenders will typically encourage you to Short Sale your home if you are upside down.
- Supporting documentation, including W-2’s, current credit report, pay stubs, federal income tax returns, bank statements, and so on.
To determine whether you qualify for a loan modification, most lenders are going to take a close look at your front-end debt to income ratio (DTI) – your monthly Principal, Interest, Taxes, and Insurance (PITI) divided by your gross (before taxes) monthly income.
Front-End Debt Ratio = Total PITI / Gross Monthly Income
If your front-end DTI is currently at or below 31 percent of your gross monthly income you need to calculate your back-end DTI. You may still qualify for a loan modification if your back-end DTI is above 55 percent. The back-end ratio consists of all your debt payments (including house payment, car payment, credit card payments, and so on). If you have a high back-end DTI your lender may be willing to modify your loan after you have completed a credit counseling course.
Although your lender may have different guidelines, the FHA recommends that your back-end ratio not exceed 41 percent and your front-end ratio not exceed 29 percent. This is a pretty good guideline to follow in determining whether your new, lower monthly mortgage payment will be truly affordable.
A more conservative approach to calculating debt ratios is gaining some support. It involves generating the DTI using net pay instead of gross pay – in other words, basing the calculations on your take-home pay. This makes sense – after all, the only money you really have to spend is your net take-home pay, not your gross pay. You probably won’t see this new approach gain nationwide support, because it would further tighten lending restrictions and disqualify many would-be borrowers, but it is out there and something to be aware of. Personally, it’s what I suggest people look at when applying for any credit, especially when considering a major monthly payment like a mortgage.
Remember: You want to qualify for a loan modification only if the modification is going to leave you with a truly affordable monthly mortgage payment. You don’t want your lender qualifying you if the loan modification is simply going to put you back on the path to losing your home.
Contact us now at 949-413-6535 and a Loan Modification Professional will help you get started.
President Obama made it abundantly clear that Loan Modifications is one of the solutions to the housing problem. The president said homeowners don't need a third party to do their Loan Modification. As a matter of fact, homeowners can do their own Loan Modification. However, before you go to the bank to get the modification, let the Loan Renovator Program show you how it's done so you can get a payment that works for you - not the bank. This system not only empowers you with the knowledge and tools to obtain a Loan Modification that works for you, but it is user-friendly and get results.
Short Sale
A Short Sale occurs when the lender accepts less than the total pay-off on a loan. Lenders are typically favorable to this solution due to the fact that their costs are considerably higher should the house be foreclosed. Additionally, in some cases you can arrange for someone to purchase the house through the Short Sale and lease it back to you with a lower payment than you had with the lender. However, this solution requires that you have stable income in order to make the payments.
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A little-known alternative, once more commonly used in the real estate downturn of the early '90s, is the "short sale," which works like this: A homeowner falls behind on his or her mortgage payments, usually due to a job loss, rising debt payments, or both. Facing a situation in which the home value has fallen and cannot be sold for the amount of the mortgage owed, WFB Legal Consulting works out a deal with the lender to sell the home for whatever the market will bear. If the amount of the sale is for less than the amount owed on the mortgage, the lender gets the proceeds and discharges the remaining debt.
Also known as a real estate short pay-off or a pre-foreclosure workout, a short sale is an agreement with a lender to accept less than the amount owed by a borrower via a sale of the property to a third party.
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While in both cases, short sale and foreclosure, the delinquent mortgage will negatively affect their credit rating, at least short sellers avoid having a "debt discharged due to foreclosure" on their credit reports. Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to several years to qualify for a mortgage at a reasonable rate.
Short sales show up on a credit report as a "pre-foreclosure in redemption" status and can result in a credit score reduction of 100 points or less. After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months. So, if buying a home is a future goal, then a short sale is the better option for many families.
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WFB Legal Consulting understands that as a homeowner unable to make your mortgage payment, or dealing with the possibility of facing foreclosure can be a stressful experience and an emotionally painful time in your life. If you are currently behind on your mortgage payment – or predict that you will soon be unable to continue making your mortgage payments – you’re not alone: you do have an option.
