Framework Property Group LLC                      frameworkproperty.com

Do you want to save money by doing a loan modification yourself?  Would you like to feel more in control by negotiating a loan modification for yourself but don’t know how or where to get started?  You don’t have to do it alone. At Framework Property Group LLC, We process hundreds of loan modification files a month and have worked with every Bank, Lender and Loan Services there is.  For a small 1 time fee, we can provide you with a Do It Yourself Loan Modification package that includes:

• ALL of the correct contact information including customer service and loan modification business lines, fax lines, email address and mailing addresses.

• ALL of the correct forms and documents you will need to fill out for your specific lending institution. If your lending institution does not have their own forms, we will provide you with our in-house  forms.

• A complete checklist  detailing all of the financial information and documentation you will need to organize and provide. This financial information and documentation is required by every lending institution and the requirements do vary.

• A Do It Yourself Loan Modification: Negotiating Tips, Techniques and Strategies informational pamphlet to teach you how to negotiate like a professional and to help you know what to expect.

• A 30 Minute Phone Consolation with one of our loan specialists to review your financial statement before you submit it to the lender. There are many items that might jeopardize your eligibility and actually disqualify you from getting a loan modification.

Please remember that each situation is unique and there is not one loan modification package that will work with every lender. Although they are similar, every Do It Yourself Loan Modification package will be tailored to work for your specific lending institution and situation. Although there is no way to guarantee that every loan modification will be successful, using our Do It Yourself Loan Modification package will give you the best opportunity to get a successful loan modification with your lending institution.

There is NO obligation when calling us to get more information or going to our website to get more information. If you would like, one of our customer service representatives will contact you to provide you with more information about out Do It Yourself Loan Modification packages.

alowerpayment.com

1-800-618-4549

Do it yourself loan modification, how to do a loan modification, Chase loan modification, Washington Mutual loan modification, Wells Fargo loan modification, Fannie Mae loan modification, Freddie Mac loan modification, PPH loan modification, First Franklin loan modification, Litton loan modification, First Horizion loan modification, Flagstar Bank loan modification, Nationstar loan modification, Wilshire loan modification, Ocwen loan modification

www.frameworkproperty.com

Framework Property Group;

“…helping families and individual navigate their way through difficult financial situations is what we do best.”

It is important to remember that although there are some similarities in Judicial and Non-Judicial foreclosure proceedings each state may have different  foreclosure laws. We strongly recommend you research any laws that are specific to you state. We are a Loss Mitigation Company out of Wisconsin, so the following foreclosure process is specific to our state.
The Judicial Foreclosure Process In Wisconsin

Foreclosure is the legal process by which a mortgage company can obtain legal ownership of a property.  It relinquishes a homeowner from any and all right to the property and evicts the homeowner from the premises.  In Wisconsin, depending on the court schedule, it takes approximately 365 days to effectuate an uncontested foreclosure.

Wisconsin conducts foreclosure proceedings judicially.  Specifically, the circuit courts of Wisconsin have jurisdiction for the filing of a foreclosure complaint. There are nine separate steps to the foreclosure process in Wisconsin:

1.  BREACH LETTER
The first step in the Wisconsin foreclosure process is the lender to notifying the homeowner by certified mail that he/she has breached the contractual terms of the promissory note, as well as notifying the owner of its intention to foreclose on the home and seek a deficiency judgment.  This letter is forwarded to the homeowner prior to the filing of the complaint to foreclose.

2.  COMPLAINT TO FORECLOSE
The complaint to foreclose is a lawsuit filed in the circuit court where the property is located.  The complaint recites the amount of the original mortgage, the amount the homeowner is delinquent on the mortgage, as well as a list of all other parties on record.  The attorney prepares the complaint once the breach letter has been sent to the homeowner, then reviews the file and performs a title search.

3.  LIS PENDENS
A Lis Pendens, or a pending suit, is filed after the complaint to foreclose is filed.  This serves as notice to the public that the lender has an interest in the property and the intent to foreclose.

4.  JUDGMENT
There are three ways that a judgment can occur in a foreclosure case: the bank can win by a default judgment, by a summary judgment or after a trial.

4a) Default Judgment
A default judgment is entered after the filing of the complaint to foreclose; it is then served to the defendants. The defendants either have a valid defense or not.  If not, the court enters a judgment for the bank by either affidavit, or based upon oral testimony.  Each defendant is notified of the hearing.
In Wisconsin, most foreclosure judgments are entered by default and not after a trial, due to the consequences of filing a dilatory defense. The courts require Wisconsin lawyers to pay some of the costs and attorney fees of the bank if they are filing an answer just to delay the inevitable foreclosure.

