Posts Tagged ‘Homeowners’

How Atlanta Homeowners Can Benefit From the New Home Loan Programs

The Federal Making Home Affordable Program has created a number of home loan programs that will help keep Atlanta families in their homes, stabilize Atlanta’s communities and assist Atlanta homebuyers during these troubled times. Under these new home loan plans, Atlanta homeowners can:

Refinance their mortgage to a new, lower, fixed interest rate. Refinance even with declining property values. Refinance with lower income and asset verification requirements. Refinance Multiple Investment Properties.

Each of the above possibilities require that Atlanta Homeowners be current on their existing home loans. However, for those Atlanta families that have already fallen into hard times and are behind on, going to be behind on, or have an impending ARM adjustment/balloon payment with, their existing home loans can;

Obtain a modification on your mortgage that can potentially reduce your monthly payment, or offer other alternatives that can help you keep your home.

Finally, for those Atlanta families that are looking to purchase their first new home, or even upgrade their current home, programs are available for them to;

Purchase beautiful Atlanta homes with credit scores as low as 580 Purchase their new dream home with no out-of-pocket money down

The U.S. Treasury, Fannie Mae and Freddie Mac have developed these programs in an effort to help both troubled and current Atlanta borrowers, to get back on track and improve their current financial situations.

So How Do They Work? Refinance

For Atlanta Homeowners that are current on their mortgage payments but unable to refinance because their home value has decreased, you may be able to refinance to a lower rate, or a lower-risk, loan through the refinance solution that is part of this program. Examples of how the refinance program can help Atlanta Homeowners:

Fixed-rate mortgage to fixed-rate mortgage Adjustable-rate mortgage (ARM) to fixed-rate mortgage Super conforming fixed-rate mortgage to super conforming fixed-rate mortgage

Loan Modification

For Atlanta homeowners who are behind in their mortgage payments, in the foreclosure process, or are current on their payments but have recently experienced a significant hardship, you may be able to modify your loan to a lower rate through the Loan Modification Program. Significant hardships are set as circumstances that may make it difficult for you to pay your mortgage going forward.

Purchase

For Atlanta area families and individuals that are in search of a loan for their new dream home, financing and programs are available to help them purchase;

Bank owned foreclosures at below market value With 580 credit scores With no, or little, money down With down payment assistance

How Do I Know If I Qualify?

Atlanta Loan Pros can help you move through the qualification process, and help you find the homeowner program that fits you best. Atlanta Loan Pro will work with Atlanta Homeowners to assist them in putting together the best purchasing package, and discover whether loan modification or a refinance, is the best option for them.

For more information, please contact Atlanta Loan Pros at 678-925-8001 or atlantaloanpro@gmail.com.

Distressed Homeowners Fighting Back With Forensic Loan Audits

Washington, DC – November 6, 2008. National Loan Audits announced today that troubled homeowners with adjustable rate mortgages who are having trouble getting their loans modified or who are behind with their payments and in danger of losing their home, now have access to Forensic Loan Audits, performed by mortgage industry experts, to discover if their lender violated the Truth in Lending Act or made any errors while preparing their closing documents and neglected to adequately disclose the terms of their loan.

According to the Truth in Lending Act even a small mistake with calculating the borrower’s annual percentage rate could be an actionable violation, enabling the borrower to rescind the loan. Therefore, the threat of a lawsuit is often sufficient to persuade an otherwise uncooperative lender to negotiate an attractive work out with the borrower.

Until recently Forensic Loan Examinations were only made available to large banks and lending institutions wanting to determine their own exposure to risk and potential legal liabilities prior to purchasing large pools of mortgage loans. But now a Maryland company staffed by veteran mortgage professionals is offering this service to distressed homeowners at an incredibly affordable price. “While our competitors may charge up to $3000 for a Forensic Loan Audit, we decided to offer this product at a price almost anyone could afford” Said Dean Mostofi, the founder of National Loan Audits in Rockville, Maryland, a Washington, DC suburb. The firm charges $495.00 for a comprehensive mortgage document review and provides the homeowner with a 40-page written report that contains a detailed listing of their findings in an easy to read format.

Mostofi says that over 80% of the loan files reviewed by his firm contain violations ranging from small and unintentional mathematical errors to blatant fraud and misrepresentation. The most common violation is the understatement of prepaid finance charges and in many instances a mere $35 error within the Truth in Lending disclosure statement could entitle the borrower to a refund of all finance charges, closing costs and interest payments made since the inception of the loan.

Forensic Loan Reviews are also used by attorneys assisting borrowers with loan modification and foreclosure defense but according to Mostofi most lawyers who contact him don’t know much about the more creative legal tactics currently being employed by a handful of savvy foreclosure attorneys. Consequently, Mostofi also offers a consulting service to attorneys helping them understand the remedies available to their clients in the event the lender violated the Truth in Lending Act or if it cannot prove ownership of the note. “Amazingly, many lenders don’t legally own the note” says Mostofi “but since no one challenges their right to foreclose, they get away with it” he added.

The intent of an audit is not to force the parties in to a lengthy and costly lawsuit but rather to encourage the lender to sit down with the borrower and to negotiate an affordable work out so the borrower can keep the home and the lender can mitigated its loses. “The audit is to give homeowners more ammunition so they can stand a chance in negotiating a decent modification with lenders who have far more resources than the average borrower and often play hardball unless they are faced with the risk of a costly lawsuit” said Mostofi.

National Loan Audits was founded by Dean Mostofi and it is based in Rockville, Maryland.