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Latest Loan Modification News
Making Home Affordable Programs rolling out the week of April 6th!
First thing homeowners must determine is if their loan is guaranteed by Fannie or Freddie. Second, if your FIRST MORTGAGE loan balance is less than or equal to 105% of your home's present market value, you may qualify. 2nd & 3rd mortgages exceeding 105% combined loan to value are allowable. For more information, visit www.financialstability.gov. If you believe you fit the requirements for this government subsidized refinance, I can begin preparing your application now. *Official lender guidelines will be released on April 6th.
If you'd like to be considered for this or other available relief programs, please send me an email to randymiguel@gmail.com.
ADD yourself to my email list to be informed of specific details of this plan.
June 3rd, 2009 FACTS: 14,000,000 unemployed in the United States - almost 10% for the workforce. The mortgage delinquency rate rose for the ninth straight quarter in the first 3 mos of 2009, and is expected to keep rising (TransUnion).
May 4th, 2009 Unexpected rise in pending home sales, likely due to 1st time home buyers reacting to rock bottom foreclosure pricing and government tax credits. Balance write-down options as a part of loan workouts may soon disappear, as lenders cling to hopes that homes will begin to appreciate.
March 4th, 2009 Obama's Housing Relief Plan goes into effect today. Government will provide further assistance to owner occupied properties, by reducing debt to income ratios down to 31%. The most important thing to note here is the lender participation is completely VOLUNTARY.
February 18th, 2009 Obama releases $275 Billion Housing Plan. Primary beneficiaries of the plan are for "families who have played by the rules and acted responsibly." $75 Billion will also be allocated to lower monthly payments for 3-4 million sub prime borrowers. A federal principal write-down and interest rate reduction program will further incentivize lenders to participate in the ongoing housing relief effort.
February 11th, 2009 Bank CEOs testify before the House Financial Services Committee about the use of tarp funds. Regarding loan modifications, all CEOs denied allegations of requiring borrowers to be 2 months delinquent before they will be considered for relief.
February 2nd, 2009 Senate meets today to propose their version of the "Path to Recovery" Economic Stimulus Plan. Don't expect a significant housing bailout with this one. Focus has now been steered towards job creation and market stability.
January 7th, 2009 Randy Miguel posted a new article, "Before You Walk Away."
HOPE FOR HOMEOWNERS PROGRAM or FHA BAILOUT - As of 11/11/2008, the Hope for Homeowners Program is not yet available on the wholesale level, where mortgage brokers can assist with this special financing. However, some lenders may now offer this as an option internally within their loss mitigation departments. Bank of America and newly acquired Countrywide have announced that they will begin participation in the H4H program, starting Dec 1st, 2008.
What are you expected to do when you can no longer afford to make your mortgage payments?
Call your lender directly to "work something out." Although their hourly customer service agents might truly want to help, facing your lender without expert representation could certainly spell disaster. You can rely on an unblemished reputation and my commitment to negotiate the best possible resolution for your home and family. Before you make that catch-up payment to your lender, please give me a call first to hear how I can help. There is no commitment and absolutely no upfront cost for my services. With office locations in Granite Bay and Los Gatos CA, I can offer local assistance FAST. However, 95% of my consultations are done by phone and 100% of my cases are closed by fax and email. If you live anywhere in the U.S.A., you can benefit from my free advice. *My ability to help will depend on the laws of your state.
Who can legitimately provide loan workout services?
In the midst of catastrophic events in real estate, governing bodies of California have enacted strict laws to prevent companies from taking advantage of homeowners in distress. The act of providing a loan modification service is considered a mortgage related activity. Because a loan modification typically does not involve originating a new loan, it may not be viewed as a HUD violation to modify loans without a license to do so. However, present day modifications actually can involve origination of a new loan, such as in short refinancing. In establishing strict licensing requirements, the state now has the ability to monitor and regulate, where no such regulation or enforcement may have existed in the recent past.
So who should you use, an attorney or a mortgage broker? Honestly, I think that all depends. If you believe there may have been clear misrepresentations when you first obtained your loan, you may be better serviced by an attorney who can *legally* persuade the lender to act in your favor. Most attorneys will perform a "forensic audit" of sorts to determine if there were any innaccuracies with your loan documents, as reason for rescinding the loan altogether. An attorney has the ability to leverage force or at least threaten to leverage force, where it is truly a lender's option to modify a loan or not. On the other hand, a mortgage broker will have the ability to create a lender proposal based on acceptable mortgage underwriting standards, in a manner that the lender can easily understand. A mortgage broker has the tools required and the necessary experience to furnish a valid claim, so it could make it easier for the lender to arrive at a fair decision, sensible to all parties. To ensure that you are being represented by the best individual for the job, you may want to speak with several attorneys and several mortgage brokers before making the choice as to who you will trust with your home.