4b) Summary Judgment
If a homeowner files an answer with a defense, a summary judgment hearing is held within eight months after the filing of the complaint.  The summary judgment is simply a way to get rid of cases that have no issues of fact to avoid the expense of a trial.  The case is heard after either the bank or the homeowner sends a notice, as well as affidavits, to the other parties twenty days prior to the hearing. The other side files opposing affidavits, an evidentiary hearing is held and a decision is made based upon a four prong test.  Here the bank is entitled to file a motion for costs based upon a frivolous defense or pleading. Unlike most states, Wisconsin requires the attorney, as well as any individual attempting to stall for time, to pay the fees of the moving party.

4c) Final Judgment
Once it is established that a judgment will be issued, the court enters a judgment that defines the amount of the debt due on the house.  By statute, the court can add the following items to the judgment: interest from the note to the date of the sale, reasonable fees for the opinions of title, attorney fees of no more than five percent of the judgment, any real estate taxes paid on behalf of the homeowner, any insurance paid on behalf of the homeowner and any repairs done on the property on behalf of the homeowner.  The judgment details the amount of money owed to the lender, as well as the date and time of the public sale of the property.

5.  NEWSPAPER PUBLICATION
The court requires the lender to publish a notice of sale in a newspaper with a general circulation in the county where the property lies.  This notice in the newspaper must be published for six consecutive weeks prior to the sale, with the first notice not longer than eight weeks before the sale.  This notice is required to have the following information:
1) The time and place of the sale.
2) A description of the property to be sold.
3) The time and place of the sale.
4) A statement that the sale is being made pursuant to a final judgment.
5) The heading of the case.
6) The name of the clerk ordering the sale.
If the sale is adjourned for any reason, the continuance and new date must be published in the newspapers where the property is located.  This notice must be published for two consecutive weeks prior to the new sale date, with the last notice not less than five days prior to the sale.

6.  FORECLOSURE SALE
The auction and subsequent foreclosure sale is held at the courthouse in the county where the property is located.  The highest bidder is required to deposit ten percent of the winning bid by certified check or cash with the sheriff.  If the highest bidder defaults on his/her obligations to make all payments within the agreed time frame, the highest bidder will lose his/her deposit and the property will be re-advertised for sale.

7.  CONFIRMATION OF SALE
Upon receiving the deposit from the winning bidder, the sheriff files a motion for confirmation of sale.  The confirmation is then mailed to all interested parties within five days before the confirmation hearing. The notice shall state the following:
1) Amount of the judgment.
2) Amount realized at the sale.
3) Amount of the deficiency judgment sought against the homeowner.
4) The time and place of the hearing.
Upon placing the deposit, the clerk completes a certificate of sale, which is then served to each interested party. The certificate of sale states the name of the high bidder and the purchase amount.

8.  CONFIRMATION HEARING
The standards to confirm a sale are as follows:
1) If the purchase price was greater than the amount of the debt owed, the court will presume that the property sold for a fair value.
2) If the purchase price is less than the amount of debt owed, there will be no presumption.  The court will then review the sale until it is either satisfied that it has been sold for fair value, or there is reason the believe that there was a mistake, misapprehension or inadvertence on the part of the interested parties or prospective bidders.
If the Court finds that the property sold for less than fair value, the court has three options:
1) Order the sale void and schedule for resale.
2) Set a minimum upset price for resale.
3) Confirm the sale, if what the court feels is fair value is credited to the judgment.
If no objections are filed within the following ten days, the clerk will file a certificate of title. The property is then titled to the winning bidder.

9.  DEED OF FORECLOSURE
After the confirmation hearing, the winning bidder will be given the deed vesting him/her with all right, title and interest as the homeowner.  The bidder gets the property subject to any senior liens.

www.frameworkproperty.com

BACK HOME

Frequently Asked Questions About Loan Modification

By: Justin Springer; Framework Property Group

Get more information about loan modification at: www.alowerpayment.c0m

Q.) What Is A Loan Modification

A.) A Loan Modification is an actual change or “modification” in one or more of the terms of your loan or “note”.  This change in one or more of the terms creates a brand new contract between you and your lender and will remain permanent until the time you decide to renegotiate the terms of the note.

