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WHY WE ARE
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(click HERE for our brochure)
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The DEBT TRAP and
How To RECOVER
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BANKRUPTCY
ROADMAPS:
Chapter 7
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LOAN MODIFICATION
and Bankruptcy
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BANKRUPTCY FAQs
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STUFF YOU OUGHT
TO KNOW!
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About Don Nixson
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CONTACT US
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WORKSHEETS PDF
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GET LEGAL ADVICE
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anything IMPORTANT!
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BANKRUPTCY CAN:
Stop Repossession
Stop Lawsuits
Stop Foreclosure
Stop Liens / Garnishment
Get Rid of Medical Debts
Get Rid of some Old
IRS Debt / Tax Problems
Buy you time while trying
to get a loan modification
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Privacy Policy
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How Loan Modification
Works with Bankruptcy
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Most homeowners who file for bankruptcy do it to save their homes. They are aware that by filing for bankruptcy, the mortgage lender will not be able to foreclose on their home and that any pending sale of your home will also be halted immediately. Even after you file for bankruptcy, and your Plan has been approved by the trustee, you can modify your home loan. What many homeowners do not know about bankruptcy is that bankruptcy can do more than save their homes.
Bankruptcy can:
•Buy you time while trying to get a loan modification
•Often mortgage lenders are more willing to work with you on a
modification if you have filed for bankruptcy
•Stop foreclosure
•Stop collection calls
•Stop lawsuits
•Stop repossession
•Stop IRS wage garnishments
•Eliminate credit card debts
•Restructure debts through a repayment plan
•Stop Tax liens and garnishment
•Eliminate or reduce some tax debt
•Eliminate medical bills
If you are in danger of losing your home, filing for bankruptcy can be a very powerful solution for many homeowners as it can give you the time and resources to renegotiate your mortgage with your lender while saving your home. Call immediately to get your free consultation.
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FREE Loan Modification
Resources
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MHA (Making Homes Affordable)
FREE Government Help on ALL AVAILABLE TYPES of Modifications
Get FREE advice from a govenrment housing expert that it is therir job to help you!. HUD-approved housing counselors work with you and your mortgage company on your behalf, and their expertise is available for FREE. Call 888-995-HOPE (4673) to speak with an expert about your individual situation. DO NOT PAY ANY MONEY - USE THE FREE SERVICES ONLY! Website:http://www.makinghomeaffordable.gov
The Making Home Affordable Program (MHA) is an important part of the Obama Administration's comprehensive plan to stabilize the U.S. housing market by helping homeowners get mortgage relief and avoid foreclosure. To meet the various needs of homeowners across the country, Making Home Affordable programs offer a range of solutions that may be able to help you take action before it's too late.
- Refinance and take advantage of today's low mortgage interest rates.
- Reduce y
- .our monthly mortgage payments.
- Get mortgage relief while searching for re-employment.
- Get help when you owe more than your home is worth.
- Avoid foreclosure when home ownership is no longer affordable or desirable.
Programs:
http://www.makinghomeaffordable.gov/programs/view-all-programs/Pages/default.aspx
Key Modification Concepts:
http://www.makinghomeaffordable.gov/learning-center/key-concepts/Pages/default.aspx
Modification Evaluator:
http://www.makinghomeaffordable.gov/tools/mod-evaluator/Pages/default.aspx
Payment Reduction Estimator:
http://www.makinghomeaffordable.gov/tools/payment-reduction/Pages/default.aspx
Get Started:
http://www.makinghomeaffordable.gov/get-started/Pages/default.aspx
Glossary of Terms:
http://www.makinghomeaffordable.gov/learning-center/glossary/Pages/default.aspx
BEWARE OF SCAMS
http://www.makinghomeaffordable.gov/learning-center/Pages/beware.aspx
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5 tips to SURVIVING
the
loan MODIFICATION process
"The mortgage modification process is no picnic. But if you understand these tips, you can increase your chances of getting help and keep your sanity too."
"Through most of 2010, fewer than half all [HAMP] loan modifications were successful..."
http://library.hsh.com/articles/loan-modifications-help/5-tips-to-surviving-the-loan-modification-process.html
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**NEWS**February 12, 2012**
National Mortgage Settlement
After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:
• Ally/GMAC
• Bank of America
• Citi
• JPMorgan Chase
• Wells Fargo
This bipartisan settlement will provide as much as $25 billion in:
•Relief to distressed borrowers in the states who signed on to the settlement; and
•Direct payments to signing states and the federal government.
It’s the largest consumer financial protection settlement in US history.
The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law.
The settlement provides benefits to borrowers in the signing states whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.
KEY PROVISIONS OF THE SETTLEMENT
Immediate aid to homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.
State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.
Immediate aid to borrowers who are current, but whose mortgages currently exceed their home’s value. Borrowers will be able to refinance at today’s historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.
Immediate payments to borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. $1.5 billion will be distributed nationwide to some 750,000 borrowers.
Immediate payments to signing states to help fund consumer protection and state foreclosure protection efforts.
First ever nationwide reforms to servicing standards; something that no other federal or state agency has been able to achieve. These servicing standards require single point of contact, adequate staffing levels and training, better communication with borrowers, and appropriate standards for executing documents in foreclosure cases, ending improper fees, and ending dual-track foreclosures for many loans.
State AG oversight of national banks for the first time. Something no court could award.
•National banks will be required to regularly report compliance with the settlement to an independent, outside monitor that reports to state Attorneys General.
•Servicers will have to pay heavy penalties for non-compliance with the settlement, including missed deadlines.
BANKS ARE STILL ACCOUNTABLE FOR OTHER CLAIMS NOT COVERED BY THIS SETTLEMENT
SETTLEMENT WEBSITE: http://www.nationalmortgagesettlement.com/
WHO MAY BE ELIGIBLE FOR ASSISTANCE
Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.
The settlement provides assistance for:
TIMELINE
- Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance.
- Over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners eligible for the immediate cash payments, principal reductions and refinancing. Those eligible will receive letters.
- This settlement will be executed over the next three years.
WHERE YOU CAN GO FOR HELP
For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers. Keeping in mind the timeline above, you may contact the banks directly if you need additional information:
Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:
These sites will also include links to information about mortgage and foreclosure programs you may be eligible to access. You may also call MHA at 1-888-995-HOPE (4673)
For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.
If you believe you are eligible for relief under this settlement but are concerned you will be difficult to locate, please contact your Attorney General’s Office. We will collect and forward your information to the appropriate person to ensure you are contacted if you are eligible.
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