Why work with Randy Miguel?
My expertise comes from years of providing financial and mortgage advice. When you enter into negotiations with your lender, you want representation by an expert who truly understands the industry - not someone who simply sees opportunity to earn profits. When pre-qualifying for a loan workout, it is essential to work with a true professional who can assess your present situation and offer real solutions. Otherwise you might just get the runaround, and there is very little time to act when your lender is demanding full payment. Please, there is absolutely no cost for a preliminary phone consultation and no obligation to use my services. And unlike dealing with your mortgage company, at least you already know my real name. I look forward to making things better for you and your family.
How much does loan modification cost?
Charges for loss mitigation services will be $2200, deposited into my broker trust account until a resolution is obtained from your lender. There will be no hidden or additional charges, and you will be provided with a resolution by your lender or else receive a full refund of your entire advance fee. If there has been a Notice of Default filed with your county, I will not accept an advance fee. Why do I charge so low? It is tough enough that you are already facing financial hardship. I simply cannot justify charging multiples of your present mortgage payment, when one mortgage payment is already tough enough. Most importantly, I will not bill you for my personal time. Throughout this process, I will be in constant contact to build your case and collect the necessary support documentation for the lender. You will have many questions and you can expect that I will be available to answer them. No need to watch the clock, as my time is free of charge.
If you are not able to pay the advance fee, it is most certainly understandable during these difficult econimic times. Although I may not be able to represent you without a fee, I would be more than willing to provide free advice. For additional information on non-profit counseling services, you may want to visit the Hope Alliance web site.
You must be very careful if you are asked to pay for any of these [loss mitigation] services in advance, whether in cash, check or by charging your credit card. First, California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone who falls under the definition of a “foreclosure consultant”, as well as a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property. - California Department of Real Estate
*Randy Miguel has received a "no objection" letter from the California Department of Real Estate, regarding the use of his advance fee agreement. The Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee’s [Randy Miguel's] business activities.
*Randy Miguel is not an attorney, and any and all advice provided is not to be construed as legal advice.
Learn More About the Loss Mitigation Process
January 20th, 2009 BANKING STOCKS CONTINUE TO TUMBLE. Bank of America loses 29%. The government shall soon intervene. As it becomes increasingly likely that banks will become nationalized, homeowners can cling on to hope that their loans will be modified to terms that are actually affordable.
Jan 02, 2009 | Happy New Year! Woo, wee! Okay, now let's get real: Dismal economic outlook for 2009. Economic data suggests one-year long recession will continue well into 2010. If you are one of the fortunate ones with a little equity left in your home, refinance at record low rates. If not... negotiate
Dec 11, 2008 | The housing epidemic bleeds into the automobile industry, as the Feds take vote on yet ANOTHER BAILOUT. Unemployment claims reach 26-yr high. A ray of hope is from interest rates falling to their lowest levels since 2004.
November 10th, 2008 - Two of the primary government sponsored entities, Fannie Mae and Freddi Mac, are making an aggressive move to modify hundreds of thousands of mortgages across the United States.
Requirements for consideration of relief are 3 part:
First thing homeowners must determine is if their loan is guaranteed by Fannie or Freddie. This program does not include the option to write down mortgage balances down to their present market value. If you'd like to be considered for this or other available relief programs, please send me an email to randymiguel@gmail.com.
Nov 24, 2008 | Feds make a point that the big banks won't fail. Citi receives an additional $20 billion and guarantees for troubled assets. Stocks soar 500+ on the news.
Nov 11, 2008 | Citi extends moratorium on foreclosures. Company claims it will not complete a foreclosure sale on a home if the borrower wishes to remain in the home. Principal residences only. Under the Citi Homeowner Assistance program, the company would proactively reach out to 500,000 borrowers to make loans more affordable.
Nov 07, 2008 | Ongoing unemployment claims reach 25yr high. October jobless rate increases 6.5% to a 14yr high. Overall economy struggling due to the tightening of credit and a lack of jobs.
October 15, 2008 | The market continues to plunge as the Feds figure out how to solve the global credit crisis. Fed Chief Bernanke says it may take some time for credit markets to recover. In the meantime, hold onto your homes and expect more bailouts to come...