With regard to Framework Property Group assisting you with a loan modification, we will work with your lender directly and in most cases create a new contract on your behalf with your lender that will reinstate your loan and modify the terms.  The new terms will be shaped by your current situation and ability to pay and can include: adding the delinquent balance to the loan, reduce the interest rate, extending the years due, and sometimes reducing the balance owed.  As experienced loss mitigators, we know what questions to ask the lender and what information they need to see in order to modify your loan accordingly and lower your monthly payment.

Q.) What will a loan modification do for me?

A.) In most cases, a loan modification involves adjusting the principle balance and or the percentage rate in the terms or the loan or note and can include: adding the delinquent balance to the loan, reducing the interest rate, extending the years due, and sometimes reducing the balance owed. The end result will likely be a lower payment for the homeowner.

Q.) Why would my lender want to modify my loan?

A.) When a mortgagor or homeowner is behind on their payment, the loan is called a non-performing loan. This reflects negatively on the balance sheet of the lender and hinders their ability to lend more money. If the lender is able to renegotiate the terms of your loan to a level you can afford and they can accept, the loan will be performing and profitable again. If the lender forecloses on a house, it will cost them more money than it would to modify your loan.

Q.) I have heard about the Homeowner Affordable Modification program, what is it all about?

A.) On March 4th, 2009 President Obama release a new program called the Homeowner Affordable Modification program. The Treasury will partner with financial institutions to reduce homeowners monthly mortgage payments and will be based on eligibility of the borrower. If you are eligible for a loan modification, the actual loan modification will be evaluated and negotiated with your current lender. The target range for your new mortgage payment would be between 38% and 31% of your gross monthly household income.

Q.) What if I am behind on my payments, in default, in pre-foreclosure or in foreclosure? Can I still have my loan modified?

A.) It is likely you are eligible and a good candidate for a loan modification. The property must be owner occupied the must be some type of hardship that has occurred. The lender will evaluate your situation and typically modify your loan to approximately 38% to 31% of your gross monthly household income.

Q.) What will happen to the foreclosure proceedings while we are trying to modify my loan?

A.) Any foreclosure action will be temporarily suspended during the trial period, or while borrowers are considered for alternative foreclosure preventions options. In the event that the loan modification under the Homeowner Affordable Modification program or alternative foreclosure prevention options fail, the foreclosure action may be resumed.

Q.) What if I am not behind on my payments, but I am close to getting behind and cannot afford my current payments much longer; can I still get my loan modified?

A.) Yes. This is defined in the guideline as Reasonably Foreseeable / Imminent Default. The borrower will be screened and have their situation evaluated for hardship situations. If there is a material change in circumstances the lender will evaluate the situation based on documented current income, assets, and current expenses. Each element must be verified through documentation.

Q.) If I file for bankruptcy, will it save my home?

A.) In most situations, No. The American Bar Association has reported that 96% of homeowners who declare bankruptcy end up losing their home to foreclosure.  It is possible that if you declare bankruptcy you may likely end up with BOTH a bankruptcy and a foreclosure. We are not a debt relief agency, we do not help people file bankruptcy or do anything under the bankruptcy code and if you are considering that option we advise you seek the council of a bankruptcy attorney.

Q.) What if I have already filed for Bankruptcy, am I automatically disqualified from getting my loan modified?

A.) No, you are not automatically disqualified. The lenders and or lien holders as well as the bankruptcy court, attorney and trustee will make an evaluation of each situation to see if there is a work-out option available; but you are not automatically disqualified. It would be in your best interest to explore a loan modification if you are in bankruptcy and wish to save you house. Although we do not help people file bankruptcy or do anything under the bankruptcy code, we are very familiar with the process and will work with the bankruptcy court and trustee to help negotiate a loan modification on your behalf.

Q.) Can I Try To Do A Loan Modification Myself?

A.) Yes. You can try to do a loan modification yourself. But you consider should what type of results you want to achieve and how important this is to you? Imagine how good would your hair look if you cut it yourself? Imagine how well you would you do if you represented yourself in court? There are lots of things you can do yourself, but this is what we at Framework Property Group do best. We are a team of professional loss mitigators who specialize in loan modifications. We understand the process and procedure, what information to provide the lender and what questions to ask  in order to achieve the best result. If you looking to get your loan modified, you want the very best result possible and we will work directly with your lender and you to help you achieve that.  We guarantee it is worth the investment, or we will refund your money.

Q.) How much will it cost me to have you help me modify my loan?

A.) The fees we charge for any loan modification services are based on your mortgage payment amount and the complexity and urgency of your situation. Our professional team of loss mitigators will evaluate your situation and explain what the best options to help you save your home. We are extremely confident you will feel our fees are a worth while investment in helping you.  The details of any fees for services rendered and the refund guarantee will always be clearly defined in your service agreement for your approval.