WFB Consulting will assist you to identify and implement the best possible Short Sale solution helping you to avoid foreclosure. After a thorough review of your situation by one of our Short Sale specialists, we will work your lender to come up with the appropriate solution. WFB Legal Consulting will diligently negotiate to secure a fair and equitable solution with your lender.
Many distressed homeowners simply give up and give in to the foreclosure process, often without being fully aware of the Short Sale option available to them.
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Absolutely Zero, Absolutely nothing. Unlike other loss mitigation companies, WFB Legal Consulting provides its services at no cost to the homeowner. Our fees are never paid by the homeowner, and we are only compensated if we successfully negotiate a short sale. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists..
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In order to be eligible for a short sale and have WFB Legal Consulting represent you we must be able to prove to the lender that you are a victim of a “hardship” and therefore unable to continue making payments on your mortgage. A hardship situation is one that is the result of some extenuating circumstance that forces the borrower into a position where they can no longer afford their mortgage payments. While every situation is different, some frequent examples of hardship include:
- Decrease in the value of the home
- Unemployment or loss of primary income source
- Inability to work due to health crisis
- Mounting medical expenses
- Employment relocation
- Failure of business
- Bankruptcy
- Death of spouse or significant other
- Divorce or separation
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In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a short sale. Contact WFB Legal Consulting today at 949-413-6535 and one of our specialists will help you get started.
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Immediately, foreclosure and short sale situations tend to be extremely time sensitive and consuming for negotiations. The sooner we can begin the negotiations with your lender, the greater the chances of a successful resolution. There is no need to wait until the lender sends you a notice of default or initiates formal foreclosure proceedings against you. Time is of the essence! Please contact us today 949-413-6535 for a free consultation with one of our Short Sale Specialists.
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While in both cases, short sale and foreclosure, the delinquent mortgage will negatively affect their credit rating, at least short sellers avoid having a "debt discharged due to foreclosure" on their credit reports. Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to three years to qualify for a mortgage at a reasonable rate.
Short sales show up on a credit report as a "pre-foreclosure in redemption" status and can result in a credit score reduction of 100 points or less. After the sale, the mortgage may show up as "discharged." People who successfully complete a short sale may also qualify for a mortgage at a reasonable interest rate in as little as 18 months. So, if buying a home is a future goal, then a short sale is the better option for many families.
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Update: many Americans have been going through the hardest times of their lives, owning a Home is supposed to be the American dream. Not a nightmare, finally some relief in site.
The National Association of Realtors® praised the U.S. House of Representatives for passage of the Mortgage Cancellation Tax Relief Act, H.R. 3648, by a vote of 386 to 27. Since the early 1990s, NAR has advocated for repeal of the current law, which forces individuals to pay an income tax when they have had a loan forgiven or have had to foreclose because of their inability to pay their mortgage.
"Congress made a good decision that will affect many Americans who find themselves in a truly bad situation," "Changing the IRS code is an issue of fundamental fairness. It would relieve a tax burden at a time when an individual or family has experienced a true economic loss arising from the sale or loss of their home. These families are already in financial distress and are most likely unable to pay additional taxes."
WFB Legal Consulting has a commitment to continue its efforts to make the horror of losing a home less burdensome for families. "This is not only about the subprime turmoil we are currently experiencing. This is also about families who have lost their home or a need to sell that home for less than the amount owed on their home mortgage because of job loss, divorce, health issues, a decrease in the value of the home or other unfortunate circumstances. Clearly it is unfair to tax people on phantom income when they most likely have no cash with which to pay the tax. The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed, that difference is considered income and is subject to the tax.
H.R. 3648 would ensure that any amount forgiven on mortgage debt secured by a principal residence will not be taxed. The legislation has a provision to safeguard against abuses. That provision is similar to one that already exists for commercial real estate owners and would treat commercial and residential property equally.
Lender recourse: In some states and with certain types of loans, lenders can pursue a court decision called a “deficiency judgment” making you personally liable for the remaining amount owed to them above the short sale price. In some cases, the lender may ask you to pay a portion of the difference back in the form of an IOU.