October 4, 2008 | The House of representatives continues debate on the $700B EESA. Wells Fargo acquires Wachovia over Citi. Most importantly, the FHA Bailout program (a.k.a. Hope for Homeowners Program) which became law on Oct 1st is NOT YET available by FHA lenders. It may take several weeks until lenders are able to train their staff and adapt their systems to the new FHA requirements. Troubled homeowners must continue to wait as the industry sets official guidelines for the new FHA loans, which require the current note holder to write down the owing balance down to market value PLUS 10%. Add yourself to my email list to keep informed of the $300 Billion FHA Bailout
September 29, 2008 | Today, the House reviews the $700B rescue bill, named the "Emergency Economic Stabilization Act of 2008" or EESA. Within the plan are vague requirements for the Treasury to modify troubled loans. Clearly, its primary purpose is help banks NOT homeowners. Opposition to the EESA is seeking revisions to address the increasing rate of foreclosures across the US. Markets are concerned that the resscue plan may not be enough to save the ailing economy.
September 25, 2008 | Jobless claims reach 7-year high. Housing sales at lowest level in 17 years. Talks of the $700 Billion Bailout continue as the markets hold on in hope... Struggling homeowners desperately need a piece of this plan, before there is nothing left to save.
September 19, 2008 | U.S. Government announces plans to take over troubled mortgage assets. We're talking up to a half a trillion dollars in funds to buy up stagnant housing assets of troubled lenders. *If you are thinking of letting your home go, please WAIT. If you are thinking of going late on your mortgage, DON'T. The Feds may give you a good reason to stay in your home.
September 16, 2008 | Lehman Bros. declares bankruptcy; Merrill Lynch is acquired by Bank of America; AIG seeks rescue by the Feds. These are all clear indications that our financial markets remain in utter turmoil. Amidst our ongoing credit crisis, one ray of hope is having the lowest 30yr Fixed Rates we've seen all year.
September 8, 2008 | The U.S. Federal Government takes over Fannie Mae and Freddie Mac. The major role of these two entities has been buying or guaranteeing mortgages made by lenders. Their collapse would have led to an immediate collapse of mortgage lending as we know it. As a result of the Fed rescue, interest rates have fallen as low as 5.5% for 30yr fixed loans in California.
August 29, 2008 | Industry study shows record 192,034 loan modifications in the month of July. Lenders are now taking a proactive stance in loan workouts to curb foreclosures across the U.S.
August 21, 2008 | FDIC releases plans for IndyMac borrowers to adjust their delinquent borrowers to fixed rate loans. Rate conversions are estimated at 6.5%. Borrowers must prove they can make the principal and interest payments and a target debt-to-income ratio of 38%. This can prove to be rather difficult for homeowners who have gone late on their mortgages paying interest only or negam minimums.
August 08, 2008 | Fannie Mae reports 2nd quarter loss of $821 million. Company says housing weakness should continue well into 2009, with a decline in home prices by 7-9% this year. As lenders see losses increasing, they are now more likely to write down balances with easier payment terms for their troubled borrowers.
July 30, 2008 | Today, the Hope for Homeowners Act to rescue 400,000 people from foreclosure becomes law. President Bush gives his signature of approval.
July 23, 2008 | The House appears ready and willing to pass the new $300B housing bill and rescue plan for Fannie Mae and Freddie Mac. This goes up to vote today and moves onto the Senate later this week. Stay tuned...
July 15, 2008 | FDIC Chairman Sheila Bair stated, "We will very aggressively pursue loan-modification strategies for unaffordable loans to make them affordable on a long-term, sustainable basis." Ms. Bair said this in an interview concerning FDIC's resent takeover of IndyMac Bank. One of the largest mortgage banks in the industry has reiterated their commitment to halting foreclosures.
July 15, 2008 | Dow tumbles 200 pts as the markets continue to worry about financial markets. President Bush and Fed Chief Bernanke testify to the nation about the state of our economy. As usual, Bush remains optimistic while Bernanke reveals the harsh reality of our situation. Bush says, "I'm not an economist, but I think the economy is growing." Bernanke indicates we're facing increasing downside risk. Analysts place the root of the problem at the rising rate of deliquencies and foreclosures in the housing market.
July 14, 2008 | Government sponsored agencies, Fannie Mae and FreddieMac to receive U.S. aid. Lines of credit have been extended to help them support $5.2 trillion of U.S. home mortgages that they presently own or guarantee. These companies are simply too global to go under, as a fallout of any one of these entities will certainly lead to a collapse of the housing market. Hang on, the worst is yet to come...
July 8, 2008 | Fed Reserve Chairmam, Bernanke, said in a speech this morning that he would release new lending regulations next week to limit exotic loans and high priced mortgages to borrowers with troubled credit. As the Fed tightens its belt, more and more would-be buyers will not be able to obtain home financing.