Q.) What if you are unable to get my loan modified?

A.) In the unlikely event we cannot fulfill our promises stated in any service contract, we provide 100% money back guarantee less non-refundable set-up fee.  The details of the refund guarantee will always be clearly defined in your service agreement for your approval. Please see our guarantee page for complete details; 100% money back guarantee.

Go to www.alowerpayment.com to get more information about loan modification.

Short sales are viable options for distressed homeowners and necessary to stabilize housing markets.

By Justin Springer

With recent headlines about government bailouts and lenders relieving homeowners of their debts and helping homeowners restructure loans, it might seem that we are almost out of the woods in this mortgage mess. The truth of the matter is that we are not. As of August 2008, experts estimate only 30% of adjustable rate mortgages have adjusted. A large majority of adjustable rate mortgages are scheduled to adjust or “reset” over the next 18 months, resulting in higher payments for even more Americans. Many homeowners simply can no longer afford the cost associated with being homeowners. With depreciating home values across the United States, many homeowners have found themselves in a situation where they are overleveraged, or owe more on their house than it is currently worth. In these situations, a short sale is not only a viable option for distressed homeowners; it is quite often the only option.

Typically, a short sale is executed when a homeowner is overleveraged, or to prevent a foreclosure. In real estate terms, short sale refers to the sale of a home in which the proceeds of the sale fall ‘short’ of what is owed on that property. The bank or mortgage lender agrees to discount a loan balance due to an economic situation, health related situation or financial hardship that has occurred on the part of the mortgagor that has resulted in his or her inability to continue making payments. Often, a bank or mortgage lender will agree to a short sale if they believe it will result in a smaller financial loss than taking the property back through a foreclosure process. In such instances, the lender would have the right to approve or disapprove a proposed sale.

For the lender, a short sale is typically a faster way to eliminate bad debt from their portfolio and less costly than a foreclosure. The foreclosure processes is very expensive for a lender and can include: evicting the homeowner, repairs to the home, holding and maintenance costs, closing costs upon resale, securing the property and winterization in the northern states.

For the homeowner, the advantages of a short sale include the avoidance of foreclosure on their credit history and having some control of any monetary deficiency that might occur. Short sales are a type of settlement. If accepted, the homeowner will be partially or fully relieved of repaying the debt. By being involved in the situation, the homeowner will be informed and know what to expect throughout the process. Similar to any derogatory marks on a credit report, a short sale can adversely affect a person’s credit history. However, the negative impact is typically less than that of foreclosure or bankruptcy. In many cases, a future lender will look at a short sale as a good faith effort on behalf of the homeowner to make a bad situation better and might be more willing to lend to them again.

Short sales also have a positive impact on communities and the surrounding neighborhoods. Many housing markets throughout the United States are experiencing a high volume of inventory and decreased sales. Much of that inventory includes homes that have gone through the foreclosure process and are now owned by the bank, commonly referred to as REO’s. When a large number of foreclosures and bank owned homes are in the same geographic area, a lender will be less likely to finance a property in that area. Another adverse effect of foreclosures and bank owned homes is an erosion of home values in that neighborhood. Through the prevention of foreclosures and negotiating short sales, home sales will be spurred and the housing market will stabilize more quickly, which in turn will give confidence to future lenders to provide financing for homes throughout that area.

If you have weighed your options and are considering a short sale on your property, do your homework. Be sure to enlist the services of someone who has experience with short sales. If the lender chooses not to accept a short sale, the foreclosure process can continue exactly where it left off. Be cautious of Real Estate agents and novice investors experimenting with your house and promising a short sale. If you sign a listing agreement with a Real Estate agent, you will be required to pay their commission, even if you find someone to purchase the property and stop the foreclosure. The short sale process can be lengthy and requires close attention to be paid to the timeline, submitting the appropriate paperwork the lender requires, as well as negotiations with the lender. You should never be charged money or pay fees to get assistance with a short sale. All costs associated with selling the house should be paid for by the investor whose services you enlist or by the lender. If they are not willing to agree to that, you need to find someone else to help negotiate a short sale. A legitimate investor or real estate professional will be paid through the successful sale of your house and upon stopping foreclosure. Get Foreclosure Help and free information at www.getFH.com

]]> http://justinspringer.wordpress.com/2008/11/12/why-short-sales-are-a-good-idea/feed/ 0 justinspringer