The lender has sole discretion whether to pursue a deficiency judgment in those instances when a deficiency judgment is permitted. Unlike other loss mitigation companies that offer “basic” and “premium” services, at WFB Legal Consulting, as a matter of course, we diligently apply ourselves to every short sale case with the goal of negotiating with the lender to eliminate a deficiency judgment and to consider your debt as settled. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists so that we can be of immediate assistance to you.
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All short sale situations are unique and follow their own timeline. Typically a short sale is completed within one to four months from the time we have a complete short sale package ready to present to the lender. The timing depends on how fast we can begin negotiating with your lender. If you are imminently facing foreclosure or even if an auction date has already been set, the process can certainly be expedited and we may even have the lender postpone the auction date. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists so that we can be of immediate assistance to you.
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In most distressed mortgage situations, foreclosure is a last resort for all parties involved. The homeowner and the lender usually want to avoid foreclosure at all costs. That is why a short sale is advantageous to foreclosure and lenders are typically very motivated to pursue a short sale prior to foreclosure.
A short sale gives the lender the ability to cut its losses upfront thereby avoiding the expense and time of a foreclosure and potentially greater losses. Lenders want to make loans; they do not want to be in the business of owning and managing real estate. Whether the lender chooses to go through with a foreclosure or agree to a short sale, they are taking a loss either way, but in many cases they would take less of a loss with a short sale and resolve the matter in a comparatively shorter time frame. In nearly every case, a short sale offers a significantly better return on the lender’s investment than a foreclosure does. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists so that we can be of immediate assistance to you.
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WFB Legal Consulting works as independent third-party short sale negotiator. Our experience and professionalism ensures homeowners and lenders that we will be the driving factor of the short sale process.
We firmly believe that just as most borrowers use a professional to initially get into a mortgage, it is in their best interest to do so if they are in the unfortunate position that they need to get out of a mortgage. If proactive, you only get one shot to negotiate your way out of foreclosure through a short sale process, and while it is nearly impossible to negotiate with the lender yourself, it is highly unadvisable. Let our professional team represent you through the short sale process.
Most lenders’ loss mitigation departments are understaffed, and the overworked loss mitigators are usually overloaded with all parties vying for their attention. Unfortunately, the loss mitigator can be very difficult to get a hold of, and when you finally do get through, you have very little time with which to make your case. Furthermore, the added stress of foreclosure in itself makes it difficult for a homeowner to effectively negotiate their way out of foreclosure.
Because we work with all lenders and represent homeowners from all across the country, and since we specialize in loss mitigation, we understand how to collect, prepare, and effectively present the information that lenders require to seriously consider a loss mitigation solution such as a short sale. We have excellent working relationships with the lenders’ loss mitigation departments and we will leverage our network and expertise to help you solve your problem. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists so that we can be of immediate assistance to you.
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WFB Legal Consulting can still help negotiate a short sale with your lender even if you file for bankruptcy protection. However, in our experience, bankruptcy is usually employed only as a last resort in a foreclosure situation. Typically, filing for bankruptcy only temporarily delays the foreclosure process (or in legal terminology, it provides a “stay”). The property will be sold to satisfy debts to creditors. We strongly suggest you to seek the advice of a bankruptcy attorney if you are considering this option.
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Yes. Regardless of where you are located, we can help. We operate in every state and have a comprehensive understanding of all the ins-and-outs and rules and regulations applicable to each foreclosure situation.
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Our principals and affiliates have many years of combined experience in all areas of the mortgage and real estate industries. Our expert short sale specialists are highly trained in this often complicated process. We operate in every state and have a comprehensive understanding of all the ins-and-outs and rules and regulations applicable to each foreclosure situation. Our expertise is passed on to our clients. It is this unique combination of impeccable professionalism and extraordinary customer attention which enables us to offer the highest level of service to our clients nationwide. Please contact us today at 949-413-6535 for a free consultation with one of our Short Sale Specialists so that we can be of immediate assistance to you.
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WFB LEGAL CONSULTING: AFFORDABLE & INTEGRITY DRIVEN
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See also:
http://integritydrivenloanmods.com
http://www.cheaphomesforsaleorangecounty.com
http://www.wfblegalconsulting.com
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