July 7, 2008 | IndyMac cuts more than half its staff. 3800 layed off. Wholesale brokerage operations will completely shut down. This is yet another indication that home financing options are becoming more scarce by the minute.
July 3, 2008 | Yesterday, the Senate voted 38 to 2 in favor of bill 1137, requiring lenders to make contact with homeowners in person or by phone to seek remedies before starting foreclosure proceedings. It also extends the period of time for tenants to move *after* foreclosure to 60 days. Additionally, buyers of foreclosed properties will be responsible for maintainance or else pay fines of up to $1000/day. In California, this bill will become law once it receives Governor Schwarzenegger's signature.
June 26, 2008 | President Bush addressed the country today about our struggling economy. In his speech, the President stressed the urgency of the Senate to finalize its housing rescue plan. This was a surprisingly different tone than what was expressed when he previously threatened to veto this bill. Apparently, there is hope. The Senate aims to have this FHA Housing Stabilization and Homeownership Retention Act of 2008 (a.k.a FHA Bailout) before the President by July 4th. What does an FHA Bailout Mean to You? Read more...
June 24, 2008 | U.S. home price index falls to a record 15.3% from April 2007 to April 2008. Las Vegas and Miami were the weakest in the nation, with near 27% declines over the year.
June 05, 2008 | OVER 1 MILLION homes are now in foreclosure. This is the highest number of foreclosures ever recorded, according to the Mortgage Bankers Association. Plus, 448,000 serviced loans recently began the foreclosure process in the 1st quarter of 2008. Contact us now. You are definitely not alone.
Buying a home should be one of the happiest days of our lives! It can give us a sense of achievement and pride. Unfortunately, sometimes things beyond our control can throw us into a financial bind that makes it increasingly difficult to keep up with monthly mortgage payments. As this delinquency turns into default which can eventually lead to foreclosure, all of a sudden our homeownership dream becomes a nightmare. If you are experiencing any of the following financial hardships:
We can help you, today.
LOAN MODIFICATION
A monetary advance to cure a delinquent mortgage. Similar to Goverment advances above.
This program designed by the federal government, will provide you with more relief than you can get through the mortgage company. Typical approval can result in allowing for a 12, 18 or even 36 month repayment term or suspension of mortgage payments for a period of time while you become stable again.
If your loan amount is more than the value of your property due to depreciation for reasons beyond your control. It may be available in some cases that the principal can be reduced. This option can generally results in lower monthly payments and a lower interest rate. You do not have to be delinquent; only that it has been determined that default is reasonably foreseeable.
If you have incurred a long-term financial hardship, the federal government has designed a special program to help VA backed mortgages. The delinquent amount is added to the principal balance and the loan is re-amortized. This generally results in lower monthly payments and a lower interest rate.
This option will allow you to sell your home and avoid a potential foreclosure along with the derogatory credit rating that is associated with this action. (This option is only if you do not want or can no longer afford your home.)
This is another foreclosure avoidance program that allows you to convey (transfer) your interest in the property to the lender, loan investor or the government. (Again, this option is only if you do not want or cannot afford the home.)
This is another foreclosure aviodance program, were the sale of your house in which the proceeds fall short of what you still owe on the mortgage. Your lender will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when you cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and you are able to pay off the loan for less than what is owed.
To determine the option best for you, we must hear from you in order to gather the relevant information. We therefore urge you to apply for the above relief at once, so we can begin working to help you avoid the tax liabilities and credit impact of foreclosure. |
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When you contact me today for your FREE consultation, I will carefully analyze your particular financial situation to determine the best option available to prevent foreclosure on your home. I will then move forward with the most suitable option for you and operate according to the policies and/or legislation in place.
There are a number of options available to end your mortgage crisis. There are many different types of mortgages, many of which are regulated by the federal government and state agencies. Some of these regulatory rules that apply to the different mortgages are not disclosed to you, the homeowner. My job is to educate you on all options currently available to you, process the regulatory programs, stop the mortgage company's foreclosure process, and bring your mortgage current.
Not all options will apply to everyone. Each homeowner has his/her own individual situation. A full assessment of your current financial situation must take place before we can offer you solutions. Time is your worst enemy right now. Please request help fast.
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  MY GUARANTEE. Randy Miguel will arrive at a resolution with your lender or you will receive a full refund of your advance fee.I DO NOT work with those individuals or businesses that buy any portion of their clients real estate assets as part of their "counseling options". Other folks who are investors and are "doubling" as "counselors"....may want to "buy/take" your home to "help?" you. |
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Lic. 01486880 
RANDY MIGUEL, 
